Third Link seeks to harness the brightest and best fund managers it can find, based on Chris Cuffe’s own extensive knowledge of the industry and feedback from the advisers assisting him with the Third Link Growth Fund. When selecting fund managers, their method of managing money, experience, correlation issues and past performance under different conditions are key drivers in deciding which fund managers to use.

You should also note the following:

  • We are not obliged to use any particular investment managers and it is possible that we may change managers at any time.
  • The process of identifying suitable managers will always be continuous, particularly as new managers are formed or we uncover previously unknown managers.
  • Although we undertake continuous monitoring of the managers/funds that the Third Link Growth Fund invests in, in the absence of changes in key personnel, management methodology or our overall asset allocation, we are likely to remain invested with a particular manager/fund over the medium to long term.
  • The amount of money invested with each individual manager is not the same and will depend on many factors including the overall size of the Third Link Growth Fund, style of manager, similarity with other managers, liquidity issues, etc.
  • In addition to the managers/funds listed below, we may also from time to time be invested in listed invested companies.
  • Listed below are the fund managers and their particular unlisted managed investment funds that Third Link Growth Fund is invested in. The description about each fund manager has been obtained from the relevant fund managers and/or is publicly available from that fund manager’s website


Aberdeen Standard Investments

Aberdeen Standard Investments is a global asset manager with 38 offices across 25 countries and over 2,800 staff.* As a pure asset manager, without the distractions of other financial services activities, Aberdeen is able to focus all its resources on its core expertise – asset management. Aberdeen’s investment capabilities cover three main asset classes: equities, fixed income and property. In addition, it runs alternatives portfolios, multi-asset and quantitative strategies within its ‘solutions’ group.

Aberdeen’s equity investment managers are fundamental investors, aiming to identify the company characteristics that markets will reward over time. Equity teams employ intensive first-hand research, emphasising quality companies at the right price, with the aim of holding them for the long term. They only buy only what they know first-hand.

Third Link Growth Fund invests in the Aberdeen Australian Small Companies Fund, managed by Aberdeen’s Australian-based equity team. The Fund is a high conviction, actively-managed equity portfolio investing in mainly Australian (primarily outside of the S&P/ASX 100 Accumulation Index) and New Zealand listed companies that have the potential for capital growth and increased earning potential.

Bennelong Australian Equity Partners

Bennelong Australian Equity Partners (BAEP) is a boutique fund manager that invests in Australian listed equities. The business was founded in 2008 by Mark East in partnership with Bennelong Funds Management. It is now established as an award winning and highly rated fund manager. BAEP manages funds on behalf of retail and institutional clients, as well as on a pro bono basis for charitable organisations.

The BAEP team comprises of Mark East, who has led the BAEP team since 2008, Keith Hwang, a key team member since inception, and Julian Beaumont. Their expertise is further enhanced by the support of an experienced team of senior investment analysts.

BAEP’s investment style is best described as ‘core quality’. BAEP does not ascribe to investments based solely on traditional 'value' or 'growth' styles, which it believes can lead to adverse outcomes. 

Third Link Growth Fund invests with BAEP to access its Australian equity expertise via the Bennelong ex-20 Australian Equities Fund.

Colonial First State Global Asset Management

Colonial First State Global Asset Management (CFSGAM), known as First State Investments outside of Australia, is the investment management business of the Commonwealth Bank of Australia. CFSGAM is a global asset manager with established offices across Europe, the US, Middle East, and Asia Pacific regions. They are stewards of over $199.7 billion in assets (as at 30 June 2016) managed on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and their clients worldwide. CFSGAM offers investment capabilities across a range of asset classes and specialist investment sectors covering equities, fixed income, multi asset and direct infrastructure. Their approach to investment is driven by a commitment to provide the best possible outcomes over the long-term for investors. 

Third Link Growth Fund invests with Colonial to access its cash management expertise (via the Colonial First State Wholesale Premium Cash Enhanced Fund).

The Colonial First State Global Asset Management Short Term Investments team aims to provide wholesale investors with a regular income stream from investments in money market securities with a very low risk of capital loss. Based in Australia, the experienced team has a long track record of outperformance and provides access to attractive wholesale interest rates and duration management expertise.

Cooper Investors

Cooper Investors Pty Limited (“CI”) is a specialist equities fund manager, investing in both international and domestic equities, with funds under management of approximately A$11 billion. We commenced operations in 2001 and we manage money for a range of clients including large pension and superannuation funds, religious institutions, Australian State Government agencies, school endowments, charities and high net worth families and individuals. CI is 100% owned by its employees. Employees are encouraged to invest in the CI trusts.

