Group 1: Investment Background and Performance - Elise McKay, co-portfolio manager of Pendal's Horizon fund, has a diverse background in finance, having worked at Ernst & Young and JPMorgan before joining Pendal [3][5] - The Horizon sustainable Australian equities fund, managed by McKay and Crispin Murray, ranked fourth in the latest Mercer quarterly survey, indicating strong performance [2][5] - The fund has achieved a 20% return over the past year, outperforming the benchmark index which returned 13.17% [5] Group 2: Key Holdings and Market Strategy - The fund's significant holdings include Qantas, Technology One, Telstra, Evolution Mining, Xero, and Commonwealth Bank, contributing to substantial gains [3][5] - Commonwealth Bank's market capitalization recently surpassed 300 billion AUD, highlighting its importance in the portfolio [3] - McKay's strategy includes taking profits after a 30% surge in A2 Milk's stock and increasing positions in NextDC during its decline, viewing it as undervalued [6][7] Group 3: Company Insights and Future Outlook - McKay remains optimistic about Xero, which saw a 12% increase in May, citing its effective capital return and growth in global subscription users [8] - Downer EDI, another company of interest, has risen 14.5% this year, with improvements in governance despite facing regulatory challenges [9] - Seven Group Holdings, controlled by the Stokes family, is also viewed positively, particularly as the residential construction market is expected to recover [9]