Funds
 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 |