Plus: Third Link charity partner CEO honoured No images? Click here Dear investor I am pleased to share that the Third Link Growth Fund (Fund) has again retained its "Recommended" rating from leading research house Zenith Investment Partners (Zenith)ˆ. Zenith's investment rating process involves monitoring a global fund universe, gathering relevant data, and meeting with fund managers over 750 times a year to identify high-conviction, high-quality investment products. The "Recommended" rating is a reflection of Zenith’s belief that the Fund has a high probability of meeting its stated investment objectives. More details on the "Recommended" rating can be found on our website. Third Link Growth Fund achieved a return after fees for the twelve months to 30 June 2024 of +9.7%. Although this return did not exceed the S&P/ASX 300 Accumulation Index benchmark (which covers the performance of the largest 300 shares listed on the Australian market), it was nevertheless a very pleasing result for our investors. As mentioned previously, Third Link Growth Fund tends to have a bias to smaller/mid-sized listed companies, which, over the long term, tend to do better than large listed companies, but have lagged over the last few years. We are also very pleased to see the Fund has returned +10.0% per annum in the more than 12 years it has been operating as an Australian equities fund. One of the boards I am a director of is the ASX-listed Staude Capital Global Value Fund Limited (ASX ticker: GVF). With their permission, you can read here what I regard as an excellent analysis of the macro environment of the last 12 months. In this quarter's newsletter, we visit charity partner Dismantle and their innovative approach to supporting at-risk young people transforming lives and futures along the way. We also offer our congratulations to Dismantle’s CEO Pat Ryan for being awarded the Order of Australia Medal (OAM) in the King’s Birthday Honours for his exceptional service to the community through social welfare organisations. Over the coming months you may see more of Third Link in your newsfeed as we consciously work to grow the size of the Fund. Every additional dollar in the Fund allows us to give more money to charity, a gentle reminder to investors (and your colleagues and friends) that the Fund is open to new or additional investments. We are pleased that over the long term, the Fund has outperformed its benchmark after fees, generating strong financial and social returns for our investors. Portfolio updateThe objective of Third Link Growth Fund (“the Fund”) is to provide a well-managed investment in Australian listed shares. To achieve this, the Fund extensively invests with professional third party investment managers. The Fund paid an income distribution of $0.1336 per unit for the six months ending 30 June 2024. A description of each of the fund managers we invest with can be found on our website. Each of these managers rebates their management fees and performance fees, effectively meaning they are managing the assets of the Fund for free. It is through this extraordinary generosity, together with that of other service providers, that Third Link is able to make sizeable donations to the charitable sector without diluting the returns to investors from the Fund. Fund performanceThe aim of the Fund is to outperform, after fees and over rolling five year periods, the S&P/ASX 300 Accumulation Index¹. As at the end of June 2024 the Fund performance relative to the Fund benchmark was as below: Figures greater than one year are expressed as annual compound returns. No allowance is made for tax. The benefits of franking credits from dividends received have not been included. ¹ The S&P/ASX 300 Accumulation Index covers the largest 300 shares listed on the Australian market. Being an accumulation index, it measures changes in both the value and income of the shares. ² The Fund was registered on 12 March 2008, commenced operations on 18 April 2008, and commenced investing on 1 June 2008 as a multi-sector growth fund. In February 2012 the Fund's investment strategy changed from multi-sector growth to Australian equities. Third Link charity partner CEO awarded OAMPat Ryan, the CEO of Third Link charity partner Dismantle, has been awarded the Order of Australia Medal (OAM) in this year’s King’s Birthday Honours for his exceptional service to the community through social welfare organisations. Through his leadership at the award-winning charity Dismantle and his advocacy in the social enterprise sector, Pat has made a profound impact on thousands of vulnerable young lives across the state of WA. "Receiving the Order of Australia Medal is a humbling acknowledgment of our collective efforts to support vulnerable youth. This honour belongs to every volunteer, staff member, and supporter who has tirelessly contributed to our cause. I’m proud of the impact we’ve made