Damien Cottier

The Perennial Better Future Trust has outperformed its benchmark each financial year since inception, now including five consecutive financial years, laying to rest the claim that sustainable investing compromises investment returns.

At the conclusion of the financial year June 30 2023, the Trust outperformed the S&P/ASX Small Ordinaries Accumulation Index (benchmark); returning 12.7% net of fees, outperforming the benchmark by 4.3%. The Trust has delivered 8% per annum since inception net of fees, outperforming the benchmark by 4.9% per annum.

The Trust’s performance has been largely stock specific including strong performance from Telix Pharmaceutics (ASX:TLX), Alpha HPA (ASX:A4N) and long-term contribution from Calix (ASX:CLX).

Perennial Better Future Trust Portfolio Manager, Damian Cottier says: “In a difficult market environment, the authentic investment process we have built has demonstrated yet again that there is no performance trade off investing in this sustainable way.”

The Trust’s actively managed portfolio seeks to generate strong and consistent returns while only investing in companies that have proven through a proprietary scoring system, that they are positively shaping a better future.

These companies sitting within the portfolio are typically in industries such as healthcare, education, renewable energy, and low carbon technologies.

Cottier says: “These industries are positively geared to benefit from strong global tailwinds, expected to continue into the new financial year and beyond.

There is no doubt it has been a challenging environment for both smaller companies and industrials more generally the past financial year, as such, the outperformance was largely driven by stock selection, with the below highlighting why Telix Pharmaceutics (ASX:TLX), Alpha HPA (A4N) and Calix (ASX:CLX) were amongst the high performers.”

Telix Pharmaceutics (TLX.ASX) had a series of positive news. The global sales of its Illucix product for the imaging of prostate cancer continued to exceed market expectations.

The initial sales outcomes suggest there is significant demand for the product and urologists are seeing patient benefits from the technology.

The company also announced the completion of patient recruitment for the company’s Phase III renal (kidney) cancer imaging study.

The product, which aims to distinguish between benign and malignant renal lesions, had previously received “Breakthrough Designation” from the U.S. Food and Drug Administration (FDA). Current imaging cannot reliably make this distinction, leading to invasive biopsy procedures that are not always necessary as up to 80% are not malignant.

Alpha HPA (ASX:A4N) specialises in low cost, low carbon, high purity alumina. These ingredients have applications mostly across lithium-ion batteries, semiconductors, and LED lights, all critical to decarbonisation.

Earlier in the year Alpha HPA announced it reached an agreement with Austrian based global industrial company Ebner Industrieofenbau Gmbh, to enable Alpha to produce synthetic sapphire glass which is a downstream product of the company’s high-purity alumina (“HPA”) production process.

This agreement will result in the production of value-added product in Australia at the company’s Gladstone, Queensland production facility using Ebner’s low-energy technology and Alpha’s high-purity alumina (“HPA”). Alpha’s production process results in HPA which has around 70% lower total emissions compared to incumbent processes.

Calix (CLX. ASX) has been a key contributor over the last few years. It is an industrial solutions company dedicated to solving global sustainability challenges, including;

• The company’s LEILAC technology assists in CO₂ mitigation in the global lime and cement industry which is responsible for ~9% of global emissions.  Partners include Heidelberg Material, Cemex and Adbri.
• Joint Venture with Pilbara Minerals for more efficient and less carbon intensive processing of lithium ore.
• Adapting the core LEILAC technology for other applications with support from government agencies globally including Zero Emissions Steel, sustainable marine and aviation fuels and zero emissions shipping.

Cottier concluded, “It is pleasing to be able to display through performance that an authentic and differentiated approach to sustainable investing is an achievable strategy for investors, wanting to bridge the gap between sustainability and returns.”

*Past performance is not an indicator of future performance.

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Damien Cottier

The Perennial Better Future Strategy has reached its five-year milestone with ~$250 million in funds under management and a track record of outperforming the Small Cap Accumulation benchmark.

The Fund, which sits under the Perennial Partners umbrella, pursues strong, consistent returns while investing in mainly smaller and mid cap companies positively shaping a better future.

