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.

MaxCap

Hosted by Michael Elsworth, Sector Manager – Fixed Income, Lonsec

Featuring: Baden Adams, Fund Manager, MaxCap

Episode highlights:

An outline of the key characteristics of private real estate credit, including its low-duration, floating-rate nature, regular income profile and downside protection through lending against tangible real estate assets.
With almost 20 years of lending experience across Australia and New Zealand, MaxCap has navigated multiple property and credit cycles, helping to strengthen its underwriting discipline and active management approach.
MaxCap’s nationwide origination platform and longstanding borrower relationships provide access to a consistent pipeline of investment opportunities.
How MaxCap approaches every opportunity with a focus on risk management, transacting on only a small proportion of opportunities reviewed and prioritising capital preservation above loan growth.

About MaxCap

MaxCap is an Australian commercial real estate investment manager, managing a suite of funds and mandates on behalf of Australia’s largest superannuation and industry funds, global-institutional funds and semi-institutional investors.

More information regarding MaxCap 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.
© 2026 Lonsec. All rights reserved.

MaxCap Disclaimer

This video was prepared for MaxCap Investment Management Pty Ltd (ACN 169 902 005, AFSL No. 462086) (MaxCap). It is intended for “wholesale clients” as defined in the Corporations Act 2001 (Cth) and if you are not a wholesale client, you should disregard the video. The video is for general information purposes only and any advice given is general only. It is not an offer or invitation for any investment product. MaxCap (and its affiliates, directors, and employees) make no representation or warranty regarding its contents and have no responsibility or liability to you in relation to it. In particular, no representation or warranty is given about any forecasts or targets, and past performance is not necessarily indicative of future performance. Before making any decision regarding an investment, you should read the relevant investment documentation, conduct your own due diligence and obtain advice about your particular circumstances. 

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

La Trobe Financial

Hosted by Michael Elsworth, Sector Manager – Fixed Income, Lonsec

Featuring: Chris Paton, CIO, La Trobe Financial

Episode highlights:

La Trobe Financial has deep roots in Australian mortgage lending, with private credit forming the core of its investment platform and expertise.
The firm focuses on high-quality, bank grade mortgage assets, positioning the Australian Credit Fund in the more conservative end of the private credit spectrum.
The firm’s approach centres on asset quality, portfolio diversification and a strong margin for safety, supported by first registered mortgages, conservative loan to valuation ratios and a dedicated investor reserve.
With thousands of individual loans across borrowers, geographies and security types, the portfolio is designed to reduce concentration risk and deliver consistent outcomes.

About La Trobe Financial

Established in 1952 and with $24 billion of assets under management, La Trobe Financial is a leading Australian alternative asset manager, specialising in finance and credit investment solutions.

With over 70 years of experience, La Trobe Financial operates Australia’s largest retail Credit Fund.

More information regarding La Trobe Financial is available here.

Disclaimers

Lonsec Disclaimer

La Trobe Financial Disclaimer

La Trobe Financial Asset Management Limited ACN 007 332 363 Australian Financial Services Licence No. 222213 Australian Credit Licence No. 222213 is the responsible entity of the La Trobe Australian Credit Fund ARSN 088 178 321, the La Trobe US Private Credit Fund ARSN 677 174 382 and the La Trobe Private Credit Fund ARSN 686 964 312 (ASX:LF1). It is important that you consider the relevant Product Disclosure Statement (PDS) before deciding whether to invest or continue to invest in the fund. The PDSs and Target Market Determinations are available on our website.

Ares Management

Hosted by Michael Elsworth, Sector Manager – Fixed Income, Lonsec

Featuring: Samantha Milner, Partner and Portfolio Manager, Ares

Episode highlights:

Ares leverages its scale and collaboration across credit, private equity and real assets to generate deep issuer insights. Long standing relationships and access to direct lending data provide a unique informational edge in credit selection.
The importance of an experienced team that has navigated multiple cycles together, supported by a broad platform and embedded risk capabilities to enhance credit selection and reduce defaults over time.
The fund targets consistent income while focusing on capital preservation by leaning into higher quality credit and actively managing risk exposures.
Having managed through multiple market cycles, the team applies a disciplined playbook, moving up in quality during uncertainty and rotating into higher yielding opportunities when risk off environments create dislocations.

