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1 investment managers The multi-manager portfolios provide access to the expertise of specialist investment managers across many different asset classes. Broad diversification can be achieved quickly and easily, providing exposure to a wide range of opportunities worldwide and reducing risk. A selection of the managers currently appointed to the portfolios is profiled below. Many of the names will be familiar to you but others may not. This reflects our focus on finding leading managers whether they are large global firms or small boutiques. australian shares Ankura Capital (Ankura) is one of the affiliate investment firms owned by Bank of New York Mellon. We have developed tailored mandates with Ankura Capital, to construct share portfolios that have little reference to the ASX/S&P 300 Accumulation Index. Ankura has a quantitative approach to managing equity portfolios with more emphasis on medium to smaller companies. The focus is to identify companies that collectively can deliver sustainable and higher yield than the broader market. These companies also offer long-term capital growth potential. Vinva Investment Management (Vinva) is an independent management firm established in July 2010 and specialising in managing equity portfolios. The business has been built with a focus on 3 key areas investment performance, client relationships and risk management. Vinva adopts a multi-factor approach seeking to systematically recognise those companies whose shares are likely to outperform their peers. Bennelong Asset Management Ltd (Bennelong) was established in 2004 by ex Macquarie Bank proprietary traders. With offices in Jersey, London and Sydney, Bennelong has invested extensively in research, execution, risk management, quant and operations personnel. Bennelong seeks to invest in companies with superior and sustainable levels of earnings growth whose potential investment return is underappreciated by the market. Lazard Asset Management Pacific (Lazard) is a wholly owned subsidiary of Lazard Asset Management. Lazard Asset Management is ultimately owned by Lazard Ltd, which is a public company listed on the New York Stock Exchange. Lazard is a valuation oriented manager, embracing fundamental analysis to support a bottom-up stock selection style. Their primary stock-selection screen identifies companies that are trading at a discount relative to their intrinsic value. Often Lazard s stock ideas are contrarian to prevailing sentiment.

2 Legg Mason is a global asset management business that comprises a range of affiliate asset managers with Legg Mason Australian Equities one of the affiliates. Legg Mason has a qualitative process that draws on in-depth research. Legg Mason has a greater focus on medium to large companies. Maple-Brown Abbott Investment Managers (MBA) is wholly owned by staff and directors. MBA is one of the best resourced teams in Australia. The team s calibre, experience, size and stability are an important point of differentiation for the manager in the Australian marketplace. MBA is a conservative, bottom-up stock picker employing a disciplined value approach. Portfolios comprise stocks that represent good fundamental value. Stock selection is based on analysis of price-to-earnings, price-to-cash flow, price-to-book and dividend yield ratios. MBA is a long-term investor and this results in very low portfolio turnover. Schroder Investment Management (Schroders) is a global asset management company that is focused purely on fund management. Schroder established its Sydney office in Schroders is a bottom-up, active growth manager. The investment process is simple, clearly defined and well structured. It is also very pragmatic. Schroders seeks to identify quality companies with strong returns on capital. Schroders defines growth as those companies that have a return on equity (ROE) that is in excess of its cost of capital and which have the ability to reinvest capital at such a high rate of return on an ongoing basis. international shares AllianceBernstein Global Thematic Research is a strategy specific team that is part of the larger AllianceBernstein organisation. AllianceBernstein can trace its origins back to 1967 and it employs more than 500 investment professionals and operates in more than 20 countries. AllianceBernstein Global Thematic Research focuses on global, disruptive themes, be they technological, economic or demographic, that they believe will be the most important drivers of future market movement. The strategy team works with the broader team of AllianceBernstein research analysts. They combine top-down thematic and bottomup fundamental research to deliver a concentrated portfolio of companies that can most profitably exploit these themes. Arrowstreet Capital (Arrowstreet) is fully owned by its staff, and has one of the most experienced global equity research groups in the investment management industry. The organisational structure, independence and links to academia have been key factors in Arrowstreet s growth. Arrowstreet s research capability is focused on its ability to identify, measure, and exploit signals that are slow to be reflected in equity prices. Portfolios are constructed by carefully balancing the trade-off between a stock s expected return, its contribution to portfolio level risk, and its opportunity cost relative to trading costs. Arrowstreet seeks to take advantage of both behavioural mispricings (eg value and momentum signals) and informational mispricings (eg earnings signals). BlackRock Asset Management Australia (BlackRock Australia) is the largest manager of index funds in the world. BlackRock Australia take an index approach that is benchmarked against the MSCI World ex Australia Accumulation Index. BlackRock Australia aims to deliver a return slightly ahead of the benchmark after fees. Carnegie Asset Management (Carnegie) Founded in 1986, Carnegie is owned by its employees and a private equity firm. Carnegie pays particular attention to long-term structural trends and seeks to deliver a concentrated, long-term portfolio. Carnegie focuses on companies that have good cash flows and management as these factors are key drivers of stock price growth. Their portfolio has a balance of investment opportunities in stable growth companies and companies that will benefit from emerging trends. Carnegie operates a one-in-one-out portfolio discipline that maintains a highly concentrated portfolio.

