The Third Link Growth Fund delivered a strong June quarter, returning 6.44% and outperforming the S&P/ASX 300 Accumulation Index by 2.30%. During the quarter, the Fund’s performance was supported by returns from several underlying active Australian equity managers across different segments of the market.
Australian equities delivered a solid quarter, supported by resilient corporate earnings, easing geopolitical tensions and improving investor confidence. While inflation remained above the RBA’s target, the decision to leave interest rates unchanged in June fuelled optimism that the tightening cycle may be nearing its end. However, market performance remained highly uneven. Large-cap index returns continued to be dominated by banks and major resource companies, while significant dispersion in company performance created fertile ground for active managers.
Against this backdrop, the Fund's strongest contributors were L1 Capital Catalyst Fund (+15.20%), Lennox Capital Australian Small Companies Fund (+15.89%) and 1851 Emerging Companies Fund (+8.87%). During the quarter, these managers’ performance was supported by selected investments outside the largest ASX-listed companies, reflecting their exposure to a broader range of opportunities across the Australian equity market.
We believe this quarter's result reinforces the value of Third Link's multi-manager approach, providing investors with exposure to some of Australia's highest-conviction active managers while continuing to generate meaningful social impact through the Fund's unique charitable giving model.
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 June 2026, 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.
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 June 2026 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.
The Fund donates 1% of its funds under management per annum to charity, enhancing the Fund’s positive impact. Since inception, the Fund has donated more than$25mto the charities we support, with$290kcontributed in the last quarter.
Third Link Growth Fund Retains Zenith ‘Recommended’ Rating
The Third Link Growth Fund has retained its ‘Recommended’ rating from Zenith Investment Partners, marking another year of independent recognition for the Fund’s distinctive combination of active investment management and charitable impact.
The rating reflects Zenith’s continued confidence in the Fund’s long-term investment philosophy, experienced leadership and unique structure, which enables investors to build wealth while supporting Australian charities. Read morehere.
Small Caps Are Back – Why Active Management Matters More Than Ever
Australian small caps are regaining momentum, but the biggest opportunities aren't being captured by the index. In this article, the active managers within the Third Link Growth Fund share where they're finding value today. Read here.
Foundation for Young Australians - Young People Leading Real Change
Thanks to the support of Third Link and our investors, the Foundation for Young Australians (FYA) continues to empower young people to become active leaders in their communities through its Young Mayors program. Across Australia, democratically elected Youth Councils are driving meaningful local initiatives - from community wellbeing programs and Youth Fest 26 in Mackay, to contributing to the 2032 Olympic Games Roadmap consultation in Cairns. Behind the scenes, FYA is also strengthening the program through an independent review, embedding youth voices into decision-making and expanding opportunities for more young people to participate. Together, we're helping ensure the next generation isn't just heard, they're helping shape Australia's future
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 01 July 2026, 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
.png?upscale=true&width=1200&upscale=true&name=June26_Donations%20(2).png)
