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

Fund Overview

Fund Overview

The Airlie Australian Share Fund provides an opportunity to access a highly experienced investment team with a proven track record of prudent, common sense investing.

The fund will hold a concentrated basket of between 15-35 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
$482.6 million
31-Jan-2024
ASX Ticker
AASF Market Data Tickers
  Units
Bloomberg AASF AU EQUITY
Thomson Reuters AASF.AX
IRESS AASF.AXW
ICE iNav**
AUD $
Ticker details
  Units Indicative NAV
Bloomberg AASF AU EQUITY AASFIV INDEX
Thomson Reuters AASF.AX AASFAUiv.P
IRESS AASF.AXW AASF-AUINAV.NGIF.
Solactive iNav
AUD $
Ticker details
  Indicative NAV
Bloomberg AASFAUIV
Thomson Reuters AASFAUDINAV=SOLA
IRESS AASFAUDINAV
More about iNAV
More information about iNav

Magellan has engaged ICE Data Indices, LLC and Solactive AG as iNAV calculation agents to independently calculate and disseminate an iNAV. Both iNAVs are freely available to investors. From time to time there may be differences between the two iNAVs as a result of different calculation methodologies or timing of the data.

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.

Buy / Sell Spread
0.14%/0.14%
(only applicable to investors who apply for units directly with the Fund)
Management Fee
0.78% p.a.
Distribution Frequency
Bi-annual
Benchmark
S&P/ASX 200 Accumulation Index
APIR Code
MGE9705AU

Transaction costs may also apply - refer to the Product Disclosure Statement. All management costs described above are inclusive of the estimated net effect of GST.

Click here for further information on the benchmark.

** 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.

INVESTMENT RISKS: All investments carry risk. While it is not possible to identify every risk relevant to an investment in a fund, we have provided details of risks in the fund's Product Disclosure Statement.

Research ratings 1

Zenith

Recommended

Lonsec

Recommended

Morningstar

Neutral

Ratings are only one factor to be taken into account when deciding whether to invest in a financial product.

See Research house ratings disclaimers

Portfolio Construction

"The Airlie investment process weighs four factors when considering a potential investment. "

Financial Strength

The first thing we consider is the balance sheet. Only those companies with solid financial characteristics, including appropriate levels of debt for the business model, are considered for investment.

 

Business Quality

The research process focuses on the quality of the business: looking for businesses that can earn attractive or improving returns on capital in the future.

 

Given the decades of investment experience of the Airlie team, we typically have considerable knowledge of the histories, industries and strategies of the stocks in which we invest.

Quality of Management

Airlie seeks to invest in companies with competent managers whose interests ideally align with those of shareholders. Airlie has a particular preference for investing in founder-led businesses, which it has found typically exhibit a longer-term focus that is rewarding for shareholders. In order to make an assessment of business and management quality, Airlie regularly meets with management teams and boards of Australian companies.

 

Valuation

Airlie turns to valuation last, as we believe you can only value a business if you understand it. We see returns as the ultimate driver of valuation, and focus our efforts on understanding the likely direction of future returns. We seek to invest where our assessment of the quality and worth of a business exceeds the prevailing market price.

We also explicitly consider ESG risks as part of our investment process.

Meet the Portfolio Managers

The Airlie Investment Team is one of depth and experience. Portfolio Managers Matt, Emma and Will are supported by a further five investment professionals.

Matt Williams

Matt Williams

Head of Australian Equities

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 and is a portfolio manager for the Airlie Australian Share Fund for retail clients.

Emma Fisher

Emma Fisher

Deputy Head of Australian Equities

Emma started her career in equity research in 2010 on the sell-side at Nomura, before joining Fidelity’s Australian investment team as an analyst. In 2016 she joined Airlie as an investment analyst, before becoming the portfolio manager of the Airlie Australian Share Fund in 2018. She holds a Bachelor of Commerce (Liberal Studies) from the University of Sydney.

Performance

Performance

31 January 2024
Performance 3 Months 6 Months 1 Year 3 Years
(% PA)
5 Years
(% PA)
Since Inception
(% PA)
Airlie Australian Share Fund 16.27% 9.87% 9.86% 12.77% 13.39% 11.04%
Benchmark** 13.99% 5.79% 7.09% 9.56% 9.71% 8.50%
Excess Return 2.28% 4.08% 2.77% 3.21% 3.68% 2.54%

** 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. Past performance is not a reliable indicator of future performance.

Growth of AUD $10,000

From inception to 31 January 2024

** 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. Past performance is not a reliable indicator of future performance.

