In the Spotlight

This content is restricted to a financial adviser audience and industry professionals only. It is not suitable for a retail audience or member of the public.

Centuria

Hosted by Payal Vasa, Sector Manager – Real Assets, Lonsec Research and Ratings

Featuring: Andrew Tout, Head of Agriculture, Centuria Capital

Episode highlights:

How glasshouse assets support year-round production and mitigate traditional farming risks.
The impact of food security concerns and consumer demand for consistent, high-quality supply.
Geographic spread, tenant mix, and flexibility in crop production to meet market needs.
How technology and tenant expertise help manage risk.

About Centuria

Centuria Capital Group is an ASX-200 listed investment manager specialising in real estate funds and investment bonds. The group has a strong growth focus, with assets under management of $21 billion as at 30 June 2023.

Centuria Property Funds offers investments in listed and unlisted property across 460+ high quality office, industrial and healthcare buildings around Australia and New Zealand.

More information regarding the Centuria Agriculture Fund is available here.

Disclaimers

Lonsec Disclaimer

This video and related content is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research).
Lonsec Research receives a fee from the relevant fund manager / product issuer for researching financial products which may be referred to in this video, the production and distribution of this video, and other Lonsec Research services.

The information included in the video and related content is general advice only. An investor should be aware that:
(a) the advice has been prepared without taking into account an investors’ objectives, financial situation or needs
(b) an investor should consider the appropriateness of the advice having regard to their own objectives, financial situation or needs, before acting on the advice; and
(c) an investor should obtain a Product Disclosure Statement (PDS) (if required) relating to the product, consider the PDS and seek independent financial advice before making any decision about whether to acquire the product.

The video and related content is not a recommendation to an investor to purchase, sell or hold any product. Past performance is not a reliable indicator of future performance. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied is made and no responsibility or liability is accepted by Lonsec Research and/or its directors, employees, agents, advisers and consultants as to the adequacy, accuracy, completeness or reasonableness of the content.

Lonsec Research retains all rights, title, and interest in its website and its content. No other party may copy, reproduce, share, publish, adapt, or use this video and related content in any way without the prior written permission from Lonsec Research. This includes use on websites, social media or any other platform. Any unauthorised use may result in legal action. Lonsec Research assumes no obligation to update this video and related content following publication.

Important documents such as Financial Services Guides and the Conflicts of Interests Statement are available on the Lonsec Research website.
© 2025 Lonsec. All rights reserved.

Centuria Property Funds Disclaimer

Centuria Property Funds Limited ABN 11 086 553 639 AFSL 231149 (Centuria) is the Responsible Entity of the Centuria Agriculture Fund (Fund, CAF) – a stapled fund comprising the Centuria AgricultureFund I ARSN 653 947 892 (CAF I) and the Centuria Agriculture Fund II ARSN 653 946 402 (CAF II).

This document is not a recommendation or personal advice in relation to, or any offer of securities in, Centuria or any product or service offered by Centuria.

The information in this document is general information only and does not take into account the objectives, financial situation or particular needs of any person. You should consider whether this information is appropriate for you and consult your financial or other professional advisor before investing. You should obtain and read a copy of the PDS relating to the Fund before making a decision to invest. The Product Disclosure Statement (PDS) for the Fund is available from Centuria’s website (www.centuria.com.au). A Target Market Determination has been issued for this product and can be found on Centuria’s website at: centuria.com.au/DDO/

The information and data contained in this document is current as at the date of distribution, unless otherwise stated, and is subject to change without notice.

Fund forecasts and targets are not guaranteed. Centuria does not guarantee the performance of the Fund. Forward-looking statements in this document including indications, projections, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward looking statements are subject to market influences and contingent upon matters outside the control of the Fund and therefore may not be realised in the future. Past performance is not a reliable indicator of future performance.

Centuria and its associates may receive fees in relation to an investment in the Fund as disclosed in the PDS. This document has been prepared from information believed to be accurate, however, no representation or warranty is made as to the accuracy or adequacy of any information contained in this document.

Except insofar as liability under any statute cannot be excluded, Centuria, and its associates, related entities, directors, employees and consultants do not accept any liability for any loss or damage (whether direct, indirect, consequential or otherwise) arising from the use of this communication.

