Fund Overview
The Airlie Small Companies Fund ('Fund') provides an opportunity to access a highly experienced investment team with a proven track record of prudent, common sense investing.
The Fund will generally hold a portfolio of between 20-40 quality Australian listed small companies which when first acquired do not rank in the S&P/ASX 100. The Maximum cash and cash holding equivalents of the Fund is 10%. You will have access to the Investment Manager’s investment expertise and a professionally managed Australian equities portfolio.
Investment objective
The Fund’s primary investment objective is to provide long-term capital growth and income through investing in Australian listed small companies.
Investment Approach
Airlie employs a prudent, common-sense investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price.
Fund Facts
Transaction costs may also apply - refer to the Product Disclosure Statement. All management costs described above are inclusive of the estimated net effect of GST.
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PERFORMANCE FEE: Performance fees are 20% of the excess return of the units of the Fund above the S&P/ASX Small Ordinaries Accumulation Index over each Calculation Period. Performance fees are estimated daily and accrued in the unit price. Calculation of the fee is finalised and payable at the end of each Calculation Period from the assets of the Fund.
INVESTMENT RISKS: All investments carry risk. While it is not possible to identify every risk relevant to an investment in a fund, we have provided details of risks in the fund's Product Disclosure Statement.
Portfolio Construction
Financial Strength
The first thing we consider is the balance sheet. Only those companies with solid financial characteristics, including appropriate levels of debt for the business model, are considered for investment.
Business Quality
The research process focuses on the quality of the business: looking for businesses that can earn attractive or improving returns on capital in the future.
Given the decades of investment experience of the Airlie team, we typically have considerable knowledge of the histories, industries and strategies of the stocks in which we invest.
Quality of Management
Airlie seeks to invest in companies with competent managers whose interests ideally align with those of shareholders. Airlie has a particular preference for investing in founder-led businesses, which it has found typically exhibit a longer-term focus that is rewarding for shareholders. In order to make an assessment of business and management quality, Airlie regularly meets with management teams and boards of Australian companies.
Valuation
Airlie turns to valuation last, as we believe you can only value a business if you understand it. We see returns as the ultimate driver of valuation, and focus our efforts on understanding the likely direction of future returns. We seek to invest where our assessment of the quality and worth of a business exceeds the prevailing market price.
We also explicitly consider ESG risks as part of our investment process.
Meet the Portfolio Manager
Will Granger
Portfolio Manager
Will joined Airlie in February 2020 as an Equities Analyst. In March 2023, Will became the Portfolio Manager of the Airlie Small Companies Fund.
Prior to Airlie, Will worked as an analyst at KIS Capital Partners (February 2016 to June 2019), a market neutral hedge fund. In 2018, he was given portfolio management responsibilities. Before joining KIS Capital Partners, Will completed an analyst internship at stockbroker Blue Ocean Equities. Will holds a Bachelor of Commerce from the University of Sydney.
Performance
| Performance | 3 Months | 6 Months | Since Inception (% PA) |
|---|---|---|---|
| Airlie Small Companies Fund | 9.05% | 17.95% | 22.23% |
| Benchmark* | 7.55% | 16.71% | 13.14% |
| Excess Return | 1.50% | 1.24% | 9.09% |
*S&P/ASX Small Ordinaries Accumulation Index
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Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date 4 April 2023. Past performance is not a reliable indicator of future performance.
Growth of AUD $10,000
*S&P/ASX Small Ordinaries Accumulation Index
Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date 4 April 2023. Past performance is not a reliable indicator of future performance.
Unit Prices
| Date | Net Asset Value | Entry | Exit |
|---|---|---|---|
| 23-Apr-2024 | 4.1530 | 4.1634 | 4.1426 |
| 22-Apr-2024 | 4.1308 | 4.1411 | 4.1205 |
| 19-Apr-2024 | 4.0791 | 4.0893 | 4.0689 |
| 18-Apr-2024 | 4.1339 | 4.1442 | 4.1236 |
| 17-Apr-2024 | 4.1213 | 4.1316 | 4.1110 |
| 16-Apr-2024 | 4.0883 | 4.0985 | 4.0781 |
| 15-Apr-2024 | 4.1631 | 4.1735 | 4.1527 |
| 12-Apr-2024 | 4.1901 | 4.2006 | 4.1796 |
| 11-Apr-2024 | 4.1625 | 4.1729 | 4.1521 |
| 10-Apr-2024 | 4.1892 | 4.1997 | 4.1787 |
| Download historical unit prices | |||
Distribution history
IMPORTANT
Please ensure that your Tax File Number (TFN) or Australian Business Number (ABN) is provided to the Unit Registry by Record Date, otherwise tax will be withheld on income attributed to you at the top marginal tax rate plus Medicare Levy.
If you have elected to receive distributions in cash, please ensure that your bank account details are provided to the Unit Registry by Record Date, otherwise your distribution payment will be withheld until a valid bank account is provided.
To review or update your TFN/ABN and bank account details, log on to the Unit Registry’s online portal.
| Date | Distribution per unit | Reinvestment price | |
|---|---|---|---|
| June 2023 | 0.200 cents | $3.3901 | Annual Fund Distribution 2023 |
Reports
Fund Updates
| 31 Mar 2024 March 2024 Fund Update | 29 Feb 2024 February 2024 Fund Update | 31 Jan 2024 January 2024 Fund Update |
| 31 Dec 2023 December 2023 Fund Update | 30 Nov 2023 November 2023 Fund Update | 31 Oct 2023 October 2023 Fund Update |
| 30 Sep 2023 September 2023 Fund Update | 31 Aug 2023 August 2023 Fund Update | 31 Jul 2023 July 2023 Fund Update |
| 30 Jun 2023 June 2023 Fund Update | 31 May 2023 May 2023 Fund Update | 30 Apr 2023 April 2023 Fund Update |
Financial Reports
| 30 Jun 2023 Annual Financial Report 2023 |
Invest With Us
Airlie Small Companies Fund
Read the Product Disclosure Statement (PDS)
Complete the Application Form & CRS Form(s) (if applicable)
You will be guided by the Application Form as to which CRS form(s) to complete.Send application form to Apex Fund Services
Apex Fund Services - Unit Registry
GPO Box 143
Sydney NSW 2001Or Email the application form to magellanfunds@apexgroup.com
Speak with your adviser/broker. To find an adviser, visit Financial Advice Association Australia.
Additional information and forms
CRS Self Certification Forms
CRS Help
Additional information
Additional forms
Additional Investments
Investment Insights
Airlie Quarterly Update
Emma Fisher provides insights into key takeaways from reporting season as well as market sentiment. Emma also discusses new opportunities in the portfolio and touches on the healthcare sector and how she assesses it. (Viewing time: 14 mins)
Airlie Small Companies Quarterly Update
The Airlie Small Companies fund has reached its one-year anniversary, Portfolio Manager Will Granger talks us through what has contributed to the Fund’s success so far, what has been driving the market over the last 12 months and where he is seeing current opportunities. (Viewing time: 8 mins)
