Investment Objective
The Fund’s objective is to provide market leading returns over the medium to long-term from a concentrated portfolio of Australian shares. The Fund aims to deliver a pre-fee investment return (before taxes) that outperforms the S&P/ASX300 Accumulation Index over a rolling three year period by 4% per annum.

Investment Universe
The Fund invests in companies and trusts listed or soon to be listed on the Australian Stock Exchange (ASX) that offer opportunity for above-average investment returns through their growth potential.

Performance: November
The Platypus portfolio fell in value by 10.3% after fees in November compared to a 6.3% decline in the ASX/S&P300 accumulation index. More than half of the underperformance was due to an overweight position in Rio Tinto which fell by more than 30% after BHP Billiton dropped its merger proposal. Ausenco, Computershare and David Jones also affected returns during the month. Positive contributions to performance were made by Cash, BHP, ASX and Westpac. Turnover in November was very high at well over 10% of the portfolio. There was activity right across the portfolio and we were net buyers in the month. AMP and AXA were added to the portfolio and we completed our sale process in Wesfarmers, replacing it with Woolworths. Late in the month (following the withdrawal of the BHP bid) we reduced our position sizes in both BHP and RIO. We added to most other names in the portfolio during the month and the cash weighting fell.

	Performance Summary
	Performance		1 Year	3 Year	5 Year	INCEP.
	Platypus		-46.2%	0%	11.3%	11.6%
	S&P/ASX300 Accum.		-40.5%	-3%	7.5%	7.5%
	Funds Under Management				$1,120m