Investment in the Fund is subject to risks that are set out in the PDS including possible delays in payment or loss of income and principal invested. All investment is subject to investment risk, including possible delays in payment or loss of income and principal invested. None of Centuria or any of their respective associates, related entities or directors guarantee the performance of the Fund or the repayment of monies invested.

This document is strictly confidential and is intended for the exclusive benefit of the person to which it is presented. The information contained in this document is not to be disclosed in whole or part or used by any other party without the prior written consent of Centuria. Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this presentation is prohibited without obtaining prior written permission from Centuria.

Showcasing a range of fund managers

In the Spotlight showcases a range of fund managers and products rated by Lonsec in a one-on-one interview style video. These insightful discussions highlight the strengths of fund managers and provide insight into their investment strategies and processes.

More In the Spotlight videos

Schroders

Filmed in September 2025

Hosted by Hong Hon, Sector Manager – Global Equities, Lonsec Research and Ratings

Featuring: Frank Thormann, Portfolio Manager, Schroders

Episode highlights:

A focus on companies with the potential to deliver positive results relative to consensus expectations.
How the fund blends stable, multi-year holdings with shorter-term opportunities.
Insights into how inefficiencies in the market can create opportunities to generate alpha.

About Schroders

As a global investment manager, Schroders helps institutions, intermediaries and individuals across the planet meet their goals, fulfil their ambitions, and prepare for the future. But as the world changes, so do their clients’ needs. That’s why Schroders have a long history of adapting to suit the times and keeping their focus on what matters most to their clients. Today, Schroders have 6,000+ people across six continents who focus on doing just this.

More information regarding the Schroder Global Equity Alpha Fund is available here.

Disclaimers

Lonsec Disclaimer

Schroder Investment Management Australia Disclaimer

This document is issued by Schroder Investment Management Australia Limited (ABN 22 000 443 274, AFSL 226473) (Schroders). It is intended solely for wholesale clients (as defined under the Corporations Act 2001 (Cth)) and is not suitable for distribution to retail clients.

This document does not contain and should not be taken as containing any financial product advice or financial product recommendations. This document does not take into consideration any recipient’s objectives, financial situation or needs. Before making any decision relating to a Schroders fund, you should obtain and read a copy of the product disclosure statement available at www.schroders.com.au or other relevant disclosure document for that fund and consider the appropriateness of the fund to your objectives, financial situation and needs. You should also refer to the target market determination for the fund at www.schroders.com.au. All investments carry risk, and the repayment of capital and performance in any of the funds named in this document are not guaranteed by Schroders or any company in the Schroders Group. The material contained in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice.

Schroders does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this document. To the maximum extent permitted by law, Schroders, every company in the Schroders plc group, and their respective directors, officers, employees, consultants and agents exclude all liability (however arising) for any direct or indirect loss or damage that may be suffered by the recipient or any other person in connection with this document.

Opinions, estimates and projections contained in this document reflect the opinions of the authors as at the date of this document and are subject to change without notice. “Forward-looking” information, such as forecasts or projections, are not guarantees of any future performance and there is no assurance that any forecast or projection will be realised. Past performance is not a reliable indicator of future performance. All references to securities, sectors, regions and/or countries are made for illustrative purposes only and are not to be construed as recommendations to buy, sell or hold.

Telephone calls and other electronic communications with Schroders representatives may be recorded.

ASA Investment Managers

Filmed in September 2025

Hosted by Payal Vasa, Sector Manager – Real Assets, Lonsec Research and Ratings

Featuring: Tim Slattery, Managing Partner, ASA Real Estate Partners

Episode highlights:

The fund has a heavy focus on convenience retail, supported by strong tenant demand and limited new supply.
A flexible mandate enables ASA to reallocate capital across the real estate market, demonstrated by timely exits from office assets ahead of market declines.
Observations on investor interest in real estate private equity versus private credit, and what’s driving the shift.

About ASA Real Estate Partners

With over 90 years’ relevant experience, deep market knowledge and industry wide relationships across office, retail, industrial and specialist real estate sub-sectors, ASA Real Estate Partners are exclusively focused on identifying and creating value sustainably.

ASA believes that substantial value is created at the acquisition stage and consider a wide range of opportunities with a largely unconstrained view on value – across sectors, Australia’s listed and unlisted real estate markets, capital structure and return profile.

More information regarding the ASA Diversified Property Fund is available here.

