WIC has a concentrated portfolio, with the intent being to hold 10 to 25 stocks, of which the top ten stocks account for over 50% of the portfolio. The manager takes high conviction positions in stocks, with the two largest holdings being 10.1% in AHE and 9.4% in IIN.

WAM predominantly invests in small-to-mid cap stocks. The manager primarily maintains small positions in securities to minimise risk, however, there are no size restrictions on investments so the manager can take high conviction positions in a stock if they so desire. We note that smaller cap stocks tend to entail a greater level of risk; however, the upside potential can be considerable. The manager has the ability to short sell stocks.

CTN uses a combination of top down and bottom up fundamental analysis to identify attractive investment opportunities in the small/micro cap universe. The manager focuses on stocks that have a market cap of between $10M and $350M.

PMGOLD aims to provide investors with exposure to physical gold bullion based in Australian dollars. The gold bullion is stored primarily in the Perth Mint’s vaults in WA. PMGOLD provides access only to physical gold bullion. No dividends are paid by Gold Corporation to holders of PMGOLD. All PMGOLD liabilities are guaranteed by the WA government

ALF is a listed investment company that invests in a portfolio of ASX-listed shares. The company listed on the ASX in February 2004. The company is managed by Watermark Funds Management, an external manager, which employs a long/short strategy.