
The same six tests decide what enters either portfolio. What changes is how early in a business’s life we buy it, and how concentrated the result.
Figures as on 31 August 2026, net of fees and expenses.
A portfolio of emerging businesses, bought before the market agrees they are emerging.
The same six tests, applied earlier in a business’s life.
Identical across both strategies.
We are not paid for holding your money — only for growing it.
Shared on gains above the high water mark, and on nothing else.
Your portfolio has to beat its own previous peak before a fee applies again.
What the high water mark means. The profit share applies only to new profit. If the portfolio falls, we earn nothing on the recovery until it has passed the highest value on which a share was last taken — so you never pay twice for the same gain. Brokerage, custody, statutory charges and GST apply in addition and are set out in full in the Disclosure Document.