About the Lennox Capital Australian Small Companies Fund Lennox Capital Partners is a relatively new fund manager, established March 2017. Despite this, their investment team has substantial experience and an exceptional track record during their time at Macquarie. The company is partnered with Fidante Parntners who look after aministration and distribution capability. The founding principal’s James Dougherty and Liam Donohue own 60% of the company and have worked together since 2005. James was the lead portfolio manager of the Macquarie Australian Small Companies Fund and the Macquarie Emerging Companies Fund. Liam worked with James as the portfolio manager of the same funds. The paid have quite a rosy track record. At Macquarie they achieved a return of 19.70% per year over 3 years and over 5 years 13.88%. Since inception the Lennox Australia Small Companies fund has returned 22.97%. The last 6 months it has averaged 21.92%. It is this time spent focusing on the Australian market and having the skill to generate alpha that we believe warrants investing into Lennox Capital, as we believe small cap Companies in Australia will continue to grow in the years ahead but are generally underrepresented in managed fund portfolios. The fund has grown from inception to around +$20.50m and that figure is steadily growing. Performance & Top Holdings The short-term performance has been remarkably strong adding 21.92% over the last 6 months as at 30 November 2017. Since inception the fund has made 22.97% per annum smashing the benchmark…

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