Selector High Conviction Equity Fund

September 2021 Quarterly Newsletter

In this quarterly edition we review performance attribution and cover businesses that reported during the period. We explore why uniqueness matters in our article "A funny thing" and look into why some businesses are geared for "Success or failure”. We compiled a table on "The Compounders”, which provides some insight into the power of real earnings per share growth. Our stock review this quarter is titled “OFX a marathon”. Our ESG commentary focuses on James Hardie and Modern Slavery. Finally, we finish with a personal comment on character in the piece “High Achievers".

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.