Lifespan FP - Guide to multi-asset managed portfolios : simplebooklet.com

CONTENTSABOUT LIFESPANWHAT DO WE MEAN WHEN WE TALK ABOUT MANAGED PORTFOLIOS? THE CONTINUED GROWTH OF MANAGED PORTFOLIOS BENEFITS OF MANAGED PORTFOLIOS FOR ADVISERS BENEFITS OF MANAGED PORTFOLIOS FOR CLIENTS WHY LIFESPAN MANAGED PORTFOLIOS? LIFESPAN’S INVESTMENT PHILOSOPHY AND PORTFOLIO CONSTRUCTION PROCESS INVESTMENT PHILOSOPHY PORTFOLIO CONSTRUCTION PROCESS INVESTMENT COMMITTEE REPORTING AND KEEPING YOU INFORMED LIFESPAN MANAGED PORTFOLIOS OVERVIEW LIFESPAN MULTI-ASSET DIVERSIFIED MANAGED PORTFOLIOS SOURCES OF ALPHA STRATEGIC ASSET ALLOCATION PORTFOLIOS TACTICAL ASSET ALLOCATION PORTFOLIOS FEES AND OTHER COSTS MANAGED PORTFOLIO FEES BY SERIES DOCUMENTATION PARTNERSHIP, COLLABORATION, AND SUPPORT MANAGING RISK INVESTMENT MANAGER LIST HOW TO FIND OUT MORE 34678910101116171819202123292931323334352G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S

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Lifespan is a leading community of professional, client-focused financial advisers. Since 1994, we have grownto become one of Australia’s largest privately owned advice communities, delivering the flexibility to choosethe right solutions for your business and your clients, and on-call support when you need it.Discover the support and freedom to thrive with Lifespan.Lifespan Financial Planning ('Lifespan'), remains one of Australia’s largestprivately owned adviser networks, with no ownership links whatsoever to anyof the banks, fund managers, or insurance providers. We are a multi-award-winning dealer group, awarded Best IndependentDealer Group at the 2024 Australian Wealth Management Awards. Lifespanalso received the Dealer Group of the Year award at the ifa ExcellenceAwards for three consecutive years: 2021, 2022, and 2023. Additionally, wewere named the 2021 CoreData Licensee of the Year.Lifespan CEO Eugene Ardino also has received the Dealer Group ExecutiveAward three years running, 2019, 2020 & 2021, as well as the 2021 Core DataLicensee Leadership Award.Back in 2004, we recognised the importance of offering advisers a professional MDA and ManagedPortfolio Service that can enhance and streamline the advice process for their clients and consequentlywe expanded our AFS licence to include MDA services. ABOUT LIFESPANG U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SResponsive and robustcompliance, research, andportfolio construction frameworkAccess to the best solutions for youand your clients, whatever theirindividual needsBroad choice of industry leadingproduct solutions3Lifespan prides itself in giving advisers access to friendly, comprehensive support and advice servicesfounded on: 1994Lifespan was establishedby John Ardino.20202024Lifespan MDA was released on the CFS Edge platform. 1994Lifespan was establishedby John Ardino.2004The MDA was established on the Omniportplatform, on which it is still run on today.2011Introduction of 100% strategic portfoliosand further tactical blends.Lifespan MDA was released on the BT Panoramaplatform. There are now a total of 30 managedportfolio options for clients covering a range of riskprofiles.

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WHAT DO WE MEAN WHEN WE TALK ABOUTMANAGED PORTFOLIOS? G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SA managed portfolio is an investment scheme managed by a professional portfolio manager, such asLifespan, on an investor’s behalf. The portfolio manager is responsible for the investment decisionsrelating to the portfolio including the underlying investments held within the portfolio, as well as theportfolio weights and portfolio rebalancing. Managed Discretionary Account (MDA) Service We provide clients access to managed portfoliosthrough our licence to operate a ManagedDiscretionary Account (MDA) service. We haveauthorisation from the Australian Securities andInvestments Commission (ASIC), Australia’scorporate regulator, to be an MDA provider,provide advice on MDA services, and act as aportfolio manager. There are strict conditionsimposed on MDA providers to ensure that theportfolios are operated in the best interests ofclients (refer to the section on Risk Management).4An MDA is a service where the client and Lifespan enterinto a contract whereby the adviser recommends aninvestment option/s (the investment program) to theclient that is appropriate for them. The adviser mustmake the recommendation to invest in the MDA in aStatement of Advice which will contain the MDA’sinvestment program that is suitable for the client. Theinvestment program must be reviewed by the adviser atleast every 13 months. This review should considerwhether the MDA remains appropriate for the client inlight of the client’s financial needs, goals, and risktolerance level at the time of the review, and contain arecommendation to retain the existing MDAarrangement or to change to an alternative investmentsolution that is more fit for purpose.30ManagedPortfolios ~ ASIC Licensed MDA Provider; ~ Advice provider - MDA's; ~ Portfolio ManagerINVESTMENT PLATFORMMDA SERVICEADVISERCLIENT~ Reviewed every 13 months~ Provide advice on portfolio; ~Determine if appropriate every 13 months

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What discretion do Lifespan and the adviserNOT have over a client's investments in anMDA?Contribute new funds to the client'saccount Redeem or withdraw client fundsWhat discretion do Lifespan and theadviser have over a client's investments inan MDA?Lifespan’s MDAs are hosted via onlineinvestment platforms where assets can be easily,and quickly, bought and sold. The value of theseonline accounts is also very transparent. Anyassets bought and sold in the MDA are eitherowned directly by the client, beneficially ownedby a custodian on behalf of the client, or ownedby a super trustee for the benefit of the client, asthe account owner. This allows the adviser tomaximise the tax effectiveness of the investmentbased on the client’s individual situation. G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SRebalance of the portfolioChange the asset allocation of theportfolio within the boundaries ofwhat has been agreed by youReplace or remove an investment The contract your client signs to commencethe MDA service clearly outlines whatdiscretion the MDA provider has.55 The assigned authority of the MDA provider tomake investment decisions on the client’s behalfis where the word ‘discretionary’ is derived from,in relation to Managed Discretionary Accounts.The MDA provider has the discretion to buy andsell any investments based on the mutuallyagreed investment program. Any investmentdecisions the MDA provider makes on yourclient’s behalf must be consistent with thisstrategy. Lifespan charges fees for theconsiderable services they provide as the MDAprovider, and they are usually tax-deductible.The MDA provider is also responsible for all MDAregulatory reporting and compliance.

