Finding value in world-class businesses

A global equity portfolio for long-term investors

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Our Individually Managed Accounts have achieved a 11.2% p.a. return since inception (January 2000)* by finding a number of great companies with great management and buying them at a great price.
Investment Growth of $1,000,000
As at 31 December 2018

* Performance for the period 20 January 2000 to 31 December 2018. Past performance is not an indicator of future performance. The IMA performance figures represent the average returns over all the individually managed accounts (“IMA”) during the relevant periods. Each IMA will generate discrete returns depending on its portfolio structure from time to time. The gross returns reflect actual returns for the Australian dollar denominated accounts. The net returns have been calculated assuming a 20% performance fee (calculated quarterly with high water mark) on the aggregate Australian dollar denominated accounts. IMA investors have the option between a performance fee and a flat annual management fee. Actual returns for the composite are higher than stated as flat annual fee clients have paid less fees on average. Intra year performance figures are unaudited. The returns are net of management fees and before taxes. The MSCI figures are the MSCI ACWI NR AUD Index. Note the MSCI ACWI GR AUD was used prior to 1 January 2001 as the MSCI ACWI NR AUD Index did not exist.

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Invest in an undervalued portfolio of world-class businesses with dominant market shares and good growth prospects.

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