A Professionally Managed Investment Portfolio

A listed investment company, such as Whitefield, holds a professionally managed portfolio of Australian shares in the same way as a managed investment fund may hold a professionally managed portfolio of Australian shares.

A Company Structure

Listed investment companies however are “companies” with a fixed number of shares on issue at any point of time, and shareholders are the underlying investors in the company.

Increasing or Decreasing Your Investment

Shareholders make or redeem an investment in a listed investment company by buying or selling shares in the listed investment company through a stockbroker, or may periodically have the opportunity to take up new shares in the investment company via share issues such as rights issues, new share issues or dividend reinvestment plans.

The Market Price at Which Shares May be Bought or Sold

The market price at which a share in listed investment company may be bought or sold primarily depends on the underlying net asset backing of the company, but is also influenced by a range of other factors.  Other factors which may influence the market price of a listed investment company include (but are not limited to):

  • the number of buyers and sellers of the company’s shares at a point in time and the volume of shares to bought and sold at that time;
  • company tax payable in future periods or future years on capital gains already made by the company;
  • the relative cost efficiency of the company’s management expenses

Taxation of Listed Investment Companies

Listed investment companies are taxed at company rates on their income and capital gains, LICs generally pass on the benefit of the tax credit for tax paid to shareholders via the payment of franked dividends.

Regular Transparent Reporting of Embedded but Not Realised Capital Gains tax Liabilities

Listed investment companies calculate and report the capital gains tax that would be payable on all capital gains made whether realised or unrealised. [Investors making a deposit into a managed investment fund may not be aware of the potential capital gains tax liabilities that may exist on unrealised capital gains in the managed investment fund.]

Distribution of Income

Listed Investment Companies will usually distribute income to shareholders by way of dividends. Depending on the availability of franking credits the dividends may be franked or unfranked.
Where a listed investment company chooses not to pay a dividend, the income is retained and invested by the company and forms part of the company’s asset backing.

Whitefield’s operating structure seeks to emphasise the qualities of prudential control and specialisation.

Whitefield's Board contains a majority of independent directors with a specific focus on prudential control and review fo the Company's operations.  The Company's Investment Team, Accounting Personnel and Office Administration Personnel operate as specialist units each with a depth of managerial and operational resources.

Whitefield's investments are managed by an experienced team.

Whitefield's investment team have an average of 22 years financial services experience per person, of which an average of 17 years has been spent working with Whitefield.  Our team members have diverse backgrounds and skills providing us with a robust depth of perspective.

Alignment of Interests.

Many of Whitefield's Board and Exectuive Personnel are also shareholders of Whitefield.  They have significant vested interest in ensuring that the Company operates successfully over both long and short terms.

Whitefield provides investors with an efficient structure.

Our operating structure and utilisation of technology assist us in providing a professionally managed portfolio at a relatively low cost.  Whitefield's operating expense ratio is approximately 0.4% of gross asssets.


Lance Jenkins

Non-Executive Director, Member of Audit , Nomination and Remuneration Committees

Lance has over 20 years of financial markets experience. He has held senior roles with Goldman Sachs JBWere in New York, was CEO and Managing Director of Goldman Sachs JBWere New Zealand, Head of Cash Equities at the Commonwealth Bank of Australia in Sydney, an Executive Director of Waterman Capital and  and a Director of Partners Life Limited.  He is currently a director of MFB Group Limited.

Mark A. Beardow

Non-Executive Director, Member of Audit , Nomination and Remuneration Committees

Mark has over 25 years experience in investment management and financial markets.  He has worked with JP Morgan, UBS and served as Chief Investment Officer Global Equities and Fixed Income for AMP Capital. He is currently a principal of the Darling Macro Fund

Jenelle B. Webster

Non-Executive Director, Member of Audit , Nomination and Remuneration Committees

Jenelle has over 20 years financial accounting and reporting experience. She has previously worked with Price Waterhouse Coopers, Moore Stephens Australia and Ernst & Young. She is currently working as CFO at St Vincent Private Hospital Sydney and is a Director of Cadence Capital Ltd..

Angus J. Gluskie

Chief Executive Officer, Member of Nomination Committee

(see details under Executive Personnel)

William R. Seddon

Executive Director, Member of Nomination Committee

(see details under Executive Personnel)


Key Investment Personnel

Whitefield’s investment personnel are officers and employees of White Funds Management Pty Ltd, the company’s Investment Manager.

Angus Gluskie, Managing Director, (BEc, Graduate Diploma in Applied Finance & Investment, CA, FFin).

Angus has over 30 years experience in the investment management and financial services fields. He has qualifications in investment management, economics and chartered accountancy. He has worked with Whitefield and associated entities since 1987.

Will Seddon, Executive Director (BEc, CFA, CAIA, SAFin)

Will has 12 years experience as a wholesale investment manager and analyst, including more than a decade working with Whitefield. He has significant experience in fundamental analysis, investment strategy and quantitative techniques.

Peter Borkovec (MCom (Funds Management), BBus)

Peter has 15 years experience in wholesale funds management, including more than a decade working with Whitefield. He has significant experience in fundamental analysis, investment strategy, statistics and quantitative techniques.

Stuart Madeley, Company Secretary, (BA(hons) Pure Maths, MBA)

Stuart has 24 years experience in financial services and funds management, including more than 15 years with Whitefield. He has significant experience in investment operations and information technology systems.

Other Personnel & Resources

Back Office

Whitefield’s back office is managed by Link Fund Solutions, a specialist wholesale back office administrator. Link Fund solutions administer over $40bn of wholesale investment assets. They utilise advanced systems allowing for a seamless interface between fund managers, brokers, custodians and trustees.

IT & Office Infrastructure

The company’s underlying IT and office infrastructure are managed by a team of approximately 6 staff shared with the Sydney office of Pitcher Partners, one of Australia’s 10 largest chartered accountancy practices.

Whitefield has two primary classes of shares on issue, being Ordinary Shares and Convertible Resettable Preference Shares.

Corporate Governance Statement

Corporate Governance Statement (click here to view).

Board of Directors

The Board of Directors is responsible for the overall Corporate Governance of the company including strategic direction, establishing goals for management, monitoring the achievement of these goals and embedding a high level of ethical integrity throughout the company’s operations.

Details of the responsibilities and structure of the Board are included in the Board Charter (click here to view).

Audit Committee

Whitefield’s Audit Committee meets regularly to review and assess internal controls, financial reporting practices, risk management, the effectiveness of external audit and compliance with regulatory requirements. All members of the Committee must be non-executive directors.

Details of the responsibilities of the Audit Committee are included in the Audit Committee Charter (click here to view).

Risk Management

Whitefield operates in accordance with a formal risk management framework. Whitefield’s risk management framework seeks to identify and provide a level of control across all material risks faced by the Company. The Audit Committee plays a central role in the process of controlling and managing risk.

Details of the Company’s Risk Management Framework are included in the attached document (click here to view).

Remuneration Committee

Whitefield’s has a Remuneration Committee whose role is to review, assess and make recommendations as to the remuneration of Directors. The Committee seeks to ensure that remuneration is appropriate for the time commitment and responsibilities of the Board (click here to view).

Nomination Committee

Whitefield has a Nomination Committee which considers the size, composition, qualifications, experience and independence of the Board, and which is responsible for succession planning, candidate assessment and appointment (click here to view).

Continuous Disclosure & Shareholder Communications

The Board of Directors aims to ensure that the shareholders are informed of all major developments affecting the company's state of affairs.

Information is communicated to shareholders through:

  • Monthly Net Asset Backing Reports
  • Quarterly Reports
  • A Half-yearly Report
  • An Annual Report
  • Notices of Meetings
  • Other releases including Chairman’s Address to AGM


All reports and company releases are accessible on the ASX or via the ASX Releases menu on this website.
Shareholder’s may elect to receive correspondence via mail or email, and make make their communication preference by contacting the company’s Share Registry:

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Computershare Investor Services Pty Limited
Level 4, 60 Carrington Street
Sydney NSW 2000

Enquiries (within Australia) 1300 850 505
(outside Australia) +61 3 9415 4000
Facsimile +61 3 9473 2500

The Company has a  Disclosure Policy (click here to view)

Other Codes and Policies

Code of Conduct and Ethics Policy (click here to view).
Diversity Policy (click here to view).
Securities Dealing Policy (click here to view).