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Growth in Managed Account FUM $Bn Managed portfolios have seen a considerable rise inpopularity and are rapidly becoming the investmentstructure of choice for many financial advisers. Lifespanprovides access to a comprehensive range of strategic andtactical diversified portfolios overseen by investmentprofessionals, with all the benefits of research,implementation, and reporting.Managed portfolios offer a scalable investment solutionallowing financial advisers to concentrate on strategic advicewhile outsourcing the day-to-day portfolio management toan experienced and trusted investment and businesspartner. Source: IMAP Managed Account FUM Census Results as at 30 June 2023G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SThe continued growth ofmanaged portfolios6Dec2016Dec2017Dec2018Dec2019Dec2020Dec2021Dec2022Dec2023$20$40$60$80$100$120$140$160$180$200

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What are the benefits of managed portfolios for advisers?Efficiency: The MDA and managed portfolio service assist in the streamlining of the adviceprocess, from the client meeting, advice preparation, implementation, and review. Thereduced time associated with portfolio implementation and management creates more timefor advisers to work on their business, providing quality advice and support to their clients.G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SLifespan also offers those with sufficient scale, access to their MDA licence – subject toResearch approval. Portfolios can also be customised for specific adviser and client needs. This service is available on request.7Stronger client relationships: Less paperwork and administration create more time foradvisers to focus on strategic advice and enhance the value of their financial advice offering. Scale: Investment portfolios can be traded on a one-to-many basis, so individual clientportfolios can be managed all at once. This also provides an opportunity for advisers tocontinue to meet the needs of clients with smaller balances.No advice documents for every change: Advisers do not need to complete ROA’s or SOA’swhen portfolios are changed by the investment manager. It is not necessary to attach PDS’or fund fact sheets as the adviser is recommending the MDA, not the underlying managers.Lifespan produces review templates: Lifespan provides portfolio review templates thatadvisers can provide to clients and these can also be branded or incorporated into anadviser’s review template. This provides you with an efficient, detailed, and consistentreview process.Transparency: Platform technology can provide clients with real time portfolio value andad-hoc reporting. Clients can access and view their portfolio when requested. Flexibility: Clients can revoke their MDA contract at any time and it is easy for advisers toswitch investment portfolios. Best interest duty: Timely portfolio changes ensure best interest obligations are applied toall clients concurrently.15 hSupport StaffOf those who use managed accounts 85% of advisers,and 62% of support staff indicated that they are savingbetween 1-15 hrs per week – that’s up to 2 days! 57% of advisers indicated they were spending more time with clients asa result of using Managed Accounts.Source: GSD LAB Advice operations research report 2024per weekAdvisers

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S8Rapid responsiveness: Efficient implementation of investment decisions meansthat your clients can own a portfolio that can respond to market conditionsquickly, when and if required. What are benefits of managed portfolios for clients?8 More time on engagement and education: With no advice documents forevery change, clients benefit from the adviser being able to focus closely on therelationship rather than their compliance obligations.Streamlined review process: Clients receive a more comprehensive reviewand the cost of ongoing advice is reduced.Transparency: Clients can access their portfolios via “read-only” access,enabling real time portfolio value and ad-hoc reporting.Proactive portfolio management: The MDA and ManagedPortfolio Service also provides the potential for downsiderisk protection which is important in volatile investmentenvironments. 9Reduced overall cost of advice: Access to fund managerdiscounts, including for best of breed managers. Flexibility: Clients can revoke their MDA contract at any time.

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Access to ManagementAdvisers can contact any memberof the Lifespan team or management at any time to discussany concerns or questions theymight have about the portfolios. Consistency of implementationAll the managed portfolios are theresult of the Lifespan InvestmentCommittee’s investment andportfolio construction philosophywhich is consistent from option tooption. The portfolios reflect theviews of the Investment Committeeand our external consultants. ChoiceWith a range of 10 strategic and 20tactical asset allocation portfolios,an adviser is able to offer a flexibleand transparent solution that willclosely meet the needs of clients,as a complete solution or blendedwith other assets.SupportAdvisers can access a significantnumber of support services at anytime as detailed in the section'Partnership, Collaboration, andSupport', from transition throughongoing advice.Alignment of interestsThe Lifespan MDA and ManagedPortfolio Service has been createdand delivered by an adviceprovider for advisers and clientsrather than just a product offeredby a fund manager. It is completelyaligned to the best interests of theadviser and client.G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S9WHY LIFESPANMANAGED PORTFOLIOS?Lifespan is a privately owned adviser network. Contrasted with a fund manager, our purpose is topartner with advisers and accountants to build successful businesses through the provision of qualitytailored services and support, financial products, and education. This provides considerable benefits toadvisers: ExperienceWith more than 28 years’ we haveexperienced many economic andinvestment market cycles. Theportfolios reflect this experienceand are constructed to providesolutions for clients in allconditions.

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Lifespan’s approach to research embraces a forward-thinking philosophy with a focus on assetallocations and different types of products and the combinations of these that:give each client the maximum probability of achieving lifestyle goals;provide a combination of asset allocation and manager selections that are likely to providemore consistent results on a risk-adjusted basis.We are constantly looking to incorporate investments that will provide the best outcomes for the clientwithout subjecting them to unnecessary risks. Fundamentally we believe that market risks can bereduced over longer time horizons and the capture of long-term asset class returns is the most likelymethod for clients to achieve their lifestyle goals.Our investment process has been tried and tested over many years. The core of our investmentphilosophy is: G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S10LIFESPAN’S INVESTMENT PHILOSOPHY ANDPORTFOLIO CONSTRUCTION PROCESSInvestment philosophyDetermining the optimum asset allocation for clients utilisinga market aware and flexible approach to asset allocation thattakes into account diverse client goals and an understandingof the impacts of shifts in economic cycles.Investing in high quality investment managers underpinnedby extensive research from a range of research houses andinvestment consultants. We use investment managers whobring skillful judgement in exploiting market inefficiencies toadd value. A strong risk management culture both in the investmentmanagers we use and in our rigorous governance process. A diversified approach to portfolio construction to smoothout periods of market volatility.Efficiency in implementation, administration, andmindfulness of costs in meeting varying client objectives.

