Selector High Conviction Equity Fund

December 2019 Quarterly Newsletter

In this quarterly edition, we review performance and attribution. Our lead article considers the singular focus that consumed Netflix on its path to becoming the world's leading subscription based online entertainment service. We follow this up with our interpretation of Geoffrey Moore's consulting work on how companies navigate the 'crisis of prioritisation', in our article titled “The Innovator's Dilemma”. We extend this further with our take on the Harvard Business Review’s top CEOs for 2019 in our piece “It starts at the top”. In our “Passage of Time” article we discuss the 'glue' that is time and how it relates to complementary medicines group Blackmores. We also discuss our thoughts on the thorny issue of proxy advisors. We review Oil Search following our recent company led investor tour to the company’s Papua New Guinea operations and finish with a book review on, The man who solved the market.

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.