- The document provides an overview and update of the Fairview Equity Partners Emerging Companies Fund. It summarizes recent market performance, key portfolio holdings and changes, and site visits by the fund manager to gain insights into the US shale oil industry. Small industrials and resources stocks have declined 10-15% in recent months but the fund has declined less, and financial stocks have increased. The fund maintains exposures to selected resource sectors and quality industrials.

1. Fairview Equity Partners
Emerging Companies Fund
Webinar 18 June 2013

2. • Small Industrials have pulled back ~10% from mid May highs
• Small Resources continued their recent downtrend, off further 10-15% same period
• Leaves Small Industrials on 12-13x F.14, Small Resources 6-7x F.14 (less relevant)
• Sentiment, newsflow across broader industrials has waned recently
• Net earnings revisions negative, company updates / outlooks subdued
• Mining capex pull back well documented, broader investment deferral likewise
• Global macros generally supportive, improvement continues out of US
• AUD down ~10% (some offset to commodities, aids USD earnings, hurts importers)
• Several stock changes within portfolio in recent months, several more underway
• Increasingly stock specific investment cases given uncertain broader environment
Small Companies – Market Update
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3. • 3 mths to the end of May, Small Ordinaries Accumulation Index declined 11.3%
• Our Fund declined a lesser 8.0% net of fees (financial YTD +15.8% v. Index +2.0%)
• Modest underperformance during the month of May (~75 b.p.)
Portfolio update
Strong contributors
Stock detractors
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4. Recent portfolio changes
New Positions Exited Positions
Select Harvests (SHV) : Breville Group (BRG):
Sundance Energy (SEA) : Virgin Australia (VAH):
Sirtex (SRX): Fantastic Holdings (FAN):
ERM Power (EPW) : Ausdrill (ASL) :
Shine Corporation (SHJ):
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5. • Took part in small investor tour to Texas, Oklahoma, Colorado
• Revolutionising US energy industry, historically proven areas, technology advances
• Billions of dollars committed by major players over the next several years
• Landowner retains mineral rights = sizeable royalties = everyone happy !
• Site visits aided appreciation of sheer scale of activity, required logistics, etc
• Discussions with management, crews, various service providers
• Economics compelling, arguably increasing as improvements made to operations
• Very strong IRRs – far superior for those within ‘oily windows’ v gas dominated
• Operational improvements and economies of scale aiding capex / cost reduction
• Reduced time from spud to first production aiding cashflow / NPV dynamics
• Testing of reduced spacing (with improved recoveries) = further NPV upside
Recent Shale Oil trip to US
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6. • Seeking sizeable NPV upside, strong growth in production / value accretion, catalysts
• Key attributes sought:
• Well positioned, contiguous acreage, necessary scale of operations
• High working interests and / or operatorship = in control of pace / destiny
• Funding facilities in place to ensure can hold lease, move through development
• We have held AUT, RFE for some time, SEA a newer position post visit
Recent Shale Oil trip to US
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7. Fairview Current Positioning
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Preferred resource
exposures
Maintain some selected
mining service exposure
Quality industrials with
growing earnings
Solid franchises
Top 10 Active Positions
Under-researched
stocks

8. Return %
3
Mths %
1
Year %
3 Years
(p.a.) %
Since
inception
(p.a.)* %
Fairview Emerging Companies Fund -7.99 13.15 11.37 14.73
S&P/ASX Small Ordinaries Accum Index -11.34 -2.91 -0.81 2.21
Net Excess Return 3.35 16.06 12.18 12.52
Risk Metrics since inception
1 Year
Turnover
Ex Post
Tracking
Error
IR Ex
post
Beta Yield
F.14
PER
Fairview Emerging Companies Fund 50% 6.4% 2.3 0.9 2.7% 12.2x
Fairview net performance to 31 May 2013
Return & risk metrics, portfolio summary statistics
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* Inception date 8 October 2008.
~ Risk metrics are unless stated calculated from the since inception net monthly returns (where applicable).
Performance returns are calculated net of management and performance fees and are pre tax.
Past performance is not a reliable indicator of future performance.

