Company at a Glance

As at 30/09/2018

  • Fund size (mil)

    $78.1
  • Net Assets Per Share

    $1.08

    Pre-tax NTA

  • Equity Exposure

    4.6%

    Long minus short exposure as a % of capital

  • Option Code

    WGFO
  • Option Expiry

    16 November 2018
  • Gross Exposure

    195.7%

    Gross exposure is the combined value of the long and short portfolios expressed as a percentage of the Company's capital

About the Company

Watermark Global Leaders Fund Limited (Company) is an investment company investing predominantly in international listed securities. The Company’s Portfolio is managed by Watermark Funds Management Pty Limited. The Company provides investors with the opportunity to invest in an actively managed Portfolio and gain access to the investment experience and expertise of the Manager.

A market neutral strategy aims to benefit from exposure to mispriced shares in a hedged structure. Watermark will aim to use its skills and experience in identifying securities it believes are mispriced, constructing a long portfolio populated with strong, well-managed businesses, and a short portfolio populated with weak, poorly-managed business. The long and short portfolios will be of roughly equal size and composition, thereby ensuring that there is a natural hedge in the structure. The Company will make a profit whenever the long portfolio outperforms the short portfolio, irrespective of the direction and performance of the underlying global share market.

Market neutral strategies typically deliver returns that are uncorrelated to other asset classes. As such, the Company may provide Shareholders with important diversification benefits and an opportunity to reduce share market risk within a portfolio.

Watermark Funds Management has established a successful track record over 12 years in long/short investing. This long/short investment process has enabled the Watermark team to deliver attractive, risk adjusted returns to investors with a strong focus on preservation of capital. A market neutral strategy is not managed relative to an equity market index and will retain regional and sector exposures which are largely hedged at all times. In this way the Manager can build its coverage of global shares around areas of specialised skills and experience, rather than tackling the daunting challenge of establishing complete global coverage of all sectors and regions. Since incorporating global shares into its investment mandates in 2014, Watermark has successfully extended its research effort to cover sectors and industry groups with which it has deep understanding and experience.

Important Documents

ASX Announcements

Board of Directors

Philip Howard

Chairman, Independent Director

Philip Howard has over 28 years’ experience in the financial services industry covering funds management and general financial services.

He holds a Bachelor of Commerce from the University of Tasmania and is a member of the Institute of Chartered Accountants of Australia. He was a director and Company Secretary of Platinum Capital Limited and Platinum Asset Management Limited. Prior to those appointments, he was Platinum’s Chief Operating Officer for nearly 10 years. Prior to Platinum, he held senior roles in finance, operations and management with State Street Australia, Bankers Trust and Price Waterhouse Sydney.

John Abernethy

Independent Director

John Abernethy has over 30 years experience in funds management and corporate advisory. He holds a Bachelor of Commerce and Bachelor of Laws (BCom/LLB) from the University of New South Wales. He spent ten years at NRMA Investments as Head of Equities. In 1994 he joined Poynton Corporate Limited as an Executive Director before forming Clime Investment Management Limited in 1996.

Justin Braitling

Non-Independent Director

Justin is the founder and CIO of the Watermark Funds Management. He has portfolio managemen responsibility across all Watermark funds.

Justin has over 25 years’ experience in investing in Australian and international securities. He established the Watermark in 2003 as an absolute return investment manager. Prior to founding the Watermark, Justin was an Investment Analyst and Portfolio Manager at Bankers Trust for 12 years from January 1991 to June 2002. He was a key member of the investment team at Bankers Trust that was consistently ranked in the top quartile of managers by independent investment consultant InTech. Justin has been a director of Australian Leaders Fund Limited since October 2003 and became chairman in February 2007. Justin is also a director of Watermark Market Neutral Fund Limited.

Tim Bolger

Non-independent Director

Tim is responsible for all non-investment functions at Watermark, including operations, distribution marketing and compliance.

Tim joined Watermark in 2014. He brings extensive experience in the development, marketing and distribution of investment and insurance products throughout Australia and internationally.

Prior to joining Watermark, Tim was a Director of Distribution at Bennelong Funds Management.

Tim holds a Bachelor of Arts and a Diploma in Law.