Search Results

Chester High Conviction Fund Investing to protect and grow generational wealth Invest Online The Chester High Conviction Fund is designed for investors who aim to grow their wealth while preserving their capital. The fund’s investible universe is the S&P/ASX 300 Accumulation Index. ​ Our experienced, dedicated investment team has worked together since 2013. We take a high-conviction approach, choosing investments where we have confidence in the high quality, pred ictable cash generation of the company, or we have strong confidence in the valuation margin of safety. Finding unloved, underappreciated or undiscovered investments has been the most consistent source of capital growth for our strategy over 8 years. Quick links Product Disclosure Statement (PDS) Fact Sheet Latest Monthly Report Latest Quarterly Report Target Market Determinations Fund Facts Performance Ratings and Awards Unit Prices Distributions Documents and Forms Platform Availability ​ 1 Mth 3 Mths 6 Mths 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Chester High Conviction Fund ​ ​ ​ ​ ​ ​ ​ ​ S&P/ASX 300 Accumulation Index ​ ​ ​ ​ ​ ​ ​ ​ Outperformance (after fees) ​ ​ ​ ​ ​ ​ ​ ​ Past performance is not a reliable indicator of future performance. Returns greater than 1 year are per annum. The total return performance figures quoted are historical, calculated using end-of month mid prices and do not allow for the effects of income tax or inflation. Total returns assume the reinvestment of all distributions. The performance is quoted net of all fees and expenses. The indices do not incur these costs. Inception of the Chester High Conviction Fund for performance calculation purposes is 8 October 2013 (based on the underlying High Conviction strategy returns). The inception of the Unit Trust is 27 April 2017. Gain access to outstanding Australian investment opportunities Invest with us

Contact us We partnered with Copia Investment Partners so that we can focus solely on investing. If you have an investment, distribution or media enquiry, Copia's specialist teams can assist you. General Enquiries Copia Client Services ​ 8am to 5pm (AEST), Monday - Friday ​ ​ P 1800 442 129 (free call within Australia) P +61 3 9602 3199 E clientservices@copiapartners.com.au Head Office Chester Asset Management Level 47, 80 Collins Street (North Tower) Melbourne VIC 3000 Leave a message Investor type Subscribe Thank you for your enquiry. A member of the team will get back to you shortly. DistributioTeamContact Financial advisers, Institutional & Media Enquiries John Clothier General Manager, Distribution ​ +61 408 488 549 jclothier@copiapartners.com.au Greg Black Distribution Manager QLD ​ +61 407 063 433 gblack@copiapartners.com.au Mani Papakonstantinos Distribution Manager VIC/WA/Institutional ​ +61 439 207 869 epapakonstantinos@copiapartners.com.au Justin Cilmi Distribution Manager VIC /TAS ​ +61 428 153 431 jcilmi@copiapartners.com.au Sam Harris Distribution Manager NSW/ACT ​ +61 429 982 159 sharris@copiapartners.com.au Subscribe for monthly performance updates Investor type How did you hear about Chester? Thank you. You are now subscribed. Subscribe Our locations Melbourne (Head Office) Chester Asset Management Level 47, 80 Collins Street (North Tower) Melbourne VIC 3000 Sydney (Distribution Office) Copia Investment Partners Level 25, 1 Farrer Place Sydney, NSW 2000 Brisbane (Distribution Office) Copia Investment Partners Suite 24, Level 18, 324 Queen Street Brisbane, QLD 4000

