Selector High Conviction Equity Fund

September 2025 Quarterly Newsletter

In this quarterly, we provide a collection of portfolio company commentaries following the August reporting season. In our article ‘The unvarnished truth’ we unpack some individual company results and market reactions from the recent reporting season. We review the cloud service offering of one of the portfolio’s holdings against on-premise competitors in ‘Cloud v non-cloud, cloud’. We also discuss the Fisher & Paykel investor day we attended in Melbourne in July. Finally, we examine U.S. interest rates, the policy stance and pressures being put on the Federal Reserve by the Trump Administration.

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.