Fundhost Limited (Fundhost) has paid $19,800 to comply with an infringement notice issued by ASIC in which ASIC alleged Fundhost, as responsible entity of the Polen Capital Global Growth Fund (Fund), made false or misleading representations about the performance of the Fund.
Between 15 March 2021 and 20 February 2025, a performance chart appeared on the website of Fundhost's agent and the investment manager of the Fund, Montgomery Investment Management Pty Ltd. The performance chart depicted the performance of the Polen Capital Focus Growth Strategy Fund (the Strategy) and the Fund against the MSCI ACWI Net Total Return Index (the Index) since 31 December 2014, based on data that was updated monthly by Fundhost.
The Performance Chart combined the performance of the Strategy and Fund, as a result showing the Fund outperformed the Index since its inception on 15 March 2021, when in fact this was not the case.
Fundhost paid the infringement notice on 13 February 2026.
Payment of an infringement notice is not an admission of liability.
Background
Fundhost is the responsible entity of the Fund which was advertised on the Fundhost Website as well as the Investment manager's website as agent for Fundhost. The Performance Chart did not appear on the website of Fundhost.
Under section 12GX of the Australian Securities and Investments Commission Act 2001 (Cth), ASIC may give an infringement notice to a person if ASIC believes on reasonable grounds that the person has contravened an infringement notice provision.
Issuing infringement notices provides a proportionate and prompt regulatory response to the alleged contravention and is likely to deter responsible entities and their investment managers from engaging in similar conduct in the future.
ASIC's Regulatory Guide 234 (RG 234) provides general guidance to the financial services industry on misleading promotional material.
The specific reasons for ASIC's concerns are set out in the infringement notice which has been published on the infringement notices register.'
More information
- ASIC's Regulatory Guide 234 (RG 234)
- infringement notices register
