Ellerston Global Equity Managers Fund

Contrarian, high conviction long/short strategy combining rigorous fundamental analysis with a top down macroeconomic assessment of market conditions and outlook.

The Fund aims to generate consistent returns for investors, with a focus on risk and capital preservation.
Analysis of global markets utilising a “fundamental bottom-up” stock picking approach.
Run by Ellerston Capital’s experienced investment specialists with a disciplined investment approach.

Fund Performance

As at 31 August 2020	1 Month	3 Months	6 Months	1 Year	3 Years p.a.	5 Years p.a.	Since Inception p.a
GEMS A	4.27%	12.02%	12.84%	28.87%	10.25%	11.09%	12.59%
GEMS B	4.27%	12.02%	12.83%	28.86%	10.25%	11.09%	12.43%
GEMS C	4.27%	12.02%	12.83%	28.86%	10.25%	11.10%	11.52%

+ Disclaimer and Notes

*Since strategy inception for GEMS A and GEMS B is 1 January 2002.^ Since class inception for GEMS C is 1 December 2009

The returns of the funds are net of taxes, fee and expenses and assuming distributions are reinvested.

For the period 1 January 2002 to 30 April 2006, the CPH Group GEMS Portfolio was not operated within a separate fund structure. The underlying investment assets of the CPH Group GEMS Portfolio were owned during that time within corporate entities of the CPH Group for which audited accounts were prepared on an annual basis. Accordingly, in order to provide relevant historical performance information for the period 1 January 2002 to 30 April 2006 (Historical Returns) net returns were calculated on the basis of the actual dollar returns of the CPH Group GEMS Portfolio adjusted to reflect a fund structure similar to the Fund and including all fees. The returns of the Fund and the relevant Indices are net of fees, expenses and taxes and assuming distributions are reinvested.

The date of demerger of the Ellerston GEMS Fund was 2 November 2009, Investors were allocated GEM B units which represented 94.3% of the Ellerston GEMS Fund.

The performance figures presented are for the Ellerston Global Equity Managers Fund. The one month return figure may be an estimate and not the final return. This estimate also impacts other performance information provided. Estimated performance figures (where indicated) are preliminary and subject to change. Returns for other classes may differ slightly. Past performance is not indicative of future performance.

Performance Chart

Income Distribution

wdt_ID	Fund Name	30 Jun 20	30 Jun 19	30 Jun 18	30 Jun 17	30 Jun 16	Distribution Frequency
1	GEMS A	0.2409	Nil	0.2075	0.0380	0.3523	Annual
2	GEMS B	0.2334	Nil	0.2004	0.0362	0.3433	Annual
3	GEMS C	0.2639	Nil	0.2302	0.0466	0.3882	Annual

Broaden your exposure to international markets with the potential for consistent returns and reduced risk

At a Glance

The Ellerston Global Equity Managers Fund is designed to take advantage of investment opportunities while generating consistent returns across market cycles with a focus on risk and capital preservation.

The Global Equity Managers Fund features a specially developed long–short strategy. We take long positions in undervalued stocks to increase the potential for profit, while using short positions in companies or market indices we feel are overvalued to minimise market exposure. Depending on market conditions, we may also use cash and cash-like investments to protect capital.

The fund has a bias towards Australia with opportunistic allocations to the US, Europe and Asia.

Our Strategy

Our investment team uses a distinctively contrarian high conviction, absolute return approach with a focus on disciplined ‘bottom up’ stock selection based on rigorous fundamental analysis. This is overlayed with our ‘top-down’ assessment of macroeconomic conditions and the market outlook.

Individual security analysis is qualitative, focusing on management, strategy and factors affecting the business, industry and quantitative focusing on areas such as earnings, cash flow, liquidity, capital structure and balance sheet strength.

The result is a unique investment strategy designed to generate superior returns over the long term and minimise risk.

+ Disclaimer and Notes

Ellerston Capital Limited ABN 34 110 397 674 AFSL 283000 is the responsible entity and issuer of units in the Ellerston Global Equity Managers Fund ARSN 118 887 095. Any information is general and does not take into account your personal objectives, financial situation or needs. Accordingly, you should consider the Product Disclosure Statement before deciding whether to acquire or continue to hold units in the Fund available from this website or by contacting us on (02) 9021 7797. Please be advised that the Ellerston Global Equity Managers Fund Class C is currently the only class open for investment.

Date	Fund	Application	NAV	Redemption
31/08/2020	GEMS A		1.4797	1.4760
31/08/2020	GEMS B		1.4462	1.4426
31/08/2020	GEMS C	1.6289	1.6249	1.6208

Ellerston Global Equity
Managers Fund