The Investment Manager

Epoch Investment Partners, Inc (“Epoch”) was established in April 2004 by four experienced professionals. Epoch believes that a paradigm shift is taking place in the sources of return for investors in global equity markets and that the key to producing superior risk adjusted returns will be to focus on free cash flow, instead of traditional valuation measures such as Price-to-Earnings or Price-to-Book ratios. Epoch focus on companies generating free cash flow run by management committed to deploying that cash flow for the benefit of shareholders through dividends, share repurchases and debt reduction. Epoch define these uses of free cash flow (dividends, share buybacks and debt reductions) as “Shareholder Yield”.

The Funds

Grant Samuel Epoch Global Equity Shareholder Yield Funds offer a globally diversified equity portfolio consisting primarily of listed global companies that have a history of attractive dividend yields and positive growth in free cash flow. One fund is hedged, the other is unhedged. The Hedged Fund gains exposure to global equity markets by investing its assets in the Unhedged Fund.

Investment Objective

The Funds’ goal is to produce an efficient portfolio on a risk/return basis with a dividend yield that exceeds the dividend yield of the MSCI World ex Australia Index in $A, Net Dividends re-invested, for the Unhedged Fund and the MSCI World ex Australia Index Net Dividends re-invested, 100% hedged into A$ for the Hedged Fund.

Documentation

IMPORTANT INFORMATION

Grant Samuel Fund Services Limited ABN 48 129 256 104 AFSL 321517 is the responsible entity of the Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund ARSN 130 358 440 and Grant Samuel Epoch Global Equity Shareholder Yield (Unhedged) Fund ARSN 130 358 691and is the issuer of this information. Both Funds are registered as managed investment schemes under the Corporations Act 2001 (Cth).  Grant Samuel Fund Services Limited has appointed Epoch as the investment manager of each Fund.  Class A Units in each Fund are available for issue by Grant Samuel Fund Services Limited, as responsible entity of the Funds This information has been prepared as general information only without taking account the objectives, financial situation or needs of individuals.  Before making an investment decision in relation to a Fund, investors should consider the appropriateness of this information, having regard to their own objectives, financial situation and needs and read and consider the product disclosure statement for the Funds dated 23 April 2008 as supplemented by the supplementary product disclosure statement dated 1 November 2009 (together the ‘PDS’) which can be obtained by contacting Grant Samuel Funds Management on (02) 9324 4356 or from this website. Applications to invest in the Funds must be made on the application form which accompanies the PDS.

Key Features

Fund name	Grant Samuel Epoch Global Equity Shareholder Yield (Unhedged) Fund
Units available under the PDS	Class A Units
Investment Manager	Epoch Investment Partners, Inc.
Inception date of Fund	15 May 2008
Investment objective	The Funds' goal is to produce an efficient portfolio on a risk/return basis with a dividend yield that exceeds the dividend yield of the relevant benchmark.
Benchmark	MSCI World ex- Australia Index in $A, Net dividends reinvested
Minimum initial investment2	$500,000
Minimum additional investment2	$100,000
Minimum balance	$200,000
Minimum withdrawal2	$100,000
Applications and withdrawals1	Daily
Payment of proceeds of withdrawal4	Generally 5 Business Days
Income distribution	Quarterly
Management costs3	1.25% p.a. of the Net asset value of the class A Units of the Unhedged Fund
Buy/Sell Spread3	Buy +0.20% / Sell -0.20%

¹ Please refer to Section 7 ‘Dealing with your investment’ of the Product Disclosure Statement (PDS) available on this website for complete details. These items are subject to change at the discretion of Grant Samuel Fund Services.

² We retain the discretion to waive these minimums. If you invest through an IDPS operator such as a master trust or wrap account platform, these minimums may not apply to you. Please refer to Section 2.5 ‘Indirect investors’ of the PDS and to the information provided to you by your service provider.

³ Please refer to Section 6 ‘Fees and other costs’ of the PDS for complete details on fees and charges and how they are calculated.

⁴ Please refer to Section 7.3 ‘Withdrawals’ of the PDS for complete details.

The Hedged Fund gains exposure to global equity markets by investing its assets in the Unhedged Fund.

Fund name	Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund
Units available under the PDS	Class A Units
Investment Manager	Epoch Investment Partners, Inc.
Inception date of Fund	15 May 2008
Investment objective	The Funds' goal is to produce an efficient portfolio on a risk/return basis with a dividend yield that exceeds the dividend yield of the relevant benchmark.
Benchmark	MSCI World ex- Australia Index Net dividends reinvested, 100% hedged into $A
Minimum initial investment2	$500,000
Minimum additional investment2	$100,000
Minimum balance	$200,000
Minimum withdrawal2	$100,000
Applications and withdrawals1	Daily
Payment of proceeds of withdrawal3	Generally 5 Business Days
Income distribution	Quarterly
Management costs3	1.30% p.a. of the Net asset value of the class A Units of the Hedged Fund
Buy/Sell Spread3	Buy +0.20% / Sell -0.20%

¹ Please refer to Section 7 ‘Dealing with your investment’ of the Product Disclosure Statement (PDS) available on this website for complete details. These items are subject to change at the discretion of Grant Samuel Fund Services.