Meet the team Experienced investors, combined focus Rob Tucker Managing Director and Portfolio Manager B.Com, Grad.Dip Applied Finance, CFA Rob founded Chester Asset Management in 2017. Prior to Chester, Rob spent 7 years at SG Hiscock and was most recently the portfolio manager of the SGH Australia Plus product, a 25-40 stock Australian Equity portfolio with a mid cap bias, that was run in the same manner as the Chester High Conviction Fund. Rob was also the Co-Portfolio Manager for the SGH20 unit trust and key mandates from 2010 until November 2014 when he became the primary portfolio manager from November 2014 until his departure. Responsibilities included: portfolio construction and management, stock selection, macroeconomic analysis, research and marketing. ​ Prior to joining SG Hiscock in 2010 Rob was Investment Director for Halbis Capital Management (formerly HSBC Asset Management) where he worked for 9 years as Portfolio Manager of the Australian Country Fund (2005-2010), Head of Research for Asia Pacific (2005-2007), and Portfolio Manager of the Asian Freestyle Fund (2008-2009). 5 of these years (2005-2010) were based in Hong Kong where he managed a large pool of money for a wide array of institutional clients. During his 5 years running the HSBC Australian Country Fund, the Fund delivered 4.3% outperformance per annum. ​ Between 2001 and 2005 as well as Co Managing the Australian Active Fund from 2003 – 2005 Rob was also Australian Equities Analyst across: Healthcare, Building Materials, Energy, Transport, Media, Retail, Food and Beverages sectors. ​ Rob also previously spent time as an Analyst at Merrill Lynch. Anthony Kavanagh Portfolio Manager BCom, GDipAppFin&Inv, CA, CFA Anthony co-founded Chester Asset Management in 2017 after departing SG Hiscock where he was the senior analyst for the SGH Australia Plus and SGH20 team. Anthony performed detailed company research and industry analysis, portfolio management assistance, client reporting, ESG analyses, proxy voting, quant filtering and database management. Anthony was also the primary dealer of the team. ​ At SG Hiscock Anthony led a material enhancement in the company analysis capabilities of the team including: research, modelling, stock selection and idea generation. During that time Anthony’s research coverage expanded from Energy and Utilities to include: Infrastructure/ Transport, Agriculture/ Consumer Staples, Resources (base metals, precious metals and bulks), Building Materials, Financials, Construction and REITS, Chemicals, Paper and Packaging and Gaming. ​ Prior to this role Anthony was an Associate Director at Core Energy Group, providing consulting services (in depth research and insights) to over 10 of Australia’s largest fund managers on ASX listed energy and utility companies and energy market dynamics. During that time Anthony also completed a number of client engagements for industry participants including assistance with M&A projects. ​ Anthony has also previously worked as an Assistant Manager in Audit and Advisory at KPMG. Luke Howard Portfolio Manager BCom (Finance), BA (History), CFA Luke joined Chester Asset Management in February 2018 having spent the previous 6+ years working at SG Hiscock & Company. As an investment analyst Luke worked on the SGH Australia Plus and SGH20 funds at SG Hiscock and assumed primary company research coverage across the consumer, industrials, telecommunications, media and IT sectors during his tenure. In addition to his work on ASX listed companies Luke worked closely with Rob Tucker researching listed Asian companies in support of the SGH Australia Plus strategy that selectively invested across the region. ​​ Prior to joining SG Hiscock in 2011 Luke spent 5 years working in Melbourne with Perennial Investment Partners supporting the various Perennial investment boutiques. During his time with Perennial Luke successfully completed the CFA program and gained this accreditation. ​ Luke joined Chester having previously enjoyed a successful working relationship with Rob Tucker and Anthony Kavanagh. Luke Dalgleish Investment Analyst ​ Luke Dalgleish joined Chester Asset Management in March 2024. Prior to joining Chester, Luke spent 3 years as an Equity Research Associate at J.P. Morgan, specialising in the Telecommunications, Energy, and Utilities sectors. Before his role at J.P. Morgan, Luke spent 3 years at Telstra Corporation as Retail, Commercial & Strategy Analyst, where he optimised distribution strategies, conducted financial modelling and scenario analyses, and managed capital expenditure for store modernisation programs. Tom Beard Investment Analyst ​ Tom Beard joined Chester Asset Management in February 2024. Prior to joining Chester, Tom served as an Equity Analyst at Taylor Collison for 3 years, covering investment opportunities within the ASX listed small and micro caps space with a particular focus on the Industrials sector. Tom played a key role constructing comprehensive financial models and actively engaging with company management teams. Tom also spent a year as a Research Analyst at Modern Investor, where he contributed to building valuation models across various sectors and authored research articles aimed at retail investors. Latest insights from the team Chester Asset Management Dec 13, 2023 Notice to investors: Changes to your investment administration This article contains important information regarding your investment. As previously communicated by email, as a Responsible Entity of... Chester Asset Management Dec 8, 2023 Webinar | Australian equities: What’s ahead in 2024 Chester Asset Management Nov 25, 2023 Winner: Money magazine's Best of the Best | Best Australian Shares Fund 2024 Chester Asset Management are thrilled to announce that the Chester High Conviction Fund has been recognised as Money magazine’s Best... Chester Asset Management Nov 1, 2023 Making Sense of the Macro & Commodity Bull Market Thesis with Anthony Kavanagh Chester Asset Management Co-founder and Portfolio Manager Anthony Kavanagh had the great opportunity to sit down with Jonas Dorling from...