3 Enhanced Investment Technologies was founded in It trades as INTECH in the US and is largely owned by Janus Capital Group, a listed US based financial services firm. Enhanced Investment Technologies investment process is based on academic work undertaken by its founder Dr Robert Fernholz. The approach seeks to add value by capturing differences in relative stock volatilities. The systematic process is significantly differentiated as evidenced by the low correlations of the manager s returns with fundamentally driven managers. Epoch Investment Partners (Epoch) is a boutique specialist investment manager listed on NASDAQ. Epoch invests in companies with an ability to consistently generate free cash flows and to properly allocate it among dividends, share repurchases, debt pay downs, internal reinvestment opportunities, and/or acquisitions. Epoch defines these uses of free cash flow (dividends, share buybacks and debt reductions) as Shareholder Yield. The portfolio s exposure to Epoch is through the Grant Samuel Epoch Global Equity Shareholder Yield Fund. Harding Loevner was founded in The firm is owned by employees and by Affiliated Managers Group. Harding Loevner uses rigorous fundamental bottom-up analysis. They place a strong emphasis on understanding the competitive structure of industries because this has a strong influence on the long-term durability of companies earnings growth and margins. Harding Loevner s investment process tends to favour companies that have strong balance sheets, enduring growth prospects, a sustainable competitive advantage and skilled management. This typically means that the high conviction portfolio will have a bias to companies exhibiting quality growth characteristics. LSV Asset Management (LSV) is owned jointly by its employees and SEI, a publiclytraded US financial services company. Its sole focus is the management of wholesale US, and global equities. LSV uses a quantitative investment model that selects out-offavour (undervalued) stocks that have the potential for near-term price appreciation. This reflects a belief that out-of-favour stocks are likely to produce superior returns if their future growth exceeds the markets low expectations. Portfolios are country and currency neutral, although active tilts between sectors are accommodated. LSV believe that superior long-term results can be achieved by systematically exploiting the judgmental biases and behavioural weaknesses that influence the decisions of investors. Pzena Investment Management (Pzena) was established in 1995 and is listed on the New York Stock Exchange, though it remains substantially employee-owned. Pzena has a classic value investment philosophy. It aims to buy good businesses at low prices, focusing on companies that are underperforming their historically demonstrated earnings power. Pzena applies intensive fundamental research to these companies in an effort to determine whether the problems that caused the earnings shortfall are temporary or permanent, typically investing prior to the emergence of an identifiable earnings catalyst. Vanguard Investments Australia (Vanguard) has a global presence with offices across the United States and in Melbourne, Sydney, Brisbane, Perth, Brussels, Tokyo, London and Singapore. In Australia, Vanguard has provided index solutions for more than 10 years. They employ optimisation techniques which involve selecting a representative sample of shares in the relevant Index to form the underlying Fund s portfolio. Vanguard holds most of the shares in the Index but allow individual share weightings to vary marginally from the Index occasionally. The manager also invests in stocks that are expected to be included in the index.

