Smallco buying APN Outdoor (APO) and Ooh! Media (OML). Although the Australian equity market overall delivered a modest return during calendar year 2014, quality stocks, inparticular defensive and defensive growth stocks, generally performed very well. These sectors benefited from the chase for yield and the flight out of resources respectively. The result of these gains, coming after strong gains for industrials in 2012 and 2013, is that many higher quality businesses (particularly some with more modest growth profiles) are priced at high levels relative to our expectations of their future earnings growth. SBF's approach in this environment is to maintain its quality bias but focus on those stocks whose growth outlook we believe has been less factored in by the market. The Fund recently established positions in both recent Outdoor Media listings (APN Outdoor and oOh!media). We expect the digitisation of this sector will lead to solid market share gains over the next 3-5 years. (VIEW LINK)