Future Generation

Listed

September 2014

ASX Code

FGX

31 May 2024

Assets
$558.3m
Share price
$1.175
Pre-tax net tangible assets
135.53c
Fully franked full year dividend
6.7cps
Fully franked dividend yield1
5.7%
Grossed up dividend yield2
8.1%
1

Based on the 31 May 2024 share price of $1.175 per share and the FY23 fully franked full year dividend of 6.7 cents per share.

2

Grossed-up dividend yield includes the benefit of franking credits and is based on a tax rate of 30.0%.

Investment Portfolio Performance

Investment portfolio performance at 31 May 2024 Fin YTD 1 yr 3 yrs
%pa
5 yrs
%pa
7 yrs
%pa
Since inception
%pa (Sept-14)
Future Generation Australia 6.1% 16.1% 5.9% 9.4% 9.4% 9.2%
S&P/ASX All Ordinaries Accummulation Index 3.5% 13.9% 6.8% 8.2% 8.9% 7.9%
Investment Portfolio Outperformance 2.6% 2.2% -0.9% 1.2% 0.5% 1.3%

Investment portfolio performance is before expenses, fees and taxes to compare to the relevant index which is also before expenses, fees and taxes. Future Generation Australia's financial year is from 1 January to 31 December.

Australian fund managers, supporting children and youth at risk.

Future Generation Australia gives investors the opportunity to gain unprecedented access to a group of prominent Australian fund managers in a single investment vehicle while supporting Australian not-for-profit organisations focused on children and youth at risk.

Fund managers

Social impact partners

Service providers

Management, Board and Investment Committee

Philip Lowe

Chair

Dr Philip Lowe’s career at the Reserve Bank of Australia spanned more than 43 years, culminating in the role of Governor from 2016 to September 2023. He was Chair of the Reserve Bank Board and Payments System Board, and Chair of the Council of Financial Regulators. He also chaired the Committee on the Global Financial System of the Bank for International Settlements from 2018 to 2023. Dr Lowe holds a PhD from the Massachusetts Institute of Technology and a Bachelor of Commerce (Honours and University Medal) in Economics/Econometrics from the University of New South Wales. He has authored numerous papers, including on the linkages between monetary policy and financial stability.

Caroline Gurney

Chief Executive Officer

Caroline is Chief Executive Officer of Future Generation and has more than 25 years’ experience in the financial services sector focused on marketing, corporate affairs and corporate social responsibility. Caroline has held senior roles at UBS and Citibank and has worked in London, across Asia-Pacific and Australia during her career. She is a member of Ascham School Council and the Centennial Park and Moore Park Foundation, an ambassador for the Australian Indigenous Education Foundation (AIEF), a director of Our Watch, an organisation focused on preventing violence against women and children and set up and was a director of the UBS Australia Foundation. Caroline has also previously served as a director of Future Generation Australia and as a Council Member of Chief Executive Women, and is currently an active member.

Geoff Wilson AO

Founder, Director and Investment Committee Member

Geoff Wilson has more than 44 years’ direct experience in investment markets having held a variety of senior investment roles in Australia, the UK and the US. Geoff founded Wilson Asset Management in 1997, which today, comprises of 19 investment professionals who offer a combined investment experience of more than 200 years. Wilson Asset Management manages more than $5 billion behalf of more than 130,000 investors as the investment manager for eight listed investment companies and the Wilson Asset Management Leaders Trust. Geoff is currently Chairman of WAM Capital Limited, WAM Leaders Limited, WAM Global Limited, WAM Microcap Limited, WAM Research Limited, WAM Active Limited, WAM Strategic Value Limited. He is the founder and a Director of Future Generation Australia Limited and Future Generation Global Limited and a Director of WAM Alternative Assets Limited In 2014 Geoff created Australia’s first listed philanthropic wealth creation vehicles, Future Generation Australia, and subsequently Future Generation Global in 2015. To date, the Future Generation companies have donated more than $75 million to Australian not-for-profits.

Geoff holds a Bachelor of Science, a Graduate Management Qualification and is a Fellow of the Financial Services Institute of Australia and the Australian Institute of Company Directors (AICD). In addition to Geoff’s Directorships with the Wilson Asset Management Group and the Future Generation companies, he also holds Directorships with Global Value Fund (since 2014), Hearts and Minds Investments Limited (since 2018), Sporting Chance Cancer Foundation (since 1997) and the Australia Rugby Foundation (2024).