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S Market CrashRecoveryNormal BullMarketBull Market no longersupported byfundamentals Market PeakForegoingmarketupsideReducing marketdownsideLifespan portfolioMarket portfolioPortfolio Construction ProcessRISK MANAGEMENTMONITORING & REVIEWREPORTINGINVESTMENT PHILOSOPHYINVESTMENT COMMITTEEASSETALLOCATIONINVESTMENTSELECTIONMarket aware approachResearch drivenRigorous governanceDiversificationEfficiencyNeutralStrategicTactical11The components of our market aware portfolio construction process can be illustrated as follows:Lifespan’s Investment Committee is responsible for all elements of the portfolio construction process.Our portfolio construction approach seeks to maximise risk adjusted returns for the portfolio so thatthe portfolio outperforms in the medium and long term. We believe that the resultant smoothing ofportfolio returns will maximise the chance of meeting client goals. This is aptly illustrated in the following chart:Our portfolio construction process aims to reduce portfolio volatility to smooth investment returnsand improve outcomes

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12Tactical asset allocation: While Strategic Asset Allocation is set toachieve a portfolio’s risk and return objectivesover the long term, we offer a range ofblended portfolios that can reduce theportfolio’s risk and enhance returns over themedium term. This is discussed in greaterdetail below.Lifespan will tilt the portfolio asset allocationaway from the neutral strategic asset allocationbased on our assessment of key factors. Thelevel of deviation from the neutral position willdepend upon allowable asset class ranges(which vary depending on whether theportfolio is strategic or tactical), and the riskprofile.G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SAsset AllocationAll available asset classes are assessed andevaluated to determine the appropriatecombination. An assessment of the economic cycle: The stage of the business cycle is determined byusing a range of macro and micro-economicindicators.Consideration of all available asset classes: As well as the traditional asset classes of equities,fixed income property/infrastructure, and cash, wewill also consider all available sub-asset classes.This could include Australian mid and small capequities, emerging market equities, emergingmarket debt, and alternative assets.In-depth valuation analysis: Using a range of metrics both absolute andrelative.Sentiment and momentum: We utilise both qualitative and quantitative inputsto understand the drivers and risks of marketsentiment. Especially in periods where valuationsare at extreme levels. When the asset class views are determined, theportfolios will be optimised using a variety ofmethods and metrics. Consideration of the riskand return characteristics and the upside anddownside risk capture, for example, could result ina reassessment of the asset class weightscompared to the neutral benchmarks for theStrategic Asset Allocation portfolios.Depending on the objective of the portfolio,exposure to market returns may be managed bylong-only active management, passive strategies,or a combination of these.

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S13Investment SelectionWe invest in managers where we have a high conviction that the manager will meet or outperform thebenchmark, or provide an enhancement to risk-adjusted returns. These are in line with the principlesof our investment philosophy of quality, diversification, risk control, and suitability for the portfolio.The process includes the following elements.Market reputationMedium to long term performanceAsset allocation and stock selection processEffects of different market cycles on the portfolioGeneral volatility and level of activity within thefund (stock turnover, asset allocation changes,etc.)Turnover of critical staffConsistency in the application of investment stylePotential for above median performance atdifferent stages of the investment cycleThe ability to blend with existing approvedproducts thereby improving fund managerdiversification and overall risk profileThe quality of adviser and client supportCostRigorous research: We analyse the universe ofmanagers available for each asset class and allavailable research reports for shortlisted managers.Manager meetings: We meet on multiple occasionswith each manager. At the interview stage, the most important questionthat is addressed is what underlying skillset themanager has, and is that skillset likely to add value inthe future?Individual investment products are examined againstother similarly structured products within the sameasset class or sector (Equities, Fixed Interest, SmallCap, etc.). Some of the factors considered are:

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S14Changing managers in the portfolioLifespan will minimise manager changes as managers areincluded in portfolios based on a medium-term view ofsuitability for the portfolio. Reasons why we may change managers includes: A decline in confidence in the manager. Maybeevidenced by a research rating downgrade and/orour ongoing due diligence;Identification of a superior investment managerThe manager is not performing in line with statedobjectives and constraints;Change in portfolio configuration or the risk of anasset class.Combining managers in the portfoliosWhile the selection and allocation between asset and sub asset classes for each risk profile is arguablythe most important decision in portfolio construction, for advisers and their clients, the way the fundmanagers are combined in the portfolio is also critical in reducing investment risk and providing moreconsistent long-term returns. Our core belief in selecting managers is that active investment managers will lead to superior returnsover a passive approach. Nevertheless, we recognise that some advisers and clients have a preferencefor passive management, and we provide manager portfolios to meet these needs.There may be times in the investment cycle however when we could include passive management infully active portfolios. These would include where:We believe the return after fees from active management is not a good trade-off;We believe active management cannot add value;A suitable active manager is not available;We wish to reduce the tracking error/volatility in the asset class. Likewise, we may choose to include active managers in otherwise passive portfolios in sub-assetclasses such as emerging markets and alternatives where passive alternatives are not appropriate.

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S15The number of active managers and the method ofcombining managers differs according to the assetclass. The following are basic principles we follow:Australian EquitiesDiversification across style factors (valuegrowth, momentum, and quality);Several core/style neutral managers (broad cap)Inclusion of thematic, fundamental (stockpicking), and quantitative managers;Allocating to small and mid-caps using specialistmanagers;Potential allocation to high yield (dividendyield); Adding a long/short manager, typically in TAAportfolios.International EquitiesDiversification across style factors (valuegrowth, momentum, and quality);Several core broad cap managers which mayinclude a thematic manager, and those thatprovide a level of currency hedging;Allocate to small and mid-caps using specialistmanagers;Potential allocation to a dedicated emergingmarkets manager;Potential allocation to a low volatility manager,typically in TAA portfolios.Property and InfrastructureActive allocations to Australian Listed PropertyTrusts; Potential allocation to G-REITS;Active allocation to global listed infrastructure.Fixed InterestFixed income is a complex asset class wherethe number and type of managers may varysignificantly depending upon market factors.It also offers a different mix of risk premiathan equities which is critical for its role as adiversifying asset class. When makingallocations to managers we consider thefollowing elements:A mixture of the term premium,liquidity premium, and credit premium;The amount of income generated (fixedand floating coupons);Alpha opportunities where a managercan be opportunistic;The diverse range of assets includingsovereign, investment grade, andabsolute return;Global and Australian bond managers.CashWe select several true cash and term depositfunds. We do not include managers thatinvest in non-cash or hybrid instruments.OtherThis may include alternative assets andemerging markets debt. Our objective of providing true diversification according to the above principlesrequires the actively managed portfolios to, at times, have 25-30 managerallocations. The method of blending ensures that we do not produce an index-like risk/return outcome nor provide a portfolio with an uncompetitive cost.The index portfolios have significantly fewer manager allocations and arefocused primarily on broad market managers.

