Provides a summary of your transactions and investment details for the quarter. A monthly statement is available upon request.

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1 Antares High Growth Share Fund ARSN Update effective from 30 October 2015 This information is provided to update the information set out in the Product Disclosure Statement ( PDS ) dated 31 January 2014 along with Supplementary PDS dated 1 July Keeping you informed If you invest directly into the Fund, we will provide you with the information set out in the table below. You can obtain information on your account and update your details by contacting our Client Services team. See Contact details over the page. If you invest via an IDPS you can obtain information on your investment in the Fund by contacting your IDPS operator. Past performance figures and asset allocation information are updated on a monthly basis and available free of charge at or by contacting Client Services on Past performance is not a reliable indicator of future performance. Information provided to direct investors Transaction confirmation* Confirms any investment, switch or withdrawal you make on your account. Quarterly transaction statement* Provides a summary of your transactions and investment details for the quarter. A monthly statement is available upon request. Distribution statement* Provides details of the distributions paid on your account. Annual taxation statement* Provides details of the income and capital gains paid on your account for the financial year. Annual audited financial statement A copy of the Fund s annual financial statements/report is available on our website A paper copy or an electronic copy of the report can be mailed or ed to you, free of charge, on your request. Constitution Performance history Unit pricing policy Derivatives policy This information is available to you without charge on request by contacting us. Privacy policy Product Disclosure Statement updates You can obtain a copy of the latest PDS on request by contacting Client Services on or visit the website The PDS may be updated or replaced from time to time. *This is also available online.

2 Information provided to direct investors Monthly performance report* Provides details on the following: the Fund s net asset value and the unit price; the key service providers if they have changed since the last report given to investors, including any change in their related party status; the net return on the Fund s assets after fees, costs and taxes; any material change in the Fund s risk profile; any material change in the Fund s strategy; and any change in the individuals playing a key role in investment decisions for the Fund. This report will be available on Annual report* Provides details on the following: the strategy allocation to each asset type; the liquidity profile of the assets as at the end of the period; the leverage ratio as at the end of the period; the derivative counterparties engaged (if any); the monthly or annual investment returns over at least a five-year period; and the key service providers if they have changed since the latest report given to investors, including any change in their related party status. This report will be available on Contact details Preparation Date: 30 October 2015 Issued by: Antares Capital Partners Ltd (ABN AFSL )

3 Antares High Growth Shares Fund Supplementary Product Disclosure Statement ARSN Dated: 1 July 2014 This Supplementary Product Disclosure Statement (SPDS) supplements the information contained in the Antares High Growth Shares Fund Product Disclosure Statement (PDS) dated 31 January This SPDS should be read together with the PDS. Antares Capital Partners Ltd, the Responsible Entity of the Fund, is a fully owned subsidiary within the National Australia Bank Limited Group of companies (NAB Group). No company in the NAB Group of companies, nor any other party, guarantees the capital value, payment of income or performance of the Fund. An investment in the Fund does not represent a deposit with or liability of the NAB Group and is subject to investment risk, including possible delays in repayment and loss of income and principal invested. The Antares High Growth Shares Fund has three classes of units: Retail Class, Wholesale Class and Professional Selection Class. All references to the Fund in this PDS only refer to the Professional Selection Class which is available to direct investors or via IDPS. Issued by : The Responsible Entity, Antares Capital Partners Ltd ABN AFSL

4 Fees and other costs The Fees and other costs section on page 12 of the PDS is deleted and replaced with the following: Fees and other costs This will give you an understanding of the fees and costs you will pay. DID YOU KNOW? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your Fund balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. If you invest directly into the Fund you may be able to negotiate to pay lower contribution fees and management costs where applicable. You should ask ACP or your financial adviser about this. TO FIND OUT MORE If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website has a managed fund calculator to help you check out different fee options. The fees and costs outlined in this PDS are for the Fund only. You should read all of the information about fees and costs, as it is important to understand their impact on your investment in the Fund. If you are investing in the Fund via an IDPS, you will need to consider the fees and other costs of the IDPS when calculating the total cost of your investment. If you consult a financial adviser you may also pay an additional fee that will be set out in the Statement of Advice between you and the financial adviser. This section shows the fees and other costs that you may be charged in relation to the Fund. These fees and costs may be deducted from your money, from the returns on your investment or from the assets of the managed investment scheme as a whole. The table below may be used to compare fees and costs between different managed investment schemes. Type of fee or cost Amount How and when paid Fees when your money moves in or out of the managed investment product Establishment fee: The fee to open your investment. 1 Nil There is no Establishment fee. Contribution fee: The fee on each amount Nil There is no Contribution fee. contributed to your investment. Withdrawal fee: The fee on each amount you take Nil There is no Withdrawal fee. out of your investment. Exit fee: The fee to close your investment. Nil There is no Exit fee. Management costs The fees and costs for managing your investment. Management fee: 2 At the date of this PDS, management costs consist of the following components: Management fee 2 : 1.05% p.a. of the net asset value of the Fund plus Performance fee: 20% of the Fund s investment return (net of management fee) above the sum of the Benchmark 3 and 5%. The management costs are reflected in the daily unit price. They are paid from the assets of the Fund and are not required to be paid by you separately. If you are a wholesale investor and want to invest directly in the Fund, you may be able to negotiate the management costs by contacting ACP. Any reduction in costs will be rebated monthly. We suggest that you consult your tax adviser in regard to the tax treatment of any fee rebates. See Additional explanation of fees and costs on page 13 and Changes to fees and costs on page 14 for further details. Service fees Switching fee: Nil There is no Switching fee. The fee for changing investment options. 1 You will incur a buy-sell spread of +/- 0.15% when you invest in or redeem from the Fund. 2 ACP may, from time to time, negotiate fees which are different to those described in this PDS with certain sophisticated and professional investors or wholesale clients (as defined in the Corporations Act). 3 The Benchmark of the Fund is S&P/ASX 200 Accumulation Index. 2 antares