CI manages 6 pooled wholesale trusts (the CI Australian Equities Fund, the CI Pensions Fund, the CI Asian Tiger Fund, the CI Brunswick Fund, the CI Global Equities Fund and the CI Global Equities Fund (Unhedged)) and a number of individual mandates which invest in either Australian equities, international securities or a mixture of both.

CI focuses on facts not predictions in analysing investment opportunities while being attentive to current trends. Its managers regularly review their positions based on the fact that things are constantly changing and that what people say and do are often different. CI places equal emphasis on qualitative and quantitative features, given that beliefs and values drive customers, boards of directors and management teams. CI seeks to invest in companies that have good value propositions, with positive operational, industry and strategic trends and run by focused management teams with demonstrable competence, clarity, focus, passion & energy.

Third Link Growth Fund invests with CI for its Australian equity expertise via the CI Australian Equities Fund.

Greencape Capital

Greencape Capital is a boutique Australian equity investment manager based in Melbourne, managing over A$6.0 billion. The company was founded in 2006 and is majority owned by David Pace and Matthew Ryland.

Repeatable out performance is a cornerstone of their business philosophy. In this regard their interests are highly aligned with their clients’ interests. They believe in observation rather than prediction. When assessing a company to invest in, they undertake an intensive visitation program which includes meeting with participants through the value chain, such as a company’s suppliers, customers and competitors. They then piece together the information from these sources to verify observed facts. The verification step is critical to deriving better informed and high conviction investment decisions while avoiding unproven theories and mere predictions. Their company visitation is highly targeted and is focused on efficiently collecting and verifying relevant information. Finally, capacity limits are considered a tangible competitive advantage and as such they limit the size of their funds under management in order to remain nimble in seeking outperformance for their clients.

The Third Link Growth Fund invests with Greencape Capital to access its Australian equity expertise via the Greencape Capital High Conviction Fund.

Harness Asset Management

Harness Asset Management is a Sydney based, boutique fund manager founded in 2014 by Nigel Littlewood.

Harness regards themselves as a disciplined long-term value investor. Their investment process focuses on buying small and micro cap companies which are generally regarded as out of favour stocks, but which the Harness team believe have good long term prospects for value accretion. Their stock selection process seeks to identify four key attributes: attractive price (buying ‘On Sale’); great management (backing winners); a compelling business model (choosing quality); and finally, identifiable sentiment drivers that can be considered and contradicted.

The core objective of Harness is capital preservation and portfolio out-performance. They have a flexible mandate which allows the portfolio to own cash when compelling value is unavailable.  Their fee structure is performance driven and is designed to align the interests of the manager with those of the clients.

Third Link Growth Fund invests with Harness Asset Management for its Australian equity expertise via the Harness Asset Management Small Companies Value Fund.

JBWere Wealth Management

JBWere is a pre-eminent financial services organisation that provides a wide range of investment, advisory, financing, securities, execution, asset and wealth management services to a substantial and diversified client base including high net worth individuals and not-for-profit organsations. It seeks to be the adviser of choice for its clients throughout Australia and New Zealand and, as part of National Australia Bank, provides leading capabilities that extend to financial markets globally.

Third Link Growth Fund invests with JBWere to access the Australian equity stock picking expertise of Frank Macindoe, an Executive Director of its Wealth Advice division. Frank’s preference is to invest in companies with strong finances, shareholder-friendly management and enduring competitive advantages at a cost below intrinsic value. Typically the businesses will have highly certain income streams and low capital intensity. Frank’s investment process draws on JBWere’s research and makes use of a range of quantitative filters. Frank holds a core belief that the market can be highly inefficient in the short term and create opportunities for buyers, but that in the long term good businesses will be correctly priced and provide attractive returns to their owners.

L1 Capital

L1 Capital is a Melbourne-based independent, specialist fund manager founded in 2007 by Raphael Lamm and Mark Landau. L1 Capital manages over $1b and aligns itself with clients by being 100% employee-owned and having the entire investment team heavily invested across L1’s Funds. The firm has established a reputation for investment excellence and contrarian, long-term investing.

The investment process is built upon detailed, fundamental, bottom-up research, combining valuation with qualitative considerations to identify attractive investment opportunities. Markets continually present opportunities to investors who are unemotional and long term in their assessment of business potential. Their intensive visitation schedule with a wide variety of stakeholders provide a more complete perspective on a company’s prospects.

Third Link Growth Fund invests with L1 Capital for its Australian equity expertise via the L1 Capital Australian Equities Fund.

Lazards Asset Management Pacific Co.