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Investment CommitteeG U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S16Lifespan’s Investment Committee adopts a formalapproval and oversight process and adheres to robustgovernance and performance management parametersas set out in the Investment Committee Charter. EachInvestment Committee member has been chosen fortheir diverse background and experience and specialistexpertise, to create diversity in thinking, robustdiscussion, and ultimately a thoroughly debatedapproval decision. This framework together with asound Investment Philosophy reflects best practice inportfolio construction decision making. The Committee has an impressive track record in theproducts it approves and the portfolios offered toadvisers. Meetings are minuted and held quarterly, ormore frequently should circumstances dictate. Global asset consultant Mercer, is also invited from timeto time to participate in the committee meetings andcontribute Mercer’s overarching global research andsector views for portfolio construction purposes. Thecommittee also will engage such other consultants andsources of information as are necessary to make fullyinformed decisions.Advisers are welcome to request further information oneach Investment Committee member’s background andexperience from Lifespan directly.Monitoring and ReviewAs part of the formal investmentcommittee process, all elements of theprocess are reviewed on an ongoing basisto ensure that the portfolios are bestpositioned to meet the prevailingeconomic and investment marketconditions.

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S17REPORTING AND KEEPING YOU INFORMEDQuarterly notes andperformance reportsWe provide...Fund managerand portfolio performance,asset allocation changes andposition in detail, managerchanges, strategic and tacticalasset allocation views, marketoutlook, and portfolio metrics.Portfolio changereportsWe provide...An updateto the adviser when achange has been madeto the portfolios.Investment CommitteeupdatesWe provide...WebinarsEmail updatesViews on investmentmanagers, asset allocationand portfolio changes andportfolio positioning inthe context of theeconomic and investmentmarket outlook.Platform reportingOur partner investment platforms provide a range of on demand reportsshowing details of the portfolio in real time.

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With over 29 years of supporting advisers, Lifespan recognised back in 2004 that well-researchedmanaged portfolios would be the way of the future for advice implementation. Having seen manymarket cycles we increased the MDA and Managed Portfolio Service offering to a suite of 30 multi-manager diversified portfolios in 2011. This comprises 10 Strategic Asset Allocation 'SAA' portfoliosand 20 blended Tactical Asset Allocation 'TAA' portfolios. Each portfolio actively manages assetallocation with options using active and index funds.The evolution and continued development of the Lifespan MDA and Managed Portfolios were basedon the strong belief that advice efficiency and responsive professional investment management wouldbe the cornerstone of successful advice practices of the future.Our portfolios are implemented within a standard risk profile methodology. Asset ClassConservative (%)Moderately Conservative (%)Balanced (%)Growth (%)High Growth (%)Australlian Equities1322.531.53945International Equities1322.531.53945Property andInfrastructure45778Alternatives00000Growth Exposure3050708598Australian FixedInterest3525147.50International FixedInterest151074.50Cash2015932Defensive Exposure705030152G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S18LIFESPAN MANAGED PORTFOLIOS OVERVIEWAll portfolios aim to earn a rate ofreturn that exceeds the applicableFinancial Express (FE) Mixed-AssetIndex benchmark (net of fees andcosts) for the chosen risk profilewith lower volatility. While the underlying asset classexposures and fund selectionreflect each portfolio’s objectives,the overall long-term weightingsto growth and defensive assetsare aligned to Lifespan's neutralrisk profiles.Lifespan Neutral Asset Allocations*LOW RISKHIGHRISKCONSERVATIVE MODERATELYCONSERVATIVEBALANCED GROWTH HIGH GROWTHManaged PortfoliosModel Risk Spectrum* as of 30 June 2024.

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The suite of managed portfolios comprisestraditional diversified Strategic Asset Allocation'SAA' portfolios with options to blend with a rangeof Tactical Asset Allocation 'TAA' solutions. Thereare six series of managed portfolios consisting of:Strategic asset allocation portfolios: Two series of portfolios, one with predominantlyactive fund managers and the other withpredominantly index managers. In both strategies,the asset allocation is actively managed but isusually within +/- 10% of the neutral allocation.Tactical asset allocation portfolios: Four series of portfolios with three series offeringincreasing levels of tactical asset allocation usingactive fund managers 25%; 50% and 75%respectively and one series using predominantlyindex managers for a 50% tactical asset allocationblend. All portfolios employ higher levels of activemanagement of the asset allocation as explainedin more detail below.G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S19Lifespan Multi-Asset DiversifiedManaged PortfoliosInvestment objectivesAll portfolios aim to earn a rate of returnthat exceeds the peer group as measuredby the Financial Express (FE) Mixed-AssetIndex (net of investment fees and costs)for the chosen risk profile with lowervolatility.A Strategic Asset Allocation portfolio aimsto provide the target returns of a riskprofile under average market conditionswhereas a Tactical Asset Allocationportfolio aims to provide the targetreturns of a risk profile over a broadrange of market conditions.ACTIVE SAA 75% / TAA 25%ACTIVE SAA 50% / TAA 50%INDEX SAA 50% / TAA 50%ACTIVE SAA 25% / TAA 75% ACTIVE SAA INDEX SAA

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The suite of managed portfolios have been designed to outperform the benchmark while providingadvisers with the ability to select the potential sources of alpha and downside risk managementopportunities that align with their and their client's preferences.G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S20Active SAA Portfolios Index SAA PortfoliosSources of AlphaActive Asset Allocation: Aims to achieve a modestreduction in overall volatility and to outperform thebenchmark through an active but limited assetallocation budget which smooths the impact ofsmall fluctuations in the market. Active underlying investment managers: Aims foran increased return through security selection andthe ability to deviate from the composition of therelevant benchmark.Active Asset Allocation: Aims to achievea modest reduction in overall volatilityand to outperform the benchmarkthrough an active but limited assetallocation budget which smooths theimpact of small fluctuations in themarket.Active TAA Portfolio blends Index TAA Portfolio blendActive Asset Allocation: Aims to achieve asignificant reduction in overall portfolio volatility.Provides the opportunity to avoid the impact ofmajor market dislocations but performance maylag during big bull runs where market prices arejudged to be excessive. The overall aim is tooutperform the fully invested benchmark withsignificantly less volatility, with the resultingsmoothing of returns and improvement in riskadjusted returns. Active underlying investment managers: Aims forincreased return through security selection andability to deviate from the composition of therelevant benchmark.Active Asset Allocation: Achieves asignificant reduction in overall portfoliovolatility. Provides the opportunity toavoid the impact of major marketdislocations but performance may lagduring big bull runs where marketprices are judged to be excessive. Theoverall aim is to outperform the fullyinvested benchmark with significantlyless volatility, with the resultingsmoothing of returns and improvementin risk adjusted returns.

