We are pleased to announce that Lonsec has upgraded the Chester High Conviction Fund to its highest rating, " Highly Recommended ."   In its report, Lonsec stated, “The rating is underpinned due to increased conviction in the process which has generated persistent alpha since inception and is supplemented by conviction in Portfolio Manager, Rob Tucker, and the investment team, who are well-aligned with end-investors.”   Key findings include: “The Fund has generated strong performance outcomes relative to the benchmark and versus peers over the long term.” “The Manager has demonstrated a willingness to utilise the full suite of risk management tools at its disposal to protect the Fund on the downside.” “Strong boutique culture which promotes a high degree of alignment of interests with end investors.” Rob Tucker said “We are proud to have received this rating which underscores the strength of our investment process and the dedication of our team. It is a testament to our focus on delivering consistent, long-term results for our investors.” About the Fund   The Chester High Conviction Fund is an Australian equities fund that focuses on a concentrated portfolio of high-conviction stocks, aiming to outperform the S&P/ASX 300 Total Return Index.   Established on a strategy over 10 years strong, the Fund has demonstrated success with a seven-year track record and now manages over $1 billion in funds under management (FUM).   For more information, or to obtain a copy of the report, please contact the Copia Distribution Team . The rating issued October 2024 APIR OPS7755AU is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved. 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. ​

The August reporting season has highlighted two ongoing trends that have persisted over the past year. Firstly, the banking sector continues to outperform the resources sector, solidifying its position as a leading force within the ASX 300. Secondly, the technology sector's strong earnings per share (EPS) momentum continues to be rewarded with price-to-earnings (PE) expansion.

Chester Asset Management Portfolio Manager and Managing Director Rob Tucker highlights key stock decisions within the Chester High Conviction Fund during the June quarter. The three stocks - two buys and one exit - reflect Chester’s focus on asymmetrical risk – the upside versus downside risk of all stock positions in the portfolio. Rob describes what’s top of mind for Chester looking ahead. In light of a relatively calm equity market in the first half of 2024, Rob believes several macro factors, including geopolitical tensions and US political uncertainty may introduce greater volatility in the second half of 2024.

“Life moves pretty fast. If you don’t stop and look around once in a while you could miss it” — Ferris Bueller’s Day Off Despite being released only a year after this writer was born Ferris Bueller was one of our favourite movies growing up. A movie about living in the moment, friendship and self discovery – what was there not to like? For us it highlighted the importance of fun (we try to enjoy ourselves irrespective of performance) and the occasional break from routine so we don’t miss out on what life is really all about. Most of us in markets would confess to at some point having focused on the day to day rather than zooming out a bit. Whether it be the minutia of the macro watch on inflation, growth and hence interest rates, it can have us sometimes miss the forest for the trees. At Chester Asset Management we do keep an eye on the economic environment as it is increasingly influential in where we invest, particularly in a macro heavy market such as the ASX, however we acknowledge that trying to pick winners and losers off short term macro data can be inherently fraught with danger due to the impacts of government intervention in stimulating specific sectors of the economy. One way we try to circumvent this is to focus on underlying megatrends. Some of our investors or people who have heard from us may be familiar with a version of the below slide, we have been rolling with it for 7 years with minimal changes, because that’s the thing about megatrends. Source: Chester Asset Management Below we try to summarise the key points around demographics for the two most populous nations on the planet; China and India, as well as Australia and try to provide insights in how these demographic trends may influence key market sectors into the future. China Demographics – The cyclical impacts of famine and ‘feasting’ As a consequence of questionable economic policies in China from 1958-1959 when millions of farmers were pulled off the land to engage in ill-advised rural industries, China suffered near famine conditions between 1959 and 1962. It is estimated (given the Government never officially acknowledged the famine) that it caused up to 40 million deaths. The presumed psychological impact of the famine (I know what I want to do when I’m hungry) was a heightened fertility rate, which saw the population boom between 1963 to 1973, from ~680 to 880 million people. The growth was so rapid the Government was shocked into action, introducing the “later, longer, fewer” campaign which encouraged later marriage, longer gaps between kids and fewer children. The fertility rate (children per woman) in the 1970s subsequently dropped from 5.8 to 2.4. Despite the drop the Government went one step further in the 1980s by introducing the infamous one child policy. The combination of the famine, baby boom, government reaction and fertility decline created what became known as a demographic dividend, evident from the dependency ratio; the number of young people (under 15) and old people (over 65) for every 100 working age people falling from 80 in 1975 to 36 in 2010! The demographic dividend helped contribute to China’s rapid growth over this time. However, as all market participants (except maybe the crypto and tech bros) know about tailwinds they will eventually become headwinds, it just depends on your time reference. Hence, as the baby boom workers from the 1960s and 1970s become retirees and the impact of the one child policy shrinks the workforce it leads to an increasing dependency ratio. I.e. in 2022 it is estimated that there were under 50 people outside the working age population (i.e. aged 0 to 14 or >65) to 100 people in it. Focusing on just the over 65 dependents, at present, each retiree is supported by the contributions of five workers. The ratio is half what it was a decade ago and, per the graph below is trending towards 4-to-1 in 2030 and 2-to-1 in 2050. Some specific actions to combat this dependency issue are: Relaxing the one child policy. This policy update was announced in 2016 to two children and amended to three children in 2021. Increasing the retirement age and trying to shift to more of a service based economy so the labour force can work for longer. The current retirement age in China is ~60 years old for men, 55 for female civil servants and 50 for female workers. In 2023 reports emerged that China was planning to raise its retirement age gradually and in phases to cope with this demographic challenge they face. The president of the Chinese Academy of Labour and Social Sciences in 2023 was quoted as stating that there was a “progressive, flexible and differentiated path to raising the retirement age” i.e. there is no specific timeline to implementation. Instituting a universal pension plan. The pension plan now effectively consists of three pillars the first of which was introduced in 1997 with a basic pension system in the 1990s. The second layer, enterprise annuities was introduced in 2004 and in 2022 the third layer, individual retirement accounts (IRAs) were launched. There was a notable push for adoption between 2009 and 2013 when China effectively tripled the number of people covered by the old-age pension system. Increasing the level of automation (and or focusing on productivity). We suspect the government will provide further incentives for automation and R&D into AI but there is another underlying issue at play in China that this can impact so it is a delicate situation. China’s youth unemployment rate is currently hovering around 15. On another note, China has net negative migration, more people permanently leaving the country than entering which further exacerbates the issue around working age population. In 2023 alone the WorldBank estimated China’s net migration at (310k). Note this contrasts with Australia, where some of the issues of the Baby Boomer generation have been somewhat circumvented by an expansionary migration policy, refer comments below. India Demographics – A more sustainable dividend Similar to China, India's demographic dynamics have been influenced by government actions, economic conditions, and social norms, leading to significant shifts in its population structure over the decades. India was rocked during the mid 20th century by famines, the first of which, the Bengal famine of 1943, occurred during World War II as a combination of food procurement for the war and crop failure. The Bengal Famine was thought to have caused the deaths of some 3 million people. Famine conditions also re-occurred in 1966 and 1972 as a result of drought but not to the same extent. The situation began to improve with the ‘Green Revolution’ in the 1960s, which introduced high-yielding variety seeds, improved irrigation infrastructure, and modern agricultural techniques such as mechanized farm tools, pesticides and fertilisers. This transformation in agriculture not only helped avert famine but also led to a significant increase in food production. The improved food security contributed to a population boom. However, India also benefited from improvement in living standards which helped see a meaningful decline in mortality rates as health conditions improved and life expectancy increased. Between 1960 and 1980, India's population grew from approximately 450 million to 700 million. Recognizing the challenges of managing such a large and rapidly growing population, the Indian Government initiated various family planning programs. During ‘the Emergency Period’ from 1975 to 1977, under prime minister Indira Gandhi, a controversial and coercive sterilization campaign was launched. There were even reports of police cordoning off villages and dragging men to surgery. It was believed that during 1975 ~6m Indian men were sterilized in just a year, a number reported to be 15x the number of people sterilized by the nazis in World War II(1). This led to a decline in the fertility