The Manager

Pritchard & Partners Pty. Limited ACN 073 393 049 is the Manager of Illuminator Investment Company Limited and is the holder of the Australian Financial Services Licence Number 246712.

History

Pritchard & Partners Pty. Limited was incorporated on 25 March 1996 and was issued with an unrestricted security dealers’ licence by the Australian Securities Commission on 15 May 1996.  On 6 February 1997 it became both the first new member firm of the Stock Exchange of Newcastle Limited in 26 years and the first ever corporate member of the Exchange.  The Manager was granted an Australian Financial Services Licence on 10 March 2004.

Since the date of granting of its security dealers’ licence the Manger has provided investment advice and stockbroking services to a diverse range of clients.

Investment Style

The Manager regards itself as a stock-picker and business owner rather than as a sharemarket investor.  The Manager believes that there will always be businesses that will perform well, irrespective of economic or market conditions.  The Manager seeks to invest in the securities of those companies which own such businesses.

The Manager does not believe that company size or its position in an index is any indication of quality or income potential.  The Manager invests in various securities on the basis of their individual merits.  This may at times lead to a high exposure to a particular industry sector.  The weightings of the portfolio will generally bear little resemblance to market indices.

The Manager’s investment approach combines growth criteria with value disciplines, emphasising a company’s proven ability to grow earnings and the expectation of future earnings growth.  The Manager sees this as the key to a company’s ability to grow its dividends over time.

The Manager seeks to have the securities of between 20 and 50 issuers represented in the portfolio.  It does this so that it doesn’t have so many portfolio holdings that its efforts and knowledge are diluted, but wants enough to reduce the risk if something goes wrong.

The Manager will only sell an investment when the fundamentals of the company or industry have changed significantly.  It will not sell on the basis of share price movements (up or down) and the level of the market is irrelevant to our buying and selling decisions.  The Manager is a long-term buy and hold investor – rather than chopping and changing.

The Manager believes that it can maximise returns by investing in the companies that own great businesses and sticking with them.