A Record Year, Built on Enduring Disciplines

A record year, built on enduring disciplines

Every milestone we reach reflects the confidence investors continue to place in us. Recently, La Trobe Financial reached $25 billion in assets under management and our investment strategies distributed a record ~$900 million in income to investors.

Those are significant milestones, but a single year never tells the full story of an asset manager. The more important questions are whether its investment approach has been tested across different conditions, whether its disciplines have held when markets became more difficult and whether growth has been achieved without compromising standards.

For more than seven decades, La Trobe Financial has focused on careful lending, disciplined investment management and responsible stewardship of investor capital through changing interest rates, property cycles, market stress and regulatory change.

Across our portfolio accounts since 1989, investors have historically received 100 per cent of their invested capital, income at the advertised rate and access to funds in accordance with the relevant terms.*  While past performance doesn’t guarantee future outcomes, that record reflects thousands of individual credit decisions, disciplined liquidity management and a culture centred on investor outcomes.

A long track record is not a substitute for ongoing discipline.  It does, however, help investors assess whether a manager has applied its philosophy consistently through different market conditions.

Growing with our investors

As we have grown, we have continued to invest in the people, systems and capabilities needed to manage investor capital carefully. That includes origination, portfolio management, risk, governance, servicing, liquidity management and investor support.

Independent assessment supports this. In February 2026, Foresight Analytics & Ratings reaffirmed its “Superior” Operational Due Diligence Rating for La Trobe Financial Asset Management, its highest available rating.** The assessment cited operational resilience, governance oversight, profitable growth and product diversification.

We have also broadened access to income-focussed assets, giving investors more ways to diversify their sources of income while remaining anchored to the same investment disciplines.

The La Trobe US Private Credit Fund provides exposure to US middle-market corporate private credit. The La Trobe Private Credit Fund, ASX: LF1, combines Australian real estate credit and US corporate credit in an ASX-listed structure. Further additions are being developed to provide investors with access to carefully selected sources of income and diversification.

This expansion is not about chasing labels or market trends. It is about applying long-standing disciplines to a broader set of carefully selected investment opportunities for our investors.

Scale creates choice

In credit, scale can create choice. It gives a manager access to a wider range of potential loans and the ability to remain selective when a transaction does not offer the right balance of risk and return.

For more than 70 years, La Trobe Financial has built relationships across Australia’s mortgage and finance markets. At 30 June 2026, the La Trobe Australian Credit Fund held more than 12,500 loan exposures. These had an average loan balance of approximately $1.08 million and an average loan-to-value ratio of 67.8 per cent.

These figures show the breadth of our portfolio and provide an indication of the lending profile across the loans it holds. The advantage of scale is not simply size. It is selectivity. More opportunities allow us to maintain standards and avoid deploying capital simply because it is available.

Each loan must earn its place in the portfolio. We assess the borrower, the purpose and the structure of the transaction, the borrower’s capacity to service and repay the loan, and the quality and value of the underlying security. That work continues after settlement through active monitoring, servicing and experienced workout capability.

Security is important within our credit portfolios, but it is only one part of the assessment. A strong security position cannot make up for a poorly structured loan. We consider how a loan may perform under pressure before it is written.

Strengthened for the years ahead

FY26 added another year to La Trobe Financial’s long operating history and strengthened the platform we use to support our investors.  It was also a year in which our flagship 12 Month Investment Account received Money magazine’s Best Private Credit Fund – Mortgages award for the seventeenth consecutive year.**

Recognition of that kind is valued, but our greater focus remains on the experience of the investors who have entrusted us with their capital.

We understand that investor capital often represents decades of work and saving. It helps meet household expenses, support family members and provide confidence in retirement. That responsibility remains front of mind when we assess a loan, construct a portfolio or develop our investment platform.

The reassurance we draw from FY26 lies in how that growth was achieved: patiently deploying capital, remaining selective and reinvesting in the people and systems that support investors. These disciplines have guided La Trobe Financial for decades. They remain central today and are designed to help us manage through changing market conditions.