Disclaimers

Lonsec Disclaimer

ASA Real Estate Partners Disclaimer

Important notice: ASA Real Estate Partners Pty Ltd (ACN 079 538 499) (ASAREP) has prepared this document (Material) for an express limited purpose. This document may not be disclosed without the express prior written approval of ASAREP. ASA Funds Management Limited (ACN 079 538 499, AFSL No. 234455) (ASAFM) is the responsible entity and issuer of the financial products of the ASA Diversified Property Fund (ARSN 106 724 038) mentioned in the Material. ASAFM is a wholly owned subsidiary of ASAREP.

Information in this Material is for general information purposes only, (subject to applicable law) does not constitute financial product advice, has been prepared without taking account of the recipient’s objectives, financial situation and needs, and does not purport to contain all information necessary for making an investment decision. Accordingly, and before you receive any financial service from us (including deciding to acquire or to continue to hold a product in any fund mentioned in this Material), or act on this Material, investors should obtain and consider the relevant product disclosure statement (PDS), ASAFM financial services guide (FSG) and relevant target market determination (TMD) in full, consider the appropriateness of this Material having regard to your own objectives, financial situation and needs and seek independent legal, tax and financial advice.

This document may contain assumptions, forecasts, analyses and forward-looking statements which are uncertain by their nature. ASAREP makes no representation as to the accuracy or reasonableness of any information contained in this document and it should not be relied upon by any party. ASAREP disclaims all liability in connection with this document to the fullest extent of the law.

The rating issued 30/04/2025 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.

No representation is given that any actual or potential transaction referred to in this document will occur. This document is not intended to create legally binding obligations on any party.

This document remains the property of ASAREP and material may not be reproduced in any form, derivation or used without the express prior written approval of ASAREP.

Currency references are to Australian dollars and references to time are references to time in Melbourne, Australia, unless stated otherwise.

Images of properties and other assets included in this document may not be owned by a particular entity or organisation referred to in this presentation.

Certain amounts may not sum due to rounding.

Colonial First State in alliance with Baillie Gifford

Filmed in August 2025

Hosted by Hong Hon, Sector Manager – Global Equities, Lonsec Research and Ratings

Featuring: Tim Garratt, Investment Specialist and Partner, Baillie Gifford

Episode Highlights:

Baillie Gifford’s partnership structure enables a singular focus on long-term investing, free from external shareholder pressure.
The strategy targets the world’s most promising companies, ignoring index constraints and sector classifications.
From Amazon to Tesla and Nvidia, the fund has consistently identified transformative companies early, recycling gains into the next generation of disruptive companies.

About Colonial First State and Baillie Gifford

Colonial First State provides superannuation, investment and retirement products to members as well as to corporate and superannuation fund investors. Their wide range and investment management expertise spans Australian and global shares, property, fixed interest, credit, hedge funds, infrastructure and private equity.

Baillie Gifford is an independent investment manager founded in Edinburgh. Over its 116-year history, much has changed, but the firm’s focus on seeking superior, long-term investment returns for its clients has remained steadfast.

The firm aims to identify game-changing companies and other assets that can sustain growth and remain resilient in a changing world for decades to come.

More information regarding the Baillie Gifford Long Term Global Growth Fund is available here.

Disclaimers

Lonsec Disclaimer

Important Notice: This video has been produced by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research), for distribution by the relevant fund manager. The relevant fund manager is responsible for the content of the video. Generation Development Group Limited ABN 90 087 334 370 is the parent company of Lonsec Research.

Lonsec Research receives a fee from the relevant fund manager or product issuers for researching financial products (using objective criteria) which may be referred to in this video, for subscribing to research content, production and distribution of this video and other Lonsec Research services. Lonsec Research’s fee is not linked to the rating(s) outcome.

Disclaimer: To the maximum extent permitted by law, Lonsec Research makes no representation or warranties, express or implied, as to the accuracy, reliability, validity or completeness of the information provided in this video. Lonsec Research assumes no obligation to update this video after publication. Except for liability which can’t be excluded, Lonsec Research, its directors, officers, employees and agents disclaim all liability for any error, inaccuracy, misstatement or omission, or any loss suffered through relying on the video or any information. Lonsec Research assumes no obligation to update this video after production.

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

Colonial First State Disclaimer

Disclaimer:

Adviser use only. This video is based on current requirements and laws as at August 2025.