Chester Asset Management High conviction equity specialists Chester Asset Management was founded to help investors protect and then grow generational wealth. Formed in 2017, Chester is a dedicated high conviction equity fund manager led by Portfolio Manager Rob Tucker. The company was named after Rob’s grandfather, Chester Raymond Tucker, who introduced Rob to investing with a parcel of shares for his 18th birthday. ​ The Chester name represents a life-long commitment to staying curious, a deep passion for investing and building generational wealth. Our journey Chester Asset Management is proudly owned by staff, who invest in the Fund alongside clients. Rob is supported by his long-term colleagues Luke Howard and Anthony Kavanagh, both of whom are experienced portfolio managers. Meet the team Partnership with Copia Partnership with Copia We are a proud investment manager partner of Copia Investment Partners, an independent multi-boutique investment management group. ​ Copia provides the resources and infrastructure our team needs to prosper, including distribution, marketing, operations and compliance services, enabling us to focus solely on delivering our investors superior long-term investment outcomes. ​ To speak to someone about the Chester High Conviction Fund, contact a member of the Copia Distribution team. Visit Copia

Design and Distribution Obligations Download Target Market Determinations What are the Design and Distribution Obligations (DDO)? ​ ASIC Regulatory Guide 274 (RG 274) requires Issuers and Distributors of financial products to take steps to ensure that retail clients are offered products that are likely to be consistent with their likely objectives, financial situation and needs. The DDO regime is designed to provide a framework for all retail products (funds) to be more focused on client outcomes throughout the design and distribution process. ​ What is a Target Market Determination (TMD)? ​ A TMD is a document which describes who a fund is appropriate for (target market), and any conditions around how a fund can be distributed to retail customers. It also describes the events or circumstances where a Responsible Entity, such as Copia Investment Partners may need to review the TMD for a fund. ​ The Responsible Entity will also ensure reasonable steps are taken to ensure on an ongoing basis that product distribution is consistent with the target market determination of funds. ​ For more information about RG 274 see here: RG 274 Product design and distribution obligations | ASIC – Australian Securities and Investments Commission ​ Reporting Requirements ​ Copia is required to take reasonable steps to retail product distribution conduct is consistent with a product’s TMD (s.994E(5)). This means that we need to make the TMDs available to financial planners and platforms and they, in fulfilling their best interests duty to their clients, only recommend products to clients who are deemed suitable for a product based on the TMD. ​ We would like financial planners and platforms to provide us with a separate, annual (or more frequent), assurance that: they have access to our current TMDs they have read and understood the TMDs in providing financial product advice to clients they have considered their suitability to invest in the products given the TMDs or have otherwise made the TMDs available to their clients. ​ Furthermore, financial planners and platforms are required to report complaints and dealings concerning Copia products. These reports should be in the format of the FSC Complaints Reporting Template and DDO Dealings Reporting Template (https://www.fsc.org.au/resources/target-market-determination-templates ). Completed reports are to be sent by email: clientservices@copiapartners.com.au ​ “ We believe a high conviction equity strategy with an expanded opportunity and risk management mindset offers the greatest benefit to investors in the long term ” ​ — Rob Tucker Managing Director About the Fund

Investing to protect and grow generational wealth The Chester High Conviction Fund is designed for investors who aim to grow their wealth while preserving their capital. Finding unloved, underappreciated or undiscovered investments has been the most consistent source of capital growth for our strategy since inception. Protect. Then Grow. Growth Seeks a return of 5% pa above its benchmark Conviction A concentrated portfolio of 25 – 40 best stock ideas Defence Defensive allocation helps preserve capital Outperformance Greater than 6.5% p.a. alpha since inception The Fund How to Invest Our Philosophy Our Process Stay up to date with the latest news and performance Investor type How did you hear about Chester? Thank you. You are now subscribed. Subscribe We're invested with you The Chester team invest their personal wealth in the same fund as clients. With skin in the game they are driven to perform and aligned with investors’ interests. Meet the team Latest news and insights Dec 13, 2023 2 min Notice to investors: Changes to your investment administration This article contains important information regarding your investment. As previously communicated by email, as a Responsible Entity of... Dec 8, 2023 0 min Webinar | Australian equities: What’s ahead in 2024 Nov 25, 2023 1 min Winner: Money magazine's Best of the Best | Best Australian Shares Fund 2024 Chester Asset Management are thrilled to announce that the Chester High Conviction Fund has been recognised as Money magazine’s Best... Nov 1, 2023 1 min Making Sense of the Macro & Commodity Bull Market Thesis with Anthony Kavanagh Chester Asset Management Co-founder and Portfolio Manager Anthony Kavanagh had the great opportunity to sit down with Jonas Dorling from... May 5, 2023 1 min Lonsec Symposium | Passive vs Active: Which is right for the environment? We were pleased to be part of a panel discussion at the Lonsec 2023 Symposium, focusing on the merits of active and passive investing. Award Winning Strategy, rated Recommended.

