|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 70% ASX200 / 30% Bank Bills
|Target market||Accumulators, total return focus with market risk||Retirees, risk-adjusted returns with above market franked income|