Victor Smorgon Partners Global Multi-Strategy Fund

The Victor Smorgon Partners Global Multi-Strategy Fund (the Fund) is the Victor Smorgon Group's liquid market strategy, investing in long-term themes and best ideas.

Founded in 1995, the Victor Smorgon Group is a privately owned family office based in Melbourne, Australia. The Victor Smorgon Group has operated across various industries, including agriculture, commodities, digital assets, consumer goods, property, and global equities.

Victor Smorgon Group's Multi-Strategy portfolio was seeded internally in 2019, and the Fund was established in May 2022 to provide access to investors to invest alongside the Group.

The Fund leverages the Group's unique insights, access, and experience as the cornerstone of its investment strategy.

The Fund:

1. will consist of a diversified portfolio of globally listed companies, digital assets, managed funds, derivatives, and commodities which fit within the key themes of the Victor Smorgon Group's investment Framework.
   
   
2. may consist of pre-IPO unlisted opportunities which fit within the key themes of the Victor Smorgon Group's investment Framework, up to a maximum of 10% of the portfolio at acquisition.
   
   
3. have a maximum concentration risk for any single position of 20% of the portfolio at acquisition.
   
   

The Investment Manager will employ a fundamental research-based process, focused on opportunities with quality management & above-average growth potential.

We approach each investment with a rigorous and dynamic investment strategy that is anchored by three main pillars: 

Investing in the Fund gives investors investment exposure to:

• A Fund that mirrors the listed equity portfolio of the Victor Smorgon Group, a family office with an investment committee that has invested together for +20 years.

• A Fund that will invest using the same investment framework as the Victor Smorgon Group.

• A Fund which benefits from a clearly defined investment process with a proven track record.

• A Fund that will be supported by Victor Smorgon Group's entire network. This includes operating businesses owned by Victor Smorgon Group, industry experts known to Victor Smorgon Group, in-house category-specific investment managers and investment committee, and the Group's Partnerships.

• A balanced exposure to a diversified set of long-term themes and trends.

• A portfolio of investments with assets located primarily in tier one jurisdictions (AUS, US, UK), with the aim of minimising the jurisdictional risk of the portfolio. This is particularly important during times of heightened geo-political risk.

• A Fund which takes a longer-term view of investments, providing opportunities to grow and gain the benefit of prevailing macroeconomic tailwinds.

• A Fund which is investment agnostic. Having no predetermined index weightings, the Fund has the flexibility to hold onto investments as their catalysts come to maturity.

• A Fund that invests alongside the Victor Smorgon Group.

The Victor Smorgon Group's investment process is based upon identifying opportunities supported by strong macro tailwinds, quality management, and valuation fundamentals.

Victor Smorgon Group analyses each Investment opportunity by applying a rigorous, dynamic and staged process:

Management of Positions & Portfolio Review

• Utilising a multi-layered management process which spans Victor Smorgon Group's Investment Committee, Victor Smorgon Partners and the Investment team, the Portfolio is continually reviewed and reassessed to ensure an asymmetric profile is maintained. 
  
  

Duration of Investment

• The Fund selects investments with longer time durations, allowing the Fund to withstand intraday volatility and have the ability for an investment to grow with the company.
  
  

Defined Exit Strategies

• Exit Strategies are detailed around the investment's predetermined upside and downside case, implementing a strategy that aims to create a foundation to achieve asymmetric returns skewed to the upside.
  
  

Flexibility in Holdings

• The Fund is not bound to predetermined index weightings and rebalances, allowing the Fund to hold investments as they grow over longer durations.
  
  

The Fund believes that rebalancing and reweighting based on risk, return and conviction improves investment returns.

Flexibility in Structure

• The Fund will invest in listed entities. Where Victor Smorgon Partners considers it commercially attractive to do so, the Fund may invest in pre-IPO unlisted opportunities.

Unitholders should be aware that there is no guarantee that the implementation of the investment strategy or process will not result in losses to Unitholders.

The return of capital and the performance of the Fund are not guaranteed by any person or organisation, including Victor Smorgon Partners, Gannet Capital or any related or associated entity or person. Therefore, each investor should carefully consider the risks of investing and, where necessary, seek professional advice as to the suitability of investing in the Fund. Please refer to the Information Memorandum for further details.

The offer of interests in the Victor Smorgon Partners Global Multi-Strategy Fund "Fund" is prepared and issued by GANNET CAPITAL PTY. LTD. ACN 139264690 AFSL 000340799 in its capacity as the Trustee of the Fund. The investment manager is GANNET CAPITAL PTY. LTD. ACN 139264690 AFSL 000340799.