The objectives are twofold: to provide unitholders with long-term capital growth and to outperform the MSCI World (ex Australia) Index (net dividends reinvested), in Australian dollar terms, after costs over rolling five-year periods.

Investment Strategy:

The investment strategy for the option is to buy shares in companies whose share price appears undervalued relative to long-term earnings potential. Bernstein manages the option’s global equities using a research driven active value style. The focus is on individual stock merit as the basis of selection, with country, sector and currency considered as byproducts of the selection process. Bernstein’s fundamental company analysts are organised by industry sector and conduct interviews with company managers, suppliers and competitors around the world. This gives them a clear understanding of the issues driving each company’s earnings power. The option usually holds a diversified portfolio of stocks, in companies with a market capitalisation generally in excess of US$750 million. These stocks will typically have a low share price in relation to their long-term earnings power. Theoption’s investments in foreign markets will generally be exposed to the relevant foreign currencies. When circumstances warrant, the portfolio managers may use currency hedging strategies to reduce exchange rate risk.

Margin Lenders:

Margin Lender	LVR	Website
Bank of Queensland Margin Lending	70%	BoQ
BT Margin Lending	75%	BT
Colonial Margin Lending	70%	Coln
Commonwealth Securities	70%	CSec
Macquarie Margin Loan	70%	Macq
St. George Margin Lending	70%	StG
Suncorp Margin Lending	70%	SunC

Note: Investment Objective and Investment Strategy details are copied from Fund Manager PDS or profile documents.

Performance data assumptions

Performance is calculated on an initial investment of $10,000 using entry price, with distributions reinvested using actual unit price. No tax or contribution fees have been deducted from the results. If your own investment was subject to contribution fees or if you did not reinvest distributions, your returns may be less than that shown. Your after-tax returns will also be less. Data is sourced directly from fund managers, but we offer no warranty as to the accuracy of the data, we suggest you verify the data from other sources before acting on the information on this site.

These charts show historical performance only and give no indication of future performance. This information is general in nature and does not take into account your personal circumstances, goals or investment objectives. You should assess whether the information is appropriate for you and consider talking to a financial adviser before making any investment decisions.