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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
30–40
Market Capitalisation
US$500m – $40bn
Style
Long-only quality
Objective
Benchmark +3% (estimated 8–12% p.a. through the cycle)
Benchmark
MSCI World SMID AUD (Net)
Responsible Entity
The Trust Company (RE Services) Limited part of the Perpetual Group
Administrator
Apex Fund Services
Auditor
Ernst & Young
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.
Investment Philosophy
In this month’s update, we discuss the Fund’s exposure to online classifieds, which represents around 12% of the portfolio. We explore how investor concerns about AI-driven disruption have impacted sentiment and outline why we remain confident about the prospects for this particular cohort of businesses.
Media
View our webinar with Fairlight Portfolio Manager & Partner, Nick Cregan, as he takes us through the year-end briefing. Building on our September update, Nick shares how the portfolio is currently positioned, what we’re seeing in markets, and where new themes are emerging.
Media
Fairlight Strategy Update with Nick Cregan, Portfolio Manager & Partner. Join us for an in-depth discussion on the latest portfolio developments, shifting market dynamics, and emerging investment themes. This webinar will highlight current holdings, the impact of tariff pressures, the influence of AI, and recent index performance.