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.
The Fund’s primary objective is to provide long-term capital growth and regular income through investment in 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.
All management costs described above are inclusive of the estimated net effect of GST.
* As at 31 May 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.
Airlie undertakes research in conjunction with applying their long-term knowledge and relationships with Australian companies to identify attractive investment opportunities.
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.
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.
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.
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 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.
|Date||NAV Per Unit||Entry||Exit|
|Date||Distribution per unit||Reinvestment price|
|December 2019||2.000 cents||$2.8246||Interim Fund Distributions 2019|
|June 2019||3.9469 cents||$2.6372||Annual Fund Distribution 2019|
|December 2018||2.000 cents||$2.3215||Interim Fund Distributions 2018|
|June 2018||0.1139 cents||$2.6017||Annual Fund Distributions 2018|
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.
View the indicative Net Asset Value (iNav)*
Check the current share price AASF
Buy on the ASX - Ticker Code AASF
Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.
Read the Product Disclosure Statement (PDS)
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.
Send application form to Mainstream Fund Services
Mainstream Fund Services - Unit Registry
GPO Box 143
Sydney NSW 2001
Or Email the application form to email@example.com
Magellan accepts initial direct investments from individuals with a minimum of $10,000. You can apply by downloading the application form above.
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).
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.
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