Airlie Australian Share Fund

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Fund Overview

The Airlie Australian Share Fund provides an opportunity to access an experienced investment team with a proven track record of prudent, common sense investing.

The fund will hold a concentrated basket of between 15-35 (typically ~25) quality Australian listed companies – Airlie's best ideas. Maximum cash holding of 10% with an aim to be fully invested. The partnership between Airlie and Magellan offers Airlie’s experience in Australian equities with Magellan’s considerable expertise in operating and distributing retail funds for Australian investors.

Investment objective

The Fund’s primary objective is to provide long-term capital growth and regular income through investment in Australian equities.

Investment Approach

Airlie Funds Management, is an active bottom-up investor that aims to build a concentrated portfolio of Australian equities.

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

Portfolio managers
Matt Williams
Matt Williams
 Emma Goodsell
Emma Goodsell
Structure
Australian Equity Fund, $AUD.
Buy / Sell Spread
0.14%/0.14%
Inception date
1 June 2018
Management & Administration fee
0.78% p.a.
Fund size
A$11.5m
Distribution Frequency
Bi-annual
ARSN
623 378 487
APIR Code
MGE9705AU
Benchmark
S&P/ASX 200 Accumulation Index

Research ratings 1

Zenith

Recommended

Lonsec

Recommended

Morningstar

Neutral

See Research house ratings disclaimers

Portfolio Construction

"The Airlie investment process rations our energies towards finding the best investment opportunities."

Airlie undertakes research in conjunction with applying their long-term knowledge and relationships with Australian companies to identify attractive investment opportunities.

The universe of opportunities is filtered through four key investment tests, as shown below:

Financial Strength

Firstly the universe is filtered by assessing the financial strength of companies. Only those with solid financial characteristics including conservative levels of both on and off balance sheet financial obligations progress.

 

Business Quality

The second step in the investment process is to assess the quality of a company's business. The key question asked is whether or not a company has a durable business with a reasonable chance to prosper in the future. Airlie examines for favourable or improving positions within the industry, predictable earnings power and strong cash generation.

 

Airlie has deep historic knowledge of the stocks in which it invests.   While Airlie is a fundamental, bottom-up investor it is important to keep informed of the macroeconomic events and sector issues that could affect stocks.

Quality of Management

The next stage of the investment process is more qualitative, where the quality of management is assessed. Airlie seeks to invest in companies with competent managers whose interests ideally align with those of shareholders.  It is important to note that to assess the quality of businesses and management, Airlie visits companies and meets senior management frequently.  

 

Valuation

The last stage of the process is to assess the intrinsic value of the stocks that meets Airlie's criterion of financial strength, quality of business and quality of management. Airlie takes a pragmatic and flexible approach to valuations at a stock level. Airlie seeks to invest in stocks where a strict view of a company's fair value exceeds its prevailing market price.

Meet the Portfolio Managers

The Airlie Investment Team is one of depth and experience. Portfolio Managers Matt and Emma are supported by a further five investment professionals, including founder John Sevior.
Matt Williams

Matt Williams

Portfolio Manager

Matt has over 20 years industry experience, he entered investment management in 1993 when he joined Perpetual Investments as an equities dealer. From there Matt progressed to be an equities analyst and portfolio manager. From 2011 to 2015, Matt was Head of Equities at Perpetual. Since joining Airlie in July 2016 Matt has managed Australian share strategies for institutional clients.

Emma Goodsell

Emma Goodsell

Deputy Portfolio Manager

Emma has 8 years investment experience, previously working in Fidelity International’s Australian share team based in Sydney. She commenced her career at Nomura Securities as an equity research analyst in 2010, and holds a Bachelor of Commerce (Liberal Studies) from the University of Sydney.