rate but also sparked public outrage and political backlash. Whether it kickstarted the decline in the fertility rate further we’ll never know but the drop, per the graph below is quite stark since the Emergency Period began. In the subsequent decades, the Government shifted to more voluntary and incentive-based family planning measures. The introduction of widespread education about family planning, improved access to contraception, and economic incentives for smaller families gradually led to a decline in fertility rates. For context this has seen the fertility rate drop from ~6 children per woman in the 1960s to 3-4 in the 1990s and closer to 2.2 today. Source: Statista 2024 India's population, unlike China’s has created a demographic dividend, defined as the economic growth potential resulting from changes in a country's age structure. This began to emerge prominently in the late 20th century. With a larger proportion of the population entering the working-age group, the dependency ratio declined. This shift provided India with a substantial labour force, contributing to economic growth and increased productivity. From 1991 to 2018 India experienced a period of rapid economic growth, often attributed to liberalisation policies, increased foreign investment, and the rise of the IT sector. The growing working-age population played a crucial role in this economic expansion, as it fueled consumer demand, increased savings, and enhanced the labor supply. This period of prosperity has contributed to ongoing population growth with India reportedly overtaking China as the most populous nation in 2023 but unlike China, India’s population is anticipated to keep growing until ~2065. Today India has ~65% of its population under 35 years old! As the country’s population continues to age though, the demographic dividend is gradually diminishing. By 2050, the proportion of people aged 60 and over is expected to increase significantly, leading to a rising dependency ratio. UN estimates that the number of people aged 60 and over will increase from 149m in 2022 to 347m in 2050. Source: UN Population statistics Promoting higher fertility rates: Unlike China, India's fertility rate of around 2.1, remains close to replacement level. However, efforts are being made to ensure it does not fall below sustainable levels through initiatives that support families, such as parental leave policies and financial incentives. Improving healthcare and social security: The government is working to strengthen healthcare infrastructure and expand social security programs to support the ageing population. This includes initiatives like the National Health Mission and the Pradhan Mantri Jan Arogya Yojana (PM-JAY), which aim to provide affordable healthcare to all citizens. Encouraging skill development: To harness the potential of the young working-age population, India is investing heavily in skill development programs. Initiatives like Skill India and the National Skill Development Mission aim to equip the workforce with the necessary skills to meet the demands of a modern economy. Boosting economic growth through innovation: The Indian government is promoting innovation and entrepreneurship to create new job opportunities and drive economic growth. Programs like Startup India and Make in India are designed to foster a business-friendly environment and attract investments. By investing in healthcare, education, and skill development, and by fostering a conducive environment for economic innovation, India can navigate its demographic transition and continue its journey toward sustainable development and prosperity. We further note however that India’s national elections have just concluded with a surprise result that unlike 2015 and 2019 the Bhartiya Janata Party (BJP) didn’t win in a landslide. Hence despite Modi securing a third term he has had to form a coalition government for the first time. This means that Modi won’t have the same level of support during this term and will need to navigate coalition politics. Australia Demographics – Why continue to build local when it’s easier to import? Australia’s demographic landscape is a fascinating reflection of its economic policies, migration trends, and social changes. Over the past several decades, these factors have shaped the country's population dynamics, leading to significant shifts in age structure and workforce composition. It bears many similarities to a number of other western countries such as the US. In the aftermath of World War II, Australia embarked on an ambitious immigration program to boost its population and workforce. The government actively encouraged immigration from Europe, resulting in a significant influx of new residents. This period saw Australia's population grow rapidly from ~7.5 million to over 13 million people by the early 1970s. The increase in population was driven not only by immigration but also by a post-war baby boom. The fertility rate peaked in the late 1950s and early 1960s, with an average of 3.5 children per woman. My grandparents helped lift the average! This population growth provided a substantial boost to the economy, as a larger workforce supported industrial expansion and infrastructure development. By the 1970s, Australia began to experience a decline in fertility rates, similar to trends observed in other developed countries. Several factors contributed to this decline, including increased access to contraception, greater participation of women in the workforce, and shifts in social attitudes towards family size. By the 1980s, the fertility rate had fallen to around 1.9 children per woman. In response to these demographic changes, the Australian government implemented policies aimed at supporting families and encouraging higher fertility rates, some of which are addressed below. Migration has also continued to play a crucial role in shaping Australia's demographic profile. The government has maintained a robust immigration program, targeting skilled migrants to address labour shortages and support economic growth. This approach has helped offset the natural decline in fertility rates and ensured a steady increase in population. In recent years, Australia has also focused on attracting international students and temporary workers, further diversifying the population and contributing to the economy. The combination of permanent and temporary migration has allowed Australia to maintain a relatively young and dynamic workforce compared to other developed nations. Australia's own demographic dividend became evident as the proportion of working-age individuals increased relative to dependents. From the 1970s to the early 2000s, the dependency ratio declined, providing a boost to the economy. During this period, Australia experienced sustained economic growth, supported by a strong labour force, high levels of productivity, and a favourable global economic environment. The mining boom in the early 2000s further fueled economic expansion, attracting investment and creating jobs. Similar to India, as Australia's population continues to age, the demographic dividend is reducing. The proportion of people aged 65 and over is projected to increase significantly, leading to a rising dependency ratio. By 2050, it is expected that there will be around 3 working-age individuals for every senior citizen, compared to around 5 in the late 2000s. Australia’s dependency ratio, Source: ABS Data The current fertility rate in Australia is 1.6, well below the replacement rate of ~2.1 births per woman. Source: Propel Funerals, May 2024 Presentation To address the challenges of an ageing Baby Boomer generation, the Australian government is implementing several measures: Encouraging higher birth rates: The government continues to support families through policies such as paid parental leave[2], childcare subsidies[3], and family tax benefits[4]. These measures aim to make it easier for families to have children and balance work and family responsibilities. Peter Costello’s 2004 baby bonus catch-cry of “one for mum, one for dad, one for the country” didn’t exactly lead to a wave of procreation. Jim Chalmers said in May 2024 “It would be better if birth rates were higher”, he doesn’t quite capture the headlines like Costello but the sentiment is there! Promoting skilled migration: Australia's immigration program remains a key strategy for addressing labor shortages and supporting economic growth. By attracting skilled migrants, the government aims to maintain a dynamic and productive workforce. Notably however after a recent high intake of ~740k migrant arrivals in FY2023 (net 528k) Australia has budgeted for a reduction in the number of migrant intakes for 2024-2025 down to net 260k Investing in health and social services: To support the ageing population, the Australian government is investing in healthcare and social services. Initiatives such as the National Disability Insurance Scheme (NDIS) and aged care reforms aim to improve the quality of life for older Australian. There are plenty of issues we can see with the NDIS but the sentiment behind it is a positive one. In our opinion the NDIS is in need of meaningful reform Enhancing workforce participation: The government is encouraging greater workforce participation among older individuals through policies that promote flexible work arrangements and lifelong learning. This approach aims to extend the working lives of older Australians and reduce the dependency ratio Source: ABS Statistics Demographic Impacts on ASX sectors Tabled below we have summarized some of the potential impacts across all ASX sectors Source: Chester Asset Management For those that prefer to visualize we have compiled some key graphs below Australia’s demographics are set to lead to a ‘death boom’ Recent ABS Data suggests the growth in spending per capita is growing at a faster rate the older we are. Is this indicating a structural tailwind as we age? Source: Property Update, ABS Data Asian demand for seaborne metallurgical coal appears to be increasing, driven by India Source: Wood Mackenzie / Whitehaven Coal Presentation August 2023 While Chinese steel production appears to be peaking. Source: Chester Asset Management, Bloomberg Does 16% of the world’s population still need to produce 53% of the world’s steel? Particularly if their population is declining and there is an oversupply of houses! (~1/3 of Chinese steel demand is driven from housing). Meanwhile medical spending increases rapidly with age Source: Peter G Peterson Foundation Retirement villages in Australia have a double tailwind from the ageing population and underpenetrated market. Source: The Weekly Source Closing Although each portfolio holding has idiosyncratic merit underpinning it (a combination of quality, value and insight), demographics can be partly responsible for some of our positioning below. Healthcare (overweight) – CSL, RMD, TLX Agribusiness (increased protein intake and need for yield) – RIC, NUF Energy and Energy infrastructure – AZJ, AGL Real Estate (retirement living) – EGH Materials (Iron Ore underweight) – limited exposure ex MIN You're still here? It's over. Go home. Go. [1] (VIEW LINK) [2] (VIEW LINK) [3] (VIEW LINK) [4] (VIEW LINK)