5 The information under the sub heading Example of annual fees and costs on page 13 of the PDS is deleted and replaced with the following: This table gives an example of how the fees and costs for this managed investment product can affect your investment over a one year period. You should use this table to compare this product with other managed investment products. EXAMPLE: Antares High Growth Shares Fund Contribution fees 0% Plus Management costs % Equals Costs of the Fund Balance of $50,000 with a contribution of $5,000 during the year 1 For every $5,000 you put in, you will be charged $0. And, for every $50,000 you have in the Fund you will be charged $525 each year. If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during that year, then for that year you would be charged fees from: $525 2 What it costs you will depend on the fees you negotiate with the Fund, your IDPS operator or financial adviser. 1 This example assumes the investment amount does not rise or fall in value and remains invested for the full year. The fee you would be charged assumes the additional investment amount of $5,000 was invested on the last day of the year. 2 Please note that this example does not capture the performance fee that may apply to you. As the performance fee is charged in addition to the management costs shown in the example, the management costs charged may increase in the future depending on the performance of the Fund. Withdrawals The last paragraph under the heading Withdrawals on page 14 of the PDS is deleted and replaced with the following: Alternatively, you can fax or your request to us by using our electronic redemption facility. Opening an account The last paragraph under the heading Opening an account on page 16 of the PDS is deleted and replaced with the following: If you identify yourself as a US citizen or resident for tax purposes we will have to report your information to the Australian Taxation Office which may in turn, report you to the US tax authority. Electronic redemption facility and instructions The heading and the information under the heading Redemption fax facility instructions on page 16 of the PDS is deleted and replaced with the following: Electronic redemption facility and instructions You can fax or your redemption request to us by using our electronic redemption facility. To activate the electronic redemption facility, please complete Section 6 of the Application form available from com.au. This will allow us to accept faxed and ed redemption requests and to process these requests without requiring the original copy of the instruction to release funds. Redemption requests can be faxed to or ed to Payment will be subject to the terms and conditions of the electronic redemption facility outlined below. If you are advising us via facsimile or in respect of instructions (including applications, redemptions and switching requests) it is important to be aware that we: will only process your facsimile instructions if they are received in full and have been signed by authorised signatories; are not responsible for any loss or delay that results from a facsimile or transmission not being received by us; will not accept a facsimile receipt confirmation from the sender s facsimile machine as evidence of receipt of the facsimile; do not take responsibility for any fraudulently or incorrectly completed facsimile or instructions; and will not compensate you for any losses relating to facsimiles or instructions, unless required by law. For example, you bear the risk that a facsimile or may be sent by someone who knows your account details. In the event of fraud you agree to release, discharge and indemnify ACP, any member of the NAB Group of Companies and any of its employees, officers or agents from and against all loss, actions, claims, demands, expenses and liabilities (however they arise) suffered by you or suffered by or brought against ACP or any of its employees, officers or agents, in respect of the facsimile instructions, to the extent permitted by law. Supplementary PDS - Antares High Growth Shares Fund 3

6 Anti-Money Laundering The information under the heading Anti-Money Laundering on page 17 of the PDS is deleted and replaced with the following paragraph: We are required to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and as such we may need to collect information from you or anyone acting on your behalf to correctly verify your identity. To comply with our obligations an original certified copy of original document(s) (not fax or scanned copies) may be required. We may also need to verify the identity of related parties. Until we receive such document(s) we reserve the right to withhold processing any withdrawal requests you wish to make. Privacy The information under the heading Privacy on page 18 of the PDS is deleted and replaced with the following paragraph: ACP collects and holds information necessary to provide you with the relevant services and information related to your investment. If you do not provide your personal information we may not be able to provide you with these services. ACP is subject to the NAB Group s privacy policy which is available by contacting Client Services or visiting our website at We may disclose your personal information within the NAB Group and to others. More information about how we collect, use, share and handle your personal information is in our privacy policy, including how you may access or correct your information, the countries we may send your information to and how you may make a complaint about a privacy issue A antares