About Ares Management

Ares Management Corporation is a global alternative investment manager operating in the credit, private equity and real estate markets.

As of March 31, 2026, Ares Management Corporation’s global platform had approximately $644 billion of assets under management with approximately 4,400 employees operating across North America, South America, Europe, Asia Pacific and the Middle East.

More information regarding Ares Management is available here.

Disclaimers

Lonsec Disclaimer

Ares Disclaimer

THIS MATERIAL HAS BEEN PREPARED SOLELY FOR USE WITH INSTITUTIONAL INVESTORS ONLY AND IS NOT TO BE SHARED WITH ANY OTHER PARTIES.

THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE.

This video is provided for general informational purposes. Charts and graphs provided herein are for illustrative purposes only. There can be no assurance that any fund or strategy will achieve its intended return, and actual returns may differ materially from the numbers shown. Nothing herein should be interpreted or used in any manner as investment advice. The views herein are the personal views of the named speaker(s) of Ares Management Corporation (together with its affiliates, “Ares”), as of May 21, 2026 and do not necessarily reflect the views of Ares itself. This video is not intended to be construed, nor should be construed by any individual recipient, as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. An offer or solicitation for an investment in an investment fund managed or sponsored by Ares or its affiliates (“Fund”) will occur only through a confidential private placement memorandum and related purchase documentation, and subject to the terms and conditions contained in such documents and in the Fund’s operative agreements.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

DO NOT RELY ON ANY OPINIONS, PREDICTIONS OR FORWARD-LOOKING STATEMENTS CONTAINED HEREIN. Certain of the information contained in this video constitutes “forward-looking statements” that are inherently unreliable and actual events or results may differ materially from those reflected or contemplated herein. None of Ares or any of its representatives makes any assurance as to the accuracy of those predictions or forward-looking statements. The views expressed herein regarding the financial markets are based on current market conditions that are subject to change. Ares expressly disclaims any obligation or undertaking to update or revise any such forward-looking statements.

EXTERNAL SOURCES. Certain information contained herein may have been obtained from third-party sources. Although Ares believes such sources to be reliable, we make no representation as to its accuracy or completeness.

THIS VIDEO MAY NOT BE COPIED, QUOTED OR REFERENCED WITHOUT ARES’ PRIOR WRITTEN CONSENT.

Dexus DXGRF

Hosted by Payal Vasa, Sector Manager – Real Assets, Lonsec

Featuring: David Kruth, Portfolio Manager, Dexus Global REIT Fund

Episode highlights:

Moderating inflation, stabilising interest rates and low new supply are improving earnings outlooks and supporting valuations across listed real estate.
Wide dispersion between sectors and regions has made the market increasingly stock‑picker friendly, with active positioning offering clear advantages over index exposure.
Private‑pay seniors housing and assisted living in North America stand out, underpinned by strong demographic tailwinds, tight supply and improving occupancy.
Under‑researched and trading at deeper discounts, mid and small‑cap REITs offer greater potential for valuation upside than heavily owned mega‑caps.

About Dexus

Dexus (ASX: DXS) is a leading Australasian fully integrated real asset group, that actively manages a high-quality real estate and infrastructure portfolio.

The Dexus Global REIT Fund (DXGRF) is an actively managed fund providing investors with exposure to a diversified portfolio of global listed property securities.

Investing for sustainable growth, relative total return and lower-than-market volatility, DXGRF invests in a portfolio of Real Estate Investment Trusts (REITs) listed in North America, Europe and Asia Pacific, concentrating on the regions and property types where developing structural trends and local fundamentals are driving the best prospects for sustained rental growth and total investment return.

More information regarding the Dexus Global REIT Fund is available here.

