David Wright

The Third Link Growth Fund is pleased to announce the appointment of David Wright to its Investment Committee, where he joins Chris Cuffe and Jason Coggins, further strengthening the Fund’s governance and investment oversight capabilities to ensure disciplined decision making.

Managed and founded by Chris Cuffe AO, the Fund stands out as a unique Australian equities fund-of-funds designed to generate strong, long term investment returns while channelling profits toward meaningful community outcomes. Employing an active multi-manager approach, the Fund invests with a line up of high quality Australian equity managers to optimise performance and diversify exposure across market segments.

David Wright brings more than 30 years of financial services experience in investment research and consulting. For the past 23 years, he was Co-Founder of Zenith Investment Partners, where he served as CEO and Investment Director. During his tenure, Zenith became one of Australia’s leading investment research and ratings firms, supporting advisers, institutions, and asset managers with investment insights and fund research.

Jason Coggins joined the Third Link investment committee in June 2025 and has more than 20 years of experience in financial services, spanning banking, private wealth, and asset consultancy.

Together with Chris Cuffe they will challenge the current investment thinking and ensure disciplined decision making.

“David’s breadth of experience and proven track record in investment research and consulting makes him a valuable addition to the Investment Committee. His insights and critical thinking will enhance our ability to deliver strong outcomes for our investors,” says Cuffe.

“The Third Link fund invests in underlying active managers who are purposefully attempting to beat their various indexes by really considering their capital allocations, rather than simply investing based on the market cap size.

“With the ongoing market uncertainty, many would say active managers have been hit hard in the last few months. However, I have seen similar market environments come and go. I believe active managers, particularly in Australian equities, do prevail as volatile periods subside,” Cuffe adds.

With approximately $140 million in funds under management, Third Link’s multi-manager Australian Equities Fund of Funds has been running for over 17 years and has delivered 8.9% per annum (net) since February 2012*.

———-

*Third Link Growth Fund Investor Webinar Recording – Third Link

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Chris Cuffe

“Family, friends and business colleagues are constantly asking me whether I can assist them with investing, so I thought I might as well do it properly,” says well known Australian funds management executive Chris Cuffe.

Mr Cuffe has recently taken over the full management and ownership of the Partners Horizon Fund, a fund now offered to Australian wholesale investors that he has been jointly managing privately for another family over the past three years.

“This fund was created three years ago and it has performed well through recent volatility. I’ve now been convinced to take over the full management rights and selectively open it to other local investors.”

The multi-asset fund adopts a balanced growth strategy combined with what Mr Cuffe describes as “very active” management.

It has generated returns of more than 10 per cent per annum over the past three years. The recommended minimum investment horizon is also three years.

“I wanted a ‘sleep at night’ fund that I would be comfortable investing my own family’s money in,” he says. “As a result, I’ve brought together some of the best ideas I’ve seen over the past four decades from my experience.”

The multi asset fund currently holds around 40 investments across listed Australian and global equities, private equity, venture capital, private credit and property.

The fund, which is currently approximately $20 million in size, is expected to be capped at $100 million. The minimum investment is $250,000.

The management fee is 0.5 per cent per annum and will be capped at a set dollar amount, a potential first in this industry. There is no performance fee. The underlying funds invested in have their own management/performance fees.

Addressing transparency concerns, Mr Cuffe said the portfolio is predominantly invested locally. “I like to be able to eyeball the person running the money,” he said. “Investors need to understand the people, the process and the investments.”

Mr Cuffe is the founding director and portfolio manager of the Third Link Growth Fund and a member of the investment committees of several ultra-high net worth families. He is also founder and portfolio manager of the Australian Philanthropic Services Foundation and chairman of listed Hearts and Minds Investments Ltd.

The Third Link Growth Fund is a unique Australian equities fund-of funds, designed to deliver competitive long-term returns while simultaneously supporting impactful charitable outcomes. What truly sets the Fund apart is its structure. No performance fees are charged, either by its underlying fund managers or at the Fund level, resulting in materially lower costs for investors and, over time, stronger net returns. Importantly, the management fees incurred by investors, post expenses, are donated to charity, enhancing the Fund’s positive impact.

