Investment Objective

A best ideas portfolio of around 20 – 40 global companies, designed to be a core international equity holding.

Seeking companies that exhibit quality characteristics such as sustainable growth, strong profitability, defendable market position, and strong balance sheets.

Ethical overlay incorporating both positive and negative components applied with a focus on sustainable businesses that exhibit sound Environmental, Social & Governance practices.

Ethical Investing – Our Approach

Warakirri applies a proprietary ethical screen for this Fund, incorporating both positive and negative components.

Positive Overlay

The positive overlay component incorporates a focus on investment in sustainable businesses that exhibit sound environmental, social and governance practices.

Negative Overlay

The negative overlay excludes investment in companies that Warakirri considers have significant businesses, that is, revenue of greater than 5% from the audited financial statements of a company, involved in the:

  • provision of gaming products and/or services
  • manufacture of tobacco products
  • manufacture of alcoholic beverages
  • manufacture of products for military applications
  • manufacture of products that could contribute to increased levels of obesity
  • extraction of thermal coal and/or coal seam gas

Warakirri is ultimately responsible for the application and implementation of the Warakirri Ethical Overlay in consultation with the fund’s underlying investment manager Northcape Capital.

In addition to the application of Warakirri’s proprietary ethical screen, Northcape Capital also incorporate ESG considerations into their investment decision making process. There may be instances where Warakirri elect to exclude a company from the portfolio on ethical grounds, despite that company having passed Northcape’s ESG process.

Northcape’s investment procedures are designed to incorporate ESG issues into their investment analysis and decision-making processes. In particular, ESG factors are used as a screen to assess if a company is suitable for inclusion on Northcape’s approved list of companies for investment. Northcape’s ESG test is applied based on a scoring system as follows:

  • Environmental practices (3 points total)
  • Social practices (3 points total)
  • Governance (4 points total).

A company needs to pass Northcape’s ESG test which requires achieving a score of at least 6 out of 10 in relation to the above scoring system before being considered for inclusion on Northcape’s approved list of companies for investment.

More detailed information on Northcape’s ESG test and scoring system is available here.

You can view Northcape’s latest ESG & Investment Stewardship Report here.

Fund Facts

Benchmark MSCI World Total Return Index with Net Dividends in AUD
Stock Range 20 – 40
Individual Stock Weight 0-10%
Inception Date 1 November 2016
Fund Size $31m
Distribution Frequency Semi-Annual
Currency Unhedged
ARSN 642 393 799

Performance, Prices & Distributions

Net returns as at 31 October 2023

1 month % 3 months % FYTD % 1 year % 3 years % pa 5 years % pa 10 years % pa Since inception (01/11/2016) % pa
Fund -1.01 -6.23 -5.09 +4.06 +4.74 +6.91 - +8.82
Benchmark -1.02 -3.48 -1.45 +11.58 +11.94 +10.67 - +11.85
Relative Return +0.01 -2.75 -3.64 -7.52 -7.20 -3.76 - -3.03

Past performance is not a reliable indicator of future performance. The return of capital is not guaranteed.
Northcape Capital was appointed the underlying investment manager effective 1 May 2020.

Current Unit Price
Prices as at 28 November 2023

Month-end Unit Price
Prices as at 31 October 2023

Application $1.2054 $1.1557
Redemption $1.2006 $1.1511
Distribution Rate Reinvestment Price
30 June 2023 $0.01694415 $1.2152
31 December 2022 $0.00129009 $1.1211
30 June 2022 $0.01798039 $1.0873
31 December 2021 $0.00283022 $1.3520
30 June 2021 $0.04552057 $1.2164
31 December 2020 $0.00 N/A
30 June 2020 $0.4636 $1.0699

Portfolio Holdings

As at 31 October 2023

Company Name Sector Country Weighting
New Informa Communication Services United Kingdom 6.2%
Electronic Arts Communication Services United States 5.8%
Marsh & Mclennan Cos Financials United States 5.5%
Becton Dickinson Health Care United States 4.9%
Microsoft Corp Information Technology United States 4.8%
Adobe Information Technology United States 4.8%
Visa A Financials United States 4.6%
Intertek Group Industrials United Kingdom 4.4%
American Tower Corp Real Estate United States 4.1%
Zoetis A Health Care United States 4.0%
Total 49.1%

Portfolio holdings are subject to change.

As at 31 October 2023

20.0% Information Technology
16.0% Healthcare
16.0% Financials
15.0% Industrials
13.0% Communication Services
9.0% Consumer Staples
4.0% Real Estate
3.0% Materials
2.0% Consumer Discretionary
2.0% Cash

As at 31 October 2023

63.0% United States
13.0% United Kingdom
8.0% Asia ex-Japan
6.0% Europe
3.0% Japan
3.0% Scandinavia
2.0% Canada




Mason Stevens