7 Product Disclosure Statement Antares High Growth Shares Fund Preparation date: 31 January 2014 ARSN Issued by: The Responsible Entity, Antares Capital Partners Ltd ABN , AFSL A National Australia Bank Company

8 Important notices This Product Disclosure Statement (PDS) is available from or you can request a copy free of charge by calling us on or by contacting your investor directed portfolio service, master trust or wrap operator (collectively referred to as an IDPS in this PDS). The content in this document may change from time to time. All amounts in this document are in Australian dollars unless stated otherwise. The information in this PDS is general information and does not take account of your personal financial situation and needs. You should consider this information before making a decision about the Fund and obtain financial advice tailored to your circumstances. Antares Capital Partners Ltd, the Responsible Entity of the Fund, is a fully owned subsidiary within the National Australia Bank Limited (NAB) Group of companies. No company in the NAB Group of companies, nor any other party, guarantees the capital value, payment of income or performance of the Fund. An investment in the Fund does not represent a deposit with or liability of the NAB Group and is subject to investment risk, including possible delays in repayment and loss of income and principal invested. The Antares High Growth Shares Fund has three classes of units: Retail Class, Wholesale Class and Professional Selection Class. All references to the Fund in this PDS only refer to the Professional Selection Class which is available to direct investors or via IDPS. 2 Antares

9 Contents 1. Fund at a glance 4 2. Important information about the Fund 5 3. Responsible parties and relationships 6 4. About the Antares High Growth Shares Fund 8 5. Investment risks Fees and other costs How the Fund operates General information for direct investors Contact details for direct investors 19

10 1. Fund at a glance Fund Name Responsible Entity Investment Manager Custodian Prime Broker Administrator Investment Objective Investment Strategy Asset Classes Antares High Growth Shares Fund Professional Selection Class ( Fund ) Antares Capital Partners Ltd ( ACP, we, our or us ) Antares Capital Partners Ltd ( Antares ) UBS Nominees Pty Limited ( Custodian ) UBS AG, Australia Branch ( Prime Broker ) National Australia Bank Limited ( Administrator ) To outperform the S&P/ASX 200 Accumulation Index ( Benchmark ) by 5% per annum (before fees) over a rolling five year period. To enhance returns through a range of investment strategies including long/short positions, active trading along with the use of exchange traded derivatives. Australian shares, cash equivalent instruments and exchange traded derivatives. Risks The relevant risks are outlined in section 5. Investors should expect a negative annual return approximately once every 4 years (on average). Leverage Indicative Asset Allocation Ranges Minimum Suggested Time Frame Fees and Other Costs Unit Pricing Frequency Minimum Investment Amounts Notice Periods Income Distribution The Fund may become leveraged through borrowing, the use of derivatives and short selling. The net exposure of the Fund cannot exceed 100% of the Net Asset Value ( NAV ) of the Fund. Australian shares (Long) % Australian shares (Short) 0 25% Cash and cash equivalents 0 10% Long term (5 years plus) Management costs (including GST net of Reduced Input Tax Credit) equal to: Management fee 1.05% p.a. of the NAV plus Performance fee 20% of the Fund s investment return* above the sum of the Benchmark and 5% * net of management fee. The current buy/sell spread is 0.15% of the amount that you transact. More information on the fees and other costs is located on pages 12 to 14. Daily The minimum initial investment (and the minimum balance) is $20,000. The minimum additional investment amount is $5,000. Application and withdrawal requests accepted by the Fund before 2 pm (Melbourne time) on any business day will receive that day s unit price. The income of the Fund will generally be calculated quarterly effective the last day of March, June, September and December each year. There may be periods in which no distributions are made or the Fund may make additional distributions. 4 Antares