Chris has many years of experience in building successful wealth management practices, most notably at Colonial First State which he joined in 1988. He was instrumental in taking the company from a start-up operation to become Australia’s largest investment manager during his fourteen-year tenure. Chris then joined Challenger Financial Services Group in early 2003 as Chief Executive Officer.

Chris is now involved in a portfolio of activities including several directorships, investment committees and in various roles assisting the not-for-profit sector. These include:

• Chairman of Hearts and Minds Investments Limited and non-executive director of Global Value Fund Limited and Argo Investments Limited (investment companies listed on the Australian Securities Exchange)
• Investment Committee member of the Paul Ramsay Foundation
• Non-executive director of Keyview Financial Group, a private debt company, and
• Founding director and portfolio manager of Third Link Growth Fund (a managed investment scheme investing in Australian shares where the management fees received are donated to charity).

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Chris Cuffe

The Third Link Growth Fund has released FY 25 Impact Report, highlighting a year of record donations, bringing total charitable contributions since inception to approximately $23.5 million.

The Third Link Growth Fund is a unique Australian equities fund-of funds, designed to deliver competitive long-term returns while simultaneously supporting impactful charitable outcomes. What truly sets the Fund apart is its structure. No performance fees are charged, either by its underlying fund managers or at the Fund level, resulting in materially lower costs for investors and, over time, stronger net returns. Importantly, the management fees incurred by investors, post expenses, are donated to charity, enhancing the Fund’s positive impact.

Chris Cuffe, Founder and CIO of the Third Link Growth Fund noted, “Third Link is guided by a simple but powerful idea: that strong, long-term investment returns and meaningful community impact do not have to be mutually exclusive. In FY25 alone, the Fund donated more than $1.7 million, bringing total charitable contributions since inception to approximately $23.5 million as at 30 June 2025.

“Our philanthropic approach is deliberate and focused. We aim to partner with a small number of organisations that take a systems based approach to tackling complex social issues – working collaboratively with key stakeholders and complementary services to create lasting change.

“Our giving reflects a national footprint, representative of our investor base and grounded in the belief that a prosperous Australia is one in which all people can thrive, regardless of background, ethnicity, gender, ability, or geographic location.”

The report highlighted the three pillars of impact:

1. Amplify: Amplifying the voice of young people. Ensuring young people are agents in conversations that concern them and their futures.
2. Employ: Pathways for employment for at risk young people. Supporting organisations that work towards employability for the most disadvantaged and at-risk young people.
3. Catalyse: Funding organisations that are having a systemic impact, including advancing informed public debate.

“The impact Third Link is able to deliver would not be possible without the generosity and shared commitment of our investment partners. Our underlying fund managers rebate their management fees and do not charge performance fees, enabling all management fees incurred by investors, post expenses, to be donated directly to our charity partners,” added Cuffe.

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Chris Cuffe

The Third Link Growth Fund has unveiled a new philanthropic partnership with Go Gentle Australia, a not-for-profit organisation founded by well-respected broadcaster Andrew Denton in 2016. The charity is dedicated to enhancing end-of-life choices in Australia through education, advocacy and support for voluntary assisted dying (VAD) laws and services.

Go Gentle Australia has been instrumental in the implementation of VAD laws across all Australian states, and today, 98 per cent of Australians live in areas where VAD is a legal option for eligible terminally ill individuals. As the legal framework solidifies nationwide, the organisation’s current focus is on ensuring these laws are upheld and delivered equitably and compassionately.

The Third Link Growth Fund, established in 2008 by Chris Cuffe, is known for its pioneering impact investing model. Operating as a fund-of-funds, it allocates capital across a selection of Australian equities top-tier investment management firms. What sets it apart is its philanthropic fee structure: while the Fund collects a management fee, all net proceeds, after expenses, are donated to its nominated charities. To date, the Fund has contributed more than $23 million to charitable organisations focused on children, education and social welfare.

Chris Cuffe, co-founder and Portfolio Manager of the Third Link Growth Fund, described the partnership as a natural alignment with the Fund’s values. “Supporting Go Gentle Australia aligns with Third Link’s purpose-driven commitment to making a meaningful difference in our community. We are proud to stand alongside an organisation that advocates for vulnerable Australians and the right to choice at the end of life.”

Go Gentle Australia’s CEO, Dr Linda Swan, welcomed the collaboration, emphasising the importance of continued support. “VAD is a deeply personal and often confronting topic, yet it touches the lives of many. But the law alone is not enough. We need education, funding and the ongoing courage to challenge stigma and opposition. Third Link’s partnership enables us to keep moving forward.”

Cuffe emphasised the unique strength of the Fund’s model in delivering both competitive investment performance and tangible community benefits. “Third Link Growth Fund directs all management fees, after costs, to a carefully selected group of charities making a measurable impact across Australia. Our model allows investors to benefit from high-quality professional investment management and competitive returns while simultaneously supporting charitable causes, without any reduction in their investment capital or returns.”

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Chris Cuffe

Third Link Growth Fund (Fund) has added three new Australian equity managers to its underlying portfolio: Australian Eagle Asset Management, Chester Asset Management and Firetrail Investments.

These new additions will seek to enhance the Fund’s active manager line-up, broadening diversification and bolstering the Fund’s long-term return potential.

Founder and Portfolio Manager of the Third Link Growth Fund, Chris Cuffe AO, welcomed the additions and added, “We’re thrilled to welcome Australian Eagle, Chester, and Firetrail to the Fund. Their inclusion strengthens what is now a stellar line-up of investment managers. By leveraging their expertise, we aim to enhance investment performance for our investors, while continuing to support our nominated charities through the generous rebate of all management and performance fees.”

Australian Eagle Asset Management joins the Fund, through its distribution partner, Montgomery Investment Management with the Australian Eagle Equities Fund. The Australian Eagle Equities Fund is built on an award-winning strategy^[1] that actively invests in a portfolio of 25 to 35 large-cap Australian listed companies, targeting capital growth over the long term. The investment team, led by Chief Investment Officer Sean Sequeria, seeks high-quality, undervalued companies with the potential to deliver exceptional returns. They focus on identifying companies with strong fundamentals undergoing meaningful change that can enhance their earnings profile and hold investments long term to allow these qualities to be reflected in the share price.

“We’re proud to contribute to the Third Link Growth Fund with a strategy that has consistently delivered excess returns over more than two decades,” said Sean Sequeria, Chief Investment Officer at Australian Eagle Asset Management. “This is a rare opportunity to combine investing excellence with a greater purpose and supporting the community.”

Chester Asset Management brings its Chester High Conviction Fund, an Australian equities fund focused on a concentrated portfolio of high-conviction stocks, aiming to outperform the S&P/ASX 300 Accumulation Index. The strategy, which has been operating for over a decade, has delivered a strong seven-year performance track record and now manages over $1.5 billion in funds under management. Since 2013, the Fund has consistently outperformed the market by 5.8% per annum.^[2]

The fund is supported by deep fundamental research and ESG integration and has received significant industry acclaim, including Money Magazine’s Best Australian Shares Fund (2023 & 2024) and Financial Newswire Fund Manager of the Year (2023). It is currently rated ‘Highly Recommended’ by Lonsec.

“We are thrilled to be part of the Third Link Growth Fund and support its dual mandate of returns and impact,” said Rob Tucker, Portfolio Manager at Chester Asset Management. “We are proud to contribute to a fund with such a meaningful purpose.”

Firetrail Investments joins the Fund with the Firetrail Australian Small Companies Fund, a high-conviction portfolio of the team’s most compelling small company investment ideas. The strategy is guided by deep-dive fundamental research and the belief that ‘every company has a price’. It targets companies outside the S&P/ASX 100, aiming to uncover under-researched opportunities with attractive long-term growth potential.

