Investment Objective:

To generate portfolio total returns that are higher than the S&P/ASX200 Industrials Accumulation Index over rolling 5 year periods, and to do so on a better risk adjusted basis than the company’s peer group.

Investment Universe:

ASX listed entities that are members of the S&P/ASX200 Industrials Index.

Australian Industrial Shares (being all sectors of the market other than resources) have characteristics that assist Whitefield in delivering upon its objectives of return and reliability. Over many decades Australian industrial shares have delivered both a higher level of income and a higher total return with lower volatility than the broad market.

Australia’s position as a politically safe and geographically attractive country is likely to continue to result in higher population growth and higher affluence than for many other economies. These trends are likely to provide a supportive base over an extended period for the Australian industrial economy.

Investment Style:


One dimensional investment styles (such as value or growth), have a tendency to be cyclical or inconsistent, delivering poor returns over the extended periods where market conditions move against those styles. Rather than follow the vagaries of any one specific investment style, Whitefield’s investment process is style agnostic.

Philosophy & Strategy:

Whitefield seeks to capitalise on the most persistent and reliable sources of excess return

Whitefield considers that the more persistent and reliable sources of excess return are the regular and systematic divergences between fundamentals and expectations attributable to human behavioural bias. We seek to capitalise on this by:

  • Understanding the patterns and influence of Human Behavioural Bias
  • Accurately measuring the influence of that Behavioural Bias without being influenced ourselves
  • Delivering this across enough breadth to diversify the random elements of financial markets
  • Executing on our process repeatedly and consistency 

Investment Process:

Whitefield seeks to deliver accuracy, breadth and efficiency through its investment process.

Important elements of our process are:

  • Utilisation of a quantitatively based framework combined with qualitative oversight
  • An emphasis on objectivity and reliability, to reduce the influence of our own judgement biases on forecasts and conclusions
  • Automation and standardisation where possible, to ensure consistency and repeatability
  • An enhanced indexed approach to portfolio construction, providing us with a higher probability of capturing the disproportionate contribution of unexpected, outsized stock outcomes on a small number of stocks.