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SStrategic Asset Allocation portfoliosThe Strategic Asset Allocation (SAA) managedportfolios are intended to meet the needs of arange of investors from low to high risk profiles.The Active Strategic portfolios use activeinvestment managers while the Index Strategicportfolios use predominantly index managers. Allportfolios are diversified and may invest in assetclasses such as equities, property andinfrastructure, alternatives, cash, and fixedinterest.The SAA portfolios are designed forinvestors who seek a transparent, activelymanaged, diversified portfolio ofstrategies, consistent with the risk profileof the portfolio.An Active Managed Strategic AssetAllocation Strategy is suitable if you:would like to target the benchmark returnwith the opportunity for some reduction involatility and/or additional return throughactive asset allocation and from investmentmanagers that use active management. An Index Strategic Asset AllocationStrategy is suitable if you:are satisfied with the return of the marketfrom the investment managers inexchange for paying a lower investmentfee. The index portfolios still add thepotential for outperformance throughactive management of the asset allocation.21Investor SuitabilityFor the Active Strategic portfolios, we select anoptimal combination of highly rated activespecialist investment managers for each assetclass. The Index Strategic portfolio’s exposure to theseasset classes will be obtained primarily byinvesting directly into index funds or exchange-traded funds. We may include highly rated activemanagers to provide exposure to certain sub-asset classes where we believe that there is notan appropriate index option available or wherewe feel an active manager is more likely to addvalue at a reasonable cost. This could includeAustralian mid and small equities, emergingmarket equities, global infrastructure, oralternative assets. Typically, such active managerexposures would be limited to a maximum of20% of the portfolio.International assets may be fully, partially, orunhedged for fluctuations in the Australian dollaragainst other currencies.The SAA portfolios are designed for long termcapital preservation. To add value through assetallocation and improve risk adjusted returns,each portfolio can overweight or underweight thelevel of growth and defensive assets usuallywithin a range of about 10% from the neutralbenchmark (except for the Conservative and HighGrowth Risk Profiles – refer to the table below).This is done by regularly considering asset classvaluations, macroeconomic developments, andmarket sentiment. The portfolios are frequentlyrebalanced. Investment Strategy There are five different defensive/growth assetclass combinations related to the five differentand increasing levels of risk from Conservativethrough to High Growth. Each portfolio isconstructed with a mixture of income and growthassets, to achieve a level of risk and return that issuited to the client’s risk tolerance, time horizon,and investment goals. This is achieved throughbroad diversification at the asset class, country,sector, and security levels.

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Risk ProfileConservativeModeratelyConservativeBalancedGrowthHigh GrowthAsset Class Ranges %Neutral RangeNeutral RangeNeutral RangeNeutral RangeNeutral RangeG U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S22Asset AllocationAustralian equitiesInternational equitiesProperty & InfrastructureAlternativesGrowth assetsAustralian fixed interestInternational fixed interestCashDefensive assets13134030351520700-400-300-120-1010-400-600-409-6060-9022.522.55050251015500-600-400-190-1540-600-600-503-4040-6031.531.5707014793010-600-500-180-2060-800-400-302-3020-40393970857.54.531545458098002220-7010-700-200-2080-980-200-202-202-2020-8010-800-200-2095-990-50-51-51-5The asset allocation shown below shows the strategic portfolios in their neutral allocation. Note In most circumstances, the Manager will manage the overall growth and defensive asset allocation within these ranges. In periods ofmarket extremes, the Manager reserves the right to operate outside of these guidelines. In most circumstances, the Manager will manage the sub asset class allocation within these ranges. In periods of market extremes, themanager reserves the right to operate outside of these guidelines.Managers of the underlying funds may invest in cash or cash equivalents for administrative purposes (including meeting applications andredemptions for the underlying fund). This is not reflected in the above allocation to Cash.Asset allocations and ranges as of 30 June 2024.

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S23Lifespan’s approach to providing Tactical Asset Allocationportfolios is unique in its structure, conviction, degree ofchoice, flexibility, and transparency. Lifespan offers three series of active blended managedportfolios and one series of index blended managedportfolios intended to meet the needs of a range of investorsfrom low to high risk profiles. Each series is based on aStrategic Asset Allocation portfolio with different degrees oftactical asset allocation overlay, ranging from moderate tohigh. Generally, the higher the tactical asset overlay, the morethe portfolio may deviate from the benchmark return inperiods of high market volatility, and when markets aredelivering extremely high returns. Each portfolio uses activeand index investment managers, is diversified, and mayinvest in asset classes such as equities, property andinfrastructure, alternatives, cash, and fixed interest.Tactical Asset Allocation (TAA) portfoliosInvestor SuitabilityThe Tactical Asset Allocation portfolios are designed forinvestors who seek a transparent, actively managed,diversified portfolio of strategies, consistent with the riskprofile of the portfolio.In particular, the portfolios will suit investors that are lookingto grow their wealth for the long term but are sensitive tolarge short and medium term swings in their account balance.This is particularly the case for pre and post retirees. As suchthe investor will tolerate potentially significant deviations inperformance from the benchmark for extended periods.An actively managed strategy is suitable if you would like totarget the benchmark return with the opportunity for reducedvolatility and/or additional return through asset allocation andinvestment managers that use active management.We assist advisers to educate their clients regarding thesuitability of the range of portfolio options.