Invest with Chester As Responsible Entity, Copia Investment Partners manages the administration and client servicing for your investment. Any correspondence you receive relating to your investment will be from Copia. Before you invest in a Copia fund you must read the relevant Product Disclosure Statement and Target Market Determinations. It is important that if you are considering investing in any financial products and services referred to on this website, you determine whether the relevant investment is suitable for your needs, objectives and financial circumstances. How would you like to invest? Apply Online Investing online takes as little as 10 minutes Download Form Complete a paper-based application form Platform Our funds are available on a wide range of platforms Assistance If you have any questions about the investment process, or require assistance completing your application, please contact our friendly Client Services Team. ​ Copia Client Services ​ 9am to 5pm Victorian business days ​ P 1800 442 129 (free call within Australia) P +61 3 9602 3199 E clientservices@copiapartners.com.au Invest Online: Apply Now Click on the Fund to start the investment process Chester High Conviction Fund Download Application Form Click on the button below to download the relevant PDF form. Individual and Joint Investors Foreign Companies and Trusts Australian Companies, Trusts and SMSFs Platform Availability

ESG Approach Download ESG Policy Chester believes that its fiduciary duty to its clients includes taking environmental, social and governance risks (ESG) into consideration in its investment decisions. Chester also recognises its responsibility to invest client funds prudently for wealth creation of its clients. Our ambition is to protect and then grow generational wealth. ​ Over the short to medium term corporate governance has an important impact on the economic value of firms. Over the long term, economic value can only increase if environmental and social values are embedded into sustainable business practices. Chester considers Environmental Social and Governance (ESG) policies to help screen our potential investment choices, looking at the impact on the investment’s performance. Our team aims to be aware and monitor key ESG issues for its investments. While we don’t construct our portfolios purely on ESG grounds, we may remove a company from our investment universe based on ESG considerations. ​ Chester is not a shareholder activist. We provide our opinion as shareholders by voting and through proactive company engagement. Generally, our strategy when disagreeing with a management team's culture or strategic direction is to exit the investment and allocate capital elsewhere. ​ We may consider any of the following ESG factors: ​ Environmental: Greenhouse emissions and pollution Preservation of heritage and wilderness areas Management of climate change Supporting sustainable economic development Recycling and waste management ​ Social: Community relationships and engagement Inclusive workforce and business practices Indigenous peoples; land rights Modern slavery and workforce conditions Employee engagement Human right abuse ​ Governance: Ownership and alignment Board experience and composition Ethical and responsible decision making Timely and balanced disclosure of material matters affecting the company Employee engagement Human right abuse Conflicts of interest Management retention and incentive schemes Insider transactions “ Over the long term, economic value can only increase if environmental and social values are embedded into sustainable business practices. ” ​ — Rob Tucker Managing Director Our investment process

