FINANCIAL SERVICES GUIDE

Lakehouse Capital Pty Limited ACN 614 957 603
AFSL No. 400691 (advice and dealing)

Date: 10 September 2017

What is a Financial Services Guide?

This Financial Services Guide (FSG) is an important document.  You should read it carefully and make sure you understand it.

This FSG is designed to help you decide whether to use any of the services provided by us and is issued by Lakehouse Capital Pty Limited ACN 614 957 603 (referred to as Lakehouse Capital, we, us or our).

This FSG includes information about:

  • Lakehouse Capital and how we can be contacted;
  • the financial services we are authorised to provide;
  • how we are paid;
  • any relevant relationships or associations;
  • how we deal with complaints that you may have about our services;
  • information about internal and external dispute resolution systems and how you can access them; and
  • the compensation arrangements that we have in place.

Who is Lakehouse Capital?

Lakehouse Capital is a wholly-owned subsidiary of Motley Fool Australia Pty Ltd ACN 146 988 052 (Motley Fool Australia) and is engaged in the funds management business.

The financial services we are authorized to provide

Lakehouse Capital is an Authorised Representative of Motley Fool Australia. We are authorised under Motley Fool Australia’s Australian financial services licence (AFSL 400691) to provide general financial product advice as well as to deal in financial products to retail and wholesale clients. We are authorised to provide general financial product advice in the following classes of financial products:

  • derivatives
  • debentures, stocks or bonds issued or proposed to be issued by a government;
  • interests in managed investment schemes, including investor directed portfolio services;
  • securities; and
  • superannuation.

We are also authorised under Motley Fool Australia’s license to deal in a financial product by applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:

  • deposit and payment products limited to basic deposit products;
  • debentures, stocks or bonds issued or proposed to be issued by a government;
  • interests in managed investment schemes, including investor directed portfolio services; and
  • securities.

Services we currently provide

Investment Management

Lakehouse serves as the investment manager of the Lakehouse Small Companies Fund (the Fund) in accordance with an Investment Management Agreement entered into between us and the Fund’s Responsible Entity, One Managed Investment Funds Limited ACN 117 400 987. The Fund is a small-cap managed fund that invests in growth companies across Australia and New Zealand on behalf of its investors. Additionally, the Fund can invest up to 10% of its capital in private market investments (namely, pre-IPO investments).

For more information on the Fund, please review the Fund’s Product Disclosure Statement (PDS) and Additional Product Disclosure Statement (APDS) prior to investing.

General Financial Product Advice

We may publish research, commentaries and other content including videos, which we would send directly to Fund investors and/or publish on our website, www.lakehousecapital.com.au.

Fees, commissions and other benefits for the services provided

Any general financial product advice we provide including those in relation to the Fund is provided free of charge.

Lakehouse Capital receives management and performance fees for its management of the Fund. Information relating to our fees for our investment management services can be found in the Fund’s PDS and APDS. Other than the fees detailed in the PDS and APDS, we do not receive any other fees, commissions or benefits for the investment management services we provide.

Employee Remuneration

Employees of Lakehouse Capital who make the investments, prepare research and provide other advice are remunerated by salary. In addition to salary, certain employees may be eligible to receive non-monetary benefits from us. The amount of such benefits which such employees may be entitled to will depend on several factors including the Fund’s performance and other milestones. These additional benefits are at no cost to you.

You may request particulars of the remuneration or other benefits received by Lakehouse Capital, its parent company, or their respective directors, employee or associates in relation to the provision of a financial service by Lakehouse Capital to you. Such a request must be made within a reasonable time after you have received a copy of this FSG and before any financial services identified in this FSG have been provided to you.

General advice only – investment warning

None of our services take into account your personal circumstances. That is, our management of the Fund and any general financial product advice we provide have been prepared without taking into your personal circumstances or objectives into account. Prior to investing in the Fund or following our advice, you should determine if the Fund or any of our recommendations meets your objectives, financial situation or needs. If you feel you need personalised advice, please consult a finance professional.

You should also read the PDS, APDS and other product disclosure document related to the Fund (or to any other financial product referred to in our content) before making decision to invest or reinvest in the Fund or to otherwise follow our advice.

Except for this FSG, you will not receive any other documents from Lakehouse Capital. Lakehouse Capital will not provide Statements of Advice, as we do not give personal financial product advice.

What relationships or associations do we have that might influence our advice?

Lakehouse Capital and its associated entities, and their respective directors, associates, connected parties and/or employees may from time to time deal in or otherwise have a financial interest in equities and other financial products held in the Fund, referred to on its website or other general financial product advice it provides.   