Disclaimers

Lonsec Disclaimer

Dexus Disclaimer

Important

This (“Material”) has been prepared by Dexus Asset Management Limited (ACN 080 674 479, AFSL No. 237500) (“DXAM”), the responsible entity and issuer of the financial products of Dexus Global REIT mentioned in this Material. DXAM is a wholly owned subsidiary of Dexus (ASX: DXS).

Information in this Material is current as at February 2026 (unless otherwise indicated), is for general information purposes only, does not constitute financial product advice and does not purport to contain all information necessary for making an investment decision. It is provided on the basis that the recipient will be responsible for assessing their own financial situation, investment objectives and particular needs. 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), investors should read the relevant product disclosure statement (“PDS”), financial services guide (“FSG”) and target market determination (“TMD”) in full, and seek independent legal, tax and financial advice. The PDS, FSG and TMD (hard copy or electronic copy) are available from DXAM by visiting https://www.dexus.com/investor-centre, by emailing investorservices@dexus.com or by phoning 1800 996 456. The PDS contains important information about risks, costs and fees (including fees payable to DXAM for managing the fund). Any investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested, and there is no guarantee on the performance of the fund or the return of any capital. This Material does not constitute an offer, invitation, solicitation or recommendation to subscribe for, purchase or sell any financial product, and does not form the basis of any contract or commitment. This Material must not be reproduced or used by any person without DXAM’s prior written consent. This Material is not intended for distribution or use in any jurisdiction where it would be contrary to applicable laws, regulations or directives.

Any forward-looking statements, opinions and estimates (including statements of intent) in this Material are based on estimates and assumptions related to future business, economic, market, political, social and other conditions that are inherently subject to significant uncertainties, risks and contingencies, and the assumptions may change at any time without notice. Actual results may differ materially from those predicted or implied by any forward-looking statements for a range of reasons. Past performance is not an indication of future performance. The forward-looking statements only speak as at the date of this Material, and except as required by law, DXAM disclaims any duty to update them to reflect new developments.

Except as required by law, no representation, assurance, guarantee or warranty, express or implied, is made as to the fairness, authenticity, validity, suitability, reliability, accuracy, completeness or correctness of any information, statement, estimate or opinion, or as to the reasonableness of any assumption, in this Material. By reading or viewing this Material and to the fullest extent permitted by law, the recipient releases Dexus, DXAM, their affiliates, and all of their directors, officers, employees, representatives and advisers from any and all direct, indirect and consequential losses, damages, costs, expenses and liabilities of any kind (“Losses”)  arising in connection with any recipient or person acting on or relying on anything contained in or omitted from this Material or any other written or oral information, statement, estimate or opinion, whether or not the Losses arise in connection with any negligence or default of Dexus, DXAM or their affiliates, or otherwise. 

Dexus, DXAM and/or their affiliates may have an interest in the financial products, and may earn fees as a result of transactions, mentioned in this Material.

Antipodes

Hosted by Hong Hon, Sector Manager – Global Equities, Lonsec

Featuring: Jacob Mitchell, CIO of Global Equities, Lead Portfolio Manager of Global Strategies, and Founder of Antipodes

Episode highlights:

Antipodes begins with deep industry research to understand long‑term drivers of competitive advantage. This forms the foundation for identifying winners and losers across global supply chains.
With five specialised coverage teams plus a quant‑macro group, Antipodes’ organisational design intentionally avoids silos. Each team runs best‑idea long‑short portfolios, enabling efficient idea generation across large cap and SMID opportunities.
Antipodes focuses on paying the right price for a company’s characteristics by balancing growth, resilience and valuation, while maintaining disciplined downside protection and lower volatility relative to the benchmark.
Antipodes offers a broad suite of strategies, including Global Value, SMID, and a range of EM, Asia and China portfolios.

About Antipodes

Antipodes is a diversified investment firm with investment teams based in Sydney, London and Melbourne. Its investment teams specialise in global and Australian listed equities, credit, infrastructure, and small and mid-cap companies.

More information regarding Antipodes is available here.

