Value Fund

Income Fund
Philosophy Companies undervalued on the basis of sustainable free-cash-flow will outperform over time, and markets are mostly inefficient.
Investable universe ASX listed subject to liquidity, with a focus on ASX200
Number of stocks 25-35
Risk Management (Level I) Risk managed through: i) Fundamental research; ii) portfolio risk constraints; and iii) statistical risk analysis
Risk Management (Level II) N/A Hedge overlay targeting 30% market exposure (risk) reduction
Outperformance target 3-5% p.a.
vs ASX200
1-3% p.a.
vs 70% ASX200 / 30% Bank Bills
Target market Accumulators, total return focus with market risk Retirees, risk-adjusted returns with above market franked income