Whitefield’s Investment Personnel and Process

Whitefield’s investment personnel believe that consistent and successful investment outcomes can be provided with the greatest certainty through the implementation of a defined, disciplined and strategically sound investment process.

Whitefield’s investment processes for research, monitoring and decision making are defined and structured, and are implemented on a continuous daily, weekly and monthly basis.

Whitefield’s investment personnel actively research, monitor and analyse a large number of listed Australian companies. The processes most commonly applied involve:

• (a)
  Identifying and monitoring a wide range of economic, financial, industry and stock specific drivers capable of influencing the earnings of a stock.
• (b)
  Dissecting, assessing and understanding the fundamentals of a stock, its component business units, the industries in which it operates, and the financial structure of its operations.
• (c)
  Collecting, monitoring and assessing information from company personnel, industry participants and / or industry forecasters.
• (d)
  Modelling future earnings, company financial outcomes and assessing the potential returns which may accrue to an investor.

Whitefield gives particular attention to:

• (a)
  The value of earnings which may be realistically generated by an entity over the short, medium and longer terms.
• (b)
  An appreciation of the short term cyclical position of each stock’s earnings, the benefit or detriment to investors of that cyclical influence, and the longer term reversion of a stock’s earnings from cyclical extremes to normal, through the cycle levels.
• (c)
  The impact of non-company specific economic, financial or industrial influences in driving short and longer term earnings outcomes, and which are occasionally overlooked by a stock’s internal management.
• (d)
  The monitoring and assessment of short term changes in risks, earnings drivers, and market themes to facilitate the early identification of material longer term variations in the earnings outlook for a stock.

Whitefield's investment processes are provided by experienced investment and administrative personnel.

The Chief Executive Officer and senior investment manager is Angus Gluskie [BEc, Graduate Diploma in Applied Finance & Investment, CA, FFin].

Angus Gluskie has over 25 years experience in the investment management and financial services fields. He has qualifications in investment management, economics and chartered accountancy. He specialised in the investment and insurance industries as a chartered accountant until 1995, and since that time has worked as a wholesale fund manager with Whitefield and associated entities.

All of Whitefield’s investment personnel are employed by White Funds Management Pty Ltd. White Funds Management (and its predecessor entities and personnel) have been responsible for the business and investment of Whitefield since inception. White Funds Management purely undertakes wholesale investment management and its personnel are specialist investment managers, analysts and support staff.

The Company Secretary and senior administration manager is Peter Roberts [BBus, CA].

Peter has over 20 years experience in the fields of chartered accountancy and the provision of specialised back office administration services to the funds management community. Whitefield’s back office administration personnel are employed by White Outsourcing Pty Ltd. of which Peter Roberts is a Director and shareholder.  White Outsourcing employs over 30 staff and provides wholesale investment administration services to investment managers around Australia. Its personnel are specialist accountants and funds management administrators.

This structure has proven to be advantageous for Whitefield over many decades for the following reasons:

• Whitefield is able to access both a sound level of staff depth, experience, and operating resources at a much lower cost than it otherwise could.
• Despite being only moderate in scale, Whitefield has been able to maintain a cost efficient structure, and has had access to a steadily growing investment team over an extended period.