Since inception over five years ago the Perennial Better Future Trust has delivered 7.2% p.a. return after fees, outperforming its benchmark, the S&P/ASX Small Ordinaries Accumulation Index, by 3.9% p.a. (as at 31 March 2023).

With an authentic approach to sustainable investment, the strategy invests in areas such as healthcare, education, renewable energy, technology improving energy efficiency, resource use or reducing greenhouse gas emissions, environmental services, companies contributing to social welfare outcomes, including improving the safety, health or well-being of workers. Approximately 50% of the portfolio lay within these higher impact sectors (as at 31 March 2023).

Marking the fifth year, the Better Future team has calculated the total impact of the strategy since inception and the results are compelling.

Perennial Better Future Portfolio Manager, Damian Cottier, says: “The portfolio has derived meaningful impact over the five years since its inception. This is a characteristic we have grown to understand our clients value greatly.

It is pleasing to have demonstrated outperformance over the medium and long term while providing positive social and environmental outcomes.”

As a result of investing in Better Future enablers – companies that typically have a relatively lower environmental footprint – the carbon intensity of the portfolio is 83.1% less than the benchmark.^[1]

Over the past five years, the Better Future team has demonstrated its thought leadership in the ESG investing landscape, through participation in industry initiatives including educational webinars, panel presentations, surveys and collaborative industry groups such as Climate Action 100+ and IAST-APAC.

Additionally, since inception, the team has conducted over 1,000 meetings with portfolio companies, including over 250 dedicated ESG meetings. The Better Future team believes that company engagement is crucial in helping companies to progress their ESG practices and ultimately, generate improved ESG outcomes.

Recent engagement areas of focus include:

• gender diversity at both the board and senior executive level. Since inception, 68 female directors have been appointed to the boards of companies held in the Better Future Trust, typically following the team’s engagement. In March 2023, Perennial Better Future, in collaboration with Perennial Smaller Companies and Perennial Private Investments held the Inaugural Perennial Diverse Boards Event – an event constructed of boards in our portfolio in need of greater diversity to meet potential female directors.  It featured 14 investee companies and 16 directors in a “speed networking” format;
• disclosure of greenhouse gas emissions and setting of reduction targets; and
• modern slavery.

Emilie O’Neill, Co-Head of ESG and Equities Analyst concluded, “We are extremely pleased to have been able to provide institutional, wholesale and retail investors access to companies shaping a better future within the Australian marketplace.”

The Better Future Trust is certified by the Responsible Investment Association of Australia and was the winner of the “Sustainable and Responsible Investment – Growth” category at the Zenith Fund Awards in 2022.  It has a “Recommended” Investment rating from both Zenith and Lonsec.  It has an “Impact” Sustainability rating from Lonsec and a “5 bees” Sustainability Score from Lonsec – each of which is the the highest rating available.

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Emilie O’Neill

Cyber Security emerged as the pivotal ESG theme in the 2022 Perennial Better Future Survey, while greenhouse gas (GHG) emissions and diversity still command strong corporate attention. ESG is still front and centre for ASX listed corporates with 78% of respondents indicating that their business strategy specifically references ESG and Sustainability.

The survey, encompassing 55 ASX-listed companies from a cross section of market cap sizes and industry sectors, revealed strong progress on ESG initiatives. This was despite a challenging macro environment, including tighter monetary policy, inflationary pressures and rising energy prices.   

Co-Head of ESG at the Perennial Better Future Trust, Emilie O’Neill, says: “We have seen ESG priorities move around from year to year, and generally Greenhouse Gas (GHG) Emissions, Diversity, Governance and Modern Slavery are considered the most important to ASX-listed corporates. However, in 2022, Cyber Security emerged as the most important theme.”

The emergence of Cyber Security, up from fourth position in 2021 and consistent across larger and smaller companies, comes as no surprise given the raft of recent cyber-attacks. Many reported concerns in this area, including reputational risks, fines and regulatory attention, customer loss and litigation.  