11 2. Important Information about the Fund This PDS includes all the information we believe you should be aware of before investing in the Fund. There are some key points that you should carefully consider before you invest in the Fund. These key points are summarised below and reference is made to where you can find further details in this PDS. Valuation of Assets Periodic Reporting Investment Strategy Investment Manager Fund Structure Valuation, location and custody of assets Liquidity Leverage Derivatives Short Selling Withdrawals The Fund invests into Australian listed equities, cash equivalent instruments and exchange traded derivatives. These are exchange traded and market prices are usually readily available. The Fund provides investors with monthly performance, annual reports and ongoing disclosure of certain key information about the Fund. The Fund is an actively managed portfolio of Australian listed shares investing in both long and short positions, using active trading, along with the use of exchanged-traded derivatives to enhance return for investors. Antares has been appointed as the investment manager of the Fund. Antares is a business unit within the Responsible Entity. As at the date of this PDS, the Fund s key investment decision-makers are Richard Dixon and Richard Colquhoun. The Fund is a registered managed investment scheme. The key service providers are identified in section 3. All of the key service providers are located in Australia. Where the service providers are members of the NAB Group, all transactions are conducted on an arm s length basis and are subject to NAB s Conflicts of Interest Standard. A diagram which shows the flow of money invested in the Fund is in Section 3. The Fund s unit price is calculated by NAB in accordance with NAB s Asset Valuation Policy on a daily basis based on the value of the Fund s assets. We have appointed UBS Nominees Pty Limited as the Custodian of the Fund and UBS AG, Australia Branch as the Prime Broker of the Fund. We reasonably expect to be able to realise at least 80% of the Fund s assets within 10 business days, at the value ascribed to those assets in calculating the Fund s latest NAV. The Fund may become leveraged through borrowing, the use of derivatives and short selling. The net exposure of the Fund cannot exceed 100% of the NAV of the Fund. However, the gross exposure limit is 150% of the NAV of the Fund. The Fund only deals in exchange traded derivatives listed with the ASX. They are mostly used as an alternative to buying or selling assets directly. These can be used for the purpose of generating or indirectly enhancing returns, risk management or portfolio management. The Fund engages in short selling as part of its investment strategy. The aim of short selling is generally to sell a security with the expectation of buying it back, at a later time, at a lower price and therefore enhance the return for the Fund. The Fund can hold short positions in shares totalling up to 25% of the Fund s NAV. The Fund processes withdrawals on a daily basis. Withdrawal requests will be actioned by us promptly and the Fund generally seeks to make payments within 10 days. However payment cannot be made until sufficient cash is available and this may require the sale of assets. In certain circumstances, such as when there are adverse market conditions, we may suspend withdrawals. Units and unit prices on page 15. Keeping you informed on page 19. The Fund s investment strategy on pages 8 to 9. Changes to the Fund on page 15. Investment manager on page 9 Responsible parties and relationships on pages 6 to 7. Fund structure on page 7. Investment risks on pages 10 to 11. Fund at a glance on page 4. Units and unit prices on page 15. The Prime Broker and Custodian and Administrator on pages 6 to 7. Liquidity on page 10. Investment risks on pages 10 to 11. Leverage on page 10. Investment risks on pages 10 to 11. Derivatives on page 9. Investment risks on pages 10 to 11. Short selling on page 8. Investment risks on pages 10 to 11. How the Fund operates on pages 14 to 16. Antares high growth shares fund PDS 5

12 3. Responsible parties and relationships Responsible Entity, Issuer and Investment Manager Antares Capital Partners Ltd is the Responsible Entity and the issuer of units in the Fund. References to Antares Capital Partners in its capacity as Responsible Entity are referred to in this PDS as ACP, we, our or us. A business unit within ACP is the investment manager and in that capacity is responsible for making investment decisions in relation to the Fund and implementing the Fund s investment strategy. References to Antares Capital Partners Ltd in its capacity as investment manager are referred to in this PDS as Antares. ACP have both fiduciary obligations and obligations under the Fund s Constitution to the Fund s unitholders. These include, managing all aspects of the Fund including the appointment and ongoing monitoring of Antares. We are also responsible for ensuring that the Fund is operated in accordance with the Constitution and the Corporations Act. Apart from the unit registry maintained in-house, we outsource a number of administrative tasks associated with the operation of the Fund. These arrangements, agreed in writing between the relevant parties, set out the terms and conditions on which services will be provided. We regularly monitor the provision of services by all relevant parties, through these service level agreements, to ensure ongoing compliance with the terms and conditions. The Fund is part of a suite of products known as the Antares Professional Selection Investment Funds. For each of these products, Antares uses its expertise to actively manage a range of Australian equity portfolios including core, concentrated, small companies and listed property with the aim of delivering superior investment performance. For further information on the other Antares Professional Selection Investment Funds, please refer to our website The Prime Broker and Custodian The Fund has appointed UBS AG, Australia Branch as the Prime Broker and UBS Nominees Pty Limited as Custodian for the Fund. Both are members of the UBS Group of companies. The appointments were made pursuant to the prime brokerage customer documents (the Customer Documents ) entered into between ACP and the Prime Broker (for itself and as agent for certain other members of the UBS Group of companies (the UBS Companies )) and the Custodian. These services may include the provision to the Fund of margin financing, clearing, settlement and stock borrowing. The Fund may also utilise the Prime Broker and other members of the UBS Group of companies for the purposes of executing transactions for the Fund. Certain assets of the Fund ( Assets ) will be held by the Custodian in an account together with assets deposited by it on behalf of other customers of the Custodian or the Prime Broker. Such Assets will not be mixed with the property of the Custodian or the Prime Broker and should not be available to their third party creditors in the event of insolvency. However, the Assets of the Fund held by the Custodian in this account are subject to a charge to secure the Fund s obligations to the Prime Broker. The Fund s obligation to the Prime Broker in respect of any of the Fund s transactions will be secured by cash which the Fund transfers to the Prime Broker. The Prime Broker is entitled to lend or otherwise use such cash for their own purposes, subject to an obligation to return the equivalent cash to the Fund. Such cash is not segregated from the Prime Broker s own property and may be available to third party creditors of the Prime Broker in the event of the insolvency of the Prime Broker. Where the Fund intends to short-sell securities it is anticipated that the securities will be borrowed from or by the Prime Broker under the Customer Documents. Under the terms of the Customer Documents, the Fund may seek to borrow the securities with a borrowing request. If the Prime Broker accepts the Fund s borrowing request, the Prime Broker will deliver the securities borrowed to the Fund or as the Fund directs. The Fund will have an obligation to redeliver the securities borrowed or equivalent securities on an agreed date. The Prime Broker may also call for redelivery at any time by giving notice on any business day of not less than the standard settlement time for such equivalent securities. The Fund must provide collateral to secure its obligations under the relevant Customer Documents. The amount of collateral is the value of the securities borrowed plus a margin. In the event that the value of the securities borrowed plus a margin exceeds the collateral provided, further collateral will need to be delivered so that the collateral equals the value of securities borrowed plus the margin. UBS also holds Assets that are not required by UBS for collateral in an unencumbered custody account. The securities in this account are not eligible for use by UBS, and such securities are segregated from any securities that UBS has a lien or charge over. The purpose of the establishment of the unencumbered custody account is to assist a third party insolvency official in the event that the Prime Broker and/or Custodian were to become insolvent and, therefore, to facilitate a more efficient return of the Assets. UBS Nominees Pty Limited will provide custody services for the Assets (but not for cash which UBS may hold from time to time). These include documents of title or certificates evidencing title to investments, which are held on the Prime Broker s books as part of its brokerage function in accordance with the terms of the Customer Documents. The Custodian may appoint sub-custodians, including a member of the UBS Group. The fee to the Custodian is paid from the management costs, and the stock borrowing fee to the Prime Broker is paid out of the Fund s Assets, which is an additional cost to the management costs. For further details on these fees, please refer to pages 12 to Antares

