The portfolio is diversified, typically consisting of 50 to 80 stocks. Given the company invests in small- to mid-cap stocks, the portfolio encompasses a greater level of risk than portfolios comprising larger-cap stocks, due to the reliance of smaller companies on single markets, products or key personnel and the reduced liquidity of these stocks.

MLT focuses on large cap stocks and on those stocks that provide attractive dividends. As such, the portfolio tends to be overweight banks and underweight resource stocks. The portfolio is concentrated with the top 20 stocks accounting for 72% of the portfolio. The portfolio currently has a significant overweight position in WBC at 13.2%.

WAA invests predominantly in ASX-listed securities. Given the objective of the company, the manager has the ability to short sell securities. The manager uses a ‘Market Driven’ approach to investing, in which it aims to take advantage of short-term relative arbitrage and mispricing in the market.

WAX aims to maintain a portfolio of between 30 and 50 securities. The manager focuses on small-to-mid cap stocks with most investments outside the top 100. Given the company focuses on industrial stocks, the portfolio has very little, if any, exposure to the resource sector.

WIC has a concentrated portfolio, with the intent being to hold 10 to 25 stocks, of which the top ten stocks account for over 50% of the portfolio. The manager takes high conviction positions in stocks, with the two largest holdings being 10.1% in AHE and 9.4% in IIN.