Unit prices

Unit Prices

Estimated NAV per Unit as at 28/02/2024: 3.80
Date NAV Per Unit Entry Exit
27-Feb-2024 3.7863 3.7916 3.7810
26-Feb-2024 3.7826 3.7879 3.7773
23-Feb-2024 3.7701 3.7754 3.7648
22-Feb-2024 3.7331 3.7383 3.7279
21-Feb-2024 3.7324 3.7376 3.7272
20-Feb-2024 3.7467 3.7519 3.7415
19-Feb-2024 3.7457 3.7509 3.7405
16-Feb-2024 3.7628 3.7681 3.7575
15-Feb-2024 3.7400 3.7452 3.7348
Download historical unit prices
Distribution

Distribution history

IMPORTANT


Please ensure that your Tax File Number (TFN) or Australian Business Number (ABN) is provided to the Unit Registry by Record Date, otherwise tax will be withheld on income attributed to you at the top marginal tax rate plus Medicare Levy.

If you have elected to receive distributions in cash, please ensure that your bank account details are provided to the Unit Registry by Record Date, otherwise your distribution payment will be withheld until a valid bank account is provided.

To review or update your TFN/ABN and bank account details, log on to the Unit Registry’s online portal.

 

Date Distribution per unit Reinvestment price  
December 2023 6.85 cents $3.6824 Interim fund distribution 31 December 2023
June 2023 6.68 cents $3.3896 Annual Fund Distribution 2023
December 2022 6.40 cents $3.3149  
June 2022 6.00 cents $2.9844 Annual Fund Distribution 2022
December 2021 5.61 cents $3.6371  
June 2021 5.32 cents $3.3366 Annual Fund Distribution 2021
December 2020 5.21 cents $2.9141  
June 2020 8.00cents $2.5808 Annual Fund Distribution 2020
December 2019 2.00 cents $2.8246  
June 2019 3.9469 cents $2.6372 Annual Fund Distribution 2019
December 2018 2.000 cents $2.3215  
June 2018 0.1139 cents $2.6017 Annual Fund Distribution 2018

A guide to understanding your AMMA Statement 2023

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)*

    ICE iNav**
    AUD $
    Ticker details
      Units Indicative NAV
    Bloomberg AASF AU EQUITY AASFIV INDEX
    Thomson Reuters AASF.AX AASFAUiv.P
    IRESS AASF.AXW AASF-AUINAV.NGIF.
    Solactive iNav
    AUD $
    Ticker details
      Indicative NAV
    Bloomberg AASFAUIV
    Thomson Reuters AASFAUDINAV=SOLA
    IRESS AASFAUDINAV
  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

Additional information

Additional 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 Apex Group
    Apex Group - Unit Registry
    GPO Box 143
    Sydney NSW 2001

Or Email the application form to magellanfunds@apexgroup.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 locate an adviser in your area visit the following website:

Continuous Disclosure

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

16 Jan 2024

Airlie Quarterly Update

Emma Fisher provides her perspective on how the Australian equity market played out in 2023 and the outlook for the year ahead. Emma also discusses movements within the portfolio and the approach to position sizing.

10

Quiz - 0.25 CPD hours available
16 Jan 2024

Stock Story: Charter Hall

Underappreciated quality.

6 mins

23 Nov 2023

Podcast: Emma Fisher on Mineral Resources, PWR Holdings & Investor Psychology

Emma chats to Equity Mates about the psychology of investing, and provides a stock deep dive on Mineral Resources and PWR Holdings. (Listening time: 57 mins)

FAQs

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, you may choose to automatically reinvest your distribution as additional units in the Fund regardless of how you acquired your units. If you wish to participate in the Distribution Reinvestment Plan (DRP), you can either update your election in the Unit Registry portal, available at magellan.mainstreamfs.com/login or complete the DRP Election Form located here

The Fund charges a management and administration fee of 0.78% per annum.  

Transaction costs may also apply - refer to the Product Disclosure Statement. All management costs described above are inclusive of the estimated net effect of GST.

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 stock portfolio that will generally comprise 15 to 35 securities at any one time. The Fund 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 2022), Morningstar (as at August 2022) and Lonsec (as at September 2022).  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.  

Important Information: Units in the fund(s) referred to herein are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFS Licence No. 304 301) trading as Airlie Funds Management (‘Airlie’). This material has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) and consider obtaining professional investment advice tailored to your specific circumstances before making a decision to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to an Airlie financial product may be obtained by calling by calling +61 2 9235 4760 or by visiting www.airliefundsmanagement.com.au.  Past performance is not necessarily indicative of future results and no person guarantees the future performance of any fund, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Airlie will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material. Further information regarding any benchmark referred to herein can be found at www.airliefundsmanagement.com.au. Any third party trademarks contained herein are used for information purposes only and are the property of their respective owners. Airlie claims no ownership in, nor any affiliation with, such trademarks. 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 Airlie.

1Research house ratings disclaimers

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 30 June 2022) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at https://www.zenithpartners.com.au/our-solutions/investment-research/

The rating issued 09/2023 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.

© 2021 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. The Morningstar Analyst Rating™ for the Airlie Australian Share Fund is ‘Neutral’ as of 08-2023