The Baillie Gifford Long Term Global Growth Fund and Sustainable Growth Fund are distributed and offered through the FirstChoice product range and through an investment or superannuation platform or Wrap product. Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of the FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.

While all care has been taken in preparing the information contained in this document (using reliable and accurate sources), to the extent permitted by law, no one including AIL and CFSIL, nor any related parties, their employees or directors, accept responsibility for loss suffered by anyone from reliance on this information. This document provides general information for the adviser only and is not to be handed on to any investor. It doesn’t take into account anyone’s individual objectives, financial situation, needs or tax circumstances.

You can find the target market determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) before making any recommendations to a client.

The PDS and FSG can be obtained from www.cfs.com.au

AXA Investment Managers

Filmed in May 2025

Hosted by Michael Elsworth, Sector Manager – Fixed Income, Lonsec Research and Ratings

Featuring: Johann Plé, Senior Portfolio Manager, Fixed Income, AXA Investment Managers

Episode highlights:

AXA IM’s Global Green Bond Fund targets strong financial performance while supporting projects like renewable energy, green buildings, and biodiversity preservation.
Every bond is assessed at both issuer and bond level to ensure credibility and alignment with ESG principles.
Optimistic growth forecast for green bonds, driven by increasing corporate and sovereign issuance, as well as regulatory tailwinds in Asia and Australia.

About AXA Investment Managers

AXA IM is a responsible global investor who actively invests for the long-term to help their clients, people and communities to prosper and secure a sustainable future for the planet. With 30 years of experience, responsible investing is at the core of who they are as asset managers.

AXA IM offers a wide range of investment strategies, ranging from fixed income, equities to multi-asset, which deliver sustainable growth through the ever-evolving investment cycle. They also help investors meet their investment goals through their expertise in multi-manager investing.

Disclaimers

Lonsec Disclaimer

Lonsec Investment Solutions Pty Ltd ABN 95 608 837 583 (CAR: 001236821) of Lonsec Research), receives fees under separate arrangements for providing investment consulting services to fund managers and financial product issuer(s), which includes model portfolios, approved product lists and other financial advice and may receive fees from this fund manager for providing investment consulting services.

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

AXA IM Disclaimer

Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the AXA IM Green Bonds Fund (“the Fund”). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).

The Investment Manager for the Fund is AXA Investment Managers Australia Ltd ABN 47 107 346 841, AFSL 273320. This promotional material has been prepared by AXA Investment Managers Australia Ltd to provide you with general information only. In preparing this promotional material, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither AXA Investment Managers Australia Ltd, Equity Trustees nor any of its related parties, their employees or directors, provide and warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement before making a decision about whether to invest in this product. AXA IM Green Bonds Fund’s Target Market Determination is available here: https://www.eqt.com.au/corporates-and-fund-managers/fund-managers/institutional-funds/institutional-fund-manager?f=8216e0ef-0cf6-411e-9ace-0f1ee00bd152. A Target Market Determination is a document which is required to be made available from 5 October 2021. It describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed.

Fidelity International

Filmed in May 2025

Hosted by Darrell Clark, Deputy Director of Research and Sector Manager – Alternatives, Lonsec Research and Ratings

Featuring Harry Hardy, Associate Investment Director, Fixed Income at Fidelity International

In this episode, Harry and Darrell discuss:

Fidelity’s three-stage approach to its fixed income investment process
How Fidelity leverages its credit and equity research teams in investment decisions for its Global Bond Fund, such as asset allocation and credit selection

Harry Hardy also talks about Fidelity’s conservative approach to high yield in its Global Bond Fund.

About Fidelity International

Fidelity International offers investment solutions and services and retirement expertise to more than 2.9 million customers globally. As a privately held, purpose-driven company with a 50-year heritage, Fidelity think generationally and invest for the long term. Operating in more than 25 locations and with $893.2 billion in total assets, their clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers, and wealth managers, to private individuals.

Fidelity’s Global Platform solutions business provides individuals, advisers and employers with access to investment choices, third-party solutions, administration services and pension guidance.

Disclaimers

Lonsec Disclaimer

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

Fidelity International Disclaimer

This video has been prepared without taking into account any person’s objectives, financial situation or needs. It is provided for generalinformation purposes only and is not intended to constitute advice of any kind. You should consider the relevant PDS and TMD for any Fidelity Australia product mentioned before making any investment decisions, available at www.fidelity.com.au.