Protect. Then Grow. Subscribe to the monthly report

Our investment philosophy The Chester High Conviction Fund is based on 10 principles, all of which underpin our portfolio construction process Take a high conviction approach For active managers to outperform over the long term, the fund has to be truly different than the benchmark. This strategy has had an active share above 80% since inception. Don’t follow the crowd. ​ Back owners of capital Allocating capital to management teams that think like owners alleviates the principal-agent problem. “Show me the incentive and I’ll show you the outcome” Charlie Munger. ​ ​ A contrarian view? Backing ourselves in unloved, underappreciated or undiscovered stories has been the most consistent alpha generation of this strategy. ​ ​ ​ Stay curious Fresh ideas or unique insights is critical to ensure the portfolio stays invested with conviction. To consistently generate outperformance we seek to test the investment thesis behind each decision. This requires discipline and a repeatable process in company visitation schedules. Mid cap bias Broadly speaking, we find more interesting opportunities outside the large cap universe. Exposure to mid and small caps is essential for long term outperformance. ​ ​ Concentration in few ideas We keep a tight watchlist of stocks that are deemed suitable for investment. Focusing the research effort into fewer ideas provides more opportunity to gain higher conviction views. Too much diversification becomes counter productive. Keep it simple Ultimately, we allocate capital to sectors and companies we understand. The investment thesis needs to be easily articulated out for a high conviction idea. ​ ​ ​ Cash flow growth We seek to invest alongside companies that either generate predictable cash flows in high quality industries, or determine an appropriate margin of safety where valuation support is paramount, which is in more cyclical sectors of the economy. Focus on insights Do we have a different view than the prevailing wisdom of the market? High conviction often comes from a granular understanding of where the markets expectations are wrong. ​ ​ Invest with humility All fund managers make mistakes, it’s part of the profession. Our tightly knit culture accepts these, tries to learn from them, and keeps making decisions. It is a profession where humility is absolutely essential. ​ A disciplined framework translated into profitable portfolio positions. Our investment process

Institutional Investment Copia works with asset consultants, investment committees, superannuation funds and other institutions to tailor mandates to suit your investment requirements and objectives. For a confidential discussion about our investment strategy or to book a meeting with us, please get in touch. Mani Papakonstantinos Distribution Manager P +61 439 207 869 E epapakonstantinos@copiapartners.com.au A disciplined framework translated into profitable portfolio positions. Our investment process

Australian equities: What’s ahead in 2024 Don't miss th Find out more Get monthly performance updates and insights from the investment team Keep an eye on us Download the PDS Speak to us Attend our next webinar We're invested with you Chester Asset Management is 100% owned by its staff, who invest in the Fund alongside clients. With skin in the game they are driven to perform and aligned with investors’ interests. What does the Fund invest in? The Chester High Conviction Fund invests in ASX-listed companies across a range of industry sectors. The Fund is quite concentrated and will typically invest in approximately 35 stocks, although portfolio holdings can typically range between 20 and 45 stocks. The Fund may have up to 20% invested in cash. How do I invest? You can invest directly into the Fund by reading the Product Disclosure Statement and completing the accompanying application form. If you are investing via a platform, please follow their instructions. Who manages the Fund's investments? The Chester High Conviction Fund is professionally managed by Chester Asset Management, a boutique Australian equity fund manager that has managed the Fund’s strategy since 2013. Chester was launched in 2017 and prior to that, the investment team was employed at another Australian fund manager. The Responsible Entity (RE) for the Fund is Copia Investment Partners. As well as being RE, Copia also provides other support functions including client services, distribution, marketing and compliance. Read more: About Chester Asset Management About Copia Investment Partners What are the fees? The management fee for investing in the Fund is 0.95% p.a. ​ A Performance fee may also be applicable each year. This is only paid if the Fund outperforms its benchmark by over 15% net, as at June 30 each year. The Fund’s investment objective by comparison, is 5% pa above the benchmark. ​ How does the investment team choose stocks in the Fund? The investment team undertake sophisticated research on any stock before it enters the portfolio. Part of this process includes defining each candidate company as either: Predictables Companies with relatively predictable free cash flows Cyclicals Companies with less predictable cyclical free cash flow Defensives Companies and holdings that are not correlated with the sharemarket What’s the difference between the Fund and an ETF? The Chester High Conviction Fund is an unlisted unit trust. The Fund is generally available through completing the Product Disclosure Statement or via a platform. The Fund is not available as a listed investment company on the ASX or an exchange traded fund. What are the potential benefits of the Fund compared to an ETF? While an ETF may offer investors a low cost way to gain exposure to Australian shares, there are three main benefits the Fund may offer as part of your equity allocation. The Fund has a high performance target and this may complement an investment strategy that already has a passive or index-based style. This way, the Fund can act as a satellite to help increase the performance potential of your portfolio. The Fund is actively managed and the fund manager will seek to focus the exposure of the Fund towards stocks that have high performance potential. On the flipside, the Fund seeks to avoid laggards that may drag down overall portfolio performance. An index approach does not filter out poor performers, as that strategy seeks to replicate the index. These benefits are intended to be general in nature. For specific personal recommendations, please contact a qualified financial adviser. Read more about the benefits of managed funds What is the minimum investment amount? The minimum initial investment is $20,000. The minimum additional investment is $5,000. An investment via a platform may have a different investments amounts. If you wish to invest less than the minimum amount, please contact us. FAQ FAQ