Airlie Australian Share Fund (Managed Fund) (ASX: AASF)

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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
Structure
Australian Equity Fund, $AUD.
Inception date
1 June 2018
Fund size*
A$31m
ASX Ticker
AASF
Intraday Indicative Nav**

Ticker Details
  Units Indicative NAV
Bloomberg AASF AU EQUITY AASFIV INDEX
Thomson Reuters AASF.AX AASFAUiv.P
IRESS AASF.AXW AASFINAV.ETF
Buy / Sell Spread
0.14%/0.14%
(only applicable to investors who apply for units directly with the Fund)
Management & Administration fee
0.78% p.a.
Distribution Frequency
Bi-annual
Benchmark
S&P/ASX 200 Accumulation Index
APIR Code
MGE9705AU

All management costs described above are inclusive of the estimated net effect of GST.

Click here for further information on the benchmark.

* As at 31 August 2020

** The iNAV reflects the estimated NAV per Unit updated for portfolio stocks or equivalent securities that have live market prices during the Trading Day. The iNAV will not be updated for market-based movements such as movements in stock market indices.

iNAV calculations as shown on www.airliefundsmanagement.com.au (the "data") provided by ICE Data Indices, see ICE Terms of Use, and is updated during ASX trading hours. Powered by Factset. iNAV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates ("ICE Data") and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, IOPV, FUND OR ANY FUND DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.

Research ratings 1

Zenith

Recommended

Lonsec

Recommended

Morningstar

Neutral

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 Fisher

Emma Fisher

Portfolio Manager

Emma has over 10 years investment experience, with roles in investment research at Airlie, Fidelity and Nomura. She holds a Bachelor of Commerce (Liberal Studies) from the University of Sydney.

Performance

31 October 2020
Performance 3 Months 6 Months 1 Year Since Inception
(% PA)
Airlie Australian Share Fund 1.76% 12.00% - 1.81% 4.95%
Benchmark** 0.98% 8.67% - 8.15% 3.21%
Excess Return 0.78% 3.33% 6.34% 1.74%

** S&P/ASX 200 Accumulation Index

Click here for further information on the benchmark.

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 1 June 2018.

Growth of AUD $10,000 as at
31 October 2020

** S&P/ASX 200 Accumulation Index

Click here for further information on the benchmark.

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 1 June 2018.

Unit Prices

  
Date NAV Per Unit Entry Exit
30/11/2020 2.9120 2.9161 2.9079
27/11/2020 2.9380 2.9421 2.9339
26/11/2020 2.9517 2.9558 2.9476
25/11/2020 2.9622 2.9663 2.9581
24/11/2020 2.9418 2.9459 2.9377
23/11/2020 2.9063 2.9104 2.9022
20/11/2020 2.8863 2.8903 2.8823
19/11/2020 2.8827 2.8867 2.8787
18/11/2020 2.8720 2.8760 2.8680
17/11/2020 2.8614 2.8654 2.8574
16/11/2020 2.8502 2.8542 2.8462
13/11/2020 2.8174 2.8213 2.8135
12/11/2020 2.8248 2.8288 2.8208
11/11/2020 2.8283 2.8323 2.8243
10/11/2020 2.7869 2.7908 2.7830
09/11/2020 2.7913 2.7952 2.7874
06/11/2020 2.7385 2.7423 2.7347
05/11/2020 2.7202 2.7240 2.7164
04/11/2020 2.6843 2.6881 2.6805
03/11/2020 2.6877 2.6915 2.6839
02/11/2020 2.6397 2.6434 2.6360
30/10/2020 2.6420 2.6457 2.6383
29/10/2020 2.6610 2.6647 2.6573
28/10/2020 2.7020 2.7058 2.6982
27/10/2020 2.6974 2.7012 2.6936
26/10/2020 2.7349 2.7387 2.7311
23/10/2020 2.7484 2.7522 2.7446
22/10/2020 2.7542 2.7581 2.7503
21/10/2020 2.7562 2.7601 2.7523
20/10/2020 2.7522 2.7561 2.7483
19/10/2020 2.7696 2.7735 2.7657
16/10/2020 2.7569 2.7608 2.7530
15/10/2020 2.7642 2.7681 2.7603
14/10/2020 2.7493 2.7531 2.7455
13/10/2020 2.7504 2.7543 2.7465
12/10/2020 2.7306 2.7344 2.7268
09/10/2020 2.7284 2.7322 2.7246
08/10/2020 2.7268 2.7306 2.7230
07/10/2020 2.7052 2.7090 2.7014
06/10/2020 2.6724 2.6761 2.6687
05/10/2020 2.6678 2.6715 2.6641
02/10/2020 2.6048 2.6084 2.6012
01/10/2020 2.6388 2.6425 2.6351
30/09/2020 2.6121 2.6158 2.6084
29/09/2020 2.6684 2.6721 2.6647
28/09/2020 2.6649 2.6686 2.6612
25/09/2020 2.6652 2.6689 2.6615
24/09/2020 2.6460 2.6497 2.6423
23/09/2020 2.6641 2.6678 2.6604
22/09/2020 2.6067 2.6103 2.6031

