The Third Link Growth Fund returned +7.8% over the September 2025 quarter, compared to +5.0% for its benchmark, the S&P/ASX 300 Accumulation Index. Market performance was mixed over the period, with investor sentiment influenced by moderating inflation, fluctuating interest rate expectations, and ongoing global uncertainty.
Positive contributions came primarily from the Fund’s small and mid-cap managers, including Firetrail, 1851 Capital, Eley Griffiths, Auscap, and Eiger, which benefited from selective exposure to quality growth companies and disciplined stock selection. Small companies are increasingly poised for a comeback, reflecting attractive valuations and stronger earnings momentum within the segment.
Funds with exposure to gold and gold mining companies also performed well, supported by a rally in gold prices during the quarter, which contributed positively to returns for managers with selective exposure to the sector.
While short-term movements continue to reflect macroeconomic noise, we remain confident in the portfolio’s balance of quality and growth exposures. The Fund’s underlying managers continue to focus on companies with strong fundamentals, earnings resilience, and the ability to compound value over time.
The current environment remains supportive of active management. The Fund continues to pursue competitive long-term returns while making a meaningful contribution to the community through its charitable donations.
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 September 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$24mto 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 September 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.
Investor Update
We look forward to welcoming you to the Third Link Growth Fund Investor Update, heldin person on Tuesday, 21 October at The Mint, Sydney.
Chris Cuffe, Founder and Portfolio Manager, will provide an overview of the Fund’s performance and its impact.
The event will also feature a special address from Andrew Denton, Founder of Go Gentle Australia, one of our newest charity partners, along with market insights and portfolio highlights from our underlying managers, 1851 Capital and ECP Asset Management.
Chris Cuffe on Fund Manager Selection and Building for Impact
Thank you to Equity Matesand Basis Points for hosting Chris on their podcast to discuss what makes a good fund manager and how Chris selects the best of breed for the Third Link Growth Fund.
Join Chris Cuffe, Founder of Third Link and Chairman of Hearts & Minds Investments (ASX: HM1), at the Sohn Hearts & Minds Conference, a leading Australian investor and philanthropic event supporting medical research.
The conference brings together investors and industry leaders for a day of bold ideas, stock pitches, keynotes, and surprise guests.
As a Third Link Growth Fund investor, we are pleased to provide you with an exclusive 20% discount on tickets using the code ThirdLinkHM1.
Supporting Young Mums to Build Independent Futures
Third Link is proud to support Campbell Page’s Young Mothers Pathways Project, helping young mums in Deception Bay, Queensland, study, find work, and build healthy, happy families.
Since 2021, Third Link has backed the program from its pilot stage, helping break cycles of intergenerational disadvantage and create pathways to education and employment. With strong results and growing impact, the initiative has now expanded to Queanbeyan, NSW.
Important Information: This information has been issued by Third Link Investment Managers Pty Ltd (Third Link), ABN 31 128 965 702, AFSL 321611 as investment manager of the Third Link Growth Fund (Fund). This information provided is general information only. It does not constitute financial, tax or legal advice or an offer or solicitation to subscribe for units in the Fund. This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, you should consider the appropriateness of the information based on your own objectives, financial situation or needs or consult a professional adviser. There can be no assurance that the Fund will achieve its targeted rate of return and no guarantee against loss resulting from an investment in the Fund. All investments carry risks. Past fund performance is not indicative of future performance. Fundhost Ltd ABN 69 092 517 087, AFSL No. 233045 is the Responsible Entity for the Fund. Applications can only be made on the application form dated 01 May 2025 accompanying the Fund Product Disclosure Statement (PDS) dated 01 May 2025. Potential investors should consider the PDS and the Additional Information to the PDS (AIB) before deciding whether to invest, or continue to invest in the Fund.