Lazard Asset Management Pacific Co. (Lazard) is a subsidiary of Lazard Asset Management LLC (LAM), which managed approximately A$236 billion in assets worldwide as at 31 March 2015. LAM has research analysts in the USA, Australia, Germany, Japan, Korea, Singapore, Dubai and the UK. Lazard is responsible for the management of assets for clients across domestic equities, global equities, fixed income, and alternative assets. As at 31 March 2015 Lazard had approximately A$30 billion in assets under management for clients.

The Lazard Select Australian Equity Fund is an actively managed portfolio that typically invests in Australian equities that Lazard believes are trading below their intrinsic value. The Fund is benchmark unaware and seeks to deliver excess performance by owning a highly concentrated portfolio of securities (generally 12-30 holdings) chosen for their potential to deliver large absolute returns over the long term.

Third Link Growth Fund invests with Lazard to access its Australian equity expertise via the Lazard Select Australian Equity Fund.

Lennox Capital Partners

Lennox Capital Partners (‘Lennox’) was founded in 2017 by James Dougherty and Liam Donohue (the major shareholders) who both previously worked at Macquarie Group where they managed the Macquarie Australian Small Company and Micro-cap funds. During their time working together, the Macquarie Australian Small Companies Fund consistently delivered top quartile returns, outperforming both the benchmark and peers.

Lennox believe their ability to avoid structurally deficient companies and accurately forecast the medium term earnings of potential investments enables them to outperform over the long term. Their active bottom-up approach to investing utilises both qualitative screening and in-depth fundamental research. Lennox’s research process involves detailed company modelling and a comprehensive company/competitor visitation program.

Third Link Growth Fund is invested in the Lennox Australian Small Companies Fund.

Montgomery Investment Management

Montgomery Investment Management (MIM) is an Australian-based specialist boutique investment manager established in 2010 by Roger Montgomery. It specialises in investing in companies listed in Australia and New Zealand on behalf of a limited group of families, individuals and charities.

MIM seeks to invest in a concentrated portfolio of businesses exhibiting superior economics, prospects and value. MIM has developed unique measures of quality and intrinsic value and advocates an approach that seeks to take advantage of the tendency of prices to diverge from value in the short term but converge with those values over the long run.

Third Link Growth Fund invests with MIM for its Australian equity expertise via the Montgomery [Private] Fund.

Ophir Asset Management

Ophir Asset Management (Ophir) is a boutique investment manager founded in 2012 by Andrew Mitchell and Steven Ng who together have over 20 years of experience in portfolio management and analysis of smaller companies in the Australian market. Ophir is 100% owned by its staff.

Ophir focuses on investing in companies outside the top 50 stocks on the Australian stock exchange as we believe these companies offer superior growth and better value compared to their larger peers. Moreover, these companies offer great portfolio diversification due to the larger number of industry sectors they operate in.

The portfolio managers believe in complete alignment and have 100% of their investments in Ophir Funds.  As a result, we share the same long term investment goals of our investors as we are managing our wealth alongside them.

Third Link Growth Fund invests with Ophir to access its smaller companies Australian equity expertise via the Ophir High Conviction Fund.

Paradice Investment Management

Paradice Investment Management (Paradice) was established in 2000 and at the time was Australia’s first specialist smaller companies investment firm. Since then Paradice has expanded its capabilities to encompass a Mid Cap (2006), Large Cap (2007) and Global Small Mid Cap (2010) investment strategies and at present manages just over $11 billion. The company is 100 per cent staff owned. 

Paradice has an uncompromising objective of delivering solid investment performance over the mid to long term. It favours well-managed, good value companies that have significant opportunities for growth through their comparative advantage. This comparative advantage can be through a combination of a better product or service, a more efficient organisational model, a favourable niche or a commanding leadership position within their industry.

Third Link Growth Fund invests with Paradice to access its Australian equity expertise via the Paradice Mid Cap Fund.

Pengana Capital

Established in 2003, Pengana Capital (Pengana) is an Australian-based diversified funds management business which is focused on delivering high quality funds management products utilising niche investment strategies to its clients. As of the end of May 2010 it managed approximately $1 billion. Pengana is predominantly owned by its staff and directors. National Australia Bank is a significant minority shareholder in Pengana.

Third Link Growth Fund invests with Pengana for its smaller companies Australian equity expertise via the Pengana Emerging Companies Fund. The joint fund managers – Steve Black (former fund manager of the GSJBW Emerging Leaders Fund until 2004) and Ed Prendergast (formerly with Citigroup until 2004) – each have over 20 years of experience researching and investing in small industrial companies. The Fund’s investment process revolves around conducting in-depth, bottom-up fundamental research on small industrial companies to identify mispriced securities.