Performance

Growth of AUD $10,000 as at
30 November 2018

** S&P/ASX 200 Accum. Index.

30 November 2018
Performance 3 Months 6 Months Since Inception
(3% PA)
Airlie Australian Share Fund - 11.53% - 5.43% - 5.43%
Index** - 9.28% - 3.67% - 3.67%
Excess Return - 2.25% - 1.76% - 1.76%

** S&P/ASX 200 Accum. Index.

Unit Prices

  
Date Net Asset Value Entry Exit
18/12/2018 2.3139 2.3171 2.3107
17/12/2018 2.3426 2.3459 2.3393
14/12/2018 2.3177 2.3209 2.3144
13/12/2018 2.3418 2.3451 2.3386
12/12/2018 2.3414 2.3447 2.3382
11/12/2018 2.3078 2.3110 2.3046
10/12/2018 2.2991 2.3023 2.2959
07/12/2018 2.3505 2.3538 2.3472
06/12/2018 2.3419 2.3452 2.3386
05/12/2018 2.3543 2.3576 2.3510
04/12/2018 2.3779 2.3812 2.3746
03/12/2018 2.4020 2.4054 2.3986
30/11/2018 2.3632 2.3665 2.3599
29/11/2018 2.3896 2.3930 2.3863
28/11/2018 2.3785 2.3819 2.3752
27/11/2018 2.3725 2.3759 2.3692
26/11/2018 2.3591 2.3624 2.3558
23/11/2018 2.3757 2.3790 2.3724
22/11/2018 2.3714 2.3747 2.3680
21/11/2018 2.3363 2.3395 2.3330
20/11/2018 2.3613 2.3646 2.3580
19/11/2018 2.3815 2.3848 2.3781
16/11/2018 2.3968 2.4001 2.3934
15/11/2018 2.4012 2.4045 2.3978
14/11/2018 2.4066 2.4099 2.4032
13/11/2018 2.4469 2.4503 2.4435
12/11/2018 2.4831 2.4866 2.4797
09/11/2018 2.4745 2.4780 2.4711
08/11/2018 2.4733 2.4767 2.4698
07/11/2018 2.4583 2.4617 2.4548
06/11/2018 2.4541 2.4575 2.4506
05/11/2018 2.4434 2.4468 2.4399
02/11/2018 2.4583 2.4617 2.4548
01/11/2018 2.4442 2.4476 2.4407
31/10/2018 2.4348 2.4382 2.4313
30/10/2018 2.4217 2.4251 2.4183
29/10/2018 2.3931 2.3965 2.3898
26/10/2018 2.3653 2.3686 2.3620
25/10/2018 2.3714 2.3748 2.3681
24/10/2018 2.4379 2.4413 2.4345
23/10/2018 2.4562 2.4597 2.4528
22/10/2018 2.4862 2.4897 2.4828
19/10/2018 2.5028 2.5063 2.4993
18/10/2018 2.5096 2.5131 2.5061
17/10/2018 2.5222 2.5257 2.5187
16/10/2018 2.4917 2.4952 2.4882
15/10/2018 2.4773 2.4808 2.4738
12/10/2018 2.5017 2.5052 2.4982
11/10/2018 2.4912 2.4947 2.4877
10/10/2018 2.5559 2.5595 2.5523
Show more unit prices Show all unit prices Download the historical unit prices

Distribution history

Date Distribution per unit  
June 2018 0.1139 cents Annual Fund Distributions 2018

Fund Updates

November Fund Update
October Fund Update
September Fund Update
Quarterly Stocks in Focus as at 30 September 2018
August Fund Update
Annual Fund Financial Report 2018
July Fund Update
June Fund Update
Quarterly Stocks in Focus as at 30 June 2018

Investment Insights

  • 30 Sep 2018

    The advantages of owner-managed businesses

    Management’s core focus, long-term thinking and conservative approach can pay off for investors.

  • 15 Oct 2018

    Emma Goodsell 'Meet The Manager'

    Emma Goodsell, Deputy PM at Airlie, talks to Livewire about the key business attributes Airlie looks for when investing, how CSL was included in a ‘value’ portfolio and what it is like working with industry veterans John Sevior and Matt Williams. 

  • 15 Oct 2018

    Stock Story: James Hardie

    James Hardie is a rare find: a building products manufacturer with pricing power.

  • 05 Oct 2018

    Buy Hold Sell: Where is the value?

