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 29 February 2020

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.


29 February 2020
Performance 3 Months 6 Months 1 Year Since Inception
(% PA)
Airlie Australian Share Fund - 4.08% 3.03% 12.70% 7.54%
Index** - 5.18% - 0.63% 8.64% 8.36%
Excess Return 1.10% 3.66% 4.06% - 0.82%

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

Growth of AUD $10,000 as at
29 February 2020

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

Unit Prices

Date NAV Per Unit Entry Exit
02/04/2020 2.2766 2.2798 2.2734
01/04/2020 2.3059 2.3091 2.3027
31/03/2020 2.2258 2.2289 2.2227
30/03/2020 2.2769 2.2801 2.2737
27/03/2020 2.1428 2.1458 2.1398
26/03/2020 2.2241 2.2272 2.2210
25/03/2020 2.1819 2.1850 2.1788
24/03/2020 2.0652 2.0681 2.0623
20/03/2020 2.1145 2.1175 2.1115
19/03/2020 2.1052 2.1081 2.1023
18/03/2020 2.1923 2.1954 2.1892
17/03/2020 2.3437 2.3470 2.3404
16/03/2020 2.2341 2.2372 2.2310
13/03/2020 2.4324 2.4358 2.4290
12/03/2020 2.3394 2.3427 2.3361
11/03/2020 2.5089 2.5124 2.5054
10/03/2020 2.5746 2.5782 2.5710
09/03/2020 2.4992 2.5027 2.4957
06/03/2020 2.6926 2.6964 2.6888
05/03/2020 2.7712 2.7751 2.7673
04/03/2020 2.7266 2.7304 2.7228
03/03/2020 2.7631 2.7670 2.7592
02/03/2020 2.7381 2.7419 2.7343
28/02/2020 2.7519 2.7558 2.7480
27/02/2020 2.8289 2.8329 2.8249
26/02/2020 2.8580 2.8620 2.8540
25/02/2020 2.9155 2.9196 2.9114
24/02/2020 2.9486 2.9527 2.9445
21/02/2020 3.0081 3.0123 3.0039
20/02/2020 3.0199 3.0241 3.0157
19/02/2020 3.0030 3.0072 2.9988
18/02/2020 2.9880 2.9922 2.9838
17/02/2020 2.9905 2.9947 2.9863
14/02/2020 2.9834 2.9876 2.9792
13/02/2020 2.9776 2.9818 2.9735
12/02/2020 2.9506 2.9547 2.9464
11/02/2020 2.9230 2.9271 2.9190
10/02/2020 2.9081 2.9121 2.9040
07/02/2020 2.9210 2.9251 2.9169
06/02/2020 2.9390 2.9431 2.9349
05/02/2020 2.9017 2.9058 2.8977
04/02/2020 2.8838 2.8879 2.8798
03/02/2020 2.8767 2.8808 2.8727
31/01/2020 2.9209 2.9250 2.9168
30/01/2020 2.9175 2.9216 2.9134
29/01/2020 2.9238 2.9279 2.9197
28/01/2020 2.9046 2.9087 2.9005
24/01/2020 2.9456 2.9497 2.9415
23/01/2020 2.9469 2.9510 2.9428
22/01/2020 2.9601 2.9642 2.9560

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 Mainstream Fund Services
    Mainstream Fund Services - Unit Registry
    GPO Box 143
    Sydney NSW 2001

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

Continuous Disclosure

31 January 2020

The following updates were advised to existing investors in the Fund by email or post (in accordance with the communication preference of each existing investor).

Notification of change to unit registry

From 14 February 2020, Link Fund Solutions will no longer provide unit registry services to the Fund. Instead, unit registry services will be provided by Mainstream Fund Services (“Mainstream”), an experienced registry who have provided services to Magellan Asset Management Limited (“Magellan”) for over 10 years. This change will result in changes to the mail, fax and email addresses for applications and redemptions, BPAY® and bank account details for applications, as well as your Investor Number.

Quotation of unit on Securities Exchange

Magellan is pleased to announce that it is seeking to have units in the Fund quoted on the securities exchange operated by the ASX under the ticker AASF. The Fund’s units are expected to commence trading on 28 February 2020.

If you are an investor in the Fund your holding of units will not change. You may continue to apply for and redeem units in the Fund in the same way that is offered today. There will be no change to the investment objectives of the Fund or to the fees charged to the Fund.

Commencement of trading of the Fund’s Units on the ASX will coincide with the initiation of an issuer sponsored sub-register. From that time you may move your units to your brokerage account and then trade your units on the ASX through your broker.

Replacement PDS

A replacement PDS will be made available on the Fund’s website prior to the date of quotation. The replacement PDS contains important information about the Fund and recommend that you read the PDS carefully.

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.   

The Fund has been rated by Zenith (as at June 2019), Morningstar (as at October 2019) and Lonsec (as at June 2018).  Please visit the individual research house's 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


Mainstream Fund Services provides a range of registry services including the processing of applications, redemptions and distributions as well as the maintenance of unitholder records.

For online access to your investment in Airlie Australian Share Fund, click here.
Phone: 1300 127 780 (in Australia) or +61  2 8259 8566 (International) or 0800 787 621 (New Zealand).

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.