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Why Lifespan developed the TAA portfolios?In Lifespan's experience: 1. Markets are not efficient. Since 2008, for example, both equity andbond markets have significantly increased inrisk through central bank and governmentstimulus programs. This has arguablyresulted in extreme valuations and increasedfinancial risk in the economy due to recordhigh government debt levels. In theseperiods, history has shown that investmentmarkets become highly volatile and cansuffer significant downward shocks.Portfolio loss (%)1020304050Return needed to recoup (%)11254367100G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SMost clients understand the importance of asset allocation in generating portfolio returns and indeedsome studies have suggested it accounts for 90 per cent of absolute returns. Strategic asset allocationconstructs a portfolio of diversified asset classes appropriate for the longer-term economic andinvestment outlook. It uses long term capital market assumptions for each asset class as well as forthe volatility of returns and the correlation between asset classes. If the market acts in accordancewith these assumptions, the SAA portfolio should be sufficient to achieve the investment objective ofthe portfolio over the time horizon with the volatility predicated by the risk profile.With the strong returns of SAA portfolios, especially in recent years, it is easy to lose sight of therisk/return trade-off, which has become more unfavourable over time.242. Many clients, especially those near or inretirement are sensitive to potential losses ofcapital that may not be recoverable. While there are ways to reduce risk in portfolios inthese circumstances (such as tail risk hedging)these are not suitable for advisers to undertakefor individual clients.This is why Lifespan has introduced the TacticalAsset Allocation (TAA) portfolios.The aim of TAA is twofold: risk mitigation andreturn enhancement. The primary goal of our TAAportfolios is to reduce risk and protect clientcapital when we believe that a downwardcorrection is likely. This is done by reducingexposure to growth assets. The longer the markethas been rising above long term expected returns,the more the TAA portfolios will underweightgrowth assets. Following a downward correction,there is an opportunity to take advantage of therecovery of markets by increasing the exposure togrowth assets once again.Recouping portfolio lossesSource: www.callan.com/blog-archive/risky-business-2024/

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S25It is Lifespan’s experience that using TAA inthis manner will provide potentialoutperformance compared to an SAAportfolio and achieve it with significantlylower risk than by maintaining the SAAbenchmark asset allocation at all times.A TAA portfolio will however significantlydeviate from the benchmark return inperiods of market extremes as thebenchmark is not a universe of TAA funds.The diagram on the right illustrates theperformance differences between a TAA andSAA strategy.Performance differences between strategiesThe structure of our TAA frameworkThe majority of TAA portfolios available in the market are low in conviction(will not provide significant downside protection in major market corrections).Nor are there many choices available to match the TAA to client objectives.Advisers know that clients are increasingly demanding investment solutionsmore tailored to their individual requirements. Lifespan’s TAA portfolios aredesigned to support advisers in meeting these increasing client expectations.The essence of the structure of the TAA blends are as follows:There is one blend of Index SAA and the TAA referenceportfolios for a 50% TAA / 50% SAA for the five risk profiles.Although TAA portfolios are significantly more active than the SAA portfolios,as for all our managed portfolios, under the MDA licence, asset allocationand manager changes are implemented at the portfolio level without theneed for advisers to complete an ROA or SOA.We have chosen a robust, high conviction, and proven TAAmethodology that has been operating successfully since 2001.There are five underlying “reference portfolios” developed ona risk profile basis from conservative to high growth. Theseare not available for investment.The SAA (active) portfolios are blended with the TAA referenceportfolio for the appropriate risk profile on the basis of 75%SAA/25% TAA; 50% SAA/50% TAA and 25% SAA/75% TAA;representing three series of portfolios with increasing levelsof downside risk protection.

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S26The TAA model Lifespan has chosen to create the blends is different to many in the market:Whereas most TAA models focus on short term forecasts (valuations, interest rates, inflation,momentum, etc), this model is focused on medium to long term forecasts, looking at theeconomic cycle as a whole. The model is not attempting to avoid all short term small corrections (of less than 10% that occurfrequently and typically the market quickly recovers), it is focused on the major corrections of20% and above that result in major market dislocations and tend to take a long time to recover.It can significantly deviate from asset class allocations from the neutral benchmark, if necessary,investing the portfolio completely into cash in extreme circumstances. In practice, some levels ofmore defensive growth assets would be maintained.Likewise, the portfolio can quickly reinvest into equities (for example) after a correction hasoccurred.The TAA reference portfoliosThe TAA reference portfolio for a balanced risk profileis shown to illustrate the above. The significantallowable deviations from the neutral benchmark areevident. Note also that the model complies withLifespan rules that a balanced risk profile cannotexceed the neutral benchmark growth allocation bymore than 10% (in this case from 70% neutral to themaximum of 80%). The blended portfolios allow the adviser to choose theamount of downside risk protection appropriate tothe client.The bar chart shows an example of howthe TAA model would apply to a 75% TAA/25% SAA blend for a balanced risk profileover a reporting period. In this period theMDA model was significantly underweightequities and property and infrastructureand overweight cash and fixed interest.During the period equities were increasedfrom extremely low levels funded by areduction in the high levels of cash.Starting AA AA at end of period BenchmarkAustralian equitiesInternational equitiesProperty & InfrastructureOtherFixed InterestCash05101520253035Asset ClassNeutralBenchmarkTacticalMin RangeMax%%%Australianequities31.5070Internationalequities31.5070Property &Infrastructure7017.5Alternatives0017.5GrowthExposure7017.580Australian fixedinterest14050Internationalfixed interest7050Cash91100DefensiveExposure302082.5

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Risk ProfileConservativeModeratelyConservativeBalancedGrowthHigh GrowthAsset Class Ranges %Neutral RangeNeutral RangeNeutral RangeNeutral RangeNeutral RangeSeries 2 - Active & Index Medium Tactical Overlay (SAA 50% / TAA 50% Blended)Australian equitiesInternational equitiesProperty & InfrastructureAlternativesGrowth assetsAustralian fixed interestInternational fixed interestCashDefensive assets13134030351520700-350-300-100-910-400-650-555-8060-9022.522.55050251015500-550-450-160-1425-600-600-502-7040-7531.531.570701479305-650-600-180-1940-800-450-402-6520-60393970857.54.531545458098002210-785-780-210-2150-980-600-352-602-5010-885-880-230-2360-990-280-281-531-40Risk ProfileConservativeModeratelyConservativeBalancedGrowthHigh GrowthAsset Class Ranges %Neutral RangeNeutral RangeNeutral RangeNeutral RangeNeutral RangeG U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S27Asset AllocationThe asset allocation shown below shows the portfolio allocations in normal circumstances. In extremecircumstances the mandate allows Lifespan to further reduce growth asset allocations to protect clientcapital. Series 1 - Active Moderate Tactical Overlay (SAA 75% / TAA 25% Blended)Australian equitiesInternational equitiesProperty & InfrastructureAlternativesGrowth assetsAustralian fixed interestInternational fixed interestCashDefensive assets13134030351520700-380-300-110-910-400-630-487-7060-9022.522.55050251015500-580-430-170-1430-600-600-453-5540-7031.531.570701479308-630-550-180-1950-800-430-352-4820-50393970857.54.531545458098002215-748-740-200-2065-980-280-282-402-3515-848-840-210-2175-990-160-161-291-25

