Investor Summary

Will Granger has been the Portfolio Manager of the Airlie Small Companies Fund since March 2023. He joined Airlie in February 2020 as an Equities Analyst and was promoted to Portfolio Manager in March 2023. Granger holds education from the University of Sydney and brings prior hedge fund experience to his role. Under his management, the Small Companies Fund achieved impressive performance with a 24% return over its first year, significantly outperforming its benchmark according to Australian Financial Review reporting. The fund launched in April 2023 and has grown to over $31 million in assets under management by December 2025.

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Fund Strategy

Airlie employs a prudent, common-sense investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. The fund seeks to invest in companies with competent managers whose interests ideally align with those of shareholders, with a preference for founder-led businesses. Airlie seeks to invest where their assessment of the quality and worth of a business exceeds the prevailing market price. The investment process weighs four factors when considering a potential investment: Financial Strength, Business Quality, Quality of Management, and Valuation. The fund employs ESG integration as part of its investment approach and excludes companies involved in tobacco or controversial weapons.

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FUND PERFORMANCE AS OF 30th September 2025

ANNUALIZED SINCE INCEPTION QUARTERLY YTD