4 australian listed property Perennial Real Estate Investments (Perennial) is an active manager of global listed property securities with a highly experienced investment team. The manager believes outperformance is solely due to security selection. The manager does not attempt to replicate the regional or structural bias of any index. Using its proprietary fundamental research, risk evaluation and relative valuation framework, Perennial seeks to buy listed, or soon to be listed, Australian property securities that offer attractive cashflow growth, have strong management teams and consistent income characteristics. The manager has the underlying belief that securities with these characteristics will offer superior long-term investment outcomes. The manager can opportunistically invest in non-benchmark and offshore holdings, leveraging its global research capabilities. Vanguard Investments Australia (Vanguard) has grown to be one of the world s largest and most respected investment management companies. Vanguard is a specialised index manager. The investment process used in Australian listed property is designed to deliver small excess return above a customised benchmark. The customised benchmark consists of a significant proportion of the largest trusts in the ASX 300 A-REIT Index. australian cash Macquarie Investment Management (Macquarie) is a wholly owned subsidiary of Macquarie Bank. The domestic fixed income business is part of the Fixed Income, Commodity and Currency division. This index strategy will replicate the UBS Australian Bank Bill Index over the medium-term. government bonds Antares Capital (Antares) is a specialist fixed income manager owned by National Australia Bank. Antares, formerly known as National Specialist Investment Management, has a 20 year track record managing debt mandates for its clients. Antares uses a risk controlled active investment approach, employing a combination of core and tactical strategies. The investment approach focuses on whether a security is trading at a cheap price relative to other securities, or if investor urgency to buy and sell bonds has created temporary mispricings of securities. Goldman Sachs JBWere is the asset management arm of the merged Goldman Sachs and JBWere business. The fund employs an active, research-driven investment approach. This investment process seeks to add value from top-down economic and market analysis as well as security selection. Macquarie Funds Group (Macquarie) is part of the Macquarie Group. The manager uses a scorecard approach which includes assessments of economic trends, market valuation and capital flows in the bond market. The focus of the process is on low risk positions versus the index. These positions include duration, yield curve, security selection between government and semi-government bonds and sector rotation between government, semigovernment and corporate bonds. Old Mutual Asset Managers (Old Mutual) is a wholly owned subsidiary of Old Mutual Plc. The firm s fixed income business is a boutique where investment staff have part ownership of the business. The manager forecasts the economic, political and demographic environment, estimates what bond yields ought to be, then positions the portfolio accordingly. The four sources of value add in the portfolio are country allocation and duration positioning, yield curve, and currency.

5 Pacific Investment Management Company LLC (PIMCO) was founded in Newport Beach, California in PIMCO is one of the world s largest fixed income managers with offices in the US, Asia, Europe and Australia. PIMCO employs a top down value oriented approach to investing in global sovereign bonds. The investment process is driven by a top down medium term outlook for the global economy, supplemented by an assessment of cyclical pressures. The bottom up element is driven by specialist portfolio managers. These managers judge the relative value of securities in their individual sectors and aim to identify various opportunities in the forward and interest rate options markets. multi-strategy fixed interest Morgan Stanley Investment Management (Morgan Stanley) is the asset management arm of global financial services firm Morgan Stanley. Morgan Stanley employs a value oriented approach, informed by both top down and bottom up factors. The firm s macro-economic research informs the intensity of the credit risk as well as relative sector positioning. The bottom up process seeks to identify undervalued securities that have the potential for price appreciation as well as attractive yield. Pacific Investment Management Company LLC (PIMCO) was founded in Newport Beach, California in PIMCO is one of the world s largest fixed income managers with offices in the US, Asia, Europe and Australia. Absolute return: The investment process is driven by a top down medium term outlook for the global economy, supplemented by an assessment of cyclical pressures. The PIMCO absolute return strategy incorporates these strategic insights together with a number of relative value trades. The strategy typically implements 15 to 25 strategies whose returns are expected to be largely uncorrelated with one another. Bank capital (global corporate bonds): The manager invests exclusively in global bank capital securities. These include senior debt and higher yielding tier 1, lower tier 2 and upper tier 2 bank securities. global smaller companies Arrowstreet Capital (Arrowstreet) is fully owned by its staff, and has one of the most experienced global equity research groups in the investment management industry. The organisational structure, independence and links to academia have been key factors in Arrowstreet s growth. Arrowstreet s research capability is focused on its ability to identify, measure, and exploit signals that are slow to be reflected in equity prices. Portfolios are constructed by carefully balancing the trade-off between a stock s expected return, its contribution to portfolio level risk, and its opportunity cost relative to trading costs. Arrowstreet seeks to take advantage of both behavioural mispricings (eg value and momentum signals) and informational mispricings (eg earnings signals). Dimensional Fund Advisors LP (Dimensional) is a privately held organisation. The firm is owned primarily by employees and directors, and manages assets exclusively for institutional investors and clients of registered financial advisors. Dimensional uses a unique process which brings broad small cap exposure to the sector. The manager systematically constructs portfolios that are designed to capture size premia from stocks that are smaller than those in the benchmark. Smaller sized stocks tend to be less liquid, and this premium is captured systematically through patient trade execution. Pyramis Global Advisors (Pyramis) is the wholly owned US institutional asset management subsidiary of Fidelity Management & Research Company, headquartered in Boston for US mutual fund clients. Pyramis aims to generate active returns by using its vast resources of analysts to evaluate ideas in a fundamental, bottom-up way. The manager brings a modest growth tilt which offsets the value style tilt of Arrowstreet.