13 The Prime Broker has no decision making discretion relating to the investment of the Assets and makes no representation in respect of the Fund or the investment of the Assets. The Fund may remove UBS AG, Australia Branch as the Prime Broker and UBS Nominees Pty Limited as the Custodian and appoint another prime broker and custodian in their respective place at any time without notice to investors. Neither the Prime Broker, the Custodian nor any UBS Company will be liable for any loss to the Fund resulting from any act or omission in relation to the services provided under the terms of the Customer Documents, unless such loss results directly from their gross negligence, wilful default, breach of contract or fraud. The Prime Broker and the Custodian are providers to the Fund and are not responsible for the preparation of this PDS or the activities of the Fund and therefore accept no responsibility for any information contained in this document. Neither the Prime Broker nor the Custodian will participate in the investment decision-making process for the Fund. The Administrator ACP has appointed National Australia Bank Limited (NAB) as the Administrator of the Fund. NAB s role as Administrator is limited to performing certain administrative and accounting services for the Fund as agent of ACP. Such services include calculating the valuation of the Fund s assets and maintaining financial books and records to give ACP a complete record of all transactions carried out on behalf of the Fund. NAB has no supervisory role in relation to the operation of the Fund and is not responsible for protecting the interest of unitholders. NAB has no liability or responsibility to investors for any act done or omission made in accordance with the terms of the relevant administrative agreement. Neither NAB, nor any other member of the NAB Group, guarantees the performance of the investment or the underlying assets of the Fund, or provides a guarantee or assurance in respect of the obligations of ACP or its related entities. NAB makes no statement in this PDS and has not authorised or caused the issue of it. NAB has given and not withdrawn its consent to be named in this PDS. ACP may replace NAB as the Administrator of the Fund at any time without notice to investors by providing not less than 120 days notice to NAB. The Auditor As at the date of this PDS, Ernst & Young is the auditor of the Fund. This may change without prior notice to investors. Fees paid to the NAB Group Companies ACP uses the services of NAB Group companies where it makes good business sense to do so and will benefit its investors. The Responsible Entity, Investment Manager and Administrator are all part of the NAB Group of Companies. All appointments have been made under written agreements and in accordance with the requirements of the Group Conflicts of Interest Standard. Amounts paid for these services are always negotiated on an arm s length basis and are included in the Fees and other costs section detailed on pages 12 to 14 of this PDS. Fund Structure Investor Antares Capital Partners Ltd (Responsible Entity, Issuer and Investment Manager) UBS Nominees Pty Limited and UBS AG, Australia Branch (Custodian, Prime Broker) Investment Portfolio Cash flow Indicates cash flow movements between the Custodian and Prime Broker Antares high growth shares fund PDS 7

