Performance

Value Fund
Income Fund

Performance – Value Fund

Performance figures for the strategy and the retail share class are available in the tabs below:

Merlon Concentrated Value Strategy (Wholesale Investors)

Merlon Concentrated Value Strategy – Performance (before fees) as at 28 February 2025

PERFORMANCE	1 month (%)	3 months (%)	FYTD (%)	1 year (%)	3 years (%) p.a.	5 years (%) p.a.	10 years (%) p.a.	Since Inception** (%) p.a.	REPORTING_DATE	SORT
Strategy Total Return	-0.4	1.5	7.4	10.3	13.7	13	9.5	10.1	28 February 2025	1
ASX200 Accumulation Index	-3.8	-2.6	7.6	9.9	9.2	8.9	7.5	8.7	28 February 2025	2
Excess Return	3.4	4.1	-0.2	0.3	4.4	4.2	2.0	1.4	28 February 2025	3

Past performance is not a reliable indicator of future performance. Strategy Total Return and S&P/ASX 200 Accumulation Index Total Return stated before fees.

**Strategy Inception date is 31 May 2010.

For wholesale investors interested in the strategy, please contact Merlon directly: info@merloncapitalpartners.com

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Merlon Concentrated Australian Share Fund (Retail Investors)

Merlon Concentrated Australian Share Fund – Performance (after fees) as at 28 February 2025

Performance*	TYPE	REPORTING_DATE	RETURN_TYPE	1 month (%)	3 months (%)	FYTD (%)	1 year (%)	3 years (%) p.a.	5 years (%) p.a.	Since Inception** (%) p.a.	SORT
Merlon Concentrated Australian Share Fund	Fund	28 February 2025	Net Return	-0.5	1.4	7.1	9.4	12.3	11.8	8.2	3
S&P/ASX 200 Accumulation Index	Benchmark	28 February 2025	Gross Return	-3.8	-2.6	7.6	9.9	9.2	8.9	8.4	5
Excess Return	Fund	28 February 2025	Excess Return	3.3	3.9	-0.5	-0.5	3.1	2.9	-0.2	8

*Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures. Past performance is not a reliable indicator of future performance.
The Fund benchmark is the S&P/ASX 200 Accumulation Index.
**The Inception Date for the fund is 1 February 2018. Strategy Inception date is 31 May 2010.

For performance related queries, please call the Fidante Investor Services Team on 13 51 53.

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Performance – Income Fund

Merlon Australian Share Income Fund – Performance (after fees) as at 28 February 2025

Performance*	TYPE	REPORTING_DATE	RETURN_TYPE	1 month (%)	3 months (%)	FYTD (%)	1 year (%)	3 years (%) p.a.	5 years (%) p.a.	10 years (%) p.a.	Since Inception (%) p.a.^	SORT
Merlon Australian Share Income Fund	Fund	28 February 2025	Net Return Incl IC	-0.2	1.2	5.2	7.7	10.9	10.1	7.7	7.6	3
70% ASX200/30% Bank Bills	Benchmark	28 February 2025	Gross Return Incl IC	-2.4	-1.3	6.8	9.2	8.6	8.0	7.0	7.4	5
Gross Distribution Yield	Fund	28 February 2025	Gross Distribution Yield	0.5	1.3	3.8	5.8	6.3	6.4	6.9	9.2	8

*Returns are calculated after fees and expenses, and assuming the reinvestment of distributions. All returns are grossed up for franking credits. Past performance is not a reliable indicator of future performance. The inception date for the Fund is 30 September 2005.
**The Fund’s benchmark is a composite of 70% S&P/ASX 200 Accumulation Index / 30% Bloomberg Ausbond Bank Bill Index and is used for all time periods. From 30 September 2005 to 16 May 2022, the Fund’s benchmark was the S&P/ASX 200 Accumulation Index. The Fund reduces exposure to share market volatility to a typical range of 60-80% through the use of derivatives with the remaining 20-40% option protection seeking to deliver a cash-like risk/return profile.
^The Inception Date for the fund is 30 September 2005.

For performance related queries call the Fidante Investor Services Team on 13 51 53

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