iSelect is Australia’s leading comparison website, allowing consumers to research, compare and purchase products across a range of verticals including Health Insurance, Energy and Broadband. The company receives commissions from product providers once a transaction has been completed. The iSelect brand is very strong with significant market share, especially in the core Health Insurance business. Recent growth across the other verticals has been pleasing and demonstrates the versatility of the platform. The panel of product providers continues to expand, reflecting the importance of the comparison channel as a way of acquiring customers. Our attraction to iSelect centres on valuation and the strength of the balance sheet, with material embedded value that investors are overlooking in light of recent disappointing updates. When we built our position in the fund, the entire market capitalisation was underwritten by the cash and trail commission receivable assets, so the ongoing business was essentially acquired for free. Capital management initiatives have also been flagged, with a material buyback announced and dividends likely to commence in the near term.