We are pleased to provide our January 2025 update for the Endeavor Asset Management Portfolios. As we begin the new year, we are mindful that market conditions remain dynamic, influenced by a mix of political and economic events that shape investor sentiment. Our dedicated team remains focused on identifying great businesses that are well positioned to grow earnings and deliver solid returns.Market Overview and Performance

• ASX All Ordinaries Accumulation Index
  • +4.4% for the month
  • +15.1% for the past year
• Growth Equities Portfolio
  • +3.7% for the month
  • +21.3% for the past year
• Balanced Equities Portfolio
  • +4.2% for the month
  • +18.5% for the past year
• High Conviction Portfolio
  • +3.2% for the month
  • +27.3% for the past year
  • +41.4% since Hayden Beamish commenced as PM in Nov 2023. Outperforming the theAll Ords +31.6% and Small Ords +30.1%.
• Enhanced Yield Portfolio
  • +0.05% for the month
  • +7.13% for the past year

• Life360 (360): Benefitted from a sell side upgrade, driven by stronger than expected advertising revenue growth and improved user trends. The company’s monetisation strategy and expansion into video and carousel advertising offer significant upside potential.
• Webjet (WEB): Increased +11.3% in January as international travel demand remained resilient. The anticipated IPO of a key competitor is expected to generate further interest, while WEB remains well positioned with robust growth and profitability.
• Austal (ASB): The defence shipbuilder rallied +24% after securing a US$450 million contract for submarine module construction. With the U.S. government focused on increasing naval capacity, Austal enjoys long term earnings visibility and growth potential.

• Premier Investments (PMV): Declined due to weaker than expected guidance, although underlying brands such as Peter Alexander continue to perform well. Strategic adjustments including the restructuring of Smiggle could unlock further value.

• SiteMinder (SDR):A high quality technology business serving 44500 properties across 150 countries. With strong industry tailwinds and a scalable SaaS model, SiteMinder has the potential to achieve revenue growth exceeding 20% p.a. Siteminder was added to Growth, Balanced and High.
• Airtasker (ART):The digital services marketplace continues to expand across Australia, the United Kingdom and the United States. Its capital light and high margin business model supports long term profitability. Airtasker was only added to the High Conviction Portfolio.

The upcoming half-year results in February will offer key insights into corporate performance, earnings resilience and guidance. Inflation, interest rate expectations and geopolitical events will continue to drive sentiment, underscoring the importance of high quality companies with strong fundamentals and pricing power. Despite a mixed economic backdrop, many sectors have shown notable resilience and enduring structural growth. We target companies that navigate volatility, manage risks and capitalise on emerging opportunities. By prioritising businesses with robust competitive advantages, strong balance sheets and sustainable growth, our portfolios are well positioned to deliver compelling long term returns. We remain committed to investing in quality companies led by management that turns challenges into opportunities. Thank you for your continued trust. If you have any questions about our investment strategy or portfolio positioning, please feel free to chat.

Regards

The Endeavor Team