    Jeremy Hook from TMS Capital hosts Matt Williams from Airlie Funds Management and Rhett Kessler, to hear where they think the value lies. In addition, each of the panellists nominates one stock that they believe offers compelling value.

  • 05 Oct 2018

    Risks and opportunities of a leadership change

    With a potential change in Federal government on the horizon, in this thematic discussion, we sat down with Matt Williams from Airlie Funds Management and Rhett Kessler to ask what it means for investors. Will new leadership bring big changes, or will it ultimately be ‘more bark than bite’?

  • 05 Oct 2018

    Buy Hold Sell: 5 superior growth stocks

    Peter Lynch once said, “Time is on your side when you own shares of superior companies.” The challenge of course is to own those superior companies at a reasonable price. In this episode of Buy Hold Sell we’ve asked two investors with strong valuation disciplines to run five of Australia’s superior growth stocks through their selection process.

Invest With Us

Airlie Australian Share Fund

  1. Read the Product Disclosure Statement (PDS)

  2. 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.

  3. Send application form to Link Fund Solutions
    Link Fund Solutions
    Airlie Australian Share Fund
    PO Box 3753
    RHODES NSW 2138

Speak with your adviser/broker. To find an adviser, visit Financial Planning Association of Australia (FPA) or Association of Financial Advisers (AFA).

Additional information and forms

CRS Self Certification Forms CRS - Individual CRS - Entity CRS - Controlling Person

CRS Help CRS Help - Key Definitions CRS Help - Frequently Asked Questions

Additional information Additional Information Booklet Financial Services Guide

Application Form Application Form - New Investors

Additional forms Additional Investment Form Change of Details Withdrawal Form

FAQs

You can make an investment in the Fund by sending us a correctly completed Application Form together with the required supporting identification documentation. The minimum initial investment is A$10,000.

Additional investments can be made into an existing account at any time. The minimum amount for an additional investment is A$5,000.

The Fund charges a management and administration fee of 0.78% per annum.  

Our management fees are inclusive of the estimated net effect of Goods and Services Tax (“GST”) (i.e. inclusive of GST, less any reduced input tax credits). For more information about GST, see ‘Management costs’ in the PDS.

The Responsible Entity intends that the Fund will make distributions on a half yearly basis. The Fund may make distributions more or less frequently at the discretion of the Responsible Entity but will generally make a distribution to investors at least annually.

The Fund is an active, typically 25 stock portfolio, that references the S&P/ASX 200 Accumulation Index for comparative performance measurement. 

The Fund aims to have a cash or cash equivalents range of 0-10%, but generally intends to be fully invested.  

The Fund is an active, typically 25 stock, portfolio with a maximum limit of issued capital ownership of 15%. The Fund can hold a maximum of 15% of any one stock in the portfolio.   

As at 1 June 2018, the Fund is rated by Zenith.  Please visit the Zenith website to view the rating and full report.

Magellan Asset Management Limited (‘Magellan’) (AFS Licence No. 304 301) is the responsible entity and issuer for the Fund.  Magellan is responsible for the overall operations of the Fund including: distribution, compliance and risk management, reporting, marketing, operations and service provider management. 

Magellan’s expertise in operating retail funds has enabled the retail market access to the Airlie investment team for the first time.  

Contact Us

Telephone: +61 2 9235 4760

Email: adviserservices@airliefm.com.au

Link Fund Solutions provides a range of registry services including the processing of applications, redemptions and distributions as well as the maintenance of unit holder records.

For online access to your investment in Airlie Australian Share Fund, click here.
Phone: 1800 236 994 (within Australia) or +61 1800 236 994 (from outside Australia)
airlie@linkmarketservices.com.au
Fax:+61 2 9287 0353

Important Information: Units in the Airlie Australian Share Fund (Fund) are issued by Magellan Asset Management Limited ("Magellan") (ABN 31 120 593 946, AFSL 304 301). Please consider the Fund's Product Disclosure Statement, available on this website, in deciding whether to acquire, or to continue to hold, an investment in the Fund. Past performance is not a reliable indicator of future performance. This material is not a securities recommendation or an offer or solicitation with respect to the purchase or sale of any securities in any jurisdiction. This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should therefore assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances.