The Third Link Growth Fund returned -1.0% for the quarter ended 31 December 2025, broadly in line with its benchmark, the S&P/ASX 300 Accumulation Index, which returned -0.9% over the same period.
During the quarter, Technology and Healthcare declined, while Mining and Materials outperformed. Gold and Metals & Mining led the market, supported by higher gold prices and continued strength across commodity markets, while Australian technology stocks remained a key drag as they pulled back alongside global peers.
Across the quarter, positive contributions came from the L1 Capital Catalyst Fund, the Chester Asset Management High Conviction Fund, and the Firetrail Investments Australian Small Companies Fund.
Detractors for the quarter were the ECP Asset Management Growth Companies Fund and the Lennox Capital Partners Australian Small Companies Fund.
Despite short-term volatility, we remain confident in the portfolio’s positioning. The Fund’s underlying managers continue to focus on high-quality businesses with strong fundamentals, earnings resilience, and the ability to compound value over time as market conditions evolve into 2026.
Regards,
Chris Cuffe AO
Founding Director and Portfolio Manager Third Link Investment Managers Pty Limited
The objective of the Third Link Growth Fund is to provide a well-managed investment in Australian listed shares. To achieve this, the Fund extensively invests with professional third party investment managers.
As at the end of December 2025, the portfolio was invested as below:
A description of each of the fund managers we invest with can be found on our website. Each of these managers rebates their management fees and performance fees. It is through this extraordinary generosity, together with that of other service providers, that Third Link is able to make sizeable donations to the charitable sector without diluting the returns to investors from the Fund.
All fees received from managing the Third Link Growth Fund, net of fund expenses, continue to be donated to the charitable sector. Since inception, the Fund has donated more than$24.5mto the charities we support, with $425k contributed in the last quarter.
The aim of the Fund is to outperform, after fees and over rolling five year periods, the S&P/ASX 300 Accumulation Index. As at the end of December 2025 the Fund performance relative to the Fund benchmark was as below:
Returns are calculated after fees have been deducted and assuming reinvestment of distributions. Figures greater than one year are expressed as annual compound returns. No allowance is made for tax. The benefits of franking credits from dividends received have not been included.
1. February 2012 reflects the date when the Fund’s investment strategy changed from multi sector growth to Australian equities.
Investors should be aware that past performance is not indicative of future performance. Returns can be volatile, reflecting rises and falls in the value of underlying investments.
Reflections on 2025 and the Outlook for 2026
As 2025 draws to a close, the underlying fund managers of the Third Link Growth Fund have come together to share candid reflections on the year that was, the themes shaping markets, and what they’re watching most closely as we step into 2026.
This year’s commentary is more personal, more conversational, and a little more revealing, capturing not only the investment insights our managers are known for, but also the summer escapes, reading lists, and lighter moments that define the end-of-year reset.
Chris Cuffe speaks with Dug Higgins from Zenith Investment Partners
As part of Zenith Investment Partners’ Meet the Manager series, Chris Cuffe sat down with Dug Higgins to share an in-depth look at the Third Link Growth Fund, a truly unique Australian equities fund-of-funds launched in 2008.
Getting Kids Back on Track – for Generations to Come
We’re proud to share an update on BackTrack, one of Third Link’s charity partners, and the extraordinary impact they continue to have on young people in regional Australia. BackTrack’s mission is to keep kids in regional communities alive, out of jail and chasing their hopes and dreams, supporting those who are most at risk of falling through the cracks.
Through tailored education programs, real employment pathways via their social enterprise BackTrack Works, and youth-led initiatives such as the Night Crew Program, BackTrack is delivering proven, community-based solutions. Their impact is now extending nationally through the BackTrack Network and the development of a youth worker training program to share the “BackTrack Way” with other communities.
With Third Link’s help, this unique organisation is making profound change in the lives of young people and in their communities.
Important Information: This report is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security by the sender or Third Link Investment Managers Pty Limited (“Third Link”) (ABN 31 128 965 702, AFSL: 321 611). Evolution Trustees Limited (“Evolution Trustees”)(AFSL: 486217) is the responsible entity and issuer of the Third Link Growth Fund (ARSN 130 165 552). This report does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision. Any person considering investment in the Third Link Growth Fund ("the Fund") should first review the Product Disclosure Statement (PDS) for the Fund dated 15 December 2025, Information Booklet, Target Market Determination and any other material published by Third Link. This information is available at Third Link’s website. Evolution Trustees and Third Link, does not guarantee repayment of capital or any particular rate of return from the Fund. Past performance is no guarantee of future performance. Investment returns have been calculated in accordance with normal industry practice utilising movements in unit price and assuming reinvestment of all distribution of income and realised profits. Statements of fact in this report have been obtained from and are based upon sources that Third Link believes to be reliable, but Third Link does not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions and estimates included in this report constitute Third Link's judgement as at the date of this communication and are subject to change without notice.
Investment Manager Third Link Investment Managers P/L ABN 31 128 965 702 | AFSL 321611 274 Parker St, Cootamundra NSW 2590 Phone: 1300 793 855 thirdlink.com.au
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