AXA Investment Managers

Filmed in March 2025

Hosted by Payal Vasa, Sector Manager – Real Assets, Lonsec Research and Ratings

Featuring: Ram Rasaratnam, CIO, Equity QI, AXA Investment Managers

When AXA IM talks about sustainability, it speaks to both sustainable earnings, as well as the ESG considerations of their investment strategy.

In this episode, Ram Rasaratnam talks about the philosophy behind AXA IM’s sustainable investment strategy, how the strategy can serve both core equity and ESG integrated portfolios, and how AXA IM has integrated AI into its operations.

About AXA Investment Managers

Disclaimers

Lonsec Disclaimer

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

AXA IM Disclaimer

Not for Retail distribution: This video is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly.

Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the AXA IM Sustainable Equity Fund (“the Fund”). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).

The Investment Manager for the Fund is AXA Investment Managers Australia Ltd ABN 47 107 346 841, AFSL 273320. This video has been prepared by AXA Investment Managers Australia Ltd to provide you with general information only. In preparing this video, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice, and you should not take action on specific issues in reliance on this information. Neither AXA Investment Managers Australia Ltd, Equity Trustees nor any of its related parties, their employees or directors, provide and warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement before making a decision about whether to invest in this product. AXA IM Sustainable Equity Fund’s Target Market Determination is available here: https://www.eqt.com.au/corporates-and-fund-managers/fund-managers/institutional-funds/institutional-fund-manager?f=8216e0ef-0cf6-411e-9ace-0f1ee00bd152.

A Target Market Determination is a document which is required to be made available from 5 October 2021. It describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed.

Orbis Investments

Filmed in March 2025

Hosted by Richard Dalidowicz, Senior Research Analyst, Lonsec Research and Ratings.

Featuring Alec Cutler, Director and Portfolio Manager, Orbis Investments.

Global equities remain the cornerstone of many portfolios but the recent headwinds facing the largest cap companies in this sector has investors looking for different approaches to global equities, including contrarian investors such as Orbis Investments.

Alec Cutler talks through what it means to be a fundamental long term contrarian investor and how investing in unpopular or ignored areas can bring profit. Alec also explains how the ownership structure of Orbis allows for a much longer term view when assessing potential holdings.

About Orbis Investments

Founded in 1989, Orbis Investments global firm with offices in 8 countries around the world, around 400 employees globally and US$40 billion in assets under management. The Orbis investment philosophy is fundamental, long-term and contrarian and as contrarian investors, they aim to take a different perspective and this filters into everything they do.

Orbis believes that investment decisions are best driven by in-depth company research that digs into the entire business history and that the most lucrative ideas are often in unpopular or ignored areas. Believing contrarian decisions are best made by individuals, Orbis stock pickers are accountable for on their own ideas.