Damian Cottier, Co-Head of ESG and Portfolio Manager on the Perennial Better Future Trust added: “The survey seeks to gaze into the collective mind of corporate Australia to understand how deeply it is concerned with ESG and Sustainability. 

We had a really broad range of companies participate – from the major banks to microcap stocks.  The outcomes are fascinating on a whole range of issues, and it is intriguing to see how thinking has changed in each of the four years since the survey was first conducted.”

The survey covers a wide range of areas including:

• Who is responsible for ESG and how are companies resourced to grapple with ESG and sustainability issues?
• The extent to which ESG and sustainability outcomes are embedded in corporate remuneration.
• What are companies measuring and targeting in relation to greenhouse gases and other ESG-related metrics?
• How companies engage with investors on ESG and do they think it is worthwhile?
• How are companies thinking about Reconciliation?
• What are companies doing to address Modern Slavery risks?
• How are companies thinking about gender diversity and the inhibitors to greater diversity?

For instance, although gender diversity remains a critical ESG issue, achieving parity is still proving difficult for corporate Australia.  

“Industry difficulties in attracting gender diverse talent pools was the biggest inhibitor to achieving a gender diverse workplace in 2022, consistent with prior years. Competition for top female talent remained in second position and intensified in 2022. Lack of university graduates remained stable,” O’Neill said.  

Another interesting area of focus was on Reconciliation. Our survey found that although only 24% of companies surveyed had launched a Reconciliation Action Plan (RAP), an additional 25% were planning to in the next 18 months. The Perennial Better Future team has made this an engagement area of focus.

We were also pleased with the sustainability progress of smaller companies. When asked whether they have experienced positive business outcomes as a result of focussing on ESG & Sustainability 78% of smaller companies agreed which was a higher percentage than larger companies. Cottier commented “This is encouraging and suggests smaller companies are seeing the importance of improving ESG performance where smaller companies have historically lagged.”

Read the report.

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Damien Cottier

Reputable rating house, Lonsec has upgraded Perennial’s Better Future Trust to a ‘Recommended’ rating, in recognition of their increased conviction in the investment team’s capabilities and the differentiated approach.

The actively managed and diversified portfolio focuses on small and mid-capitalisation companies with between 30 – 50 stocks, aiming to deliver strong and consistent returns while shaping a better future.

The strategy has returned 8.3% p.a. since inception, outperforming the S&P/ASX Ordinaries Smalls Accumulation Index by 3.9% p.a. net of fee’s.^[1]

Since inception in February 2018, the Better Future strategy has experienced strong demand with funds under management (FUM) of A$240 million as at 31 August 2022.  This includes an A$100 million institutional mandate from Mercer Investments.

Perennial Better Future was pleased to receive the Recommended rating from Lonsec as part of the Australian Equities review. Lonsec identified the Perennial Better Future Trust as having a large and well-resourced investment team, a differentiated strategy with an emphasis on seeking companies that are deemed to have a positive impact on society and an investment process based on deep fundamental research. Damian Cottier, Portfolio Manager for the Perennial Better Future Trust said “The Lonsec investment rating upgrade provides recognition for the Perennial Better Future investment approach. We believe that you can shape a better future while pursuing strong and consistent returns”.

Cottier continued; “Our interactions within the market suggests that investors and consumers are becoming increasingly aware of ESG implications on society and the environment.”

“We are seeking to invest in companies with exposure to activities such as healthcare, education, renewable energy or technology that assists with decarbonisation or improves social outcomes. We employ a style neutral approach with negative screens that exclude any companies that derive  revenue from controversial activities, including alcohol, tobacco, weapons, and live animal exports”.^[2]

The Perennial Better Future Trust has a Lonsec Sustainability Score of five bees (indicating the Trust is in the top 10% of all Lonsec-rated Australia equity funds) and is Zenith Recommended. Perennial has also been recognised as being a Responsible Investment Association Australasia (RIAA) Responsible leader for three consecutive years (2020, 2021 and 2022) and has been identified as a top 10 Responsible Investment Leader in 2022.

