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
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 December 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

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.


31 December 2019
Performance 3 Months 6 Months 1 Year Since Inception
(% PA)
Airlie Australian Share Fund 1.78% 7.87% 24.37% 10.15%
Index** 0.68% 3.06% 23.40% 11.45%
Excess Return 1.10% 4.81% 0.97% - 1.30%

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

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

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

Unit Prices

Date NAV Per Unit Entry Exit
17/01/2020 2.9513 2.9554 2.9471
16/01/2020 2.9525 2.9566 2.9484
15/01/2020 2.9346 2.9387 2.9305
14/01/2020 2.9204 2.9245 2.9164
13/01/2020 2.8987 2.9028 2.8946
10/01/2020 2.9120 2.9161 2.9079
09/01/2020 2.8947 2.8988 2.8907
08/01/2020 2.8714 2.8754 2.8674
07/01/2020 2.8710 2.8751 2.8670
06/01/2020 2.8401 2.8440 2.8361
03/01/2020 2.8437 2.8476 2.8397
02/01/2020 2.8272 2.8311 2.8232
31/12/2019 (ex) 2.8246 2.8285 2.8206
31/12/2019 2.8446 2.8486 2.8406
30/12/2019 2.8872 2.8912 2.8831
27/12/2019 2.8850 2.8891 2.8810
24/12/2019 2.8756 2.8796 2.8716
23/12/2019 2.8743 2.8783 2.8703
20/12/2019 2.8821 2.8861 2.8780
19/12/2019 2.8918 2.8959 2.8878
18/12/2019 2.9020 2.9060 2.8979
17/12/2019 2.9020 2.9061 2.8980
16/12/2019 2.9038 2.9079 2.8997
13/12/2019 2.8772 2.8812 2.8732
12/12/2019 2.8624 2.8664 2.8584
11/12/2019 2.8727 2.8767 2.8687
10/12/2019 2.8616 2.8656 2.8576
09/12/2019 2.8650 2.8690 2.8610
06/12/2019 2.8591 2.8631 2.8551
05/12/2019 2.8464 2.8503 2.8424
04/12/2019 2.8180 2.8219 2.8141
03/12/2019 2.8510 2.8550 2.8470
02/12/2019 2.8968 2.9008 2.8927
29/11/2019 2.8893 2.8934 2.8853
28/11/2019 2.8962 2.9002 2.8921
27/11/2019 2.8888 2.8928 2.8847
26/11/2019 2.8670 2.8710 2.8630
25/11/2019 2.8371 2.8411 2.8331
22/11/2019 2.8218 2.8257 2.8178
21/11/2019 2.8072 2.8111 2.8032
20/11/2019 2.8249 2.8288 2.8209
19/11/2019 2.8498 2.8538 2.8458
18/11/2019 2.8398 2.8438 2.8358
15/11/2019 2.8511 2.8551 2.8471
14/11/2019 2.8268 2.8307 2.8228
13/11/2019 2.8174 2.8213 2.8135
12/11/2019 2.8360 2.8399 2.8320
11/11/2019 2.8433 2.8473 2.8393
08/11/2019 2.8247 2.8287 2.8207
07/11/2019 2.8122 2.8162 2.8083

Distribution history

Date Distribution per unit  
December 2019 2.000 cents Interim Fund Distributions 2019
June 2019 3.9469 cents Annual Fund Distribution 2019
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).

Continuous Disclosure

1 November 2019

This notice provides important information for investors in the Airlie Australian Share Fund (Fund).  This update should be read together with the Fund's Product Disclosure Statement dated 22 May 2018 (PDS).

Change of Investment Manager Entity

From 1 December 2019, Magellan Asset Management Limited (Magellan) will replace Airlie Funds Management Pty Limited (Airlie) as the investment manager for the Fund.    Whilst the corporate entity acting as the investment manager will change from this date, the Fund’s portfolio managers will continue to be Matt Williams and Emma Fisher, who are both employees of Magellan.

Why is this change being made?

Airlie is a wholly-owned subsidiary of Magellan.  In order to maximise operational efficiencies, Magellan is being appointed as investment manager of the Fund, replacing Airlie.  Magellan will also continue to act as Responsible Entity of the Fund.

What do I need to do?

If you are an existing investor in the Fund, the transition to Magellan as the investment manager of the Fund will not result in any change to your unitholding and there is nothing that you will need to do.

If you are considering an investment in the Fund, please ensure you read this notice together with the Fund’s PDS.

25 October 2019

Set out below are the upcoming changes that impact Airlie Australian Share Fund (ARSN – 623 378 487).

1. Change to Payment Options - Additional Investments

  • Removal of Direct Debit

From 1 December 2019, Magellan Asset Management Ltd (“Magellan”) will no longer be offering Direct Debit as a payment option for additional investments to Airlie Australian Share Fund.

BPAY®, Electronic Funds Transfer (“EFT”) and Australian Dollar Cheque will continue as payment methods for additional investments. The minimum amounts for additional investments by these methods will remain unchanged at $500 for BPAY® and $5,000 for EFT and Cheque.

2. Regular Monthly Investment Plan – cancellation

From 20 November 2019, the Regular Monthly Investment Plan (“Plan”) administered by means of Direct Debit will no longer be available. For those investors who currently have a Plan set up, the last Direct Debit from a nominated bank account will occur on this date. The easiest way for investors to either continue to, or start to, add to existing investments on a regular basis would be to set up a recurring BPAY® payment with their financial institution.


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, investment manager and issuer for the Fund.  Magellan is responsible for the investment management of the fund via the Fund’s portfolio managers, Matt Williams and Emma Fisher, who are both employees of Magellan. Magellan is also 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

Dispute Resolution Process

At Magellan Asset Management Limited (“Magellan”) your feedback is important to us.

What to do if you have a complaint:

Magellan is committed to providing investors with the best possible service. If at any time you are dissatisfied with a service provided by Magellan, please contact us so we can work towards a resolution. 

How to make a complaint:

Magellan accepts all complaints made orally or in writing, formally or informally.

  1. Please contact our Complaints Officer using any of the following methods:
    Phone: +61 2 9235 4888
    Mail: Magellan Asset Management Limited, MLC Centre, Level 36, 19 Martin Place Sydney, NSW 2000
  2. Please provide full contact details to enable us to respond to you quickly.
  3. Please provide as much detail as possible regarding the nature of your complaint and any supporting documentation.

We will:

  • Provide you with a written receipt of the complaint immediately, or as soon as practicable.
  • Provide you with a final written response setting out Magellan’s proposed remedy as soon as possible, but in any event within 45 days of receiving the complaint.
  • Note: The requirement to provide a final response will not apply where the complaint is resolved to your satisfaction by the end of the fifth business day after the complaint is received and you have not requested a response in writing.

Keeping you informed:

We will keep you informed at regular intervals about the progress of our investigations and response.

Still not satisfied?

Magellan is a member of the Australian Financial Complaints Authority (“AFCA”). If an issue has not been resolved to your satisfaction, you can lodge a complaint with AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.



Telephone: 1800 931 678 (free call)

In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

Important Information: Units in the Airlie Australian Share Fund (Fund) are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFSL 304 301) trading as Airlie Funds Management. 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.