Capital protection plus capital growth are the twin goals many of us have for our super. Here's how an actively managed share fund can achieve both. Equities have a lot to offer as an investment to grow retirement savings. Long term capital growth plus ongoing dividend income is a combination that makes shares a favourite among self-managed super funds (SMSFs) and retail investors. Fortunately, there are several ways to gain exposure to shares. Options include holding shares directly, investing via an exchange traded fund (ETF) or by purchasing units in an unlisted actively managed fund. These choices are not mutually exclusive. Investors can opt for a combination of all three. However, an actively managed fund can offer important advantages. Active management calls for discipline - and plenty of research Research shows that retail investors often mistime their entry into and out of share markets. Volatility can be a major factor here. Investors tend to buy when markets are booming (and share values are high), and bail out when markets dip and values fall. ETFs can help investors avoid this issue. The downside is that most ETFs are index funds that simply mirror the market. This keeps fund fees low though it comes at the cost of returns that match the market at best, rather than outpace it. An actively managed share fund brings an additional factor to the table - discipline. Investment guru Warren Buffett is credited with saying investors should be fearful when others are greedy, and be greedy when others are fearful. In other words, the winning strategy is to buy when markets are down, and sell when prices are high. It is the discipline to stick with this approach that allows experienced, active fund managers to deliver above-market returns. The Chester High Conviction Fund is a great example of this outperformance. As the table below shows, over the long term Australian shares have delivered average annual returns of about 8% though returns can be far more volatile over the short term. The Chester High Conviction Fund has far-outpaced the market, achieving returns after fees of averaging around 14% annually. When it comes to saving for retirement, this 6% outperformance can make a tremendous difference to an investor's wealth by the time they are ready to hang up their work boots. Investing in transformative companies How is the Chester High Conviction Fund able to deliver higher returns than, say, ETFs? The answer is simple. Unlike most ETFs, which track a given benchmark, we do not hold stocks that make up the benchmark. Let me explain. The Aussie share market, and market indices, are dominated by a few big names. Our biggest listed companies may be favourites among direct retail investors, but their sheer scale makes it hard for these corporates to generate returns above 7% annually. As a fund manager for over 20 years, experience has taught me that to consistently achieve returns in the low teens, a portfolio needs to concentrate on smaller and medium-sized listed companies - what we call the small- and mid-caps. These are the companies with the agility to transform as our economy transforms. It calls for a long term focus, but this matches the investment horizon for superannuation savings. The upshot is that the Chester High Conviction Fund looks for the high performers among the small- and mid-caps within the S&P/ASX 300 Accumulation Index. Finding those unloved, underappreciated or undiscovered stocks calls for plenty of research: It's not called a 'high conviction' fund for nothing. But the fund isn't just about high returns. Clever strategies to grow and protect capital The Chester High Conviction Fund has a mandate to grow and protect investors' capital. These are exactly the twin goals that so many of us look for in our superannuation portfolio. And we achieve them through a clever strategy. Around 6-8% of the fund's portfolio is invested in cash and gold. Holding cash allows the fund to buy attractively-priced stocks when they become available. That's the growth component. The appeal of gold is that it has very low correlation to other asset classes. Price movements are relatively independent. In this way, gold can reduce overall volatility and provide the element of capital protection. A fund that lives up to its promise The Chester High Conviction Fund team has worked together for over a decade. Our combined expertise really shows up in the fund returns. For investors who are looking to grow generational wealth while preserving capital, the fund lives up to its promise. It can make a valuable difference to the value of your nest egg when you're ready to exit the workforce.