14 4. About the Antares High Growth Shares Fund About the Fund The Fund operates like most other managed investment schemes. Your money is pooled together with other investors money to buy investments which are managed on behalf of all investors. When you invest, you gain exposure to investments that you may not ordinarily have access to, if you invest on your own. The Fund is governed by its Constitution and is registered with the Australian Securities and Investment Commission (ASIC). ASIC takes no responsibility for this PDS or the operation of the Fund by ACP. Investing in the Fund offers investors a range of benefits including the following: access to a professionally managed portfolio of Australian shares; potential for long-term capital growth and income by expanding investment opportunities with the use of long/short positions; access to Antares investment expertise and stock selection capabilities; and access to a regular savings plan. The Fund s Investment Strategy The Fund will invest primarily in Australian listed equities and cash equivalent instruments, with exchange traded derivatives used for efficient portfolio management, to hedge market risks and to enhance returns. The Fund s objective is to outperform the Benchmark over the long term by utilising these underlying strategies: short selling, enhanced long positions, active trading, along with the use of exchange traded derivatives. The success of the Fund s strategies will depend on the stock selection, asset allocation, market conditions and may be influenced by specific risk factors as set out below and in Section 5 of this PDS. Short selling Short selling involves borrowing a security from the Prime Broker and selling it with the intention of buying it back at a later date at a lower price. Antares may short sell to: generate returns in declining securities/markets; provide a hedge to a long security or market exposure; and increase profit potential using leverage. Being able to short sell means that the Fund s total (gross) exposure to the Australian sharemarket may exceed 100% of the NAV. This means the impact of our investment decisions along with the potential for profit or loss is greater than traditional long-only funds. Risks associated with short selling can include: if the price of the shorted share increases, then the Fund must pay a greater amount to buy back the share and the potential loss could be significant; the lender of the relevant security (in the case of individual shares) may request its return which may result in Antares having to sell at a loss and before the planned timeframe; and If the Prime Broker is declared insolvent before the stock borrowed by the Fund is repaid, the Fund may be unable to recover the equivalent collateral posted with the Prime Broker. This may result in a loss to the Fund, and in turn to investors. Antares aims to manage short position risk by having strict controls and risk management processes in place as outlined in the examples below. The Fund is restricted to holding no more than 25% of the Fund s NAV in short positions. This means for example that for every $100 invested by investors, the Fund can hold no more than $25 in total short positions. The purchase of additional shares using proceeds from short selling is limited to a further 25% of the Fund s NAV. This means the total (gross) exposure to the Australian sharemarket is limited to 150% of the Fund s NAV. Enhanced long positions Enhanced long positions refer to shares in which the Fund holds the largest overweight positions when compared to their Benchmark weighting. Antares seeks to amplify the Fund s return relative to its Benchmark by further overweighting those shares which they believe to be undervalued. The ability to short sell creates capacity to enhance selected long positions without having the net exposure exceed 100% of the NAV. Risks associated with enhanced long positions can include: a larger loss if the Australian sharemarket declines rapidly; and if the company becomes bankrupt, shareholders may lose all of their investment. Antares aims to manage enhanced long position risk by having internal guidelines for maximum active position restrictions for each share relative to their Benchmark weighting. Active trading The Fund employs a range of other strategies which incorporate elements of short selling and enhanced long positions. These include active trading, pairs trading and other opportunistic trading to benefit from short term opportunities. Active trading refers to trading in shares where the Fund has held a range of different positions over a relatively short period of time, with a view to fully exploiting all available opportunities to add value as market circumstances change. It may also involve simply managing an overweight or other position held - adding to or reducing the position to benefit from smaller movements in the share price. 8 Antares

