Australia / New Zealand | General Information Only
Australia / New Zealand | General Information Only
THE STRATEGY
That is the whole strategy in one line. Everything below is the discipline that makes it survivable, and all of it is published every trading day so you can watch it run before you decide anything.
01
Most active managers are looking for something that is cheap. We are looking for what is already working. A stock has to be leading its sector and the sector has to be leading the market, and when it stops doing either it comes out of the portfolio and something that has started doing it goes in. That is not a view about the economy. It is a rule about what we are prepared to hold, and it is the same rule whether you run it yourself in Premium or hand it over in Portfolios.
02
We take the names driving the market rather than the ones that look cheap against it. Nvidia through 2024 and Tesla through 2022 are the shape of it, and neither was cheap at the time. Cheap is not a catalyst, and a stock can stay cheap for a decade.
The chart and the fundamentals both have to support the name. A chart that looks right on a company with nothing behind it is a trade we skip, and so is a good business going nowhere. The catalyst is usually earnings growth, a genuine change in an industry, or a theme with real money moving into it.
The portfolio holds 15 to 30 names, so a new idea has to displace an existing one. That constraint does the work. It stops the book filling with positions nobody would buy again today, which is how most portfolios quietly decay.
Not every position outperforms and we do not need them to. The edge is in the size of the winners relative to the losers, which is why the exit rule matters more than the entry rule. Cut what stops working, let what is working run, and the average does the rest.
What leads a market changes, usually before the commentary catches up. The portfolio is repositioned as it does. This is not buy and hold and it is not trying to be, because holding something while it decays is a decision, and it is usually the wrong one.
03
Not an index fund
An index holds everything, whatever it is doing, for a fraction of our fee. If that is what you want, buy it. This is for the slice where you want decisions made.
Not buy and hold
Positions are rotated as leadership changes. A name that was right two years ago is not automatically right today, and we do not treat it as though it is.
Not a forecast
We are not predicting the economy, rates or the market. We are reading what is already leading and acting on it, which is a different job and a more checkable one.
04
Position sizes are set by rule rather than by conviction, and spread across sectors and industries. No single idea and no single sector can decide the year, because the diversification comes from the construction rather than from a judgement call about how good something looks.
Leadership does not wait for a rebalancing date. Names are assessed against the same test every trading day, and the portfolio is adjusted when the test says so.
When the conditions the strategy needs are not there, the portfolio can de-risk all the way to cash and you are told when that happens and why. That mechanism is what most trustees went looking for after 2022, and it is the part most managed products have no rule for.
05
$50,000 minimum. The fee is 3% a year on the equities portfolios and 1.5% a year on the Global ETF portfolio, with a discount above. Worked dollar examples are in the table above. Platform costs and brokerage are separate and disclosed.
Nothing is locked up. You can withdraw when you choose. The instruction path, how long it takes and any cost are set out in full on the evidence page, because you are asking about control and that deserves a written answer rather than a reassurance.
An ETF tracks an index and holds it whatever the market is doing, for a fraction of the fee. This is actively managed against a published method, including the decision to hold cash. If you want index exposure, buy the index. This is for the part of the portfolio where you want someone making decisions.
George Rolleston, and only George. Not a committee and not an algorithm you cannot inspect. The same decisions get published every trading day in Premium, which is how you can audit the process before you buy it.
The record through the periods that mattered, how the money is structured, the fees with worked examples, and what happens if you need to get out. One document, and you can keep it and show it to your accountant and your co-trustee. After that, if you want to talk to George, you ask. It is not a sales call and there is no deadline attached to it.