What does the world of investment management really involve? Here is how growing wealth and preserving capital drive our daily routine. One of the great aspects of investment management is that no two days are the same.  As an Australian equity fund manager, Chester Asset Management aims to find the high performers that can help our investors protect and grow wealth. As part of this goal, my day starts at sunrise. Australia's equity market is closely tied to US markets. So, I begin each morning checking what has happened overnight in the US, and making sense of the 'why' behind market movements such as changes to interest rates. After a quick breakfast with the family, I like to run or ride to work. I'm at my desk by 8.30 am, and the next two hours are usually taken up analysing the daily news flow. This can include announcements from the Aussie stock exchange, media releases about new products from individual companies, and quarterly production updates. This early activity gives me - and my team of analysts - a framework on which to base investment decisions. The Chester High Conviction Fund, which was awarded Money magazine's Best Australian Shares Fund in both 2023 and 2024, has achieved average after-fee returns of 14.4% annually over the past 10 years.  Those sorts of returns don't happen by chance. Careful research plays a critical role. Afternoons spent with company leaders By the time midday rolls around, I generally only have time for a snack at my desk. That's because the afternoons are especially busy. This is the time our investment team spends speaking with fund investors, working on our quarterly fund updates, and meeting with company leaders. As a fund manager, being able to meet and talk with company executives directly gives us an advantage that retail investors don't share. On a typical day, my team and I engage with anywhere from three to eight companies. That's more than 1000 listed companies each year. These close encounters are absolutely instrumental to developing a sense of how a company is tracking. As a fund manager with a team of career investment specialists, we look for companies that are under-loved or under-appreciated by the market, yet have plenty of upside. Meeting with company executives can be particularly revealing on this score. It's about being able to read body language, and pick up subtleties that can shine a revealing light on a company's fortunes and future prospects. The remainder of my afternoon is often spent on further research, addressing issues that are not time-sensitive. Our team of five analysts typically review the various opportunities facing the 35 or so stocks in the fund's portfolio. But we have a watchlist of over 50 listed companies that we research on a daily basis. The aim of all this analysis is to minimise downside surprises while maximising the upside of investment opportunities. This is part of how Chester Asset Management approaches investing. Our goal of protecting and growing our investors' wealth makes it essential that we recognise the downsides of an investment, while being confident the upsides are skewed in our favour. Achieving the best results for investors As the fund manager, the buck stops with me. It's a significant responsibility, though, after 20 years in the role, I know when it's appropriate to back the stock selection suggested by my analysts - a team I have tremendous faith in. I guess one of the unique aspects of my job is that I personally know a lot of our unitholders. I also have my own money invested in the fund. It's a powerful reminder of the importance of the decisions I make. So, while the focus of my day is driven by our mandate to protect and grow wealth, we stick to disciplined processes. We know these will deliver the best long-term results for our investors. My day doesn't end when I leave the office. Last thing each evening, I check the news feed from home. Stock markets are impacted by a vast array of factors, and a single piece of information could make a difference to the returns that Chester Asset Management delivers to investors. And I am always mindful that our unitholders have put their trust in me and my team, to help them achieve their personal goals.

