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 Emma Fisher
Australian Equity Fund, $AUD.
Buy / Sell Spread
Inception date
1 June 2018
Management & Administration fee
0.78% p.a.
Fund size **
Distribution Frequency
623 378 487
S&P/ASX 200 Accumulation Index

All management costs described above are inclusive of the estimated net effect of GST.
** As at 31 May 2019

Research ratings 1







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.  



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 Fisher

Emma Fisher

Deputy Portfolio Manager

Emma has 9 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.


Growth of AUD $10,000 as at
31 May 2019

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

31 May 2019
Performance 3 Months 6 Months 1 Year Since Inception
(3% PA)
Airlie Australian Share Fund 4.80% 11.64% 5.58% 5.58%
Index** 4.88% 15.32% 11.08% 11.08%
Excess Return - 0.08% - 3.68% - 5.50% - 5.50%

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

Unit Prices

Date NAV Per Unit Entry Exit
19/06/2019 2.7009 2.7047 2.6971
18/06/2019 2.6687 2.6725 2.6650
17/06/2019 2.6577 2.6614 2.6540
14/06/2019 2.6652 2.6689 2.6615
13/06/2019 2.6650 2.6687 2.6612
12/06/2019 2.6759 2.6797 2.6722
11/06/2019 2.6813 2.6850 2.6775
07/06/2019 2.6326 2.6363 2.6289
06/06/2019 2.6150 2.6187 2.6114
05/06/2019 2.6045 2.6081 2.6008
04/06/2019 2.5872 2.5908 2.5835
03/06/2019 2.5844 2.5880 2.5807
30/05/2019 2.6195 2.6231 2.6158
29/05/2019 2.6372 2.6409 2.6335
28/05/2019 2.6550 2.6587 2.6513
27/05/2019 2.6388 2.6425 2.6351
24/05/2019 2.6391 2.6428 2.6354
23/05/2019 2.6503 2.6540 2.6466
22/05/2019 2.6476 2.6513 2.6439
21/05/2019 2.6394 2.6431 2.6357
20/05/2019 2.6322 2.6359 2.6285
17/05/2019 2.5920 2.5956 2.5884
16/05/2019 2.5734 2.5770 2.5698
15/05/2019 2.5445 2.5480 2.5409
14/05/2019 2.5270 2.5306 2.5235
13/05/2019 2.5564 2.5599 2.5528
10/05/2019 2.5613 2.5649 2.5577
09/05/2019 2.5513 2.5549 2.5477
08/05/2019 2.5402 2.5438 2.5367
07/05/2019 2.5539 2.5574 2.5503
06/05/2019 2.5488 2.5523 2.5452
03/05/2019 2.5774 2.5810 2.5738
02/05/2019 2.5888 2.5924 2.5852
01/05/2019 2.5975 2.6011 2.5939
30/04/2019 2.5743 2.5779 2.5706
29/04/2019 2.5843 2.5879 2.5807
26/04/2019 2.5900 2.5936 2.5864
24/04/2019 2.5947 2.5983 2.5910
23/04/2019 2.5684 2.5720 2.5649
18/04/2019 2.5428 2.5464 2.5393
17/04/2019 2.5405 2.5440 2.5369
16/04/2019 2.5417 2.5453 2.5382
15/04/2019 2.5353 2.5389 2.5318
12/04/2019 2.5376 2.5412 2.5341
11/04/2019 2.5177 2.5212 2.5141
10/04/2019 2.5299 2.5335 2.5264
09/04/2019 2.5303 2.5338 2.5268
08/04/2019 2.5316 2.5352 2.5281
05/04/2019 2.5136 2.5171 2.5101
04/04/2019 2.5300 2.5335 2.5264

Distribution history

Date Distribution per unit  
December 2018 2.000 cents Interim Fund Distributions 2018
June 2018 0.1139 cents Annual Fund Distributions 2018

Investment Insights

Invest With Us

Airlie Australian Share Fund

  1. 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.

  2. 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).


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


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)
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.