No images? Click here Dear investor This issue of the newsletter includes an update on the Fund’s portfolio and its performance for the quarter ended 31 December 2020. I'm also delighted to share that the Fund donated nearly $528k to our portfolio charities last quarter, bringing our total donated since inception to $13.8m. In this issue, we speak with Frank Macindoe, one of Australia's leading financial advisers and a portfolio manager and responsible manager for the Third Link Growth Fund. The Fund has been investing with Frank since the very first day of its inception, so we asked him about his investment style and why he supports us. Thank you for investing with Third Link and allowing your fees to make a difference. Regards, 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. Changes to the portfolio, excluding movements in our cash investments, include paying an income distribution of 0.59 cents per unit for the period 1 July to 31 December 2020. In the quarter to 31 December, the Fund also made a full redemption of the investment in the Ethical Partners Australian Share Fund and made initial investments in the ECP Growth Companies Fund and 1851 Emerging Companies Fund. 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 December 2020 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 February 2012 reflects the date when the Fund's investment strategy changed from multi-sector growth to Australian equities. The longer-term performance of the Fund continues to be very pleasing. This has been achieved because of solid long-term investment results by the fund managers utilised by the Fund, validating their continuing inclusion. This result also continues to demonstrate that our active approach to adding value for investors over the long term is proving to be rewarding. Three questions for |