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Risk ProfileConservativeModeratelyConservativeBalancedGrowthHigh GrowthAsset Class Ranges %Neutral RangeNeutral RangeNeutral RangeNeutral RangeNeutral RangeAustralian equitiesInternational equitiesProperty & InfrastructureAlternativesGrowth assetsAustralian fixed interestInternational fixed interestCashDefensive assets13134030351520700-230-230-60-610-400-530-533-7560-9022.522.55050251015500-530-480-140-1320-600-600-552-8540-8031.531.570701479303-680-650-180-1830-800-480-452-8320-70393970857.54.53154545809800225-823-810-210-2135-980-430-432-802-655-923-920-230-2440-990-390-390-761-60Note In most circumstances, the Manager will manage the overall growth and defensive asset allocation within these ranges. In periods of marketextremes, the Manager reserves the right to operate outside of these guidelines. In most circumstances, the Manager will manage the sub asset class allocation within these ranges. In periods of market extremes, themanager reserves the right to operate outside of these guidelines.Managers of the underlying funds may invest in cash or cash equivalents for administrative purposes (including meeting applications andredemptions for the underlying fund). This is not reflected in the above allocation to Cash.Asset allocations and ranges as of 30 June 2024.28G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SSeries 3 - Active High Tactical Overlay (SAA 25% / TAA 75% Blended)

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S29The individual underlying investments, such asManaged Funds or Exchange Traded Funds(ETFs), selected by the portfolio manager willhave an MER which is the ongoing fees chargedby the underlying managers within the portfolio.The MER is the combined cost of managing afund including operating expenses and taxes.FEES AND OTHER COSTSManagement expense ratio (MER)This is the fee charged by Lifespan and includesservices related to the ongoing management ofthe portfolio, such as asset allocation,investment selection, risk management,implementation, and reporting.Portfolio management feeThese are levied by platform providers tocover administration, reporting, and othercosts incurred in making the portfoliosavailable. They may vary betweenplatform providers. Platform administration feesManaged portfolio fees by seriesActive Strategic Asset Allocation Lifespan does not charge performancefees, however underlying managers maycharge a performance fee over andabove the MER, typically in alternativeasset classes.Performance feesConservative Moderately Conservative BalancedGrowthHigh GrowthAverage MER *0.49%0.58%0.64%0.70%0.73%BT Panorama0.34%0.35%0.36%0.36%0.37%CFS Edge0.34%0.35%0.36%0.36%0.37%Omniport0.17%0.19%0.23%0.25%0.28%Portfolio MERPortfolio Management Fee**Index Strategic Asset Allocation Conservative Moderately Conservative BalancedGrowthHigh GrowthAverage MER *0.22%0.24%0.24%0.25%0.26%BT Panorama0.28%0.29%0.30%0.31%0.32%CFS Edge0.28%0.29%0.30%0.31%0.32%Omniport0.11%0.12%0.13%0.14%0.15%Portfolio MERPortfolio Management Fee**

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S30Series 1- Active Moderate Tactical Overlay (SAA 75% / TAA 25% Blended)Conservative Moderately Conservative BalancedGrowthHigh GrowthAverage MER *0.45%0.52%0.58%0.63%0.67%BT Panorama0.35%0.37%0.40%0.41%0.42%CFS Edge0.35%0.37%0.40%0.41%0.42%Omniport0.17%0.19%0.23%0.25%0.28%Portfolio MERPortfolio Management Fee**Series 2 - Active Medium Tactical Overlay (SAA 50% / TAA 50% Blended)Conservative Moderately Conservative BalancedGrowthHigh GrowthAverage MER *0.41%0.47%0.52%0.57%0.61%BT Panorama0.40%0.42%0.45%0.46%0.47%CFS Edge0.40%0.42%0.45%0.46%0.47%Omniport0.17%0.19%0.23%0.25%0.28%Portfolio MERPortfolio Management Fee**Series 2 - Index Medium Tactical Overlay (SAA 50% / TAA 50% Blended)Conservative Moderately Conservative BalancedGrowthHigh GrowthAverage MER *0.22%0.23%0.23%0.24%0.24%BT Panorama0.30%0.31%0.34%0.36%0.36%CFS Edge0.30%0.31%0.34%0.36%0.36%Omniport0.17%0.19%0.23%0.25%0.28%Portfolio MERPortfolio Management Fee**Series 3 - Active High Tactical Overlay (SAA 25% / TAA 75% Blended)Conservative Moderately Conservative BalancedGrowthHigh GrowthAverage MER *0.37%0.41%0.46%0.51%0.54%BT Panorama0.46%0.47%0.47%0.47%0.47%CFS Edge0.46%0.47%0.47%0.47%0.47%Omniport0.23%0.25%0.27%0.29%0.33%Portfolio MERPortfolio Management Fee**NotesThe relevant fees and costs relating to the underlying investments are net of any rebate paid by an issuer of an underlying managed fund thatforms part of the portfolio and is passed on to the investor.*The amount of indirect costs is an estimate for the relevant underlying investments in relation to the financial year ending 30 June 2024(inclusive of any GST and are net of any reduced input tax credit).** The Portfolio Management Fee includes GST.

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Advisers are required to review the investment programannually in light of the client’s circumstances and advise clientsas to whether or not it remains appropriate for them.G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S31DOCUMENTATIONLifespan is authorised by ASIC to provide Managed Discretionary Account (MDA) services and act asthe Portfolio Manager. Our advisers are also authorised to provide personal advice in relation to MDAservices. The following disclosure documentation is required under the regulations.MDA Contract: An agreement between the client and Lifespan providesLifespan the authority to buy and sell investments on the client’sbehalf. It describes the service the client will receive and the feesthat will be charged. Provided it is in the best interests of theclient, Lifespan can make these investment decisions at itsdiscretion but always in accordance with the MDA Contract andthe Investment Program contained in the MDA Statement ofAdvice, which forms part of the MDA contract.Financial Services Guide (FSG): Must accompany the MDA Contract. This is an MDA-specific FSG.MDA SOA: This document details the advice and service being provided bythe financial adviser and recommends, the Lifespan MDA serviceand an investment strategy, called an Investment Program, thatis appropriate for the client and managed by Lifespan. Theadviser must review and advise the client on the suitability ofthe MDA contract and the Investment Program for their relevantpersonal circumstances at least every 13 months.Investment Program: Details the investment strategy selected based upon the client’sneeds, goals, and risk tolerance level. Investment Program Review ROA:

