Ellerston Equity Income KIS Fund

The key belief underpinning the Manager’s investment philosophy is that the historical approach taken by many income-oriented investors is outdated in today’s markets. Long-term structural changes in markets mean that the traditional “income sectors” (e.g. Banks and Telecoms) typically pursued for income no longer offer sustainability of dividends and earnings, while at the same time the traditional “cyclical sectors” are experiencing a structural shift towards companies providing more reliable income.