Selector High Conviction Equity Fund

September 2022 Quarterly Newsletter

In this quarterly we provide a snapshot on company reporting season. Our lead article details the macro forces at play, and how we view the current landscape. We discuss the decision of carsales.com management to go it alone in the U.S. non-automotive market. We provide our observations on James Hardie, having attended the company’s three-day investor event held in New York City during September. We highlight three businesses that fall within the online ‘rivers of gold’, provide the challenges of building an international business, and lament why so many in the market who provide analysis lack accountability. In our ESG article we profile the progress being made with the Australian online classifieds. We also comment on the future of office space and include an author's extract on why sleep is so underrated.

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.