Funds that offer a world of opportunities

LOOKING AT COMPANIES THROUGH A CORPORATE LIFE CYCLE LENS

The Ironbark Royal London Concentrated Global Share Fund – Class H (hedged) seeks to outperform the MSCI World NR 100% Hedged to AUD by 2-3% after fees, over five year rolling periods.

The Fund is a long-only equity strategy that invests in approximately 20-45 companies globally. The team identify and invest in securities that fulfill three key criteria – they must demonstrate evidence of future shareholder wealth creation; be priced with an attractive valuation; and exhibit a stock specific investment margin of safety.

Key Benefits

• Employs a long-term, repeatable and robust investment process that has been developed and refined by the investment team over a decade
• Grounded in a cash flow economic return framework and a Corporate Life Cycle approach
• Takes active approach to stock selection, investing across sectors, regions and market caps regardless of benchmark allocations or style biases
• Benefits from a disciplined risk management construct which is overseen by Royal London’s performance and risk team

Key Risks

• Class segregation risk – each Class of the Fund does not constitute a separate and distinct trust. Therefore, there is a risk that unit holders of one Class may be exposed to the liabilities attributable to another Class and, conversely, there is a risk that the assets attributed to a Class may be required to discharge the liabilities attributed to another Class.
• Concentration risk – the Fund has a concentrated portfolio, meaning it holds a limited number of investments and/or takes large positions in a relatively small number of securities. If one or more of these investments declines or is otherwise affected, it may have a pronounced and potentially adverse effect on the value of the Fund.
• Currency risk – the Fund will invest in global securities, which are denominated in foreign currencies that will give rise to foreign currency exposure. This means that the Australian dollar value of these investments will vary depending on changes in the exchange rate.
• Derivatives risk – the Fund will use derivatives to manage foreign currency exposure. The risk that the use of derivatives may expose the Fund to the potential for the value of a derivative to fail to move in line with the underlying asset. As a result, the use of derivatives may have the effect of magnifying both gains and losses to the Fund.
• International investment risk – if the Fund has exposure to international financial products additional risks may apply, including differences between countries relating to accounting, auditing, financial reporting, taxation, government regulation, securities exchanges and transactional procedures and foreign markets may have different levels of liquidity, pricing availability, settlement and clearance procedures.

Note: Ironbark Asset Management (Fund Services) Limited (‘Ironbark’) as the responsible entity of the Ironbark Royal London Concentrated Global Share Fund – Class H (the ‘Fund’) has closed the Fund to new, direct investors until further notice.

There is no impact on existing investors’ ability to make further applications, to reinvest distributions or to withdraw from the Fund. If you have any questions or require further information, please contact Ironbark on 1800 034 402 or by email at client.services@ironbarkam.com.