The simple answer is that our Australian Financial Services License only allows us to offer our product to wholesale investors.
There were several reasons why we chose to apply for a wholesale license rather than a retail license, but the main one was that it would have doubled our operating expenses if we had organised the firm to be able to apply for a retail license.
We buy old junk. We sell antiques.
White Outsourcing, the fund’s administrator, calculates the formal month-end NAV around the 6th business day of the following month. Once this is done, Whites e-mail a statement to all unitholders advising them of their value of the units at month end. Whites also issue new units to those who have subscribed for new units and pay those who have chosen to redeem units soon after the 6th business day of the new month. STAM e-mails a monthly report to unitholders as soon as Whites calculate the NAV. Fred Woollard has access to the real-time NAV for the Fund and can provide an informal estimate of month-end NAV from the 1st of the following month to those unitholders who request it. This estimate is usually within 0.1% of the formal NAV number.
Sam was Australia’s first home-grown millionaire. As a proportion of GDP he is the richest-ever Australian. He came to Australia from Yorkshire as a penniless convict in 1800. Soon after he was freed in 1807 he started his business career as a publican, then moved into land speculation, lending and investing. By the 1820’s he had become the richest man in the colony of New South Wales, and remained that way until his death in 1838. Sam was a co-founder of the Bank of New South Wales (now Westpac) and the State Library of New South Wales. Sam’s success was such that he became known in England as “The Botany Bay Rothschild”. There were reports that his success encouraged some people in Britain to take up crime, in the hope that they might be transported to Australia, the land where a man could rise from nothing to enormous wealth. Sam’s success can be seen as an inspiring story of a humble ex-con achieving great success through hard work and entrepreneurship. An alternative view is to note the contrast between the fame Sam enjoyed in his lifetime and his present obscurity. This should serve as a reminder to all of us, that no matter what material success we may achieve, it will all too soon be forgotten. To learn more about Sam, click here.
We aim to deliver returns in excess of 10% per annum. We think this is likely to exceed the return of most asset classes and share indices. The Fund has a bias toward small, illiquid and obscure securities, which means you will have exposure to investments not widely available through other managers. Fred Woollard, the investment manager of the Fund, has invested most of his family’s net worth in the Fund and manages it as his personal portfolio, which means his interest are always aligned with his investors.
If Fred Woollard were to become unable to manage the Fund, then Nigel Burgess, STAM’s other director, has an instruction manual on how to close down the Fund and return the proceeds to unitholders, with the assistance of White Outsourcing, the Fund’s administrators. Part of Nigel’s instructions are that he liaise with the Fund’s largest unitholders on how the assets are to be realised.
Yes - The Fund’s APIR code is STP0001AU for the Founders units, STP0003AU for the A class units and STP0002AU for the B class units.
The APIR code for Samuel Terry Asset Management is STPX100AU
Yes – the ISIN is AU60STP00015 for the Founder units, AU60STP00031 for the Class A units and AU60STP00023 for the Class B units.
Apart from working hard to create good returns for our investors, we do not devote much time or resources to marketing.