Selector High Conviction Equity Fund

December 2025 Quarterly Newsletter

In this quarterly, we provide a collection of portfolio company commentaries following the November reporting season. In our articles ‘Persistence and resilience - a long-term plan’ and ‘Growing the gap’ we delve into investing in companies for a duration. We also discuss the mismatch between public v private and passive investing in our ‘Par 3 or 72 holes’ article. We follow this up with our visit to Cochlear’s AGM, a hike that fewer investors are prepared to make and provide an external legal perspective on an investment that has been the media’s plaything, James Hardie. As the year draws to a close, we felt it was appropriate to restate some key elements of our investment philosophy in ‘Persistence and resilience - a long-term plan’.

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.