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: May
The Platypus portfolio rose by 3.1% in May compared to a 1.46% increase in the ASX/S&P300 accumulation index. Industrial stocks generated the majority of the performance in May adding 1.21% to the portfolio return relative to the benchmark. David Jones was the largest single contributor to performance in the month. Several other companies also made material
contributions, including Seek, Toll Holdings, Woodside Petroleum and Worley Parsons. Stocks that hurt the portfolio included Billabong International following a profit warning, JB HiFi, Resmed and Computershare. As a group healthcare continued to weigh on performance due to the continued rise in the Australian dollar and the fact that investors remain focused on domestic cyclicals.

	Performance Summary
	Performance		1 Year	3 Year	5 Year	INCEP.
	Platypus		-30.1%	-2.7%	12.1%	12.0%
	S&P/ASX300 Accum.		-29.2%	-4.5%	6.5%	7.6%
	Funds Under Management				$1094m