Selector High Conviction Equity Fund

December 2017 Quarterly Newsletter

In the Selector December 2017 Quarterly Newsletter we review performance and attribution. The structural changes that the world is forcing on business should be a key point of investor concern. In most instances, this will inevitably lead to significant business realignment. In our review of the book “Red Teaming”, we touch upon this and the pitfalls of failing to identify the shifts. We follow this up with an article titled “The Fat Pitch”, reflecting on the need for investor patience when contemplating new opportunities. During the quarter, we undertook many site visits, including company organised investor days. We share our thoughts on one such tour in our, “Travelling” article and explore how science research is evolving.

This update has been prepared by Selector Funds Management Limited (“Selector”) ACN 102 856 347 AFSL 225316 to provide you with general information only. In preparing this update, we do not take into account your investment objectives, financial situation or particular needs. It is not intended to take the place of professional advice and you should not take action in reliance on this information. Neither Selector, or any of its related parties, their employees or directors, provide a warranty of accuracy or reliability for this information or accept any liability to any person who relies on it. Past performance is not an indicator of future performance. Selector does not guarantee the repayment of capital, payment of income or performance. Unauthorised use, copying, distribution, transmitting, publication, display, or reproduction in whole or in part of the information contained in this material is prohibited without prior written consent from Selector.

Unauthorised use, copying, distribution, transmitting, publication, display, or reproduction in whole or in part of the information contained in this material is prohibited without prior written consent from Selector.