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Global Small &
Mid Cap Fund

Fund Overview

We invest in a portfolio of global small and mid cap international companies.

Taking a bottom-up approach to investing we undertake deep fundamental research of both the quantitative and qualitative aspects of investee companies.

Our strategy is benchmark unaware because we believe this unconstrained approach allows maximum flexibility to pursue attractive risk-adjusted investments.

Our intention is to hold high-quality businesses that generate attractive returns on capital employed through a full market cycle, with low levels of debt, managed by highly competent and aligned executive teams.

We aim to achieve annualised returns, in excess of the MSCI World SMID Index (after all fees and expenses) measured over a market cycle, which we consider to be seven years.

Number of Stocks


Market Capitalisation

US$500m – $30bn


Long-only quality


Benchmark +3% (estimated 8–12% p.a. through the cycle)



Responsible Entity

The Trust Company (RE Services) Limited part of the Perpetual Group


Apex Fund Services


Ernst & Young


Past performance is not indicative of future performance

Research Ratings
& Awards

Responsible Investment

Fairlight’s investment strategy is executed with an ethical mindset.

We use hard exclusion screens to eliminate harmful industries, such as tobacco, armaments, gambling, alcohol and mining.

Each of the companies we research is also scored across a range of environmental, social and governance (ESG) metrics. These generate a cost of capital charge that is an input into a company’s valuation. Companies with relatively poor ESG practices incur a larger discount rate than those that are best practice.

We practice active ownership by engaging with companies on ESG issues (including disclosure) and voting our proxy rights.

Latest Insights

ESG Reports

Annual ESG Review 2023

Fairlight’s primary objective is to deliver our investors superior long-term investment returns by owning a portfolio of high quality, value creating businesses. As a signatory to the UN PRI, we believe environmental, social and corporate governance (ESG) issues can directly impact company level performance and portfolio returns.

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Annual Reviews

2023 in Review

2023 was a successful year for the Fund, delivering investors a 33% return, outpacing the MSCI World SMID Index by 19 percentage points. Since inception in 2018 the Fund has now delivered investors a 13% p.a. return and 5% p.a. outperformance which is in line with our long term objective.

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Stock Profiles

Ulta’s beautiful culture: a durable competitive advantage

Fairlight scours global markets for high quality businesses with a long track record of high returns on capital, organic growth, and low leverage. In general retailers fall short however Ulta Beauty, a new addition to the portfolio, distinguishes itself with a unique culture creating a deep competitive advantage and exceptional financial results.

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Learn more about the Fund

Proxy Voting Guidelines



Proxy Voting Outcomes



Investor Handbook



Responsible Investment Policy



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