Ganes Focused Value Fund ARSN 117 119 712.

The Ganes Focused Value Fund invests in stocks listed on the Australian Stock Exchange. The fund is a Focused fund, in that it will focus on a relatively small number of high quality, thoroughly researched stocks. The majority of stocks in the fund are expected to be relatively small companies, often ignored by analysts and the large fund managers. The fund is a Value fund, in that it has a preference for stocks that produce a high level of profit and cash flow for each dollar invested by the fund.

Objective Of The Fund
The overriding objective of the fund is to generate wealth for unit holders by managing a portfolio of listed Australian equities backed by well-managed businesses that, in the opinion of the manager, will deliver superior returns over the medium to long term.

The fund aims to out-perform the ASX 300 accumulation index (top 300 companies) over rolling three to five-year periods.

Investor Profile
The manager and responsible entity is not licensed to provide retail financial advice, and potential investors should consider whether they should seek professional financial advice regarding the suitability of this product for their particular situation.

However, the the Ganes Focused Value Fund may be suitable for an investor seeking long-term capital growth, who is prepared to accept the inherent volatility of equity markets.

Authorised Investments
The trust constitution allows for investment in a wide range of assets, including securities listed on a licensed Australian stock exchange. It is the responsible entity?s current policy to restrict investment to listed securities, securities to be listed, company issued listed options, and cash or cash alternatives in a manner consistent with the stated investment objectives of the trust. It is also the responsible entity?s current policy to NOT invest in unlisted securities (other than a cash management trust), futures contracts and foreign exchange contracts. Borrowings will not be used to leverage investments, however they may be undertaken on a short-term basis to fund redemptions if the sale of underlying securities is not deemed to be in the best interest of other investors within the fund.

Portfolio Structure
The manager feels no need to ensure that the portfolio replicates any particular stock market index, and is not concerned about index tracking error. Our largest ten holdings tend to represent 40% to 50% of the total fund value, but we may allocate up to 15% to any single share where compelling value is available, however we will generally not make a purchase that would result in any single holding comprising more than 10% of the portfolio.

The manager does not engage in short-selling and will only invest in cash, cash equivalents, listed equities, or equities about to be listed, on registered stock exchanges in Australia.

The largest five holdings are published in the fund update which can be found on the Publications page.

*Disclaimer*

Applications can only be made on the form in the current Product Disclosure Statement (PDS) , or through IDPS products that include these Funds. *Investors should be aware that past performance is not indicative of future performance* and professional advice should be sought before investing in this Fund. Ganes Capital Management Ltd is not licensed to provide financial advice. This information does not account for your investment objectives, particular needs or financial situation.

While the information contained in this website has been prepared with all reasonable care, Ganes Capital Management Ltd accepts no responsibility or liability for any errors or omissions or misstatements however caused.