All employees of Lakehouse Capital including those who prepare research and other advice are subject to a code of conduct and rules for their personal trading activities (together referred to as the Compliance Rules).  All Compliance Rules apply to employees’ spouses and any personal account in which an employee or his or her spouse has discretion.  Our major trading rules are:

  • While employees may invest in the Fund, they cannot trade based upon knowledge of non-public information about the Fund’s investments or a portfolio manager’s intentions;
  • Employees must pre-clear all trades with our Chief Compliance Officer prior to transacting in that security
  • Employees must report their trades to our compliance department within a reasonable time after executing a transaction; and
  • If an employee becomes aware of a security that may be a fit with Lakehouse Capital’s investment strategy, the employee must first bring the security to us prior to seeking approval to trade in the security in his or her personal account.

Lakehouse Capital’s parent company, Motley Fool Australia, is an investor in the Fund and may invest again in the future. Motley Fool Australia is, and will be treated the same as any other investor.

Motley Fool Australia publishes a series of investment newsletters and portfolio services that make share recommendations. Some of these services may recommend or hold shares that are (or will be) in the Fund. Lakehouse Capital has no non-public knowledge of our parent’s specific recommendations. Similarly, Motley Fool Australia’s personnel have no non-public knowledge of the Fund’s holdings and our planned transactions.

Neither Lakehouse Capital, nor any other member of The Motley Fool group, has otherwise any associations or relationships with the issuers of any products that might reasonably be expected to be capable of influencing Lakehouse Capital in our managing the Fund.

How we handle complaints

Lakehouse Capital is committed to fair and transparent dealings with the Fund’s investors or its other clients. We have established complaints handling procedures to ensure that all enquiries and complaints are properly considered and dealt with.

Internal complaints resolution process

In order to investigate a complaint effectively you should provide to us your contact details and any relevant documents and other information that may support your complaint and its resolution.

Written complaints should be sent to:

Lakehouse Capital Pty Ltd
GPO Box 498
Sydney NSW 2001

Alternatively, you can email us at investorsupport@lakehousecapital.com.au. If you would like to talk with us, please contact us on 02 8294 9800.

After we receive your complaint, we will acknowledge the receipt of your complaint by way of post, email or telephone and promptly address your complaint.  If we determine that your complaint is justified, we will then decide what action should be taken in response.  Possible steps include rectifying any mistake, providing you with additional information or documentation to enable you to understand what happened and how we have dealt with it or amending our policies, procedures or systems if a systemic or recurring problem has been identified.

The length of time we will take to resolve your complaint will depend on the nature and complexity of the issue you have raised, and the extent of the enquiries required to enable those issues to be addressed. We will endeavour to resolve the majority of complaints within 10 business days of receiving a complaint.  For complaints that require further investigation or additional information from you or for any reason there is a delay in resolving the complaint, we will notify you within 10 business days of the date we receive the complaint and give you an indication of when we will resolve the complaint.

External complaints resolution process

Lakehouse Capital and Motley Fool Australia are members of the Financial Ombudsman Service (FOS).  FOS is an independent company that has been established to provide free advice and assistance to consumers to help in resolving complaints relating to the financial services industry.

If you feel that your complaint was not dealt with to your satisfaction, you can contact FOS at 1800 367 287 for the cost of a local call.  FOS can also be contacted by fax on (03) 9613 6399.

Alternatively, you can lodge a dispute at www.fos.org.au, or submit your complaint to:

Financial Ombudsman Service
GPO Box 3
Melbourne Vic 3001
Australia

The Australian Securities and Investments Commission also has a freecall infoline on 1300 300 630 which you may use to obtain information about your rights.

Our compensation arrangements

We hold a professional indemnity insurance policy which provides insurance coverage, subject to its terms and conditions, for certain liabilities in connection with the professional services provided by our employees and contractors.

Your privacy

Lakehouse Capital and its associates are committed to protecting your personal information.  For details on how we use and disclose your personal information, and how you can access and update it, please refer to our Privacy Policy, which is available on our website, www.lakehousecapital.com.au/privacy-policy/.

How can we be contacted

You can contact us by:

telephone 02 8294 9800
writing to us Lakehouse Capital Pty Ltd
GPO Box 498
Sydney NSW 2001
email investorsupport@lakehousecapital.com.au

For further information

If you would like to clarification of any of the matters discussed in this FSG, you can contact us using the contact details set out above.