² We retain the discretion to waive these minimums. If you invest through an IDPS operator such as a master trust or wrap account platform, these minimums may not apply to you. Please refer to Section 2.5 ‘Indirect investors’ of the PDS and to the information provided to you by your service provider.

³ Please refer to Section 6 ‘Fees and other costs’ of the PDS for complete details on fees and charges and how they are calculated.

⁴ Please refer to Section 7.3 ‘Withdrawals’ of the PDS for complete details.

About Epoch

Epoch is a New York based US and global equity investment manager formed in 2004 by four experienced professionals who foresaw a significant change in both the drivers of investment returns and the structure of investment management firms. Bill Priest, Epoch’s CEO and co- CIO, is an industry veteran with more than 45 years investment experience.

Since inception Epoch has been a public company, with all of the corresponding rigorous disclosure requirements. (NASDAQ listed, ticker EPHC).

A fundamental belief at Epoch is that their products should have small teams of investment professionals managing a strategy, but with one individual ultimately responsible for the performance of the portfolio. Supporting that person is the entire research team effort of the firm. Epoch’s Head of the Quantitative Research & Risk Management group is also a co-portfolio manager on all their funds which highlights the importance of risk management and quantitative input into their investment process.

Epoch believes that a paradigm shift is taking place in the sources of return for investors in global equity markets and that the key to producing superior risk adjusted returns will be to focus on free cash flow, instead of traditional valuation measures such as Price-to-Earnings or Price-to-Book ratios. Epoch focus on companies generating free cash flow run by management committed to deploying that cash flow for the benefit of shareholders through dividends, share repurchases and debt reduction. Epoch define these uses of free cash flow (dividends, share buybacks and debt reductions) as “Shareholder Yield”.

Epoch Articles

CEO and Co-CIO Bill Priest, an industry veteran with more than 45 years investment experience has a long history of providing timely perspectives on investment issues. We encourage you to peruse not only his recent research papers, but also those of other members of Epoch's investment personnel (who average over 20 years investment experience) which are available on their website www.eipny.com. We feature some of these papers below, click on the thumbnails to read them in full.

 

The 9% Solution ‘The 9% Solution’ by Bill Priest, Epoch Investment Partners' Co-CIO, Eric Sappenfield, Portfolio Manager and Michael Welhoelter, Portfolio Manager.

Dividend strategies are regaining popularity In the attached paper titled “Dividends: Beautiful, and Sometimes Dangerous,” Global Equity Shareholder Yield Portfolio Managers Bill Priest, Eric Sappenfield and Michael Welhoelter, say that pursuing dividend yield alone can lead to poor results. Investors need to understand a company’s sources of cash and should view cash dividends, share buybacks and debt repayments collectively in assessing management’s strategy to create shareholder value. Click on the thumbnail to read the paper in full.

Fund Ratings

The Grant Samuel Epoch Global Equity Shareholder Yield Funds have been reviewed by the following Research Houses. Please note that ratings reports are intended for financial advisers only.

*Lonsec Managed Funds Research provides independent research in managed funds to the Australian financial planning community.
"The Recommended rating indicates that Lonsec has conviction that the fund or product can achieve its objectives and, if applicable, outperform peers over an appropriate investment timeframe. The manager or product has a number of competitive advantages in people, process and product design. The investment is a recommended entry point to access this asset class or strategy."  Financial Advisers who wish to request a copy of Lonsec’s Review of the Grant Samuel Epoch Global Equity Shareholder Yield Fund please click on the link below:
clientservices@grantsamuelfunds.com.au

^S&P is one of the world's leading providers of fund information and analysis.
S&P has assigned the Grant Samuel Epoch Global Equity Shareholder Yield Funds (hedged and unhedged) Four Stars reflecting S&P’s high conviction that the manager will consistently generate risk-adjusted returns in excess of both its relevant investment objectives and its peers. To review the Standard & Poor’s Fund Reports on the Funds follow the link below.
S&P Grant Samuel Epoch Global Equity Shareholder Yield Fund (Unhedged) Research Report
S&P Grant Samuel Epoch Global Equity Shareholder Yield Fund (Hedged) Research Report

#Zenith Investment Partners provides independent investment research services to financial advisers and other investment product providers.
Zenith Investment Partner’s Product Assessment specifically addresses a qualitative assessment of the fund manager’s investment process, security selection, portfolio construction, risk management, applications of the fund and quantitative assessment of absolute and relative performance, consistency and risk adjusted performance. To access the Zenith review of the Funds click on the links below.
Grant Samuel Epoch Global Equity Shareholder Yield Fund (Unhedged) Product Assessment Report
Grant Samuel Epoch Global Equity Shareholder Yield Fund (Hedged) Product Assessment Report

*The Lonsec Limited (“Lonsec”) ABN 56 061 751 102 rating (assigned January 2012) presented in this document is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s). It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update this document following publication. Lonsec receives a fee from the fund manager for rating the product(s) using comprehensive and objective criteria.

