31 March 2021 FUND MONTHLY REPORT

BARWON GLOBAL LISTED

INVESTMENT PERFORMANCE

Since inception1 10 years 5 years 3 years 1 year 6 months 3 months 1 month Rolling Return2 % p.a. % p.a. % p.a. % p.a. % % % %

BGLPEF AF 30.17 - - - - 26.30 8.25 3.48

BGLPEF 7.02 12.89 14.47 13.78 64.90 30.51 9.08 3.49

Calendar 2021 YTD 2020 2019 2018 2017 2016 2015 2014 Year Return % % % % % % % %

BGLPEF 9.1 8.5 33.3 (8.7) 15.7 16.7 (1.4) 7.5

1 inception date - BGLPEF 01 June 2007, BGLPEF AF 04 June 2020; 2 A$ domiciled unit trust. The Fund hedges foreign currency exposures. Source: Mainstream. Returns are after management fees, performance fees, and other fund expenses. Note: Variance between net returns of the Funds will occur due to differing fee accruals and/or other accruals that may be accounted for in each of the Fund’s daily unit prices. Past performance is not an indication of future performance.

INVESTMENT OBJECTIVE MONTHLY COMMENTARY The Barwon Global Listed Private Equity Fund AF The Barwon Global Listed Private Equity Fund AF’s net return (BGLPEF AF) seeks an indirect exposure to returns for the month of March 2021 was 3.48% (in AUD, net of fees). from a private equity portfolio which generates Contributors over the month included Brookfield Asset performance comparable to a private equity Management Inc (USD +10.3%), Onex Corp (CAD +9.7%), program of top tier private equity managers and Blackstone Group Inc (USD +7.7%) and KKR & Co Inc (USD which outperforms public equity markets over the +7.2%). The largest detractors to performance were SLR medium term. Investment Corp (USD -6.2%), Inc It is a feeder fund investing in units of the Barwon (USD -5.0%) and HgCapital Trust plc (GBP -3.8%). Global Listed Private Equity Fund (BGLPEF, Listed private equity funds continued their strong recovery underlying fund). through the first quarter of 2021. The biggest contributors to Fund performance were the listed private debt funds and the alternative asset managers (AAMs) which again demonstrated KEY FEATURES their earnings resilience and growth momentum in annual y Bottom up, research driven investment results. Recently reported PE NAVs to 31 December 2020 approach rounded out the 2020 calendar year with between 10%-20% y Benchmark unaware portfolio growth. Managers reported healthy revenue and earnings y Unleveraged, long only, open ended fund growth in underlying portfolios. M&A activity has rebounded with daily liquidity strongly, and a number of listed PE vehicles have realised y Transparency and flexibility, unlike assets during Q1 at healthy uplifts to previous carrying values. traditional private equity approach Combined with the sustained improvement in business y Value-oriented approach to security conditions and the strong performance of public markets, we selection view private equity NAV growth as well supported in the near y The strategy has been running for 13 term. years. Last year, the Fund doubled its exposure to listed private debt funds at the height of volatility in March and April. Based on

Barwon Global Listed Private Equity Fund AF [1] the average 60% discounts at which BDCs were trading FUND HOLDINGS at the time, the market was pricing in greater-than-GFC The Fund’s top 10 holdings are shown in alphabetical period credit losses. We felt that was irrational considering order in the following table: the superior fundamentals of loan portfolios at the time compared to pre-GFC portfolios. For example: Stock y More recent loans have a larger equity cushion. The Group average equity contribution to PE in recent years has been over 50%, compared to only 35% pre- Blackstone Group GFC. Brookfield Asset Management y Borrowers have higher interest expense coverage due to lower interest rates and credit spreads. Eurazeo y On average, 2/3 of BDC loan portfolios are in first Golub Capital lien instruments compared to the predominantly Hercules Capital mezzanine or subordinated positions pre-GFC. The reversal of unrealised losses and recovery in loan HgCapital Trust portfolios has seen our investment thesis play out. The KKR & Co Fund has been reducing its exposure to listed private debt funds and rotating into listed PE buyouts. Oakley Capital Investments PE managers are reporting encouraging underlying PennantPark Investment Corporation results in portfolio companies. While business conditions in some sectors and geographies have been challenging Total % of Fund 56.6 amidst waves of localised lockdowns, the overall global Number of stocks held 23 trajectory remains positive. Earnings growth has been Source: Barwon exceeding revenue growth, suggesting businesses have Based on Barwon Global Listed Private Equity Fund portfolio weights rationalised and aggressively cut costs. In the Fund, Princess Private Equity’s portfolio of Partners Group- led investments grew revenues and EBITDA by 4.2% and 7.7% respectively over 2020. HgCapital Trust’s portfolio of leading software and technology companies “Listed private equity provides grew sales and EBITDA by an incredible 22% and 31% in the year. The Golub Capital Altman Index, which tracks investors with PE returns, but 150+ private US companies in the portfolio of private debt with public market liquidity. It lender Golub Capital, recently reported first quarter 2021 earnings growth to be the highest ever in the history of the is an inefficient market, so alpha index. This robust and improving underlying performance can be generated through active of PE portfolio companies supports our constructive outlook for NAV growth. management.”

FUND ATTRIBUTION The top contributors to and detractors from the Fund over the past month are shown in the tables below:

Top 5 Contributors Top 5 Detractors

Blackstone Group Chrysalis Investments

KKR & Co Solar Capital

Brookfield Asset Management HgCapital Trust

Onex Corporation Apollo Global Management

Ares Management Corporation Brookfield Business Partners

*Given the benchmark unaware nature of the Fund, absolute contribution rather than relative attribution is used. Based on Barwon Global Listed Private Equity Fund portfolio weights. Source: Mainstream

Barwon Global Listed Private Equity Fund AF [2] REGIONAL ALLOCATION VINTAGE YEARS5

Other 2021 2020 0.7% 7.0% 8.7% pre 2016 24.9% 2019 North America 15.2% 61.0% Europe 32.0%

2016 16.8% 2018 22.3%

2017 11.4% Source: Barwon Source: Barwon Based on Barwon Global Listed Private Equity Fund portfolio weights. Based on Barwon Global Listed Private Equity Fund portfolio weights. Look-through to underlying NAV exposures.

SECTOR ALLOCATION 1 A buyout is the act of a firm or fund that invests in established Cash 1.5% companies, often with the intention of improving operations and/ or financials. The firm or fund will typically acquire the whole, Private Debt majority or a controlling stake in the company and investment 20.8% often involves the use of leverage. Buyouts 2 40.1% PE Backed Securities includes listed equity securities of companies which have a level of ownership (‘backing’) by a private equity / alternative asset manager. 3 The Alternative Asset Manager classification includes listed equity securities of private equity / alternative asset management firms where the company itself is listed on a recognised stock exchange. 4 Private debt includes any debt extended to privately held companies and most commonly involves non-bank institutions Alternative Asset Manager making loans to private companies. 31.1% 5 A is the milestone year in which the first significant PE Backed 6.5% influx of investment capital is delivered to a project or company.

Source: Barwon Based on Barwon Global Listed Private Equity Fund portfolio weights.

Barwon Global Listed Private Equity Fund AF [3] RESEARCH OPINIONS CONTACTS The Fund has been assessed by key research houses and For more information about the Barwon Global Listed has received the following ratings as at 31 March 2021: Private Equity Fund AF, please contact: Qualitative Ratings Colin Woods CEO E: [email protected] M: 0410 499 357

David Myers Key Account Manager (VIC/SA/WA) E: [email protected] M: 0413 051 376

Matthew Mantle Key Account Manager (QLD) E: [email protected] M: 0408 451 549

Mark Aufderheide Key Account Manager (NSW/ACT) E: [email protected] M: 0408 847 211

Nick Baring Key Account Manager (VIC/TAS) E: [email protected] M: 0457 520 297

PAN-Tribal Asset Management Pty Ltd T: 03 9654 3015 F: 03 9662 3304 pantribal.com.au

IMPORTANT INFORMATION While every care has been taken in the preparation of this document, neither Barwon Investment Partners Pty Limited ABN 19 116 012 009 AFSL 298445 nor PAN-Tribal Asset Management Pty Limited ABN 35 600 756 41 AFSL 462065 make any representation as to the accuracy or completeness of any statement in it, including without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This document has been prepared for use by sophisticated investors and investment professionals only and is solely for the use of the party to whom it is provided. Applications to invest in the Barwon Global Listed Private Equity Fund AF must be made on the application form which can be obtained by contacting PAN-Tribal on (03) 9654 3015. This document is issued on 21 April 2021. ©2021 PAN-Tribal Asset Management Pty Ltd. The rating issued August 2020 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2021 Lonsec. All rights reserved. The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned February 2021) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/Regulatory Guidelines.

Barwon Global Listed Private Equity Fund AF [4]