Warakirri Endeavour Fund

The Warakirri Endeavour Fund ("WEF") was established in 1996. The WEF provides investors with access to an exclusive blend of high quality experienced and emerging Australian equity managers in a diversified fund. Blending seasoned managers with their emerging counterparts produces a fund that is capable of adding significant value over the benchmark.

The WEF's focus is on maximising after-tax returns for corporate entities and sophisticated investors with a moderate to high tax rate. Performance is measured against an after-tax benchmark based on the S&P/ASX 300 Accumulation Index.

Warakirri manages the WEF from an after-tax perspective - managers are measured on an after-tax basis and after-tax performance is reported to investors. Having successfully managed tax aware investments since 1993, Warakirri believes there are important considerations that can increase the after-tax investment returns for tax paying investors. These considerations include:

• The valuation of franking credits;

• Requiring managers to consider the impact of their decisions from a tax perspective – since tax paying investors are subject to capital gains tax; and

• Distributions.

Fund Objective

To outperform an after-tax benchmark based on the S&P/ASX 300 Accumulation Index net of fees and tax over time.

Warakirri adds value through active management by:

• Rigorous analysis of managers and their stock portfolios;

• Constructing portfolios of managers with different styles;

• Blending managers to mitigate individual portfolio manager, single firm, or style risk; and

• Intensive ongoing monitoring – onsite discussions with each manager at least twice per quarter.

For further information, a copy of the fund's Information Memorandum or a performance summary, please contact us.