Emily Fuller

Social Impact Manager

Emily has more than 20 years’ experience in the private and not-for-profit sectors, spanning strategy, communications, research, international development, philanthropy and impact investment. She spent 10 years as Foundation Manager of the Vincent Fairfax Family Foundation prior to joining Future Generation and Wilson Asset Management in 2020. Emily is a graduate of the Australian Institute of Company Directors, Director and Investment Committee Member of Sefa Partnerships and Sefa and a Director of Mundango Abroad, a private ancillary fund grantmaking in Papua New Guinea.

Kate Thorley

Director

Kate Thorley has over 20 years’ experience in the funds management industry and more than 25 years of financial accounting and corporate governance experience. Kate is the Chief Executive Officer of Wilson Asset Management, Director of WAM Capital, WAM Leaders, WAM Global, WAM Research, WAM Active, WAM Microcap and WAM Strategic Value. Kate is a Director of Future Generation Australia and Future Generation Global. Kate is a graduate member of the Australian Institute of Company Directors and is a Chartered Accountant.

Mike Baird AO

Director

Mike Baird is the CEO of the Susan McKinnon Foundation, working to improve Australia’s public administration, supporting effective political leadership, and strengthening the nation’s democratic institutions. Prior to that he was CEO, HammondCare, an independent Christian charity providing health, palliative care, dementia, and aged care services. Mike has over 30 years’ experience in banking and financial services (including senior roles at NAB, Deutsche Bank and HSBC), was former NSW Treasurer and served as the 44th Premier of NSW. Mike is passionate about family, sport and looking after community’s most vulnerable. Mike is Chair, Cricket Australia and sits on the Board of Future Generation and KPMG. He is an ambassador for Bear Cottage and Southern Youth Family Services.

Stephanie Lai

Director

Stephanie has over 25 years’ experience, is a Chartered Accountant, a former Transaction Services partner of KPMG and Deloitte and an experienced listed company Audit and Risk Committee Chair. Prior to commencing her Board career, Stephanie gained significant experience providing due diligence and advisory services, including forecast reviews, to listed entities, sovereign wealth funds, wealth managers and private equity. Stephanie has advised on numerous transactions (acquisitions/divestments, debt/equity raisings and IPOs), across a range of industries (infrastructure, property, banking, insurance, wealth management, retail and transport) and markets (Australia, UK, Europe, Asia and the US). Stephanie also founded an online retail business, which she grew and successfully divested in 2016. Stephanie holds a Bachelor of Business (University of Technology Sydney) and is a Graduate Member of the Australian Institute of Company Directors and the Institute of Chartered Accountants (Australia and New Zealand).

David Leeton

Director

David is a senior executive of the Victor Smorgon Group (VSG). Over the past 22 years David has been actively involved in all facets of the Groups’ investments and philanthropy interests. David is the MD for Victor Smorgon Partners, a co-investment business branch of VSG plus the manager of direct family investments. David was formerly the CFO for the Victor Smorgon group for over 15 years and was responsible for the financial reporting, financing and treasury for the group. David holds a Bachelor of Business (Banking & Finance), a Graduate Diploma in Accounting and is a fully qualified CPA. David Leeton has been a Director of the Company since April 2015.

David Paradice AO

Director

David Paradice has over 37 years of experience in investment markets. In 1999 David founded Paradice Investment Management which has offices in Australia and the USA and invests in equities around the world with approx $14.5 billion funds under management. David holds a Bachelor of Commerce from the University of Sydney, a Diploma of Companies Directors from the Australian Institute of Companies Directors, a Diploma of Finance and Investment from the Securities Institute of Australasia and has completed the professional qualifications for the Institute of Chartered Accountants Australia. He is a Fellow member of the Australian Institute of Company Directors, the Financial Services Institute of Australasia and the Institute of Chartered Accountants Australia. David is a member of the investment committee of the GO Foundation, which provides scholarships to Indigenous students. He is currently the Chairman of the Taronga Foundation. He supports a number of charities across a number of fields including humanitarian, the arts, environmental, and education. In 2017 he was awarded an AO for distinguished service to the community through philanthropic contributions and charitable support and to business and commerce in the field of investment management.

Gabriel Radzyminski

Director and Investment Committee Member

Gabriel is Managing Director of Sandon Capital Pty Limited, a firm specialising in activist investing. Sandon Capital Pty Limited is the investment manager of two wholesale managed investment schemes and a listed investment company. Gabriel has been involved in the financial services sector for more than 20 years. Gabriel serves as Chairman of Sandon Capital Investments Limited, an executive director of Mercantile Investment Company Limited and a executive Director of Murchison Metals Limited. Gabriel also has a BA (Hons) and MCom, both from the University of New South Wales.

Jesse Hamilton

Joint Company Secretary

Jesse is the Joint Company Secretary of Future Generation Australia and Future Generation Global. Jesse Hamilton is a Chartered Accountant with more than 16 years’ experience working in advisory and assurance services, specialising in funds management. As the Chief Financial Officer, Jesse oversees all finance and accounting of Wilson Asset Management (International) Pty Limited. He is Company Secretary for WAM Alternative Assets Limited and WAM Strategic Value Limited and Joint Company Secretary for WAM Capital Limited, WAM Leaders Limited, WAM Global Limited, WAM Microcap Limited, WAM Research Limited and WAM Active Limited, in addition to Future Generation Investment Company Limited and Future Generation Global Investment Company Limited. Prior to joining Wilson Asset Management, Jesse worked as Chief Financial Officer of an ASX listed company and also worked as an advisor specialising in assurance services, valuations, mergers and acquisitions, financial due diligence and capital raising activities for listed investment companies.

Mark Licciardo

Joint Company Secretary

Mark is the founder and Managing Director of Mertons Corporate Services. A former company secretary of Top 50 ASX listed companies Transurban Group and Australian Foundation Investment Company Limited, his expertise includes working with boards of directors in the areas of corporate governance, administration and company secretarial. Mark is a Fellow of the Australian Institute of Company Directors (AICD), the Institute of Company Secretaries and Administrators and the Governance Institute of Australia. Mark is a current director of a number of ASX listed public and private companies and a former Chairman of the Governance Institute of Australia Victoria division, Melbourne Fringe Festival and the Academy of Design Melbourne (LCI Melbourne).

John Coombe

Investment Committee Member

John is a Principal Consultant and a Director at investment consulting firm JANA and has worked at the firm since 1988. Prior to joining JANA, John’s experience included 10 years at the State Electricity Commission of Victoria (SECV), where he worked in the superannuation, treasury and accounting areas. John holds a Diploma of Business Studies from Footscray Institute of Technology.

Matthew Kidman

Investment Committee Member

Matthew is Principal and Portfolio Manager of Centennial Asset Management Pty Limited. Matthew previously worked as a Portfolio Manager at Wilson Asset Management (International) Pty Limited between 1998 and 2011. Prior to joining Wilson Asset Management, Matthew worked as a finance journalist at the Sydney Morning Herald between the years 1994 and 1998. In 1997, he was made Business Editor of the paper and was charged with the responsibility of company coverage. He has degrees in Law and Economics and a Graduate Diploma in Applied Finance.

David Smythe

Investment Committee Member

David was a co-founder of Zenith Investment Partners, which commenced in November 2002 and went on to become a leading provider of investment research and advice to the intermediary / wholesale market. Prior to his departure, Zenith controlled approximately 33% of the wholesale investment research market which totalled approximately 18,000 financial advisers and $650bn in FUA. In December 2019 private equity firm, Five V Capital, bought a majority stake in Zenith and David exited the business having built the business from a start-up.

Prior to forming Zenith, David was a founding shareholder and held an executive position at InvestorWeb (alter rebranded IWL Limited). IWL was a diversified financial services business which listed on the ASX in 1999.

Bruce Tomlinson

Investment Committee Member

Bruce joined the Minderoo Foundation as Investment Director in 2022, and was formerly Head of Alternative Strategies at Sunsuper (now ART) in Sydney, a position he held since October 2007. He was also a Portfolio Manager of Australian Equities at Sunsuper from 2011 to 2014. Prior to this, Bruce was a Statutory Fund Manager at AMP Capital Investors from August 1999.

Martyn McCathie

Investment Committee Member

Martyn is a member of Investment Committee (IC) for both Future Generation Australia (ASX: FGX) and Future Generation Global (ASX: FGG) having worked with both ICs with since their inception. Martyn has more than 20 years of domestic and international financial services experience gained in several consulting and operational roles and is currently an Investment Specialist at Wilson Asset Management. Prior to joining Wilson Asset Management in 2015, he held several senior operational and compliance roles at a number of boutique fund managers and large custodians.

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