Northward Capital Australian Equities Comp

The Fund invests in Australian listed companies, except for Listed Property Trusts which we regard as a separate asset class. The portfolio will typically hold between 30-50 stocks and can hold up to 5% cash at various times. The Fund will typically have a wide spread of companies which we consider to be the most undervalued companies in each sector of the ASX300, subject to size and quality considerations. The Fund commenced 26 May 2004 (formerly IAGAM Research Fund).

Fund Objective

The Fund aims to deliver superior returns to that of the ASX300 Index at acceptable levels of risk. Our performance objective is +300bps above this index over rolling 3 year periods before taxes and fees.

Refer to Performance for current Fund results and News & Reports for the recent Quarterly Fund Report.

Fund Style

The investment style may be described as active, high conviction, style neutral and research driven, utilising a multiple portfolio manager approach. The Fund is expected to be broadly style neutral over rolling 3 year periods and will typically own a range of value, growth and yield stocks, plus some stocks we assess as strong turnaround candidates on occasion.

Fund Investors

This Fund is only available to wholesale investors and recommended for long term investors who wish to benefit from the superior returns available from the Australian sharemarket over extended time frames whilst also being prepared to tolerate short term capital volatility.

Investment in the Fund is by way of investment management agreement (mandate) with Northward Capital.

Northward Capital Australian Equity Trust

The Northward Capital Australian Equity Trust ("Trust") is a registered managed investment scheme that invests primarily in equities listed on the Australian Stock Exchange. MLC Investments Limited ("MLCI") is the product issuer and also the responsible entity for the Trust. MLCI has appointed Northward Capital as investment manager of the Trust

The Trust will predominantly invest in listed Australian securities and cash, which aims to provide long term growth from an actively managed portfolio of Australian shares. The Trust will typically hold between 30-50 stocks and can hold up to 10% cash at various times. The Trust commenced April 2008.

Investment Objective

The investment objective is to earn a return (after fees and expenses) which exceeds the return of the S&P/ASX300 Accumulation Index (ex LPTs), over rolling 3 year periods.

Refer to Performance for current investment results and Reports for the recent Quarterly Trust Report.

Investment Style

The investmet style may be described as active, high conviction, style neutral and research driven, utlising a multiple portfolio manager approach.

Investor Access:

The Trust is available to:

Wholesale investors who are eligible to invest directly in the scheme;
Retail investors who are eligible to invest indirectly in the scheme via an "Investor Directed Portfolio Service" (IDPS).

Wholesale Investors

The Northward Capital Australian Equity Trust is only available directly to "wholesale clients" (as defined by the Corporations Act 2001). If you are a wholesale client as defined in the Corporations Act 2001, please read the current Product Disclosure Statement (PDS) which is available by clicking on the PDS icon below. Applications can only be made on the form in the current Product Disclosure Statement dated 27 March 2008. Potential investors should consider the PDS before deciding whether to invest or continue to invest in the Fund.

Product Disclosure Document: Northward Capital Aust Equity Trust PDS