to date, but there is still a long way to go before we can say that every young person is getting a fair go.” - Pat Ryan Dismantle's innovative approach to supporting at-risk young people through programs like BikeRescue and ReNew Property Maintenance has carved out a model of crucial early intervention and sustainable pathways to employment, transforming lives and futures along the way. Third Link has supported Dismantle since 2018. BikeRescue has worked with close to 2000 at-risk young people as of June this year, including rolling out a series of regional and remote programs in the mid-west of WA (Mullewa, Yalgoo, Mt Magnet and Leonora) targeting a cohort of Indigenous teens experiencing physical, mental, and/or emotional disadvantage and/or related psycho-social issues. All 40 young people involved with the programs kept their newly restored bikes, with the rest donated to the local community. In five short years, ReNew has turned a $100k start-up grant into a $2 million (annual turnover) enterprise, recently surpassing $1 million in wages paid to at-risk young people and creating over 100 jobs for WA’s disadvantaged young people. More than a financial milestone, these figures represent life-changing opportunities and financial independence for young people like Taylor. Taylor’s story “Taylor” (pictured above) began her journey with ReNew in early 2021 at the age of 22. Initially reserved and cautious, she encountered challenges in finding her voice among team leaders and fellow youth employees. However, over time, Taylor's transformation became increasingly apparent. Gradually, she overcame her social anxieties and embraced the opportunity to connect with her colleagues at ReNew and Dismantle, particularly when conversations revolved around her deep passion for horses and animals. Growing up surrounded by farms and horses, Taylor possessed a natural connection and knowledge for animals. Over the past three years, Taylor's journey has been remarkable, with staff from all areas of Dismantle commenting on her growth. Starting from tentative steps into HQ, she has evolved into a confident and empowered individual, almost unrecognisable from the shy young woman who first walked through Dismantle's doors. Fuelled by her passion and newfound confidence, Taylor approached an equine hospital in Perth’s outer metro, where they immediately noticed her fantastic work ethic and love for the horses, quickly moving from one day a week to almost full-time employment. A pivotal moment in her journey was when she confidently addressed the entire office to announce her new position - something that seemed unimaginable just a few years earlier. "Taylor's journey has been the most significant confidence transformation I've witnessed in my three years at ReNew. She has overcome significant personal hurdles along the way with maturity and compassion for the people around her. I couldn't be prouder of her and can’t wait to hear about her continued success in pursuing her passions." - Team Leader at ReNew Every young person who signs up for one of Dismantle’s programs has to overcome extreme personal, family and other challenges. Taylor has secured an exceptional opportunity and provided an example of what a journey will look like for new recruits starting out. For more information about BikeRescue or ReNew Property Maintenance, contact Dismantle. Important Information: This information has been issued by Third Link Investment Managers Pty Ltd (Third Link), ABN 31 128 965 702, AFSL 321611 as investment manager of the Third Link Growth Fund (Fund). This information provided is general information only. It does not constitute financial, tax or legal advice or an offer or solicitation to subscribe for units in the Fund. This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, you should consider the appropriateness of the information based on your own objectives, financial situation or needs or consult a professional adviser. There can be no assurance
that the Fund will achieve its targeted rate of return and no guarantee against loss resulting from an investment in the Fund. All investments carry risks. Past fund performance is not indicative of future performance. Fundhost Ltd ABN 69 092 517 087, AFSL No. 233045 is the Responsible Entity for the Fund. Applications can only be made on the application form dated 30 June 2022 accompanying the Fund Product Disclosure Statement (PDS) dated 30 June 2022. Potential investors should consider the PDS and the Additional Information to the PDS (AIB) before deciding whether to invest, or continue to invest in the Fund. The PDS and AIB can be obtained from www.thirdlink.com.au or by contacting
Third Link. The TMD can be found at fundhost.com.au/fund/the-third-link-growth-fund/ ˆ The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (TGP0014AU assigned June 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines |