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
Matt Williams
 Emma Fisher
Emma Fisher
Structure
Australian Equity Fund, $AUD.
Buy / Sell Spread
0.14%/0.14%
Inception date
1 June 2018
Management & Administration fee
0.78% p.a.
Fund size **
A$18.6m
Distribution Frequency
Bi-annual
ARSN
623 378 487
APIR Code
MGE9705AU
Benchmark
S&P/ASX 200 Accumulation Index

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

Research ratings 1

Zenith

Recommended

Lonsec

Recommended

Morningstar

Neutral

See Research house ratings disclaimers

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

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.

Performance

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

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

31 July 2019
Performance 3 Months 6 Months 1 Year Since Inception
(3% PA)
Airlie Australian Share Fund 7.58% 15.75% 6.14% 10.03%
Index** 8.58% 18.66% 13.26% 15.76%
Excess Return - 1.00% - 2.91% - 7.12% - 5.73%

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

Unit Prices

  
Date NAV Per Unit Entry Exit
15/08/2019 2.6043 2.6080 2.6007
14/08/2019 2.6704 2.6742 2.6667
13/08/2019 2.6445 2.6482 2.6408
12/08/2019 2.6541 2.6578 2.6504
09/08/2019 2.6521 2.6558 2.6484
08/08/2019 2.6281 2.6318 2.6245
07/08/2019 2.6124 2.6160 2.6087
06/08/2019 2.5931 2.5967 2.5895
05/08/2019 2.6598 2.6635 2.6560
02/08/2019 2.7047 2.7085 2.7010
01/08/2019 2.7219 2.7257 2.7181
31/07/2019 2.7284 2.7322 2.7245
30/07/2019 2.7394 2.7432 2.7355
29/07/2019 2.7327 2.7366 2.7289
26/07/2019 2.7244 2.7282 2.7206
25/07/2019 2.7333 2.7372 2.7295
24/07/2019 2.7125 2.7163 2.7087
23/07/2019 2.6896 2.6934 2.6859
22/07/2019 2.6766 2.6803 2.6728
19/07/2019 2.6797 2.6835 2.6760
18/07/2019 2.6664 2.6701 2.6627
17/07/2019 2.6774 2.6812 2.6737
16/07/2019 2.6594 2.6632 2.6557
15/07/2019 2.6640 2.6677 2.6603
12/07/2019 2.6806 2.6844 2.6769
11/07/2019 2.6843 2.6881 2.6806
10/07/2019 2.6818 2.6856 2.6781
09/07/2019 2.6656 2.6694 2.6619
08/07/2019 2.6667 2.6705 2.6630
05/07/2019 2.6933 2.6970 2.6895
04/07/2019 2.6760 2.6798 2.6723
03/07/2019 2.6643 2.6681 2.6606
02/07/2019 2.6555 2.6592 2.6518
01/07/2019 2.6491 2.6528 2.6454
30/06/2019 (ex) 2.6372 2.6409 2.6335
30/06/2019 2.6766 2.6804 2.6729
28/06/2019 2.6767 2.6805 2.6730
27/06/2019 2.6927 2.6964 2.6889
26/06/2019 2.6776 2.6814 2.6739
25/06/2019 2.6872 2.6909 2.6834
24/06/2019 2.6928 2.6966 2.6890
21/06/2019 2.6932 2.6970 2.6895
20/06/2019 2.7023 2.7061 2.6986
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
Show more unit prices Show all unit prices Download the historical unit prices

Distribution history

Date Distribution per unit  
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

Fund Updates

July 2019 Fund Update
June 2019 Fund Update
May 2019 Fund Update
April 2019 Fund Update
March 2019 Fund Update
February 2019 Fund Update
January 2019 Fund Update
December 2018 Fund Update
November 2018 Fund Update
Annual Financial Report 2018

Investment Insights

Product Disclosure Statement (dated 22 May 2018) - Update

The product disclosure statement for the Fund dated 22 May 2018 provides that Magellan may seek quotation and trading of the Fund on the Australian Securities Exchange under the ASX AQUA Rules Framework. Magellan provides notice to Unitholders of its intention to seek quotation and trading of the Fund’s Units on a licensed securities exchange (Securities Exchange).

If units in the Fund are quoted on the Securities Exchange, you may continue to apply for and redeem units in the Fund directly with Magellan, in the same way that is offered today. However, you will also have the ability to trade your units on the Securities Exchange through your stockbroker in the same manner as any listed security, subject to your units being allocated a shareholder reference number (SRN) by the Fund’s unit registry or moving your holding to a Holder Identification Number (HIN) issued by your broker.

If units in the Fund are quoted on the Securities Exchange your holding of units in the Fund will not change. There will be no change to the investment objectives of the Fund or to the fees charged by Fund.

To facilitate quotation of the Fund's units, Magellan is proposing to amend the Constitution to permit the Fund to be quoted and traded on any securities exchange licensed in Australia.

A General Meeting of Unitholders will be held on Friday, 19 July 2019 to approve these proposed amendments to the Constitution. A Notice of Meeting has been sent to Unitholders on Wednesday, 26 June 2019. Please click here for a copy of the Notice of Meeting.

Invest With Us

Airlie Australian Share Fund

  1. Read the Product Disclosure Statement (PDS)

  2. 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.

  3. 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).

Additional information and forms

CRS Self Certification Forms CRS - Individual CRS - Entity CRS - Controlling Person

CRS Help CRS Help - Key Definitions CRS Help - Frequently Asked Questions

Additional information Additional Information Booklet Financial Services Guide

Application Form Application Form - New Investors

Additional forms Additional Investment Form Change of Details Withdrawal Form

Continuous Disclosure

A Special Meeting of unit holders of the Airlie Australian Share Fund ARSN 623 378 487 was held on Friday, 19 July 2019 to approve the proposed amendments to the Fund’s Constitution as outlined in the Notice of Meeting sent to unit holders on Wednesday, 26 June 2019. 

The following resolution was passed by proxy with 100% of the votes cast in favour of the proposal: 

"THAT, the constitution of the Airlie Australian Share Fund ARSN 623 378 487 be modified in accordance with the provisions of the "Supplemental Deed" tabled at the meeting and signed by the Chairperson for the purposes of identification and that Magellan Asset Management Limited be authorised to:

(a) execute the Supplemental Deed and lodge it with the Australian Securities and Investments Commission; and

(b) implement and give effect to the actions and other matters contemplated in the Supplemental Deed and the Explanatory Memorandum accompanying this notice of meeting".

For details of the changes to the Constitution, please refer on the Supplemental Deed here.

FAQs

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

Email: adviserservices@airliefm.com.au

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)
airlie@linkmarketservices.com.au
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.