Selector High Conviction Equity Fund

March 2021 Quarterly Newsletter

In this quarterly edition, we review performance and attribution and provide a snapshot of company results from the recent February reporting season. We discuss the widely used PE ratio, the conundrum of owning ‘stranded assets’, and China’s latest five year plan targeting self sufficiency via leadership in science and technology. We review Black Box Thinking ” and consider the book s relevance to our portfolio. On our cover is the eye opening remuneration levels of US CEOs. We highlight how this relates to our portfolio and the way we vote. As reference, we include our Environmental, Social and Governance (ESG) and Voting Policy.

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.