———

[1] As at 31 August 2022. Past performance is not a reliable indicator of future performance.
[2] The full list of exclusions is available in the Perennial Better Future Trust PDS and on the Perennial Partners website.

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L to R: George Whiting, Emilie O’Neill, Damian Cottier and Christelle-Hannah Manila.

The Perennial Better Future Strategy, an actively managed portfolio focused on small and mid-cap companies that are shaping a better future, has been appointed to manage a A$100 million mandate from Mercer Investments.

A business of Marsh McLennan, Mercer is a highly regarded global asset management and consulting firm. The appointment demonstrates Mercer’s confidence in Perennial’s Better Future approach to sustainable investment.

Perennial Better Future Portfolio Manager, Mr Damian Cottier, says: “It is pleasing to be recognised for our differentiated and authentic approach to ESG and sustainable investing.”

“We are leveraging Perennial’s large and experienced investment team to find companies that are shaping a better future while pursuing strong, consistent returns for our investors. In this way, we are empowering investors and companies that are seeking to shape a better future.”

The Perennial Better Future Strategy provides investors with an opportunity to allocate capital in a way that empowers companies that are shaping a better future. While more traditional ESG or sustainable focused funds are mainly concerned with negative screening, the Perennial Better Future Strategy has a significant portion of the portfolio invested in companies which are focused on addressing global sustainability challenges.

These companies are often operating in global markets in areas that improve environmental or social outcomes such as healthcare, education, renewable energy, technology improving energy efficiency or resource use, as well as technology improving occupational health and safety outcomes.

“Mercer’s significant commitment to Perennial Better Future is a vote of confidence in our process and approach to sustainable investment. We are pleased to be recognised for our performance track record and authentic ESG-first investment strategy, which includes our proprietary in-house Environment, Social, Governance & Engagement (ESG&E) scoring system, and our dedicated company engagement to improve ESG outcomes in small & mid-cap ASX listed companies.”

Globally, Mercer advises on more than US$17 trillion in assets (as at 30 June 2021) and manages US$388 billion in assets (as at 31 March 2022). Mercer’s award-winning Sustainable Investment team of 25 dedicated specialists have been advising institutional investors on adopting sustainable investment approaches for over 10 years.

“Mercer’s long standing track record within the industry further highlights the true nature of an endorsement of this nature into the Perennial Better Future Strategy, and also the strength and the impact sustainable investing has on a global scale,” Cottier added.

During the last 12 months, the Perennial Better Future Trust (“the Trust”) has experienced strong growth in funds under management, which is now at ~A$220 million^[1] on the back of increasing demand from the market for authentic ESG products.

“It is a key goal of the Trust to demonstrate that there is no performance trade-off investing in companies shaping a better future. Since its inception over four years ago, the Trust has delivered a +7.0% p.a. return net of fees, outperforming the S&P/ASX Small Ordinaries Accumulation Index benchmark by +5.1%^[2]” Damian Cottier

——–

[1] As at 3 June 2022. Past performance is not a reliable indicator of future performance.
[2] Ibid.

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Damien Cottier

An accelerated shift from awareness to action on Environmental, Social and Governance (ESG) and sustainability among ASX listed companies is underway, and there is a heightened focus on these issues by all stakeholder groups, according to new survey findings from Perennial Better Future.

For the first time since the survey began, greenhouse gas emissions, including alignment with the Paris Agreement, was listed by ASX companies’ respondents as the biggest area of focus and improvement. Diversity moved to second place from third in 2020, and Governance moved to third place from first last year.

“Against the difficult backdrop of COVID-19 and all the challenges it has presented, ASX respondents said greenhouse gas emissions will be the number one priority in the next 12-18 months. This demonstrates Australian companies are starting to come to grips with the urgency and opportunity of acting on climate risk,” said Perennial Better Future’s Co-Head of ESG Emilie O’Neill.

In its third year, the Perennial Better Future Survey conducts an ‘ESG pulse’ check on Australia’s listed companies to understand where they have been, where they are now and where they are going regarding ESG.

Increasing action at senior management levels

While results from previous Perennial Better Future Surveys clearly showed attention to ESG matters among Australia’s listed companies, this year’s results strongly point to more tangible actions occurring.