This article contains important information regarding your investment. As previously communicated by email, as a Responsible Entity of your investments, Copia Investment Partners (Copia) employs a panel of service providers that help facilitate the reporting for your investments with us. On 18th December 2023 ("the transition date"), Copia will be changing one of its service providers that manages the client administration and registration from Iress Managed Funds Administration (MFA) to Boardroom. This follows an extensive review by Copia to determine which provider is best able to deliver client services that is among industry best practice. As a result of this review, we have chosen BoardRoom who have a 30-year track record in managing client administration and registry services. Benefits for you: The new service will provide the following benefits: The ability to make new and additional investments online A portfolio view your investments in one central location ("InvestorServe") The ability to view and manage personal information including contact details, banking information and tax file number online Access to online statements and distribution advice Access to information on holdings including distribution details, tax and trust financial information being stored in a secure portal for future access at any time. What will change? Change to your account number Change to bank details for applications Change to email address for submitting forms Change to investor portal Investor account number Your new Boardroom investor account number will be referred to as a “unit number”.  The unit number will be in the following format: U10 + Existing Account Number. For example, if your existing account number is 10023457, your new unit number will be U1010023457. Bank details for applications From 2pm on Friday 15th December 2023, Copia’s bank details for receiving application monies will be as follows: Account Name: Boardroom Pty Ltd ITF COPIA Funds - Application A/CBSB: 332-027Account Number: 556-074-208 Email address for submitting forms From 2pm on Friday, 15th December 2023, the following email address should be used to return completed forms for processing (e.g. Application Forms, Withdrawal Forms, Change of Details Forms): copia.transactions@boardroomlimited.com.au Accessing your investment via the investor portal The new investor portal will be called “InvestorServe”. Instructions on how to access InvestorServe will be communicated to you by email. If you have any questions, please don’t hesitate to contact our Client Services Team: 9am to 5pm Melbourne business days ​ P  1800 442 129 (free call within Australia) P  +61 3 9602 3199 E  clientservices@copiapartners.com.au

Chester Asset Management are thrilled to announce that the Chester High Conviction Fund has been recognised as Money magazine’s Best Australian Shares Fund 2024, marking its second consecutive win after also securing the award in 2023. We were delighted to attend the lunch in Sydney alongside representatives from Copia Investment Partners. How the winner is chosen: "Rainmaker, publisher of Money, has been reviewing superannuation, managed funds and their investment managers for more than 20 years. To conduct the banking products assessments Rainmaker and Money teamed up with InfoChoice, one of Australia's leading financial product comparison websites. When choosing which managed funds or exchange traded products (ETP) to invest with, investors are looking not just for funds that scored the highest investment returns but also managed their investment risks. This includes an assessment of which managed funds most protect your capital." More information: About the Chester High Conviction Fund Contact us Best of the Best Awards

Chester Asset Management Co-founder and Portfolio Manager Anthony Kavanagh had the great opportunity to sit down with Jonas Dorling from Money of Mine. The conversation covered all things Chester, how the portfolio is built, the role commodities play as well as all things macro, from China to India to Australia. Click here to subscribe to the monthly report for updates on the current market outlook, Chester's performance and more.

Valuation is an input into investment decision-making, and helps generate returns, if done right, consistently Valuation employs both art and science to form an accurate measure of how much an asset is worth Valuations can be absolute or relative, with each having different applications Qualitative assessment is an important ingredient for the Art of valuations Assessing how projections or valuations differ to market can provide insight and assist in determining why you believe shares are mispriced Annual reports provide information and clues to how a company may perform in the future Valuations form an important part of the investment process employed by Chester in the management of the Chester High Conviction Fund

The Chester High Conviction Fund is an Australian equity fund that seeks to outperform the S&P/ASX 300 Accumulation Index by 5% (before fees) over a rolling 3-year time frame. The fund has a concentrated portfolio of 25-40 stocks. The fund has a high-conviction approach, and invests in companies where the investment team has confidence in the high quality, predictable cash generation of the company, or where there is a strong margin of safety in the valuation.