9. Accessibility
• Retail investors can access the fund in two ways:
• Directly via the PDS (minimum initial investment $20,000)
• Via platforms
• Fund is available on BT Wrap, Macquarie Wrap, MLC Wrap, MasterKey
Fundamentals, Navigator, CFS FirstWrap, Asgard, Summit, AXA North
• Ratings
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10. Disclaimer
This document is intended for financial advisers only.
nabInvest Managed Investments Limited ABN 61 083 784 463, AFSL 312122 (“NMIL”), is the Responsible Entity of,
and the issuer of units in, the Fairview Equity Partners Emerging Companies Fund (the "Fund"). The Product
Disclosure Statement for the Fund (PDS) is available by calling the Investor Services Team on 1300 738 355 or visit
www.nabinvest.com.au. Any advice in this document has been prepared without taking account of your objectives,
financial situation or needs. Because of this you should, before acting on any advice in this communication, consider
whether it is appropriate to your objectives, financial situation and needs. Past performance of a product or market is
not a reliable guide to future performance. You should obtain a Product Disclosure Statement or other disclosure
documents relating to the Fund issued by NMIL and consider it before making any decision about whether to acquire
or continue to hold the product. An investment in the Fund does not represent a deposit with or a liability of National
Australia Bank Limited nor any of its related bodies corporate and is subject to investment risk including possible
delays in repayment and loss of income and capital invested. None of National Australia Bank Limited, NMIL or other
member companies in the National Australia Group of companies guarantees the capital value, payment of income or
performance of the Fund. Neither the National Australia Bank Limited, NMIL or other member companies in the
National Australia Group is in any way responsible for and does not guarantee the quality or accuracy of any Third
Party Information. To the maximum extent permitted by law, neither National Australia Bank Limited, NMIL or other
member companies in the National Australia Group will be liable to any party in contract, tort (including for negligence)
or otherwise for any loss or damage arising either directly or indirectly from reliance on, the use of or inability to use
any Third Party information or Third Party Web Sites.
All information is correct as at 31 May 2013 unless otherwise stated.
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11. Lonsec: The Lonsec rating (assigned February 2013) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445.
The rating is a “class service” (as defined in the Financial Advisers Act 2008 (NZ)) or is limited to “General Advice” and based solely on consideration of the
investment merits of the financial product(s). In New Zealand it must only be provided to “wholesale clients” (as defined in the Financial Advisers Act 2008 (NZ)).
It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s).
The rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee
from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s ratings
methodology, please refer to our website at: https://www.lonsec.com.au/aspx/Public/Documents/Ratings%20Definitions.pdf
Zenith: The Zenith Investment Partners (“Zenith”) ABN 60 322 047 314 rating Fairview Equity Partners Emerging Companies Fund – February 2013 referred to
in this document is limited to “General Advice” (as defined by section 766 B of Corporations Act 2001 ) and based solely on the assessment of the investment
merits of the financial product on this basis. It is not a specific recommendation to purchase, sell or hold the relevant product(s), and Zenith advises that
individual investors should seek their own independent financial advice before investing in this product. The rating is subject to change without notice and Zenith
has no obligation to update this document following publication. Zenith usually receives a fee for rating the fund manager and product against accepted criteria
considered comprehensive and objective.
The Professional Planner/Zenith Fund Awards are determined using proprietary methodologies. Fund Awards and ratings are solely statements of opinion and
do not represent recommendations to purchase, hold, or sell any securities or make any other investment decisions. Ratings are subject to change.
The use of the Fund Awards logo and artwork is limited to organisations which consent to these Terms of Use. Use of the logo implies this consent has been
given. Any requests for variation of these terms of use must be made to: Conexus Financial - Level 1, 1 Castlereagh Street, SYDNEY NSW 2000
Conexus Financial may terminate the licence to use the Professional Planner Zenith Fund Awards logo at any time upon written notice.
Morningstar: © 2013 Morningstar, Inc. All rights reserved. The Morningstar Analyst Rating™ for Fairview Equity Partners Emerging Companies Fund assigned
on 9 March 2012 is ‘Silver’. Neither Morningstar, nor its affiliates nor their content providers guarantee the data or content contained herein to be accurate,
complete or timely nor will they have any liability for its use or distribution. To the extent that any of this information constitutes advice, it is general advice and
has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544 , AFSL: 2408 92 and/or Morningstar Research Limited (subsidiaries of Morningstar,
Inc.) without reference to your objectives, financial situation or needs. You should consider the advice in light of these matters and, if applicable, the relevant
Product Disclosure Statement (in respect of Australian products) or Investment Statement (in respect of New Zealand products) before making any decision to
invest. Neither Morningstar, nor Morningstar’s subsidiaries, nor Morningstar’s employees can provide you with personalised financial advice. To obtain advice
tailored to your particular circumstances, please contact a professional financial adviser. Please refer to our Financial Services Guide (FSG) for more information
www.morningstar.com.au/fsg.asp
Important Information regarding the Researcher
Ratings
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