FIDUCIAN AUSTRALIAN SMALLER COMPANY SHARES FUND

The Fiducian Australian Smaller Company Shares Fund invests in a diversified group of specialist Australian smaller company fund managers. Investments are in smaller companies listed on the Australian Stock Exchange, which are generally defined to be companies other than those in the top 100 companies by market capitalisation. Smaller companies can more readily offer diversification across a number of industries than the large company sector. They also tend to perform differently at different stages of the business cycle than larger companies. Smaller companies are often more flexible with less bureaucratic management. This may allow them to respond to market opportunities more quickly and to deliver higher growth than larger company shares over the longer term. However, smaller company shares tend to be more volatile in their performance and may also be difficult to buy and sell from time to time.

Fund Commencement
November 1997.

Benchmark and Objective
For the Fiducian Australian Smaller Company Shares Fund, the relevant market index is the S&P/ASX Small Ordinaries Accumulation Index. The objective is to exceed the benchmark (after fees) over rolling 3-year periods.

Asset Allocation