Performance update - August 2021

We are pleased to provide an update on the performance of our Australian and global founder company strategies. The Australian strategy delivered a return of 5.5% in the month of August, above the benchmark return (2.6%). The monthly performance of the strategy’s largest positions were as follows: Reece (-11.2%), Fortescue Metals (-15.7%), Afterpay (39.2%), Wisetech Global (57.0%) and Megaport (2.9%). The decline in Fortescue Metals largely reflects the significant fall in global iron ore prices from mid-July. The global strategy earned a return of 3.3% (AUD) for the month, above the benchmark return (3.1%). The strategy’s largest positions remain MarketAxess, DR Horton, Fraser Group, Masimo Corporation, Starbucks and Microsoft. The Australian and global strategies have outperformed their benchmarks in the past 12 months by 1.5% and 7.0% respectively.