The Third Link Growth Fund returned-9.6%for the quarter ending 31 March 2026. Despite a positive January, the sharp drawdown in March drove the overall negative return.
The March quarter was marked by heightened volatility and a shift in the sectors driving market performance, culminating in a broad-based sell-off late in the period. Early in 2026, large-cap resources and financial stocks led the market higher through January and into February, supported by resilient commodity prices and relatively strong earnings outlooks.
This leadership proved narrow and ultimately unsustainable. As the quarter progressed, markets pulled back broadly, with technology stocks volatile due to valuation pressures and large-cap healthcare names facing headwinds. March proved particularly challenging, with all underlying managers delivering negative returns, highlighting the sell-off’s broad impact across both large and small caps, and across growth and value strategies. Geopolitical tensions in the Middle East and persistent inflation concerns further amplified risk-off sentiment during the month.
Despite these challenges, we remain confident in our line up of strong active Australian equities managers and their ability to adapt as market conditions evolve.
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 March 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 Fund aims to donate 1% of fees incurred by investors to charity, enhancing the Fund’s positive impact. Since inception, the Fund has donated more than$24.8mto the charities we support, with$290k 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 March 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.
Third Link Growth Fund Webinar
Join us for a timely update on the Fund, including performance, positioning, and the impact we continue to deliver through our charitable partnerships.
We’ll also hear directly from two of our underlying managers:
Alongside Chris Cuffe, they’ll cover: – An introduction to their respective funds – Sector positioning and areas of expertise – How they’re navigating current market volatility – Where they are finding opportunities and edge in today’s environment
We’re proud to share an update from the Gratten Institue one of Third Link’s charity partners.
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The report identifies five priorities for building a better, more resilient democracy: an independent review of parliament, strengthening civic engagement, protecting the public sphere, tackling the known challenges, and preparing for a more volatile future.
In a democracy, we govern ourselves. So this is a task for all of us.
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