The Firetrail Australian Small Companies Fund^[3] aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term after fees. It holds a Highly Recommended rating from Lonsec and a Recommended rating from Zenith.

“Firetrail is excited to be partnering with the Third Link Growth Fund on what is a great initiative to deliver strong investment returns whilst simultaneously giving back to the community,” said Matthew Fist and Eleanor Swanson, Portfolio Managers at Firetrail Investments.

The Third Link Growth Fund now comprises the following underlying managers and access to the following funds.

• 1851 Capital – 1851 Emerging Companies Fund
• Australian Eagle Asset Management (via Montgomery Investment Management) – Australian Eagle Equities Fund
• Auscap Asset Management – Auscap Ex-20 Australian Equities Fund (Ex-20 Fund)
• Chester Asset Management – Chester High Conviction Fund
• Cooper Investors – CI Australian Equities Fund
• DNR Capital – DNR Capital Australian Equities High Conviction Fund
• ECP Asset Management – ECP Growth Companies Fund
• Eiger Capital – Eiger Australian Small Companies Fund
• Eley Griffiths Group – Eley Griffiths Group Mid Cap Fund
• Firetrail Investments – Firetrail Australian Small Companies Fund
• Greencape Capital – Greencape Capital High Conviction Fund
• L1 Capital – L1 Capital Catalyst Fund
• Lennox Capital Partners – Lennox Australian Small Companies Fund
• Pengana Capital – Pengana Emerging Companies Fund

The Third Link Growth Fund is a unique Australian equities fund of funds that donates its management fee, net of expenses, to charities, made possible by the generosity of its underlying managers, who rebate all management and performance fees. Since inception^[4], the Fund has donated more than $23 million to non-profit organisations, while generating over 9.4% p.a net of fees in returns for its investors.

“We look forward to building strong relationships with these managers to drive long-term returns and deliver real social outcomes through ongoing charitable support,” said Cuffe.

———-

Notes:
[1] Fundhost limited (ABN 69 092 517 987, AFSL 233045) is the responsible entity of The Australian Eagle Equities Fund (ARSN  647 519 542).  While the Australian Eagle Equities Fund was established January 2025 it utilises the Australian Eagle Equity Strategy (Long Only) (Strategy) offered only to wholesale clients.  Since 2005, the Strategy has outperformed the S&P/ASX 100 Accumulation Index by 3.56% per annum (gross of fees) (from inception to 31 March 2025).
[2] As at 30 April 2025
[3] ARSN 638 792 133 issued by Pinnacle Fund services Limited (ABN 29 082 494 362, AFSL 238371) as the Responsible Entity
[4] The Fund was registered on 12 March 2008, commenced operations on 18 April 2008, and commenced investing on 1 June 2008 as a multi-sector growth fund. In February 2012 the Fund’s investment strategy changed from multi-sector growth to Australian equities.

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Chris Cuffe

As responsible investing and philanthropy gain traction among investors, financial advisers are increasingly integrating social impact strategies into their wealth management services to deepen trust and engagement with clients.

“Philanthropy is an excellent connection point for even the most complex clients and families,” says Phillip Gillard, Principal Private Wealth Adviser at Shadforth. “It strengthens our relationships by fostering a shared commitment to giving back. Beyond financial returns and asset values, philanthropy creates a meaningful and lasting impact for clients and their broader families.”

The trend also encourages multi-generational involvement in wealth planning, providing younger family members with an opportunity to engage with financial advisers in a low-pressure, values-driven environment.

Chris Cuffe, co-founder and Chief Investment Officer of the Third Link Growth Fund, highlights the increasing demand for philanthropic advice among professional advisers. “Investors are increasingly drawn to charitable and values-based investing. They rely on their professional advisers to guide them in structuring their giving while maintaining financial stability,” he explains.

