Mark Brighouse

Fisher Funds is an active, growth-oriented, long-term investor which manages portfolios invested in Australian and New Zealand equity with a primary focus on small- and mid-cap companies. The firm engages in bottom-up stock picking and manages highly concentrated portfolios. They aim to identify companies with a unique product or service and a dominant market position or brand, as well as companies which operate in a fast-growing sector. Fisher Funds base investment decisions on thorough fundamental analysis and regularly meet the management of each investee.

FFWI is an active, global value-based manager which aims to deliver returns greater than the relevant benchmarks for portfolios after managing risk. The firm aims to buy shares in high quality companies at reasonable prices which have at least four of the following characteristics: a proven track record through the business cycle, a sustainable competitive advantage, a clear, consistent strategy, strong corporate governance and capital management practices, and a global revenue base.

BAM is an active, value-oriented investor with a long-term investment outlook which manages portfolios invested primarily in Australian and New Zealand equity, as well as in Australian and New Zealand real estate. T The firm invests across market caps, constructing some portfolios focused on large-cap companies and other portfolios focused on small- and mid-cap companies. As a value investor, they aim to identify mispriced securities traded at a discount to their intrinsic value, performing fundamental research and conducting company visits. BAM'sr main valuation methodologies are based on the assessment of cash flows including cash flow multiple analysis and discounting free cash flow using risk-adjusted discount rates to obtain their assessment of intrinsic value. For each investment opportunity they aim to understand key business drivers, strategy strength, financial health, company management and board as well as relevant industry fundamentals.