“This year’s results revealed the pandemic has not stopped boards and senior management seeking to improve ESG practices and policies,” said O’Neill.

More than 88% of respondents confirmed their company had a board member or senior executive responsible for ESG. Further, 81% of companies have a business strategy that specifically references ESG and sustainability. This is consistent across both large and smaller companies.

Importantly, companies are seeing real-world results from focusing on ESG and sustainability – more than 80% confirmed positive business outcomes.

Further, 93% confirmed engaging with investors on ESG and sustainability issues as beneficial to the company.

Current and emerging issues on the radar

The role of proxy advisors has been in the spotlight recently and 40% of respondents agreed they feel increasing pressure on their remuneration policy and corporate governance practices from proxy advisors.  However, other stakeholders such as shareholders and remuneration consultants are still viewed as the most critical in regard to implementing remuneration policy.

When it comes to inhibitors to ASX companies achieving a gender diverse workplace, industry difficulties in attracting a gender diverse talent pool topped the chart. Increasing gender diversity at a senior level has consistently been a focus for ASX companies over the past three years.  However, there has been an increase in focus on achieving gender diversity amongst entry-level positions.

Cybersecurity was a new option in this year’s survey and ranked equal third with Modern Slavery, in areas that will become more material in the coming years.

“Cybersecurity has emerged as a critical issue for companies, a concern heightened by the shift to remote working during the pandemic,” said O’Neill.

“Given the likelihood of greater investor and other stakeholder interest in relation to ESG matters, we look forward to continuing to track how ASX companies progress,” said Damian Cottier, Portfolio Manager of the Perennial Better Future Strategies.  “We will continue to engage with companies to encourage them to play a greater role in positively shaping a better future,” he concluded.

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Damien Cottier

Perennial Partners has announced the establishment of its next-generation sustainable investment business, Perennial Better Future Pty Ltd.

Perennial Better Future will develop and manage investment strategies that aim to generate strong, consistent returns while contributing to a better future.

The investment strategy includes the Perennial Better Future Trust, and the eInvest Better Future Fund (Managed Fund) (ASX:IMPQ). The business will also manage ESG initiatives across the Perennial group.

The new boutique investment firm will be led by Damian Cottier, Portfolio Manager, together with Emilie O’Neill, ESG and Equities Analyst, and George Whiting, who will head up the institutional and retail business development for the boutique. Perennial Partners’ broader distribution team and 15 investment analysts will provide additional support.

Anthony Patterson, Executive Director of Perennial Partners, said the Perennial Better Future business was born out of a passion for sustainable investment.

“The world of sustainable investment has made a 180-degree turn in the last 15 years. Today, an investment in a sustainable business contributing to a better future is far more likely to lead to better returns than investing in conventional businesses,” he said.

“Perennial Partners has developed a leading-edge capability in sustainable investment and this business has been four years in the making. It launches having proven its investment thesis that benchmark outperformance can be achieved by investing in companies that are contributing to the improvement of society.”

Since its inception in 2018, the Perennial Better Future Trust has returned 13.3% per annum. It has outperformed the S&P/ASX Small Ordinaries Accumulation Index by 6.2% per annum and the ASX 300 Accumulation Index by 5.6% per annum since inception to the end of March 2021.

The Perennial Better Future Trust is rated ‘Investment Grade’ by Lonsec and ‘Approved’ by Zenith. Zenith has also assigned the Trust a Responsible Investment Classification of ‘Impact’, its highest classification.

Damian Cottier said rather than merely choosing the most sustainable stocks within sectors, the strategy is predicated on finding companies that derive the majority of revenue from positive outcomes, with zero revenue from harmful activities.

“We are focused on finding innovative smaller Australian companies.  Many of the companies in the portfolio have entered into global markets and have significant growth potential – they are often disruptors in their chosen markets, improving health outcomes, increasing efficiency and reducing costs,” he said.

“We have been pleased to play a role in driving these positive outcomes further by participating in capital raises to support the growth of these companies.”