Disclaimers

Lonsec Disclaimer

Antipodes Disclaimers

Global funds:

All content in respect of the Antipodes Global Shares (Quoted Managed Fund) (ARSN 625 560 269), the Antipodes Global Fund – Long (ARSN 118 075 764), the Antipodes Global Fund (ARSN 087 719 515), and the Antipodes Emerging Markets (Managed Fund) (ARSN 096 451 393) is issued by Pinnacle Fund Services Limited ABN 29 082 494 371 AFSL 238 371 (“PFSL”) as responsible entity of the Funds and is prepared by Antipodes Partners Limited (ABN 29 602 042 035) (AFSL 481580) (“Antipodes”) as the investment manager of the Trust. PFSL is not licensed to provide financial product advice.

The information provided is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Funds, you should consider the current Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Funds and the Fund’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the relevant Fund are available via below links. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.

Links to Product Disclosure Statement: IOF0045AU, WHT0057AU, IOF0203AU, WHT3997AU
Links to Target Market Determination: IOF0045AU, WHT0057AU, IOF0203AU, WHT3997AU

For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email service@pinnacleinvestment.com

Neither PFSL nor Antipodes guarantees repayment of capital or any particular rate of return from the Funds. Neither PFSL nor Antipodes gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this content. All opinions and estimates included in this website constitute judgments of Antipodes as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

Asia funds:

This information has been prepared by Antipodes Partners Limited (‘Antipodes’) (ABN 29 602 042 035, AFSL 481 580) as the Investment manager of the Antipodes China Fund (ARSN 116 380 771) (‘Fund’) and the Antipodes Asia Fund (ARSN 134 226 029) (‘Fund’). Maple-Brown Abbott Limited (“MBAL”) (ABN 73 001 208 564, AFSL 237296), is the Responsible Entity for the Antipodes China and Asia Funds.  MBAL is a subsidiary of Antipodes Partners Holdings PTY LTD (ABN 91 602 828 526). This report contains general information only, and does not take into account your investment objectives, financial situation or specific needs. Before making any investment decision, you should seek independent financial advice. This document does not constitute an offer or solicitation by anyone in any jurisdiction. Past performance is not a reliable indicator of future performance. Neither MBA, nor any of its related parties, directors or employees, make any representation or give any guarantee as to the return of capital, performance, any specific rate of return, or the taxation consequences of, any investment.

Any views expressed on individual stocks or other investments, or any forecasts or estimates, are not a recommendation to buy, sell or hold, they are point in time views and may be based on certain assumptions and qualifications not set out in part or in full in this document. Individual stocks  referred to  may or may not be currently held by the Fund. Information derived from sources is believed to be accurate, however such information has not been independently verified and may be subject to assumptions and qualifications not described in this document. To the extent permitted by law, neither MBA, nor any of its related parties, directors or employees, make any representation or warranty as to the accuracy, completeness, reasonableness or reliability of this information, or accept liability or responsibility for any losses, whether direct, indirect or consequential, relating to, or arising from, the use or reliance on this information.  Before making a decision whether to acquire, or to continue to hold an investment in the Fund, investors should obtain and consider the current PDS and Target Market Determination (TMD) or any other relevant disclosure document. For the Fund, the PDS, AIB and TMD are available at https://antipodes.com or by calling 1300 097 995.

Allan Gray

Hosted by Matt Turnbull, Sector Manager – Australian Equities, Lonsec

Featuring: Suhas Nayak, Portfolio Manager, Allan Gray

Episode highlights:

Allan Gray seeks out companies that are out of favour, where valuations may not fully reflect their long‑term earnings potential.
Recruiting from a range of non-traditional backgrounds, such as science and engineering, encourages fresh perspectives within the investment team.
Extensive review of earnings, annual reports and long‑term company histories to understand what “normal” earnings may look like.
A discussion of increasing correlations among large‑cap ASX constituents and why opportunities may lie outside these crowded areas.

About Allan Gray

Dr Allan Gray established the business around his contrarian approach to investing. His distinctive philosophy is all about resisting trends, not following the crowd and finding opportunity where nobody else is looking.