Distribution history

Date Distribution per unit Reinvestment price  
June 2020 8.000 cents        - Annual Fund Distribution 2020
December 2019 2.000 cents $2.8246 Interim Fund Distribution 2019
June 2019 3.9469 cents $2.6372 Annual Fund Distribution 2019
December 2018 2.000 cents $2.3215 Interim Fund Distribution 2018
June 2018 0.1139 cents $2.6017 Annual Fund Distribution 2018

A guide to understanding your AMMA Statement 2020

3 ways to access Airlie Australian Share Fund (Managed Fund) (ASX: AASF)

Airlie Australian Share Fund (Managed Fund) (ASX: AASF)

  1. View the indicative Net Asset Value (iNav)*


    Ticker Details
      Units Indicative NAV
    Bloomberg AASF AU EQUITY AASFIV INDEX
    Thomson Reuters AASF.AX AASFAUiv.P
    IRESS AASF.AXW AASFINAV.ETF
  2. Check the current share price AASF

  3. Buy on the ASX - Ticker Code AASF

Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.

Additional information and forms

Airlie Australian Share Fund (Managed Fund) (ASX: AASF)

  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

Or Email the application form to magellanfunds@mainstreamgroup.com

Temporary processes available during COVID-19

Magellan accepts initial direct investments from individuals with a minimum of $10,000. You can apply by downloading the application form above.

Airlie Australian Share Fund (Managed Fund) (ASX: AASF)

Speak with your adviser/broker. To find an adviser, visit the 'Financial Planning Association of Australia (FPA)' or 'Your best interests' website

Continuous Disclosure

Magellan is pleased to announce that units in the Fund are expected to commence trading on the securities exchange operated by the ASX on 4 June 2020 under the ticker AASF.

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.

A replacement PDS has been lodged with the Australian Securities & Investments Commission ("ASIC") and is available here. The replacement PDS contains important information about the Fund and we recommend that you read the PDS carefully.

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.

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.

Investment Insights

  • Stock Story 13 Oct 2020

    Stock Story: Premier Investments

    A retailer adapting to the pandemic. (Reading time: 5 min)

  • Video Insights 14 Oct 2020

    Where are Australian shares headed?

    Quiz - 0.25 CPD hours available

    Matt Williams discusses the outlook for the Australian share market and tells which companies are set to benefit most from the federal government’s budget stimulus. (Viewing time: 14 mins)

  • Video Insights 12 Oct 2020

    Buy Hold Sell: Seven stocks for offense and defense

    Matt Williams joins Livewire's Vishal Teckchandani and Sean Fenton from Sage Capital to discuss 7 stocks that may provide offense and defense in your portfolio. (Viewing time: 5 mins)

  • Video Insights 09 Oct 2020

    Buy Hold Sell: Four beaten down sectors

    Matt Williams joins Livewire's Vishal Teckchandani and Sean Fenton from Sage Capital to discuss beaten down sectors that might present attractive opportunities. (Viewing time: 12 mins)

  • Video Insights 04 Sep 2020

    Results Season, Done - Now What? - Live Webinar

    Quiz - 0.75 CPD hours available

    Matt Williams reviews the recent results season which was predicted to be the ‘least helpful’ in assessing company’s balance sheet health and growth outlooks. But was it? What have we learnt? What have been the surprises and opportunities, which companies have Airlie continued to invest in, and why? (Viewing time: 44 min)

  • Video Insights 20 Jun 2018

    Airlie Australian Share Fund - Meet The Managers

    The Airlie Australian Share Fund provides an opportunity to access an experienced investment team with a proven track record of prudent, common sense investing. Learn more about the Portfolio Managers, Matt Williams and Emma Fisher. (Viewing time: 8 mins)

FAQs

You have the choice of either buying units on the Securities Exchange (Ticker: AASF) via your stockbroker/online broker or applying directly with the Responsible Entity by sending an Application Form to our unit registry.

If you hold your investments via an investment administration platform, you should consult your financial adviser who will be able to assist you in investing in the Fund.

There are important differences between investing in the Fund through the Securities Exchange or by applying directly with the Responsible Entity, including the price you will receive. You should read the PDS before making any decision on how to invest in the Fund..

You can exit the Fund either by making a withdrawal request to the Responsible Entity using a Withdrawal Form or by selling units on the Securities Exchange (Ticker: AASF) via your stockbroker or online broker. How you enter the Fund does not affect the method by which you can exit the Fund.

To make a withdrawal request with the Responsible Entity….
If you have a Securityholder Reference Number (SRN) or Investor Number
You will need to provide your SRN or Investor Number on your Withdrawal Form
If you have a Holder Identification Number (HIN) with your stockbroker or online broker
You will need to convert your holding from your HIN with your stockbroker or online broker to an SRN issued by the unit registry.
This is a standard process which your stockbroker or online broker can assist you with.

 

 

To sell your units on the Securities Exchange….
If you have a Securityholder Reference Number (SRN) or Investor Number
You can provide your SRN to certain stockbrokers who can sell your units on your behalf.
If your stockbroker does not offer this service, you will need to ask your stockbroker to convert or transfer your holding onto a HIN.  This is a standard process which your stockbroker can assist you with. You can then instruct your stockbroker to sell your units on the Securities Exchange.
 
If you have a Holder Identification Number (HIN) with your stockbroker
You can instruct your stockbroker to sell your units on the Securities Exchange.


There are important differences between exiting the Fund via the Securities Exchange or by withdrawing directly with the Responsible Entity, including the price you will receive. You should read the PDS or consult with your financial adviser before making any decision on how to invest in the Fund.

Your HIN or SRN can be found on the top right hand corner of your holding statement and other shareholder communications. You will typically have a HIN if you bought your units on the Securities Exchange through a stockbroker. You will typically have an SRN if you applied for unit directly with the Responsible Entity.

A HIN is a Holder Identification Number issued by your stockbroker. It is a unique number used to link all your holdings, stocks, shares, and not specific to just Magellan. A HIN is 11 characters long. It starts with an ‘X’ followed by 10 digits. For example: X0001235898

An SRN is a Securityholder Reference Number issued by the Fund’s Unit Registry and is your unique identifier in the Fund. An SRN is 11 characters long and starts with an ‘I’ followed by 10 digits. Example: I00874500369. Your SRN will be stated on your first confirmation statement and partly masked for subsequent statements.

If you invest on the Securities Exchange there is no initial minimum investment amount.

If you invest directly with the Responsible Entity by sending us an Application Form, the minimum initial investment is A$10,000 which is the same as all Magellan’s unlisted funds.

Additional investments can be made into an existing account at any time. No minimum applies for additional investments by BPAY. A minimum of $5,000 applies to other payment methods.

Yes, if a distribution reinvestment plan is offered you may choose to automatically reinvest your distribution as additional units in the Fund regardless of how you acquired your units. Further information will be made available on the Fund’s website at the time any DRP is offered.

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

Email: adviserservices@airliefm.com.au

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).
Email: magellanfunds@mainstreamgroup.com

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
    Email: complaints@magellangroup.com.au
    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.

Website: www.afca.org.au

Email: info@afca.org.au

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.

The material on this webpage may include data, research and other information from third party sources. We make no guarantee that such information is accurate, complete or timely and does not provide any warranties regarding results obtained from its use.   Statements contained in this material that are not historical facts are based on our current expectations, estimates, projections, opinions and beliefs. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon.

Any trademarks, logos, and service marks contained herein may be the registered and unregistered trademarks of their respective owners. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Magellan Asset Management Limited.