A diversified global equities portfolio of 70-90 of the world’s best companies – those that have sustainable competitive advantages enabling them to continually earn returns on capital in excess of their cost of capital. Constructed using Magellan’s long-standing and proven investment process, the investment team conducts extensive fundamental research to assess a business’s ‘economic moat’, the potential impact or benefits of disruption, value, and key risks and exposures, before overlaying our proprietary Magellan Core Series scoring framework. The portfolio is systematically rebalanced on a quarterly basis using these inputs. It is not the manager’s intention to hedge the foreign currency exposure of the Fund arising from investments in overseas markets.