To this day, the contrarian approach is applied consistently across the Allan Gray business as they take a longer-term, fundamentals-driven approach to investing.

Allan Gray Australia was established in 2005. Their flagship Allan Gray Australia Equity Fund launched in 2006, followed by the Stable Fund in 2011 and the Balanced Fund in 2017.

More information regarding Allan Gray is available here.

Disclaimers

Lonsec Disclaimer

Allan Gray Disclaimer

The information in this video is of a general nature only. It is not personal financial product, tax, legal, or investment advice. It has been prepared without taking into account your individual objectives, financial situation or needs. 

This video represents Allan Gray Australia’s view at a point in time and provides reasoning or rationale on why we bought or sold a particular security for the Allan Gray Funds. We may take the opposite view/position from that stated, as circumstances change.  Before acting on anything in this video, you should consider its appropriateness to you, having regard to your objectives, financial situation and needs. 

You should obtain and consider the relevant Product Disclosure Statement (PDS) relating to any products mentioned, before deciding whether to acquire, or continue to hold, any products.  A copy is available from www.allangray.com.au in the ‘Forms and Documents’ section.

Equity Trustees Limited ABN 46 004 031 298, AFSL No.240975 is the Responsible Entity and Issuer of units in the Allan Gray Funds.  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). Past performance is not a reliable indicator of future performance, and there are risks with any investment.  Neither Allan Gray Australia, Equity Trustees nor any of its related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it.  

Woodbridge

Hosted by Rui Fernandes, Senior Manager, On-Demand Ratings, Lonsec

Featuring: Andrew Torrington, Managing Director and CIO, Woodbridge Capital

Episode highlights:

How monthly onsite inspections, borrower engagement and asset-level reporting form part of Woodbridge’s approach to early risk detection.
Why the size of a credit fund should match the complexity of the assets it lends against, not a “bigger is better” model.
How the fund uses only first-mortgage loans, external valuations, physical real estate assets and capitalised interest structures to help protect investor capital.
Key questions advisers should ask private credit investment managers, such as visibility of the full loan book, use of leverage, external oversight and related-party exposure.

About Woodbridge

Woodbridge brings decades of experience, with a track record spanning over 30 years in property finance, real estate investment, development, and construction. Over the past decade, they have deployed and managed more than $6 billion in loans, with zero loan impairments.

More information regarding Woodbridge is available here.

Disclaimers

Lonsec Disclaimer

Woodbridge Capital Disclaimer

EQT Responsible Entity Services Limited (Equity Trustees) ABN 94 101 103 011 | AFSL 223271, is the Responsible Entity for the Woodbridge Private Equity Trustee Limited (Equity Trustees) ABN 46 004 031 298 | AFSL 240975, is the Responsible Entity for the Woodbridge Secured Income 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 Woodbridge Capital Pty Ltd (Woodbridge) ABN 82 656 985 572 | Authorised Representative (No. 1296363) of Woodbridge Funds Management Pty Limited AFSL No. 550122.

This report has been prepared by Woodbridge to provide you with general information only.

In preparing this report, Woodbridge 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 Woodbridge, Equity Trustees nor any of its related parties, their employees or directors, provide a 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 and the Target Market Determination before making a decision about whether to invest in this product.

The Fund’s Target Market Determination is available here – https://swift.zeidlerlegalservices.com/tmds/ETL1291AU

The Lonsec rating is issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ 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 Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager.

Visit lonsec.com.au for ratings information and to access the full report.

The SQM rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

Dexus DWAPF

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

Featuring: Chris Davitt, Fund Manager, Dexus Wholesale Australian Property Fund

Episode highlights:

How commercial property can complement higher‑volatility asset classes through income and long‑dated leases.
A discussion on asset values, replacement costs, construction trends and supply constraints shaping the next phase of the cycle.
A diversified property portfolio including commercial assets across office, retail, industrial, life sciences, and hospitality sectors, with a wide tenant base.
How redemption options operate within the fund and broader considerations when accessing or exiting unlisted property.