^To the extent that any ratings, opinions or other information of Standard & Poor’s Information Services (Australia) Pty Ltd (ABN: 17 096 167 556, Australian Financial Services Licence Number: 258896) (“Standard & Poor’s") constitutes general advice, this advice has been prepared by Standard & Poor’s without taking into account any particular person’s financial or investment objectives, financial situation or needs. Before acting on any advice, any person using the advice should consider its appropriateness having regard to their own or their clients’ objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product. Past performance is not a reliable indicator of future performance. Ratings can change or cease at any time and should not be relied upon without referring to the meaning of the rating.  For more information regarding ratings please call S&P Customer Service on 1300 792 553 and also refer to Standard & Poor’s Financial Services Guide at www.fundsinsights.com.  Each analytic product or service of Standard & Poor’s is based on information received by the analytic group responsible for such product or service. “S&P” and “Standard & Poor’s” are trademarks of The McGraw-Hill Companies, Inc. © 2012 Standard & Poor’s Information Services (Australia) Pty Limited.

#The Zenith Investment Partners (“Zenith”) ABN 60 322 047 314 rating (assigned 31 May 2011) referred to in this document is limited to €General Advice€ (as defined by section 766B of Corporations Act 2001) and based solely on the assessment of the investment merits of the financial product on this basis. It is not a specific recommendation to purchase, sell or hold the relevant product(s), and Zenith advises that individual investors should seek their own independent financial advice before investing in this product. The rating is subject to change without notice and Zenith has no obligation to update this document following publication. Zenith usually receives a fee for rating the fund manager and product against accepted criteria considered comprehensive and objective.

Performance

Grant Samuel Fund Services Limited ABN 48 129 256 104 AFSL 321517 (“Grant Samuel Funds Services”) is the responsible entity of the Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund ARSN 130 358 440 and Grant Samuel Epoch Global Equity Shareholder Yield (Unhedged) Fund ARSN 130 358 691 and is the issuer of this information. Both Funds are registered as managed investment schemes under the Corporations Act 2001 (Cth). Grant Samuel Fund Services Limited has appointed Epoch as the investment manager of each Fund. Class A Units in each Fund are available for issue by Grant Samuel Fund Services Limited, as responsible entity of the Funds. This information has been prepared without taking account of the objectives, financial situation or needs of individuals. Before making an investment decision in relation to a Fund, investors should consider the appropriateness of this information, having regard to their own objectives, financial situation and needs and read and consider the product disclosure statement for the Funds dated 23 April 2008 as supplemented by the supplementary product disclosure statement dated 1 November 2009 (together the ‘PDS’). The PDS may be obtained by contacting Grant Samuel Funds Management on (02) 9324 4356 or from www.grantsamuel.com.au. Applications to invest in the Funds must be made on the application form which accompanies the PDS.

Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. None of Grant Samuel Fund Services Limited, its related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Funds or any particular returns from the Funds.

Unit Prices & Distribution

The most recently available actual entry/exit prices are set out here. If unit prices are not available for today then the latest available prices will be displayed. Unit prices are usually calculated each business day and are not available for weekends and public holidays. The entry and exit prices you will receive if you were to apply for or redeem units in the Grant Samuel Epoch Global Equity Shareholder Yield Funds (the Funds) may differ from that shown above because the actual price will be calculated by reference to a different date. Your actual entry/exit price will be confirmed following any transactions on your units. Unit prices are provided for information purposes only. They are not an offer or recommendation to you to buy or sell units in the Funds, nor a solicitation for deposits or other business, whether directly or indirectly, in Australia or in any other jurisdiction. No promise or warranty is made or given with respect to the performance of the Funds. No promise or warranty is given and no liability is accepted for any inaccuracy, error or omission in this information. The entry/exit prices shown above do not take into account any entry fees or exit fees that may be payable upon entry to or exit from the Funds, and are expressed in Australian dollars.

Past performance information given on this page is given for illustrative purposes only and should not be relied upon as (and is not) and indication of future performance. None of Grant Samuel Fund Services Limited, its related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Funds or any particular returns from the Funds. This information is provided for persons in Australia only and is not provided for the use of any person who is in any other country.

How to Invest

Retail investors may invest in the Fund through a licensed financial adviser or an investment platform using the Product Disclosure Statement for that platform which can be obtained from the operator of the platform.

Platforms

The Funds are available on the following investment menus:

Class A Units	Unhedged	Hedged
Asgard eWRAP and Master Trust	Yes	Yes
Beacon Investment and Superannuation Service	Yes	Yes
BT Wrap	Yes	Yes
Colonial FirstWrap	Yes
IOOF Wrap	Yes	Yes
Macquarie Wrap	Yes	Yes
MLC Wrap	Yes	Yes
Navigator	Yes	Yes
Netwealth	Yes	Yes
Oasis	Yes	Yes
Platform One	Yes
SUMMIT	Yes	Yes

Contact details

Business Development Team