Magellan High Conviction Trust 

The Magellan High Conviction Trust, an Australian-domiciled, publicly traded, closed-ended investment vehicle, aims to generate appealing, risk-adjusted returns over the medium to long term. It achieves this by strategically investing in a concentrated selection of 8 to 12 top-tier companies. The Trust targets businesses that, despite exhibiting relatively high price-to-earnings (P/E) and price-to-book (P/B) multiples, can be acquired at a substantial discount to their estimated intrinsic value. To manage currency fluctuations from its overseas investments, the Trust maintains the flexibility to hedge some or all of the capital component of its foreign exchange exposure back into Australian dollars. Magellan Asset Management Limited is responsible for managing the Trust's investments.