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G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S32PARTNERSHIP, COLLABORATION, AND SUPPORTLifespan provides advisers using the MDA and ManagedPortfolio Service with a large number of support services.Documentation: MDA Contract, MDA SOA, Investment Program,MDA FSG, MDA SOA, and ROA templatesProcess guides: Detailed flowcharts for the MDA Advice Process;MDA Advice Implementation Process and MDAAdvice Review Process, together with a helpful MDAAdvice Checklist.Fee calculators: Compare and calculate total fees across accounts.Client collateral: Extensive client flyers, presentationsAutomated reminders: For reviews from the Composadoc MDA register.All of the above are available on the Lifespan SecureAdviser website. Advice and transition support: Lifespan paraplanning service can assist with SOA production and Investment Program selection.We also provide comprehensive reports, case studies, marketing content, presenters, transitionsupport, and staff training.Reports and commentaries provided by Lifespan can include your branding.Adviser research and education:Portfolio Profiles, Investment Manager Lists (by Profileand series), and FAQ documents for advisers.

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The following summary is a guide to key risks associated with managedportfolios. The MDA Contract allows Lifespan to make changes to the investmentsin the client’s MDA account without reference to the adviser or theclient. While Lifespan will always act in the best interests of the clientand within the mandate of the Investment Program, the client isbound by Lifespan’s actions and any changes Lifespan makes. G U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O S33MANAGING RISKHow Lifespan manages risksLifespan has a strong governance and risk management process. Additionally, the MDA authorityfrom ASIC under RG179 has significant compliance and risk management obligations includingdemonstrating the required relevant skills, experience, and training to operate an MDA and strictobligations to manage actual and potential conflicts of interest.From an investment and implementation perspective, we analyse, research, manage and aim toreduce the impact of risks on the managed portfolios by actively monitoring the investment andeconomic environment and all elements of the MDA and the managed portfolios. As is the case with all investment products, the investment decisions made by Lifespan aresubject to various market, currency, economic, political, and business risks, and Lifespan’sinvestment decisions may not always be profitable. Generally, the higher the expected return,the more likely negative returns may be experienced in the short term.There is also a risk that Lifespan’s management and investmentdecisions will not achieve the client’s expectations and needs.There is no guarantee as to the return of the original capital, futureperformance, taxation consequences, or success of Lifespan’sinvestment decisions under the authority that the client provides toLifespan, and the financial products that we select under thatauthority. The operation of a managed portfolio relies on the investment platform’s systems and processesoperating effectively and efficiently to establish and rebalance the managed portfolios. It alsorelies on the portfolio manager providing updated information regarding the investments of theportfolios on a regular basis.A component of the portfolio investments could be in cash while themarket appreciates, hence missing out on higher returns.These risks may also affect the value of the investment and the return.Actions that Lifespan takes under the discretion may trigger a capitalgains tax liability or capital losses, depending on your personal taxposition. The adviser needs to consider the tax implications thatwould be applicable.

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APIR CodeFund NameDescriptionAustralian EquitiesMGE9705AUAirlie Australian Share FundQuality at reasonable price, Style Agnostic. Mid to largeCap focusAAP0103AUAusbil Australian Active EquityCore, all cap, earnings revision focusHOW2967AUEiger Australian Small Companies FundSmall cap. Style agnostic. Intrinsic value focusPIM1925AUFirst Sentier ex-20 Australian Share FundMid Cap Growth (with valuation filter)BGL0034AUiShares Australian Equity Index FundPassiveSCH0002AUSchroders Wholesale Australian EquityCore, Growth, Large cap , long term earnings focusTYN0028AUTyndall Australian Share Wholesale FundValue, high conviction, long term earnings focusInternational EquitiesETL0032AUabrdn Emerging Opportunities FundLarge cap, concentrated, style agnosticMGL0004AUIronbark Royal London Concentrated Global Share FundConcentrated. Focus on cash flow return on investmentBGL0044AUiShares Hedged International Equity Index FundPassiveBGL0106AUiShares International Equity Index Fund PassivePER5355AUJPMorgan Global Research Enhanced Index Equity FundEnhanced passiveETL0041AUMFS Fully Hedged Global Equity TrustCore, Growth, Quality, Large Cap focusETL1864AUT Rowe Price Global Equity Fund M Class (hedged)Core, Growth, Large cap focusVAN0005AUVanguard W Emerging Markets Share IndexPassiveSWI1413AUWCM Quality Global Growth FundGrowth Quality, high conviction, large cap focusProperty and InfrastructureAPN0008AUDexus AREIT FundAustralian property BGL0108AUiShares Australian Listed Properties IndexPassiveLAZ0014AULazard Global InfrastructureGlobal infrastructure, active, concentratedFixed IncomeETL0018AUEQT PIMCO Wholesale Global BondCore, Investment Grade, GlobalBGL0105AUiShares Australian Bond Index FundPassiveBGL0008AUiShares Global Bond Index FundPassiveIOF0145AUJanus Henderson Tactical Income FundBroad based Australian fixed income, absolute returnfocusCHN0005AUJCB Active Bond FundPredominantly Australian Government Bonds focusPER0260AUPerpetual WS Diversified Income FundAlternative income. Invests in a wide range of primarilyfloating rate credit securities. Both liquid and subinvestment grade. Can use gearing.SCH0016AUSchroders Fixed Income Professional ClassBroad based global fixed income, absolute returnfocusCashMIN0046AUMercer Cash Term Deposit UnitsTerm depositsG U I D E T O M U L T I - A S S E T M A N A G E D P O R T F O L I O SINVESTMENT MANAGER LISTThese are the managers that may appear in the various managed portfolios at 30 June 2024.34

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HOW TO FIND OUT MOREWe encourage you to get in touch today to find out how we can help you start implementing managed portfoliosolutions for your clients. Lifespan’s managed portfolios are available through several major platforms including,BT Panorama, CFS Edge and Omniport (CFS Firstwrap).For initial inquiries please contact:Brian Long – Senior Investment Specialist, Managed Accountsbrian.long@lifespanfp.com.au;or your Practice Development Manager.w: lifespanfp.com.auProduction date: July 2024FOR ADVISER USE ONLYLifespan Financial Planning Pty Ltd ('Lifespan')ABN 23 065 921 735 AFSL No. 229892, is theOperator and Issuer of the Lifespan ManagedDiscretionary Account (‘MDA’). Lifespan is thePortfolio Manager of the Lifespan ManagedPortfolio Service.