6 global emerging markets Esemplia Emerging Markets (Esemplia) is an autonomous investment affiliate within the Legg Mason Group, has a large and experienced team dedicated to emerging markets. Esemplia adopts a disciplined approach to investing through a systematic six stage process which incorporates the team s highest conviction ideas within the portfolio. The investment process is a combination of top-down and bottom-up qualitative research. The portfolio is fundamental by nature with valuation acting as a key anchor in the investment process. Given the volatility of emerging markets investing, performance expectations should be viewed over a full market cycle. Genesis Investment Management (Genesis) is a specialist emerging market equity management firm. The company was founded in 1989 as a private partnership, however since 2004 ownership has been split between the 40% interest held by key staff and 60% interest purchased by US-based Affiliated Managers Group. Genesis believes that superior long term returns in emerging markets are delivered by identifying underpriced companies. Using its own independent research, the manager aims to identify companies which are best able to exploit emerging markets growth opportunities and which are trading at an attractive discount to their assessed intrinsic value. The manager aims to add value through its longer term perspective and through its understanding of company management. GMO is a private partnership founded in 1977, whose sole business is investment management. The global emerging markets team is well resourced, investment professionals are based mainly in San Francisco. The global emerging markets strategy managed by GMO is predominantly a quantitative process with supplementary judgemental input at both the country allocation and stock selection levels. The strategy has a value orientation but also incorporates momentum for diversification purposes. The manager s alpha edge is driven by robust and disciplined modelling framework. GMO also have committed resources dedicated to quantitative research in emerging markets. global listed property CBRE Clarion Securities (CBRE) is part of a specialist real estate group that has two core global businesses real estate services and real estate investment. CBRE is part-owned by its parent organisation and by the company s own senior management and senior investment staff. CBRE seeks to identify countries, sectors and companies whose real estate fundamentals are undervalued in the market. CBRE combines top-down assessment of supply/demand fundamentals, and bottom-up analysis of companies real estate assets and management. LaSalle Investment Management (LaSalle) is a specialised global property securities investment manager. Parent company, Jones Lang LaSalle, is listed on the New York Stock Exchange and is a leading global property services provider. LaSalle s investment process is focussed on identifying undervalued securities that have high quality assets and strong, credible management that can select, develop and manage these assets to grow future cash flows. LaSalle leverages off the vast resources and real time information provided by its direct property group LaSalle Investment Management and the broader Jones Lang LaSalle group. Vanguard Investments Australia (Vanguard) has grown to be one of the world s largest and most respected investment management companies. Vanguard takes an index approach to the management of international property markets. Vanguard invests in property securities listed on the exchanges of 20 of the world s major economies.

