Please click on the links below to download the Scheme Booklet, Meeting User Guides and Product Disclosure Statement:

Shareholders can vote in advance of the Scheme Meeting by completing and lodging their Proxy vote below:


Shareholders can vote in advance of the Annual General Meeting by completing and lodging their Proxy vote below: 


Please click the link below to connect to the Online Verification Platform:


If, after reading the Booklet you have any questions about the Scheme, please call the Shareholder Information Line on 1300 737 760 (in Australia) +61 2 9290 9600 (International) Monday to Friday between 9.00am and 5.00pm (Sydney time).



Company at a Glance

As at 31/01/2021

  • Fund size (mil)

  • Net Assets Per Share


    NTA After Tax & CTL

ALF Portfolio Return

The investment returns depicted in this graph are cumulative on A$100 invested in the portfolio of Australian Leaders Fund Ltd relative to the equivalent investment in the All Ordinaries Accumulation Index for the specified period. Investment returns are calculated using the Fund’s portfolio returns and are to be distinguished from the return on investment in the Company’s shares over the same period. They are net of fees but do not take account of the costs associated with running the company, nor any tax payments which are reflected in the Company’s NTA, published on this website and lodged with the ASX. The investment returns shown are historical and no warranty can be given for future performance. You should be aware that historical performance is not a reliable indicator of future performance. Due to the volatility of the underlying assets of the Fund and other risk factors associated with investing, investment returns can be negative (particularly in the short-term)

About the fund

As a listed investment company, ALF comprises a portfolio of publicly traded Australian shares. The fund looks to invest in companies with strong business fundamentals on attractive terms. By constructing a portfolio of these undervalued shares we hope to deliver superior returns to our shareholders over time.

Our investment process is similar to other funds with a primary goal of identifying mispriced securities. We look to buy good companies on occasions when they are undervalued by the market. However, ALF is different to a traditional fund in taking this process to the next logical step and selling (short) the shares of businesses that are fundamentally challenged, where these shares can be sold for more than they are worth. The proceeds raised from selling these shares are an additional source of funding for the company’s balance sheet. These funds are either retained in cash or re-invested into the investment portfolio of shares we expect to outperform.

This is a more active approach to portfolio construction and balance sheet management than a traditional fund. It allows shareholders to profit from mispricing in all segments of the market, not just from buying undervalued shares but from short selling expensive ones as well. It also provides greater flexibility in managing portfolio risk through the cycle as short positions are a natural hedge for the company’s assets if shares fall in value.

ALF has a long standing agreement with Watermark Funds Management Pty Ltd as external manager of the investment portfolio.

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Board of Directors

Justin Braitling


Justin has over 26 years experience in investing in Australian and international securities. Justin was an Investment Analyst and Portfolio Manager at Bankers Trust for 12 years from January 1991 to June 2002. Justin was a key member of the investment team at Bankers Trust that was consistently ranked in the top quartile of managers by InTech. Justin established Watermark in 2003 as an Absolute Return manager of Australian shares. Justin has been a Director of Australian Leaders Fund Ltd since October 2003 and became Chairman in February 2007.

Geoff Wilson

Non-executive Director

Geoffrey Wilson has over 30 years experience in the Australian and international securities industry. He holds a Bachelor of Science Degree and a Graduate Management Qualification. He is also a Fellow of the Institute of Company Directors and a Senior Fellow of the Financial Services Institute of Australasia

John Abernethy

Non-executive 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.

Julian Gosse

Non-executive Director

Julian Gosse has extensive experience in banking and broking both in Australia and overseas having worked in London for Rowe and Pitman, in the United States for Janney Montgomery and Scott and in Canada for Wood Gundy. He has been involved in the establishment, operation and ownership of several small businesses.