Disclaimers

Lonsec Disclaimer

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

Orbis Investments Disclaimer

Objective	To provide recipients with some high-level information about: (i) the Orbis Group, our history, location, investment philosophy and people; and (ii) the Orbis Global Equity Strategy. Please don’t take this presentation as an offer to sell or a recommendation that you should invest in any of the Orbis Funds or with Orbis. Please read most recent Product Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding to invest in any Orbis Fund and seek professional advice, if necessary. A copy of the relevant PDSs and TMDs are available from www.orbis.com.
The Orbis Global Strategy	Sections of this presentation refer to the Orbis Global Equity Strategy. The Orbis Global Equity Strategy is an asset weighted composite of all Orbis Global Equity Funds which follow the same investment objective including those funds which are not registered for sale to retail investors in Australia. The returns in this presentation are an asset weighted actual gross return of all Orbis Global Equity Funds. Actual returns experienced by investors in the Australia domiciled Funds will vary and will not be the same as that of the strategy. We use the strategy to demonstrate certain investment themes which are generally consistent between the Australia domiciled Funds, the Orbis Global Equity Fund (Australia Registered) (GAPL) and Orbis Global Equity LE Fund (Australia Registered) (GALE). The Australia domiciled global equity Funds, and the strategy share the same investment philosophy and for most part, the same stocks and geographical and sector allocations. Divergence between the Funds do occur due to timing associated with subscriptions and redemptions and certain regulatory constraints. Furthermore, GALE excludes investments in MSCI or FTSE-classified tobacco companies, those the fund regards as directly involved in tobacco production, and companies actively involved in controversial weapons production, which will result in deviation from the flagship global equity strategy.
Issuer of units in GAPL and GALE	Equity Trustees Limited, AFSL No. 240975.
Investment Manager	Orbis Investment Management Limited.
Distributor	Allan Gray Australia Pty Limited ABN 48 112 316 168, AFSL No. 298487; Orbis Investment Advisory Pty Ltd, AFSL No. 237862
Fund registration	The Australia domiciled Funds are managed investment schemes registered with the Australian Securities and Investments Commission (GAPL: ARSN:147 222 535, GALE ARSN: 613 753 030). The Funds are also registered for promotion in New Zealand.
No personal advice	This presentation only provides general information or advice. It is not personal financial product, tax, legal, or investment advice. All information provided does not take into account any investor’s personal financial circumstances, objectives or needs.
Investments can go up and down	There are risks with any investments, including one in the Funds. Please read the risk section of the IM/PDS for more details. Past performance is not a reliable indicator of future performance and the value of any investment in the Fund is not guaranteed.
Economic, market or stock commentary	This presentation may provide reasons or rationale for our investment decisions or may represent our views on certain matters at the date of this presentation. Such commentary is not a recommendation to deal in any security or instrument and you should not rely on our commentary to make any investment decision. This is because our views may turn out incorrect, can and do change over time, and depend on particular set of circumstances at a point in time. This report does not prohibit the Orbis Funds from dealing in the securities before or after this presentation is published.
Returns	Net returns for Orbis Funds are calculated gross of all income, net of fees and expenses, and assume reinvestment of dividends. Gross returns are calculated gross of all income, net of all expenses, and assume reinvestment of dividends
Audience	This presentation has been designed for institutional/professional investors or professional advisors. It is not suitable for a direct retail audience. If you don’t understand any part of the presentation, please ask and we can provide further clarity.
Other	This presentation may also contain the trade names or trademarks of various third parties, and if so, any such use is solely for illustrative purposes only. All third-party product and company names are trademarks™ or registered^® trademarks of their respective holders, and use of them does not imply any affiliation with, endorsement by, or association of any kind between them and Orbis. While we have tried to ensure this presentation is accurate in all material respects, to the maximum extent permitted by applicable law, we do not provide any warranty or guarantee as to the accuracy of this presentation. Please don’t copy or distribution any part of this presentation without our consent

Life Cycle Investment Partners

Filmed in March 2025

Hosted by Matthew Turnbull, Sector Manager, Australian Equities, Lonsec Research and Ratings

Featuring: Peter Rutter, Senior Portfolio Manager, Life Cycle Investment Partners

When allocators look at global equities, styles such as growth, value, and quality are typically considered. However, in this episode, Peter Rutter explains how a corporate life cycle approach can help immunise portfolios from massive style rotations and deliver market leading consistent alpha over a long period of time.

Peter also outlines how this approach gives Life Cycle an edge in both stock picking and building risk balanced portfolios.

About Life Cycle Investment Partners

Life Cycle Investment Partners is a boutique investment manager based in London. Their experienced team adopts a distinctive and proven Corporate Life Cycle inspired approach to invest in global equities with a simple mission: to outperform across multiple market conditions for our clients.

Established in 2024, Life Cycle Investment Partners currently has in excess of A$2bn in assets under management. The firm is majority employee-owned and supported by Pinnacle Investment Management Group, a leading Australian multi-affiliate asset manager based in Sydney.

Disclaimers

Lonsec Disclaimer

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

Life Cycle Investment Partners Disclaimer

Disclaimer:

This communication is prepared by Life Cycle Investment Partners (‘LCIP’), a Corporate Authorised Representative (No. 1311923) of Pinnacle Investment Management Limited (‘PIML’) (ABN 66 109 659 109, AFSL 322140), as the investment manager of Life Cycle Global Share Fund (ARSN 680 560 918) and Life Cycle Concentrated Global Share Fund (ARSN 680 560 258) (the ‘Funds’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Funds and is a wholly owned subsidiary of Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). PFSL is not licensed to provide financial advice.

The information contained in this communication is general information only and does not take into account your objectives, financial situation or needs. Before making a decision to acquire, or continue to hold units in, the Funds, you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) which are available at https://lcip.com/. For historic TMDs, please contact Pinnacle Client Services via phone 1300 010 311 or email service@pinnacleinvestment.com. Any persons relying on this information should obtain professional advice before doing so and consider the appropriateness of the information having regard to your specific circumstances.

