ABOUT

Polen Capital Global Small and Mid Cap Fund

ARSN: 652 035 642

The Fund’s investment manager is Montgomery Investment Management Pty Ltd. The fund’s sub-investment manager is Polen Capital Management, LLC. Fund’s objective is to outperform the MSCI ACWI SMID Cap Net Total Return Index, in Australian Dollars, over a rolling five-year period, net of fees. The Polen Capital Global Small and Mid Cap Fund is a long only, small and mid cap global equities fund. The Fund typically invests in a concentrated portfolio of 40-60 high-quality companies within the global small and mid cap company universe.

Important Information 4 July 2025– Investment Manager Arrangements

With regard to Polen Capital Global Small and Mid Cap Fund (ARSN 652 035 642) (Fund) issued by Fundhost Limited (ABN 69 092 517 087) (AFSL 233045) (Fundhost) under the Product Disclosure Statement dated 18 September 2024 (PDS), as updated from time to time, Fundhost would like to advise that the purpose of this notice is to provide updated information pursuant to ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055 which is not materially adverse to investors in the Fund under the PDS. While these changes are not considered to be materially adverse to investors, they should be taken into account when making a decision to invest under the PDS.

Polen Capital has recently announced some strategic changes to the investment management team for the Fund effective 30 June 2025.

Maneesh Singhal, CFA (existing portfolio manager) will continue to lead the Polen Capital Global Small and Mid Cap Fund. Rayna Lesser Hannaway, the current Head of Team, along with the other members of the existing Polen Small Company Team, will be departing the team.  They have been replaced with a highly experienced new team.

The Global Small and Mid Cap strategy’s investment philosophy centres on the belief that accelerating growth in revenue and earnings is the primary driver of stock price appreciation over the long term.  As a result, the team believes opportunities in inefficient markets can be realized by identifying and exploiting key inflection points in a company’s fundamentals.  The underpinnings of this philosophy are rooted in behavioural finance— the market is often slow to react to fundamental improvements in a business but is typically also quick to discount exponential growth.

The stock selection process involves the following steps:

1. Idea generation,
2. Fundamental Evaluation,
3. Evaluating and Quantifying the Growth Drivers, and
4. Portfolio Construction.

The Fund will typically invest in a high conviction portfolio of 50 to 80 high quality growth stocks domiciled or listed on major global exchanges. Cash holdings will typically be under 5%, and is capped at 10%.

Both Polen and Montgomery Investment Management believe these changes will be advantageous to investors in the Fund.

Important Notice: 30-09-2023

This Fund is intended for applicants as a satellite allocation (up to 10%) of their total investment portfolio as set out in the target market determination for the Fund.