One such vehicle that aligns financial performance with philanthropy is the Third Link Growth Fund. Designed to deliver both investment and social impact, the Fund provides an accessible way for clients to engage in philanthropy without the complexities of direct charitable giving.

“Many investors want to incorporate responsible investment strategies but hesitate due to concerns about complexity,” Cuffe adds. “The Third Link Growth Fund offers a seamless solution- enabling investors to support charitable causes while maintaining strong financial returns. With a proven track record of competitive long-term performance, it’s an attractive option for clients looking to invest with purpose.”

Founded by Cuffe in 2008, the Third Link Growth Fund has pioneered a unique impact investing model, donating more than $22 million to charities focused on children, education, and social welfare.

The Fund operates as a fund-of-funds, investing in a carefully selected portfolio of Australian equities managed by leading fund managers. A key differentiator is its fee structure, where all underlying investment managers rebate their management and performance fees. While the Fund does charge a management fee, all net proceeds- after expenses- are donated to Third Link’s nominated charities.

“This model allows investors to benefit from high-quality professional investment management and competitive returns while simultaneously supporting charitable causes- without any reduction in their investment capital or returns,” says Cuffe.

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Chris Cuffe

The Third Link Growth Fund (the Fund) has appointed Eley Griffiths Group (EGG) and its Mid Cap Australian Equities Fund to its prestigious lineup of pro bono underlying fund investment managers. This fund of fund partnership aims to enhance the Fund’s diverse portfolio while furthering its mission to deliver strong investment returns alongside delivering meaningful contributions to the community.

Eley Griffiths Group, a leading asset manager in the Australian equities space, will add its expertise to Third Link’s unique model that rebates all management and performance fees, redirecting them to nominated charitable causes. Since its inception in 2008, this approach has achieved impressive investment outcomes for investors while generating over $22 million in donations to Australian charities.

“The benefit of partnering with experienced active managers like Eley Griffiths Group is their ability to identify and capitalise on market opportunities in real-time. This Mid Cap Australian Equities Fund is an excellent addition to our portfolio, diversifying our current investment allocation across Australian equities. The pro bono contributions from fund managers like EGG enable us to deliver strong investment outcomes while supporting Australian charities—a dual mandate that defines Third Link,” Chris Cuffe, Founder and Portfolio Manager of Third Link Growth Fund, noted.

David Allingham, Portfolio Manager at Eley Griffiths Group added, “We are delighted to be associated with the Third Link Growth Fund and contribute to its mission of blending investment success with community impact. With over two decades of experience managing Australian equities at EGG, I look forward to bringing our small-mid cap Australian equities expertise to the fund and delivering value to both investors and charities.”

Launched in November 2023, the Eley Griffiths Group Mid Cap Fund, will typically invest in a portfolio of 25–45 stocks that sit outside the S&P/ASX50 Index. EGG employ a flexible and dynamic investment approach, unconstrained by traditional growth or value styles, with a proprietary score-based system to assess companies. This includes criteria such as management quality, industry structure, growth potential, and valuation relative to the market.

As at 30 November 2024, the Eley Griffiths Group Mid Cap Fund has delivered an impressive return of 28.03% for the past 12 months^[1].

———–

Notes:
[1] Eley Griffiths Group Mid Cap Fund Inception date 13 November 2023

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Chris Cuffe

Capital Outcomes, one of Australia’s leading financial services PR and communications firms, is pleased to announce its appointment as a pro bono PR partner to work with Chris Cuffe’s Third Link Growth Fund.

In a pioneering initiative designed to benefit both investors and the non-profit sector, the Third Link Growth Fund provides investors with the opportunity to invest in a professionally managed fund where all management fees, net of expenses incurred, are donated to the non-profit sector – without charging additional fees or diluting investment returns.

The Fund employs an active multi-manager approach, leveraging the expertise of several underlying Australian investment managers to achieve its investment objective of outperforming the S&P/ASX 300 Accumulation Index net of fees over rolling five-year periods.

