Merlon Concentrated Australian Share I

Merlon believes that stocks trading below fair value will outperform through time. Merlon measures value by sustainable free cash flow yield. Merlon’s investment approach is to build a portfolio invested in companies with valuation upside on a broadly equal weight basis. Merlon aims for the Fund to be fully invested in a concentrated number of large and mid-cap companies listed on the ASX. Merlon views franking credits similarily to cash and takes a medium to long term view for investments in the Fund.