Past performance is not a reliable indicator of future performance and the repayment of capital is not guaranteed. Any opinions and forecasts reflect the judgment and assumptions of LCIP and its representatives based on information available as at the date of publication and may later change without notice. Whilst LCIP, PFSL and Pinnacle believe the information contained in this communication is reliable, no warranty is given as to its accuracy, reliability or completeness and persons relying on this information do so at their own risk. To the extent permitted by law, LCIP, PFSL and Pinnacle disclaim all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information. Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this communication is prohibited without obtaining prior written permission from LCIP.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) ratings (assigned October 2024) referred to on this document are limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

The ratings issued 12/2024 are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.

Challenger Investment Management

Filmed in October 2024

Hosted by Rui Fernandes, Head of Product Development, Lonsec Research.

Featuring: Pete Robinson, Head of Investment Strategy, Fixed Income, Challenger Investment Management.

In this episode, Pete Robinson explains how finding gaps within the private credit space and offering solutions to borrowers not easily available elsewhere has helped Challenger Investment Management (Challenger IM) build a sustainable investment strategy.

With the acceleration of investor demand for private assets, Pete also outlines the opportunities in trading between public and private credit markets, the Challenger IM approach to fair market valuations and the outlook for investors now that interest rates are normalising.

About Challenger Investment Management

Specialists in public and private credit markets, Challenger IM creates value for their clients by providing more diversified sources of income compared to more traditional fixed income managers.

Challenger IM is part of the ASX-listed Challenger Group — a leading provider of retirement solutions. Since 2005 they have managed fixed income investments for Challenger’s own balance sheet along with a wide range of institutional, wholesale, and retail investors.

Challenger IM teams based in Sydney and London manage A$16 billion¹ in fixed income investments across four funds and multiple bespoke separate accounts, sourcing opportunities across public and private credit markets.

^1. As at 31 Dec 24 and AUD unless otherwise stated.

Disclaimers

Lonsec Disclaimer

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

Challenger Investment Management Disclaimer

Disclaimer:

Challenger Investment Management (Challenger) is a member of the Challenger Limited group of companies (Challenger Group). Challenger Limited ABN 85 106 842 371 is listed on the Australian securities exchange.

The information presented in relation to Challenger Investment Management is provided by Challenger Investment Partners Limited ABN 29 092 382 842, AFSL 234678. Challenger Investment Management is the investment manager of the Challenger IM Credit Income Fund ARSN 620 882 055 and the Challenger IM Multi-Sector Private Lending Fund ARSN 620 882 019 (the Funds). Fidante Partners Limited ABN 94 002 835 592, AFSL 234668 (Fidante) is the responsible entity and issuer of interests in the Funds. Fidante and Challenger Investment Management are members of the Challenger Limited group of companies (Challenger Group). Information is intended to be general only and not financial product advice and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of it having regard to your objectives, financial situation and needs. Target Market Determination (if relevant) and Product Disclosure Statement (PDS) available at www.fidante.com.au should be considered before making a decision about whether to buy or hold units in the Funds. Past performance is not a reliable indicator of future performance.

Investments in the Funds are subject to investment risk, including possible delays in repayment and loss of income or principal invested. Accordingly, the performance, the repayment of capital or any particular rate of return on your investments are not guaranteed by any member of the Challenger Group.

We have taken reasonable care to ensure that any facts stated are accurate and any opinions given are on a reasonable basis, however you should form your own views on these facts or opinions. In preparing this information, we have in part relied on publicly available information and third-party sources believed to be reliable, however, unless otherwise stated, the information we provide has not necessarily been independently verified or audited.

Talaria Capital

Filmed in October 2024

Hosted by Hong Hon, Manager Global Equities, Lonsec Research

Featuring: Chad Padowitz, Co-founder and Co-CIO at Talaria Capital

In this episode, Chad details how the Talaria Global Equity Fund is built on the philosophy that ‘investors should be paid for taking risk’.

The Talaria Global Equity Fund is single strategy value investing fund that exploits the difference in underlying volatility of share prices and the volatility of cash flows.

Chatting with Hong, Chad outlines how the fund can be incorporated into client portfolios to offer lower downside risk, smoother and more consistent returns and sustainable income.