Importantly, the underlying investment managers rebate all management fees and performance fees, effectively providing their services without charge. The management fees paid by the investors in the Fund to Third Link, after covering operating expenses, are fully donated to selected charitable organisations, amplifying the Fund’s impact beyond just financial returns.

The donations to the charitable sector do not dilute the investment returns. Since the inception of the Fund in April 2008 up until 30 September 2024, these donations have totalled approximately $22,200,000.

The Third Link Growth Fund has delivered an impressive total return of 266.4% over the last 16 years, with a compound annual return of 8.40%, showcasing its resilience in various market conditions.

Third Link prefers charities that take a systems approach to tackling issues and who collaborate with key stakeholders and complementary services to shift the dial for young people. Third Link engages Australian Philanthropic Services to recommend charities improving the lives of young people and manage the ongoing charity partnerships.

Organisations supported by Third Link since inception:

• Act for Kids
• Australian Indigenous Mentoring Experience (AIME)
• Australian Red Cross (2009 Victorian Bush Fire Appeal)
• BackTrack
• Bairo Pite Clinic
• batyr
• Beacon Foundation
• Campbell Page
• Children’s Ground
• Dismantle
• The Ethics Centre
• Food Ladder
• Foundation for Rural and Regional Renewal (FRRR)
• Ganbina
• Grattan Institute
• The Foundation for Young Australians (FYA)
• Little Dreamers
• The Mirabel Foundation
• National Centre for Childhood Grief
• Outward Bound Australia
• Raise Foundation
• SHINE for Kids
• Social Ventures Australia
• Story Factory
• The Song Room
• Together 4 Youth
• Uplifting Australia
• The Wayside Chapel

Chris Cuffe is also the Chairman of Hearts and Minds Investments and will be speaking, this Friday, at the annual Sohn Hearts & Minds in Adelaide, an event that brings together top investment, scientific and philanthropic minds – all in support of medical research.

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APS founder and chairman, Chris Cuffe, welcomed Graeme to the board, saying, “Graeme’s enthusiasm for philanthropy and his extensive 41 years of experience with Ernst & Young (the last 28 years of which has been as a partner) specialising in financial services across wealth and asset management, superannuation, and life insurance will be invaluable as we continue to grow APS. We are thrilled to have him join our board.”

Graeme served as the chief operating officer for Asia-Pacific Financial Services at EY and was a key member of the EY Asia-Pacific FSO Leadership team, overseeing the financial and operational aspects of the organisation. He is a strong advocate for diversity and inclusiveness and through EY has provided pro bono auditing services to various charities over time.

“I have been engaged in philanthropy and with APS for many years,” Graeme said. “Structured giving is one of the most effective ways to grow philanthropy in Australia and generate much-needed funds for our community.”

Chris also expressed gratitude to retiring board member David Gonski AC for his significant contributions over the past 12 years as a non-executive director and for his contribution to the sector. As chair of the Prime Minister’s Community-Business Partnership’s Taxation Working Group, David was a pioneer of structured giving and key architect of private ancillary funds.

“David’s distinguished reputation, visionary contribution and steadfast commitment to philanthropy, have been tremendous assets to the APS board since August 2012,” Chris said. “His dedication to advocacy and commitment to developing the sector have played a crucial role in both the growth of APS as well as philanthropy in Australia overall. We are grateful for his long service and generous support and are pleased that he will remain closely connected to APS through becoming a Patron of APS and one of only four Members.”

Graeme joins existing Directors on the APS board:

• Chris Cuffe AO
• Belinda Hutchinson AC
• Gail Kelly
• Dan Phillips
• Jan Swinhoe
• Michael Traill AM
• John McMurdo
• David Ward

APS saw the establishment of 137 new giving funds in the APS Foundation and established over a third of all private ancillary funds created in Australia in the year to 30 June 2024, cementing its position as Australia’s leader in structured giving services.

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Paul Xiradis

Ausbil Investment Management (Ausbil) is honoured to announce that Paul Xiradis, co-founder of Ausbil and our Executive Chairman, Chief Investment Officer, Head of Equities and Portfolio Manager for the flagship Ausbil Australian Active Equity Fund has been inducted into the prestigious Australian Fund Manager Foundation Hall of Fame.

