At Quest, we believe investing is most fulfilling when you own shares in great businesses. The Quest investment process has been built with this in mind and we follow a disciplined approach of seeking and valuing great businesses; then of investing with conviction. To ensure we stay ahead of the market, we impose a limit on the total number of companies in which we take a shareholding. Our objective is to build an investment portfolio that will deliver above average returns for our investors over time.

And it has worked. Clients invested with Quest since inception in February 2005 have realised a total return of approximately 837.3% (pre fees) to 30 September 2025, compared to the market return of 399.7% for the same period. This is equivalent to an average compound annual return of 11.5% p.a., pre fees, compared to the equivalent market return of 8.1% p.a.*.

We are not interested in building very large funds under management. From experience we know the challenge that comes with managing large portfolios and, as our track record is very important to us, you will not see Quest grow at the expense of performance. Quest is committed to remaining a smaller operation; a true boutique.

Typically, Quest clients have a high level of interest in the Australian share market and already own shares directly. They are attracted to Quest as it offers exposure to a quality, high conviction portfolio that is not constrained by the shackles of index performance whilst maintaining a strong focus on capital preservation.

Quest Asset Partners is owned by the investment team, which has a long and successful history working together managing money. At this time, Quest is continuing to accept investments from sophisticated and Institutional investors.

Quest has a rating from Lonsec Research Pty Ltd dated October 2025 for the Quest Australian Equities Concentrated SMA, Quest Ex20 Australian Equities Fund and the Quest Long Short Australian Equities Fund. Advisers are welcome to contact Quest to request a copy alternatively please contact your adviser for further information.

Proven boutique

• Outperformed over 10 years
• Experience and stable team

Limits on FUM

• Big enough to have influence
• Small enough to remain nimble

Strong corporate access

• Company visitation key to process
• Exceptional access to corporate deals

Best ideas

• High conviction
• History of seeking out undiscovered stocks

Alignment

• Independent: Owned by staff

Institutional grade manager

• Compliance and infrastructure
• Clients include major industry funds

We believe alignment of purpose in delivering performance for clients is critical for any investment manager. The Quest team sits alongside its clients in having a significant investment in the Quest sophisticated investor portfolio.

Quest investment professionals have over 50 years combined investment experience, much of it working together. We believe that our track record, from having worked side by side for a long period, is a competitive advantage.

The Quest investment philosophy draws on the combined experiences of the investment team and is captured in the following investment tenets:

• Investment is more fulfilling when you own shares in great businesses
• Wealth is built with patience and discipline
• Even the best investors have only a few great ideas every year – no investor has a great idea every day
• Invest because opportunity exists not because cash is available
• If there is no great idea do nothing
• Preparation and planning will precede superior outcomes
• Be tax aware but not tax driven
• Fund size will impede performance eventually

Wealth is built with patience and discipline.