About Dexus

Dexus (ASX: DXS) is a leading Australasian fully integrated real asset group, that actively manages a high-quality real estate and infrastructure portfolio.

The Dexus Wholesale Australian Property Fund (DWAPF) is an open-ended fund that aims to provide stable quarterly distribution returns and long-term capital growth by investing in a diverse portfolio of quality Australian retail, industrial, office and mixed-use properties.

DWAPF invests in quality commercial properties, targeting assets in major metropolitan markets with high occupancy rates and stable income streams, underpinned by long-term leases with secure commercial tenants.

More information regarding the Dexus Wholesale Australian Property Fund is available here.

Disclaimers

Lonsec Disclaimer

Dexus Disclaimer

Dexus Capital Funds Management (ABN 15 159 557 721, AFSL 426455) (DCFM) is the responsible entity (Responsible Entity) of the Dexus Wholesale Australian Property Fund (Fund) and the issuer of the units in the Fund.

To invest in the Fund, investors will need to obtain the current Product Disclosure Statement (PDS) from DCFM. The PDS contains important information about investing in the Fund and it is important that investors read the PDS before making an investment decision about the Fund. A target market determination has been made in respect of the Fund and is available at www.dexus.com/dwapf.

Neither DCFM, Dexus, nor any other company in the Dexus group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document. While every care has been taken in the preparation of this document, DCFM and Dexus make no representation or warranty as to the accuracy or completeness of any statement in it including without limitation, any forecasts.

This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. Investors should consider the appropriateness of the information in this document, and seek professional advice, having regard to their objectives, financial situation and needs. This document should not be reproduced in whole or in part without the express written consent of DCFM.

Metrics Credit Partners

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

Featuring: Andrew Lockhart, Group CEO & Managing Partner, Metrics

Episode highlights:

Metrics’ role in providing financing across corporate, institutional, real estate and project lending.
How direct borrower relationships, due diligence and deal structuring underpin the firm’s investment approach.
The importance of size and depth in private credit, including product design, competitive fees and portfolio diversification.
How operational resourcing, due diligence and detailed quarterly reporting support Metrics’ transparency and governance practices.

About Metrics

Metrics are a leading Australian non-bank corporate lender and alternative asset manager specialising in fixed income, private credit, equity and capital markets. Through their managed funds, Metrics provide unrivalled access to the Australian private debt market to investors ranging from individuals to global institutions. They have a range of innovative investment products that are designed to provide investors with access to investment opportunities that seek to provide capital stability and regular income.

Metrics offer tailored borrowing solutions to corporate and other entities of all sizes and across all industries in Australia, New Zealand and developed Asia.

More information regarding the Metrics’ range of managed investment funds is available here.

Disclaimers

Lonsec Disclaimer

Metrics Disclaimer

While all due care has been taken in preparing this video, Metrics makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Reproduction of any part of this video is prohibited without the express permission of Metrics.

The content is for educational or information purposes only and is not intended to provide you with financial advice. It has been prepared without taking into account your objectives, financial situation or needs.

Independent advice should be obtained from an Australian financial services licensee before making investment decisions.

To the extent permitted by law, Metrics excludes all liability for any loss or damage arising in any way due to or in connection with the publication of this video, including by way of negligence.

Past performance is not an indicator of future performance. Forward looking statements should not be relied upon.  All investments contain risk and may lose value.

Centuria Capital

Hosted by Payal Vasa, Sector Manager – Real Assets, Lonsec

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

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.

Schroders

Hosted by Hong Hon, Sector Manager – Global Equities, Lonsec

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

Hosted by Payal Vasa, Sector Manager – Real Assets, Lonsec

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

Hosted by Hong Hon, Sector Manager – Global Equities, Lonsec

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

Hosted by Michael Elsworth, Sector Manager – Fixed Income, Lonsec

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

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

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

Hosted by Payal Vasa, Sector Manager – Real Assets, Lonsec

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.