Cottier added that the launch of Perennial Better Future Pty Ltd provided a new opportunity for Australians to invest for ESG impact.

“With the help of the financial advice community, we look forward to bringing a means for everyday investors to contribute to a better future by investing in companies that are helping to solve some of society’s biggest challenges,” he concluded.

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Damien Cottier

Australian corporates are shifting their focus away from governance and towards environmental and social factors within the ESG space, according to new research from Perennial.

Perennial’s second annual Sustainable Future Survey shows greenhouse gas emissions are now the most important ESG area of focus for Australian corporates in the next 12-18 months, up from fourth place in 2019.  Worker rights/modern slavery was in second place this year, while indigenous relations also increased in priority.

Damian Cottier, Portfolio Manager of Perennial’s Sustainable Future Strategies, said: “Issues such as climate change, modern slavery and indigenous relations have been garnering a great deal of media and shareholder attention in 2020.  Our survey results capture how Australian corporates are moving to address these issues.”

ESG is becoming more of a strategic focus for many listed companies as they increasingly recognise the positive business outcomes that can result. 72% of survey participants have a corporate strategy specifically referencing ESG or sustainability.

Mr Cottier said that while respondents may be skewed towards those focussed on ESG, it is clear increasing investor and consumer pressure is encouraging more sustainable business practices.  Some 90% of respondents agree that engagement with investors on sustainability and ESG issues is beneficial for their company, up from 85% last year.

Environmental targets on the rise

The environment continues to be a key component of ESG, with more corporates disclosing and measuring targets associated with greenhouse gas emissions.   The number of companies producing waste targets has increased by 7% to 60%.

The survey also found that over half (55%) of respondents agree that a national energy policy would provide a clearer pathway for sustainable investment, helping corporates to plan and invest for a more sustainable future.

Diversity drops down list of priorities

In 2019, diversity was the most critical ESG area of focus for respondents but has dropped to fifth place this year.

“While other issues appear to have overtaken diversity, gender diversity at manager and executive level remains a challenge for Australian corporations,” according to Emilie O’Neill, Perennial’s ESG Analyst. “Respondents appear to place emphasis on increasing gender diversity in executive ranks, with 53% of respondents strongly agreeing this is an area of focus compared to 35% who strongly agree that increasing diversity at entry-level of employment is a focus.

“The result responses suggest some of the key barriers are attracting a gender diverse talent pool within certain industries and strong competition for top female talent.”

Remuneration still a grey area

Remuneration policies are still creating confusion for many Australian businesses, with only half of the respondents agreeing that investors have consistent and clear expectations regarding remuneration policy.

“We think this is a key area to watch going forward given investors have conflicting attitudes towards management incentives – particularly in a COVID-19 impacted environment,” Cottier said.

Perennial has designed the survey to check the ESG ‘pulse’ of Australia’s major businesses.  Around 250 ASX-listed companies were invited to complete the survey in June 2020 during the midst of the Coronavirus pandemic.  Respondents came from a range of industries broadly representative of the Australian index.

“The findings of the report assist us in engaging with companies in our Sustainable Future Strategies; The Perennial Smaller Companies Sustainable Future Trust and the eInvest Future Impact Small Caps Fund (ASX:IMPQ)”, said O’Neill.

“Overall, it is interesting to see the changes in ESG focus areas for ASX-listed companies,” said Cottier. “ESG issues are having a greater impact on share prices, and stakeholders are increasing their expectations.  Companies are looking at ways to improve, albeit there is still some way to go.”

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Damien Cottier

eInvest, a distributor of exchange traded managed fund solutions, has launched Australia’s first actively managed ESG exchange traded fund (ETF) .

The new fund, eInvest Future Impact Small Caps Fund (managed fund) (ASX: IMPQ),is also Australia’s first Small Cap Active ESG ETF and is managed by multi-award winning affiliate, Perennial Value Management. The fund aims to provide long-term capital growth by investing in Australian and New Zealand small and mid cap stocks that contribute positively and sustainably to society and the environment.