About Talaria Capital

For nearly 20 years Talaria has been helping people and communities enjoy a more certain financial future by delivering high levels of consistent income, lower market risk and greater certainty of returns. Through their unique and alternative approach to global equity investing Talaria uses multiple return sources to deliver superior risk-adjusted outcomes.

Disclaimers

Lonsec Disclaimer

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

Talaria Capital Disclaimer

Wholesale Clients Only. The information contained in this presentation is made available only for persons who are wholesale clients or sophisticated investors within the meaning of the Corporations Act 2001 (Cwlth). It may not be distributed or replicated in any form, to anyone who is not a wholesale client or sophisticated investor in Australia.

No Reliance. This document is produced by Talaria Asset Management Pty Limited (Talaria) ACN 130 534 342, AFS Licence No 333732 and based on information available at the time of the presentation. The information herein is factual and believed to be accurate as at the time of the presentation.

Illustrative information only. This presentation is not, and is not intended to be, an offer or invitation for subscription or sale, or a recommendation, with respect to any financial product discussed herein, nor is it to form the basis of any contract or commitment. Such an offer would only be made by distribution of an offering memorandum relating to any such financial products offering recipients of this presentation should therefore place no reliance on the content of this presentation when making any decision to invest. Any examples or information provided in this document are for illustrative and discussion purposes only and do not represent a recommendation or Talaria’s view on future events and in no way bind Talaria. The presentation and this document do not purport to be a complete statement or summary. The Talaria Global Equity strategy is available through the Talaria Global Equity Fund – Managed Fund (Fund) ARSN 132 393 705. The Fund is issued by Australian Unity Funds Management Limited ABN 60 071 497 115 AFS Licence No. 234454. In deciding whether to acquire, hold or dispose of the product you should obtain a copy of the Fund’s Product Disclosure Statement (PDS) and consider whether the product is appropriate. A copy of the PDS is available at the website australianunity.com.au or by calling the Client Services team on 13 29 39.

This presentation is confidential and should not be distributed by the recipient in whole or in part to any other person without obtaining the prior written consent of Talaria Asset Management Pty Limited.

T. Rowe Price

Filmed in October 2024

Hosted by Hong Hon Manager, Global Equities, Lonsec Research

Featuring: Peter Bates, portfolio manager of the T. Rowe Price Concentrated Global Equity Fund

In this video Peter explains how he came to start the fund, how he manages risk in a global, style-balanced fund of typically 30-45 stocks and how he is able to leverage insights from T. Rowe Price Global Equity platform. Peter answers questions on why T. Rowe Price decided to start the fund, how he manages risk within a concentrated fund and how he leverages insights from the global team of T. Rowe Price analysts to select the right stocks for the portfolio.

About T.Rowe Price

T. Rowe Price is one of the largest global asset managers, with assets under management of AUD$2.35 trillion, across a range of asset classes. They have an active management approach that aims to identify market risks and opportunities that can give their clients sharper insights and an investment edge.

Disclaimers

Lonsec Disclaimer

You may not reproduce, transmit, disseminate, sell or publish this information without our written consent.

Our Conflict-of-Interest Statement can be accessed at https://www.lonsec.com.au/important-documents/

T.Rowe Price Disclaimer

Important Information

Available in Australia for professional financial advisers and fund managers only. Not for further distribution.

Equity Trustees Limited (“Equity Trustees”) (ABN: 46 004 031 298, AFSL: 240975), is the Responsible Entity for the T. Rowe Price Australian Unit Trusts (“the Fund”). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN: 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).

This material has been prepared by Lonsec Research Pty Ltd (ABN 11 151 658 561) for T. Rowe Price Australia Limited (“TRPAU”) (ABN: 13 620 668 895, AFSL: 503741) to provide you with general information only. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither TRPAU, Equity Trustees nor any of its related parties, their employees or directors, provide and warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it.

Past performance is not a reliable indicator of future performance. You should obtain a copy of the Product Disclosure Statement, which is available from Equity Trustees (www.eqt.com.au/insto) or TRPAU (www.troweprice.com.au), before making a decision about whether to invest in the Fund named in this material.

The Fund’s Target Market Determination is available here https://www.eqt.com.au/corporates-and-fund-managers/fund-managers/institutional-funds/institutional-fund-manager?f=1e68c659-e0db-4d2f-8a96-c436f3d60971. It describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the time of the interview and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

202411-3993361