“After managing money for over 45 years and 27 years at Ausbil, I am truly grateful to accept this award,” said Xiradis. “I extend my thanks to the Australian Fund Manager Foundation and dedicate this recognition to our clients, many of whom have been with us since the beginning and for whom our work is truly intended.”

The Hall of Fame inductees list includes some of Australia’s most respected investors, including Olev Rahn, Kerr Neilson, Anton Tagliaferro, Peter Morgan, Chris Cuffe, Chris Kourtis, Geoff Wilson, Catherine Allfrey, John Sevior, Phil King and more. The Hall of Fame induction ceremony is centred around the charitable philanthropy program of the Australian Fund Manager Foundation. Over the past 25 years, the awards night has raised millions for its charity partners, including Odyssey House NSW and the Sydney Children’s Hospital Foundation, amongst other charities.

“We have certainly seen a lot on this investment journey, and it is one I enjoy taking every day I come to the office. I co-founded Ausbil with a relatively simple investment philosophy, that earnings and earnings revisions are the key drivers of share prices,” said Xiradis. “Investment management is truly a team effort. Over the years I’ve had the privilege of working with incredible talent who have helped shape Ausbil’s success and continue to apply our approach across Australian and global equities.”

Ausbil’s Australian Active Equity strategy is over 27-years old and has generated a gross long-term performance since inception of +11.3% per annum (before fees), outperforming the benchmark (S&P/ ASX 300 Accumulation Index) by +2.8% pa since inception on 1 August 1997 on a gross of fees basis (as at 30 September 2024). Ausbil’s investment approach has delivered one of the longest track records in the market, as is evidenced by the following chart of net returns.

The Ausbil Australian Active Equity Fund (ARSN 089 996 127) (Fund) return is from its inception on 1 August 1997 to 30 June 2024 and is net of fees and costs, before tax and assumes reinvestment of distributions. Returns are based at 100 on 31 July 1997. The strategy Benchmark is the S&P/ASX 300 Accumulation Index. US Equities in AUD refers to the S&P 500 in AUD terms. Global Equities in AUD refers to the MSCI World Index (AUD). A-REITs refers to the S&P/ASX 200 A-REIT index.

Australian Fixed Income refers to the Bloomberg AusBond Composite 0+ Yr Index. Cash refers to Bloomberg AusBond Bank Bill Index. Gold in AUD refers to the Australian dollar equivalent gold price as quoted on Bloomberg. Australian Inflation refers to the headline quarterly CPI rate as reported by the Australian Bureau of Statistics. Investments in cash, gold and fixed income are generally considered to have lower risks when compared with investments in Australian and global equities.

“Paul is a real professional and has built a great business,” remarked Mark Knight, Ausbil’s Chief Executive Officer, who has worked with Xiradis for over two decades. “He eats, sleeps and drinks financial markets and he understands that he needs good people around him. This is a team sport.”

Since it began in August 1997, the Ausbil Australian Active Equity Fund has negotiated a ‘crazy’ set of tail events including the US Tech Bubble, the Global Financial Crisis, the European Debt Crisis, Brexit and its aftermath, the Fed Pivot, the once in a century COVID pandemic and recession, the invasion of Ukraine by Russia and the ensuing energy crisis, the rapid normalisation of interest rates across 2022 and 2023, and the high inflation crisis of 2023/2024.

“Paul tends to get the big shifts right. For example, staying out of the overvalued REIT sector leading into the GFC in 2008 or not becoming too defensive when the pandemic hit in 2020,” said Knight. “This has helped produce excellent long-term returns and has been terrific for our investors.”

“As a firm, we are proud of Paul’s success and wish to congratulate him on joining the elite ranks of the Australian Fund Manager Foundation Hall of Fame.”

Ausbil Investment Management was established in 1997 and manages over $20bn in funds under management as at 17 October 2024.

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