The founding belief of this new strategy is that investors in environmental, social and governance (“ESG”) portfolios should not have to sacrifice their financial objectives in order to achieve an ESG impact. The fund aims not to compromise on investment returns to achieve social objectives by benchmarking itself against the S&P/ASX Small Ordinaries Accumulation index, and is a well-diversified, actively managed portfolio that may hold up to 70 Australian or New Zealand stocks.

The strategy pursues listed investment opportunities and focuses on companies that take into consideration ESG criteria and/or conduct business in industries which are favourable having regard to ESG criteria. Companies that are misaligned with sustainability practices are excluded, such as those with more than 10% revenue in fossil fuels, alcohol, tobacco, weapons, forestry activities, gambling and unhealthy fast foods. Perennial Value proactively monitors ESG-related metrics for companies in the investment universe and engages with them to determine their approach to ESG.

Camilla Love, Managing Director of eInvest, said: “Sustainable investing is increasingly an important focus for many investors, and for the first time, Australian investors can access an actively managed ESG ETF.  Our fund not only gives investors access to specialist active management skills through a convenient and lower-cost ASX tradable structure, it also provides the tools to make a social impact without compromising on returns.”

Damian Cottier, Portfolio Manager at Perennial Value, said: “We are seeking to invest in small and mid-cap companies that are making a positive contribution to a sustainable future.  We have a strong heritage in investing in the under-researched small cap universe which makes us well placed to uncover interesting investment opportunities for the fund.

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Bruce, who has been with Perennial Value since its inception in 2000, has previously held several portfolio management positions, including as co-portfolio manager to company founder John Murray in Perennial Value’s Australian Share Trust.

Bruce is lead portfolio manager for Perennial Value’s Shares for Income Trust and its recently launched eInvest Income Generator Fund. In his new role, Bruce will be responsible for the management of all broader cap Australian equities portfolios within the Perennial Value business.

Andrew King also joins the Perennial Value team as Mid-Caps Portfolio Manager.

King was a Founder and Director of Investments at Melbourne-based equities investor Concise Asset Management and previously held roles at Paradice Investment Management and Investors Mutual. He will join Perennial Value in mid-July 2018 and will assume portfolio management and analytical responsibilities for the firm’s forthcoming dedicated mid-caps capability.

Additionally, Andrew Smith who joined Perennial Value in 2008, is Head of Small and Micro Companies and manages the firm’s Smaller Companies Trust and Microcap Opportunities Trust.

In the changes being announced today, Smith will take responsibility for co-ordination of the stock research effort across the Perennial group, co-ordinating its analyst and research team to ensure quality investment opportunities are identified and reflected in clients’ portfolios.

Finally, long-term Perennial Value employee Damian Cottier has been promoted to the role of Portfolio Manager in the firm’s broader cap portfolios. Cottier joined Perennial Value in 2002 and has held a number of roles across dealing, research co-ordination, analysis and most recently as Portfolio Manager within the firm’s micro caps capability. His new role will see him provide a key pivot point linking Perennial Value’s smaller and larger capitalisation businesses.

The changes form part of a strategic transitional process in the management of Perennial Value’s large cap Australian share portfolios, which will see Perennial Value Founder and Managing Director John Murray gradually step down from day-to-day management responsibilities for these portfolios.

The transition, which has been long planned by the business and is expected to occur in an orderly fashion over the next 12-18 months, will see Murray remain as Managing Director of Perennial Value and continue to contribute his insights and perspectives to the investment management team.

Perennial Value Director Anthony Patterson said the changes would provide further opportunity, responsibility and career advancement to the senior investment executives of the business.

“Perennial Value has been focussed on succession planning and building depth across our 16-member investment team for many years. In addition to addressing our succession plan for John, the Board is taking the opportunity to position Perennial Value for the future,” Patterson said.

“Perennial Value recognises that investors’ needs are evolving and that we must ensure we are well positioned to adapt, whilst meeting the core objective of our firm – to deliver outcomes that exceed our investors’ expectations.

“Our future, supported by the appointments announced today, sees us renew our commitment to being recognised as the leading value manager in the Australian market.”

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