Page 4 - Private Wealth Professional Assertive

delivered a 2.0% return in Q1 2024, trailing the global equities rally. This was due to changed investor perceptions for interest rate cuts in 1H24 which
weighed on yield-sensitive sectors.

Portfolio Update
Portfolio returns for the March quarter were strong again, following on from a healthy December quarter, pushing annual returns well above historical
averages and our expectations.

Momentum is clearly winning out in markets with any disappointment regarding delays to pending rate cuts being patched over by ongoing resiliency
in economic fortunes versus previous recessionary fears.

Equities drove portfolio returns in the quarter, in particular global equities. US equities continue to dominate global equity markets with the
“Magnificent 7” becoming the “Fab 4” in the quarter, further exacerbating the narrowness of the current rally as A.I. fever took an even firmer grip.
Australian small companies outperformed large companies whilst emerging markets lagged developed markets. Global listed property and
infrastructure produced admirable returns, but were left in the wake of global equities, whilst it was a mixed bag for bonds in the period with
government bonds weak as yields rose and tighter spreads on credit securities pushing prices higher.

Within Australian equities, stock selection within the direct equities held and Yarra were amongst the highlights. The stock portfolio strongly
outperformed its benchmark owing to some bumper returns from a wide range of stocks including Ampol, Carsales.com, GQG Partners, NextDC,
ResMed, and Treasury Wine Estates. Very pleased with the eclectic mix of winners. Small companies outperformed large companies for the second
quarter in a row, with Yara benefiting from their mid and small company positioning and strong stock selection, whilst Flinders had a strong quarter
but lagged broader small companies due to their lack of real estate exposure along with a handful of names that had weak reporting seasons.

With Global equities, GQG and T. Rowe Price were the highlights, particularly GQG with their significant overweight technology and communication
services sectors and their sizable positioning in many of the “Magnificent 7” names. T. Rowe Price also outperformed with a significantly more
diversified portfolio, assisted by their growth style bias and superior stock selection. In contrast, relative returns were dragged down by positioning in
mid/small sized companies and emerging markets, though they still produced very strong returns.

Within Property & Infrastructure, returns dragged versus broader global equities. Global listed property manager Resolution Capital was the highlight,
showing strong outperformance versus its benchmark benefiting from its Japanese and Australian names. Manager selection in global listed
infrastructure hurt relative returns with managers not holding enough US and utilities exposure.

Within Cash & Bonds, positioning assisted in the period given our underweight to interest rate risk as bond yields rose (prices fell), whilst investment
selection hurt relative returns with Western Global and Ardea the laggards due to their positioning.

On an absolute basis, the best and worst performing investments were as follows:

Top 3:

- GQG Partners Inc.

- NextDC

- GQG Partners Global Equity

Bottom 3:

- Western Asset Global Bond

-Ardea Real Outcome

- MFG Core Infrastructure

Portfolio changes during the quarter:
There were quite a few portfolio changes in the quarter, as previously communicated. The portfolio was de-risked by lowering the exposure to growth
assets in favour of defensive assets. Property holdings were shifted to being currency hedged given our outlook for the Australian dollar. The
allocation between property & infrastructure was equalised, thus resulting in a reduction in infrastructure and an increase in property. There was also
a raft of investment changes as we sought to appoint our highest conviction managers with a forward-looking view of the pending market
environment. These included:

• South32 and James Hardie sold

• Newmont and Lynas Rare Earths bought

• Resolution Capital Global Property Securities Hedged in for its unhedged equivalent