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Temporary exception to SIPO assists buying in severe sell-off

We are taking steps to try to preserve investor capital and take advantage of opportunities, arising from the severe market disruption associated with COVID-19.

To assist with buying into the current severe sell-off we have secured approval from our supervisor for a temporary exception to our Statement of Investment Policies and Objectives (SIPO), to allow us to exceed our maximum number of positions for the following funds:

• Australasian Growth Fund – five additional positions
• Australasian Growth 2 Fund – five additional positions
• Australasian Emerging Companies Fund – five additional positions
• Australasia Dividend Fund – five additional positions
• UK/Europe Growth Fund – five additional positions

We sought permission to increased position limits because we believe it will help us better serve our investors’ interests by:

1. giving portfolio managers more flexibility to deploy cash into the large and rapidly changing opportunity set created by a significant market sell-off
2. reducing risk of having to force-sell other holdings – which in the named funds could be small and illiquid – to ‘make room’ for new positions, and likely at prices which would disadvantage you, our investors.

The exemption is in force now. We will review the need for the exception in six months. If market conditions have returned to more normal settings, we will return within SIPO limits.