The Chester High Conviction Fund returned 4.8% for the September quarter, compared with a 5.0% gain for the ASX 300 Accumulation Index. Over the past 12 months, the fund has delivered an impressive 16.6% return after fees, outperforming the benchmark’s 10.8%.
This quarter also marks a major milestone — 12 years since the fund’s inception on 8 October 2013. Over that period, the Chester High Conviction Fund has achieved an exceptional 14.6% p.a. after fees, significantly outperforming the ASX 300 Accumulation Index return of 8.9% p.a.
Market Overview
The team at Chester notes that while a bull market is clearly underway, pockets of speculation are emerging across various sectors. Although strong momentum can sustain market rallies, they caution that valuations are becoming increasingly stretched, and investor exuberance may not be supported by fundamentals.
Positioning and Outlook
In this environment, Chester continues to take a disciplined and valuation-focused approach, prioritising unloved and underappreciated opportunities where upside potential remains compelling. The team remains confident that selective positioning and active management will continue to deliver value in the months ahead.
📄 Read the full report:
Download the Chester High Conviction Fund Quarterly Thoughts – October 2025 (PDF)
For more information on how Chester Asset Management’s strategies may complement your investment portfolio, please contact your Pacific Private Asset Management representative.