Fund overview
The Airlie Long Short Fund offers investors the opportunity to invest in an equity long short Fund that is primarily invested in companies listed (or expected to be listed) on an Australian or New Zealand securities exchange.
The Fund may also invest in global listed companies, use exchange traded Funds or derivatives to gain exposure to the underlying reference assets of those derivatives, and have some exposure to cash and cash equivalents. The Fund typically holds 35-70 long positions and 0-55 short positions.
Investment objective
The Fund aims to outperform the S&P/ASX 200 Total Return Index, after fees, over rolling five-year periods.
Fund Facts
^For a full description of the fees and costs refer to the Information Memorandum.
Click here for further information on the benchmark.
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 Information Memorandum.
Investment approach
The investment approach combines fundamental, bottom-up research with disciplined risk management across long and short positions. Our quality-focussed process is designed to identify attractive risk/reward opportunities predominantly in companies listed on an Australian or New Zealand securities exchange. We also have the ability to invest selectively in international equities, applying the same process.
We assess underlying business fundamentals of companies, to form a view on the long-term value of these businesses and invest in those that we believe are undervalued with quality attributes. That assessment covers four key criteria: financial strength, management quality, business quality and valuation. Portfolio selection is supported by systematic, proprietary tools to help identify long and short opportunities. Long positions are weighted towards companies with higher quality attributes as assessed within our valuation process. We will also establish short positions where we believe the risk/reward profile is unattractive, or to hedge a long position or reduce sector or market exposure.
Extended alpha universe
Airlie's long-short strategy allows the team to express both positive and negative views on stocks, going beyond what's typically available through a long-only approach. By shorting stocks Airlie believes are likely to underperform and reinvesting the proceeds into its highest-conviction long ideas, the team aims to enhance returns beyond what a traditional long-only approach allows.
This approach also aims to help manage portfolio-level volatility, using shorts to help offset stock-specific risk across the portfolio, even though individual short positions carry a different risk profile from long positions.
All investments carry a risk of loss. However, short selling a security involves significantly greater risk than purchasing a security, as the potential losses associated with a short position can exceed the original amount invested and, in theory, are unlimited, which may lead to higher losses for the Fund.
Investment process
In-Depth Research
Red & Green Flags
Quality of Management
Portfolio Construction
Ongoing monitoring
Short position exposure
Airlie monitors short position sizes closely, given the asymmetric risk profile.
Gross exposure
Airlie manage the balance between long and short positions within the Fund, adjusting gross exposure as market conditions change.
Position concentration
Airlie applies limits across individual stocks and sectors on both the long and short book to manage concentration risk.
Ray David
Portfolio Manager
Ray David has over 20 years of experience in investment management and financial markets. Ray joined Airlie Funds Management in January 2026. Prior to joining Airlie, Ray was a Founding Partner and Portfolio Manager at Blackwattle Investment Partners. During his tenure at Blackwattle, he was co-portfolio manager of the Blackwattle Long Short 130/30 Quality Fund and the Blackwattle Large Cap Quality Fund, both of which delivered top-quartile performance based on Morningstar.
Before Blackwattle, Ray spent a decade at Schroders Australia, where he served as a senior analyst and then co-portfolio manager of the Schroder Australian Equity Long Short Fund. Earlier in his career, Ray was an Investment Director in the Emerging Companies team at UBS Investment Bank Australia.
Ray holds a Bachelor of Economics and Econometrics from the University of Sydney, as well as a Graduate Diploma in Applied Finance, Banking, Corporate Finance, and Securities Law.
Investment Insights
Airlie Australian Share Fund Quarterly Update
Portfolio Managers Emma Fisher and Ray David provide a quarterly update on the Airlie Australian Share Fund. Emma also shares her takeaways from a recent US trip, including the AI infrastructure build-out, pressure on interest rate-sensitive sectors and the case for patience with cyclicals such as James Hardie.
Airlie Australian Share Fund Quarterly Update
Portfolio Managers Emma Fisher and Joe Wright provide a quarterly update on the Airlie Australian Share Fund. Emma discusses the key performance drivers, including a reversal in the major Australian banks following federal budget impacts on investor lending, strength in diversified miners such as BHP and Rio, and a recovery in USD earners like Aristocrat.
Unit Prices
Reports
Fund Updates
| 02 Nov 2026 Airlie Long Short Fund Flyer |
Access the Airlie Long Short Fund
Invest directly with the FundAirlie Long Short Fund
If you are a professional or wholesale investor and would like to find out more about the fund. You can request the Information Memorandum
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.