15 Pairs trading is undertaken with a view to favouring one share in an industry or sector over another, without affecting the Fund s overall exposure to that sector. For example: an overweight position in Share A balanced by a corresponding short position in Share B which is in the same sector or has similar characteristics. The risks and risk management process associated with active trading are similar to those outlined under short selling and enhanced long positions. Derivatives Derivatives are contracts that have a value derived from one or more underlying assets. The Fund only deals in exchange traded derivatives with the ASX, typically Share Price Index (SPI) contracts. Antares can invest in derivatives to: manage the Fund in a more efficient manner; reduce risk; reduce transaction costs; take advantage of opportunities to increase returns; increase market exposure; and reduce market exposure (ie shorting). Risks associated with derivatives can include the following: the value of the derivative declines to zero; the value of the derivative does not move in line with the underlying asset; and the derivative position may be difficult or costly to reverse. Derivatives are not considered in isolation. Rather, derivatives are dealt with as part of the investment process as a whole and the investment strategy associated with the Fund. In particular, the controls in place over the use of derivatives ensure that: no uncovered derivatives positions are held within the Fund; the Fund s maximum total market exposure of derivative positions, as a proportion of total Fund value, is not exceeded; and the use of derivatives within the Fund is conducted in accordance with our Derivatives policy. Our Derivatives policy, which outlines how we manage derivatives, is available on request. Efficient portfolio management Investments in derivatives enable the Fund to be managed in a more efficient manner, particularly in relation to the management of cash levels. With a large cash inflow, a common strategy is to acquire SPI contracts to obtain equity exposure to ensure that the Fund is not overweight in cash. This also minimises the issue of market impact. Over the following trading days, Antares can reverse the long SPI contract position and use the cash to buy physical shares as opportunities arise. For large redemptions, the Fund could unwind current long SPI contract positions, thus releasing cash. This allows the Fund to avoid causing market impact which could negatively affect the Fund s performance. Over the subsequent trading days, Antares could reinstate the SPI contract position while selling down physical shares as the best selling opportunities arise. Reducing asset risk Another key reason for investing in derivatives is to reduce the risk of the asset class in which the Fund invests declining in value. This is achieved by using derivatives to decrease the Fund s exposure to the underlying asset class thereby acting as a hedge against any decline in value. For example, in falling markets the Fund is likely to sell down derivatives such as SPI contracts to decrease its exposure to the Australian sharemarket. Indirectly enhancing income The Fund may use derivatives to magnify returns by taking short SPI contract positions to generate cash in the Fund. The proceeds from selling the SPI contracts are used to purchase long physical positions with the expectation that these long physical positions will generate enhanced income returns for the Fund. The Fund can also take short physical positions to achieve the same result as taking short SPI contract positions. This can also be used as a part of an income enhancing strategy for the Fund. Investment Manager Antares is responsible for the following: Company research and stock selection; Risk monitoring; Cash flow management; and Performance monitoring and reporting. While Antares has responsibility for all of the above functions, it may outsource the execution of some of them to other parts of the NAB Group or to external parties. Any internal outsourcing will be conducted on an arm s length basis. As at the date of this PDS, the key Antares individuals involved in the investment decisions are Richard Dixon, the portfolio manager of the Fund and Richard Colquhoun, the deputy portfolio manager. Richard Dixon dedicates a significant amount of his time to the implementation of the Fund s investment strategy. Richard joined Antares in 2000 and commenced managing the Fund in He also has research responsibilities within the Antares team. Richard Dixon has over 19 years of industry experience. Prior to joining Antares, he was an Equities Dealer for AMP Asset Management and Performance Analyst and Equities Dealer for Prudential Fund Managers. He holds a Bachelor of Economics from Macquarie University and is a Fellow of the Financial Services Institute of Australiasia (FINSIA). Richard Colquhoun is the deputy portfolio manager of the Fund and has over 20 years of industry experience. He is also the deputy portfolio manager for the Antares Listed Property Fund and the portfolio manager for a number of external mandates along with researching responsibilities. He spends the majority of his time on the management of the Fund. Prior to joining Antares in 2007, Richard Colquhoun was an Investment Analyst at Argo Investments in Sydney. He also held research and advisory roles with McIntosh Securities and Deutsche Bank. He holds a Bachelor of Commerce from Newcastle University and is also a Fellow of FINSIA. There have been no adverse findings by regulators against any staff involved in the investment decisions of the Fund. Antares high growth shares fund PDS 9

16 Leverage The Fund may become leveraged through borrowing, the use of derivatives and short selling. Although the net exposure of the Fund cannot exceed 100% of the NAV of the Fund, the maximum gross exposure of the Fund, taking account of long and short positions, is 150% of the NAV. This means that assuming the Fund reaches its maximum gross exposure of 150% of NAV, then: a 1% increase in the return on assets of the Fund will result in a 1.5% increase in return to investors; and a 1% decrease in the return on assets of the Fund will result in a 1.5% decrease in returns to investors. The Fund may borrow money, via an overdraft facility from the Prime Broker to increase its long exposure, if the value of long positions above 100% of the NAV is greater than the value of short positions. For example, if the Fund s long position is 120% of NAV and short position is 10% of NAV, the additional long position of 10% of NAV will be funded by borrowed money. Antares would then use exchange traded derivatives such as SPI futures to reduce the net exposure from 110% back to 100% of NAV. The maximum borrowing amount is 25% of the NAV. However, borrowing to this level is unlikely based on expectation that the Fund will typically hold short positions. Liquidity We reasonably expect to be able to realise at least 80% of the Fund s assets within 10 business days, at the value ascribed to those assets in calculating the Fund s latest NAV. The Fund s investment universe consists of listed shares, cash equivalent instruments and exchange traded derivatives, which are considered to be readily traded and in high volumes and as such liquidity risk is deemed low. Our approach to managing risk Techniques used by Antares with the aim of managing risks include: establishing investment guidelines for the Fund which are consistent with its investment objective and stated risk characteristics; having processes in place aimed at ensuring the Fund complies with their investment guidelines and other parameters at all times; undertaking research on companies and securities with a view to understanding their risk characteristics; and backing derivatives with cash, cash-equivalents or securities. Labour Standards, Environmental, Social and Ethical Considerations Antares does not take into account labour standards or ethical considerations when selecting, retaining or realising the investments of the Fund. Antares incorporates environmental, social and corporate governance considerations into its investment analysis processes, as these matters have the potential to impact the factors upon which investment decisions are based (being predominantly economic factors). However, Antares has no predetermined view as to what environmental, social or corporate governance considerations will be taken into account or the extent to which they will be taken into account when making investment decisions. 5. Investment risks Antares has a comprehensive risk management framework in place to monitor and manage risk. However all investments carry risk and there are a number of significant risks that you should be aware of when considering an investment in the Fund. The value of an investment with a higher level of risk will tend to rise and fall more often and by greater amounts. In other words it will be more volatile, than those with less risk. The level of risk you are willing to accept will depend on a range of factors including: your investment goals; your age; your investment time frame; where other parts of your wealth are invested; and your overall risk tolerance. Below outlines the significant risks of investing in the Fund. Please be aware that while this is not an exhaustive list, it sets out all the risks we believe are significant for the Fund at the date of the PDS. If we determine at a later date that there are additional significant risks, these will be disclosed on our website. Market risk Financial markets are impacted by general economic conditions. Market risk is the risk that conditions change and affect the price of securities held by the Fund as well as their volatility. This could be caused by many factors including recessions, political conditions, natural disasters and change in interest rates. Derivative risk Risks particular to derivatives include the risk that the value of a derivative may not move in line with the underlying asset, the counterparties to the derivative may not be able to meet payment obligations and the risk that a particular derivative may be difficult or costly to trade. The use of derivatives can incur significant losses. For further details on this risk, please refer to page 9. Short selling risk Short selling involves borrowing a security and selling it with the intention of buying it back at a lower price. However, if the price of the asset increases, then the loss could be significant. There is also the risk that the lender of the security (in the case of individual shares) may request its return which may result in the possibility of Antares having to liquidate at a loss and not at a time of Antares choosing. For further details on this risk, please refer to page 8. Leveraging risk Leverage may involve the use of borrowed money or derivatives to increase the investment amount. Gearing or leverage magnifies investment returns and losses. Where investments are geared or leveraged, losses can exceed the original investment. For further details on this risk, please refer to the top of this page. 10 Antares

