In line with Bellwether Partners’ investment philosophy, the investments of the Fund are limited to a maximum of 30 stocks. Bellwether Partners’ Investment Team oversees the construction of the Portfolio utilising the output from both the screening process and the qualitative research. As a consequence only the “highest conviction” stocks are included in the Portfolio. This results in two important revelations:

• Securities that under-perform are highly visible. Any underperforming securities are continuously “challenged”, rather than left in place in the hope that they will improve; and

• To earn its place in the Fund portfolio, a security must be capable of outperforming the least favoured security currently within the portfolio.

Individual stock weightings within the Portfolio will reflect the Investment Team’s macroeconomic views and weighting recommendations. Maximum weighting in the Portfolio to any one company is 10%, or double its index weight, whichever is greater. Bellwether Partners utilise a multifactor risk model to decompose and quantify the Portfolio’s risk characteristics in accordance with internal guidelines.

The execution of the investment strategy is undertaken by a dedicated securities dealer.