7 alternative defensive BlackRock Asset Management Australia (BlackRock Australia) is one of the world s largest institutional investment managers (see Australian Shares for description). The BlackRock Australia Total Return Multi-Opportunity Fund is a single manager, multi-strategy fund of hedge funds. BlackRock Australia s quantitative investment process seeks to deliver consistent, risk-controlled absolute returns over time that are uncorrelated with traditional asset classes. There are more than 30 underlying strategies that can be broadly categorised into four investment approaches: Equity Long/Short, Global Macro, Alpha Transport and Fixed Income Long/Short. Oak Hill Advisors (Oak Hill) was established in The firm specialises in investment in debt securities. Oak Hill is majority owned and controlled by its five senior partners. Oak Hill has offices in New York and London. The current market dislocation has created opportunities to buy the secured debt of companies whose equity we generally buy, at prices that potentially offer returns in excess of the general equity market. Intense research and experience enables Oak Hill to identify credit opportunities likely to recover their value and that will also benefit from the contraction in credit spreads as financial markets stabilise. Prisma Capital Partners is a New Jersey based fund of hedge funds manager. It was founded in 2004 as a joint venture between three former Goldman Sachs partners and AEGON USA Investment Management, a division of the global insurance carrier AEGON. The Prisma Global Multi-Strategy Fund invests across a range of strategies and investment markets, with great emphasis on diversification, risk management and downside protection. It deliberately seeks to derive its active return with a lower correlation to traditional asset classes, such as shares and bonds, compared to other multi-strategy-type funds. Transtrend Transtrend was founded in 1987 as a firm conducting quantitative research on price behaviour. The manager currently has US$10.2 billion in assets under management. Transtrend s skill aims to capture market inefficiencies by exploiting price trends that are driven by investor s behavioural biases. The manager uses a systematic approach to trade futures contracts across equities, bonds, currencies and commodities. alternative growth Transtrend was founded in 1987 as a firm conducting quantitative research on price behaviour. The manager currently has US$10.2 billion in assets under management. Transtrend s skill aims to capture market inefficiencies by exploiting price trends that are driven by investor s behavioural biases. The manager uses a systematic approach to trade futures contracts across equities, bonds, currencies and commodities. Credit Suisse First Boston manages a fund of private equity funds for clients worldwide and is part of the global Credit Suisse Group. Gresham Property Funds Management, part of the wider Gresham group, is a high quality and well resourced firm. Mezzanine loans take advantage of the current shortage of capital for quality property development projects and property portfolios post the GFC. These loans aim to capture the liquidity and credit risk premiums embedded in these property related transactions. This investment is opportunistic as the return expectations will normalise from today s higher levels as the capital shortage declines. The portfolio is typically focused on mature properties that have established cash flow histories, to support a certain level of debt, and offer multiple exit options.

8 Macquarie Global Infrastructure is part of the Assets & Infrastructure Group of Macquarie Bank Limited, a premier global investment bank. Nephila Capital is a specialist in insurance linked securities with a range of riskdifferentiated funds and bespoke accounts. Nephila Capital will manage a diversified portfolio of insurance linked securities. A shortage of capital and regulatory inefficiency in niche areas of the natural catastrophe reinsurance market enables investors with a medium to longer term investment horizon to earn attractive returns compared to the embedded risks. Insurance based returns are also highly diversifying within a traditional balanced portfolio because the correlation between insurance and traditional asset classes is very low. Recent innovations allow institutional investors efficient and direct access to the market and the ability to tailor exposures according to discrete risk preferences. TCW is a US based manager established in The firm invests in US fixed income, US equities, Alternatives and International strategies. In 1989, TCW established a specialist group that invests in Mortgage Backed Securities. TCW invests in a diversified portfolio of securities high up in the capital structure of private US mortgage securitisations. TCW have well established security selection skills to capture this differentiated source of return. Vanguard Investments Australia (Vanguard) has a global presence with offices across the United States and in Melbourne, Sydney, Brisbane, Perth, Brussels, Tokyo, London and Singapore. In Australia, Vanguard has provided index solutions for more than 10 years. Vanguard s Global Infrastructure Fund provides a way to gain exposure to around 124 companies with activities concentrated in utilities, toll roads, transmission and distribution, and water projects. ipac securities limited ABN AFS Licence No release date September 2012 ipac asset management limited ABN (ipac), AFS Licence No , is responsible for determining the structure and risk profile of each portfolio in the Pathways and Strategic Investment Service Strategies. ipac is the Responsible Entity for the Pathways and Strategic Investment Service Strategies. The managers listed are employed for the Pathways and Strategic Investment Service Strategies, which invest in some or all of the sectors and managers shown. The investment managers are current as at September 2012 and may change over time. This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you need to consider (with or without the assistance of an adviser) whether this information is appropriate to your needs, objectives and circumstances. You should obtain a copy of the relevant Product Disclosure Statement (PDS) before making a decision to invest in any financial product. While ipac asset management limited believes that the information contained herein is correct, no warranty of accuracy, reliability or completeness is given and, except for liability under Statute which cannot be excluded, no liability for errors or omissions is accepted. i00373_a48p0213

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