17 Counterparty risk Investment in financial securities and derivatives frequently involve third parties as counterparties. There is a risk that these parties may intentionally or unintentionally breach their obligations. This could include, but is not limited to, failing to make settlement payments or returning margin payments. We seek to mitigate these risks via various measures, including regularly reviewing the creditworthiness of our counterparties. Because we have a Prime Broker relationship, certain cash which the Prime Broker holds in respect of the Fund will not be segregated from the Prime Broker s own cash or the cash of any other customer of the Prime Broker. Further, this cash may be used by the Prime Broker in the course of its business. In addition, the Prime Broker may appropriate for its own account and deal with certain securities which it holds in respect of the Fund as collateral, and these securities will become the property of the Prime Broker. As a result, such assets will not be held on trust for the Fund, and the Fund will therefore rank as one of the Prime Broker s unsecured creditors if the Prime Broker were to become insolvent. For further details on this risk, please refer to pages 6 to 7. Regulatory risk Changes in law, including taxation law, may impact the value of investments as well as impact the ability of Antares to pursue their intended investment strategy. Laws of overseas jurisdictions can indirectly impact the Fund. Fund risk Fund risk includes the risk of the Fund terminating or increasing its fees or expenses up to the maximum permitted under the Constitution. Investing through the Fund may also give you different results than investing directly because of the impact of fees. In addition, there is the risk of taxation implications resulting from the buying and selling of investments as a consequence of other investors investing in, or redeeming from the Fund. For example, where there are large redemptions or redemption requests by other investors in the Fund, the Fund may be required to sell some of its investments to meet these requests, resulting in crystallising large realised gains earlier than expected. Liquidity risk Liquidity risk is the risk that an investment may not be able to be sold or a derivative position unwound at a reasonable price within a reasonable timeframe. This can impact the ability of the Fund to meet redemption requests. Liquidity of securities may be impacted by trading volumes in the market, position sizes and regulatory issues. For further details on this risk, please refer to page 10. Risk of underperformance Antares aims to generate higher returns than the Benchmark. To achieve this, Antares constructs a portfolio of securities that is different from the Benchmark. This introduces the risk that the Fund s investments may underperform the Benchmark, even though the investment processes and risk management techniques aim to reduce the likelihood and extent of any underperformance. There is also the risk that the costs of actively managing the Fund may lead to underperformance after these costs are taken into account. Credit risk Credit risk is the risk that an issuer of a financial instrument (e.g. loan) is unable or unwilling to repay their debts. The risk of an issuer defaulting on their payments increases with declining quality of credit markets (e.g. credit risk is higher for high yield securities than investment grade). Interest rate risk Changes in interest rates can negatively impact the value of certain investments. This may be caused by Reserve Bank policies, inflation or economic activity. None of the NAB Group companies, including ACP, Antares nor any other party guarantees the capital value, payment of income or performance of the Fund. Your investment does not represent a deposit with or liability of any of the NAB Group companies. Antares high growth shares fund PDS 11

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