Fund Overview
The Airlie Small Companies Fund ('Fund') provides an opportunity to access a highly experienced investment team with a proven track record of prudent, common sense investing.
The Fund will generally hold a portfolio of between 20-40 quality Australian listed small companies which when first acquired do not rank in the S&P/ASX 100. The Maximum cash and cash holding equivalents of the Fund is 10%. You will have access to the Investment Manager’s investment expertise and a professionally managed Australian equities portfolio.
Investment objective
The Fund’s primary investment objective is to provide long-term capital growth and income through investing in Australian listed small companies.
Investment Approach
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
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.
PERFORMANCE FEE: Performance fees are 20% of the excess return of the units of the Fund above the S&P/ASX Small Ordinaries Accumulation Index over each Calculation Period. Performance fees are estimated daily and accrued in the unit price. Calculation of the fee is finalised and payable at the end of each Calculation Period from the assets of the Fund.
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.
Portfolio Construction
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 Manager
Will Granger
Portfolio Manager
Will joined Airlie in February 2020 as an Equities Analyst. In March 2023, Will became the Portfolio Manager of the Airlie Small Companies Fund.
Prior to Airlie, Will worked as an analyst at KIS Capital Partners (February 2016 to June 2019), a market neutral hedge fund. In 2018, he was given portfolio management responsibilities. Before joining KIS Capital Partners, Will completed an analyst internship at stockbroker Blue Ocean Equities. Will holds a Bachelor of Commerce from the University of Sydney.
Performance
| Performance | 3 Months | 6 Months | Since Inception** (%) |
|---|---|---|---|
| Airlie Small Companies Fund | -2.62% | -1.90% | -1.08% |
| Benchmark* | -10.45% | -10.28% | -8.35% |
| Out/Under Performance | 7.83% | 8.38% | 7.27% |
*S&P/ASX Small Ordinaries Accumulation Index
**Inception date 4 April 2023
Click here for more information on the benchmark.
Past performance is not a reliable indicator of future performance.
Past performance is not a reliable indicator of future performance.
Unit Prices
| Date | Net Asset Value | Entry | Exit |
|---|---|---|---|
| 01/12/2023 | 3.7123 | 3.7216 | 3.7030 |
| 30/11/2023 | 3.7096 | 3.7189 | 3.7003 |
| 29/11/2023 | 3.6770 | 3.6862 | 3.6678 |
| 28/11/2023 | 3.6404 | 3.6495 | 3.6313 |
| 27/11/2023 | 3.5916 | 3.6006 | 3.5826 |
| 24/11/2023 | 3.5813 | 3.5903 | 3.5723 |
| 23/11/2023 | 3.6098 | 3.6188 | 3.6008 |
| 22/11/2023 | 3.6183 | 3.6273 | 3.6093 |
| 21/11/2023 | 3.6413 | 3.6504 | 3.6322 |
| 20/11/2023 | 3.6322 | 3.6413 | 3.6231 |
| 17/11/2023 | 3.6338 | 3.6429 | 3.6247 |
| 16/11/2023 | 3.6422 | 3.6513 | 3.6331 |
| 15/11/2023 | 3.6637 | 3.6729 | 3.6545 |
| 14/11/2023 | 3.6252 | 3.6343 | 3.6161 |
| 13/11/2023 | 3.5956 | 3.6046 | 3.5866 |
| 10/11/2023 | 3.6135 | 3.6225 | 3.6045 |
| 09/11/2023 | 3.6292 | 3.6383 | 3.6201 |
| 08/11/2023 | 3.6299 | 3.6390 | 3.6208 |
| 07/11/2023 | 3.6114 | 3.6204 | 3.6024 |
| 06/11/2023 | 3.6033 | 3.6123 | 3.5943 |
| 03/11/2023 | 3.5872 | 3.5962 | 3.5782 |
| 02/11/2023 | 3.5551 | 3.5640 | 3.5462 |
| 01/11/2023 | 3.5063 | 3.5151 | 3.4975 |
| 31/10/2023 | 3.4563 | 3.4649 | 3.4477 |
| 30/10/2023 | 3.4392 | 3.4478 | 3.4306 |
| 27/10/2023 | 3.4724 | 3.4811 | 3.4637 |
| 26/10/2023 | 3.4643 | 3.4730 | 3.4556 |
| 25/10/2023 | 3.4933 | 3.5020 | 3.4846 |
| 24/10/2023 | 3.5149 | 3.5237 | 3.5061 |
| 23/10/2023 | 3.5146 | 3.5234 | 3.5058 |
| 20/10/2023 | 3.5248 | 3.5336 | 3.5160 |
| 19/10/2023 | 3.5645 | 3.5734 | 3.5556 |
| 18/10/2023 | 3.5846 | 3.5936 | 3.5756 |
| 17/10/2023 | 3.6144 | 3.6234 | 3.6054 |
| 16/10/2023 | 3.6077 | 3.6167 | 3.5987 |
| 13/10/2023 | 3.6321 | 3.6412 | 3.6230 |
| 12/10/2023 | 3.6624 | 3.6716 | 3.6532 |
| 11/10/2023 | 3.6482 | 3.6573 | 3.6391 |
| 10/10/2023 | 3.6081 | 3.6171 | 3.5991 |
| 09/10/2023 | 3.5747 | 3.5836 | 3.5658 |
| 06/10/2023 | 3.5660 | 3.5749 | 3.5571 |
| 05/10/2023 | 3.5679 | 3.5768 | 3.5590 |
| 04/10/2023 | 3.5676 | 3.5765 | 3.5587 |
| 03/10/2023 | 3.6046 | 3.6136 | 3.5956 |
| 29/09/2023 | 3.6210 | 3.6301 | 3.6119 |
| 28/09/2023 | 3.6084 | 3.6174 | 3.5994 |
| 27/09/2023 | 3.6319 | 3.6410 | 3.6228 |
| 26/09/2023 | 3.6397 | 3.6488 | 3.6306 |
| 25/09/2023 | 3.6547 | 3.6638 | 3.6456 |
| 22/09/2023 | 3.6309 | 3.6400 | 3.6218 |
| 21/09/2023 | 3.6424 | 3.6515 | 3.6333 |
| 20/09/2023 | 3.6825 | 3.6917 | 3.6733 |
| 19/09/2023 | 3.6934 | 3.7026 | 3.6842 |
| 18/09/2023 | 3.6984 | 3.7076 | 3.6892 |
| 15/09/2023 | 3.7281 | 3.7374 | 3.7188 |
| 14/09/2023 | 3.7177 | 3.7270 | 3.7084 |
| 13/09/2023 | 3.7133 | 3.7226 | 3.7040 |
| 12/09/2023 | 3.7236 | 3.7329 | 3.7143 |
| 11/09/2023 | 3.6991 | 3.7083 | 3.6899 |
| 08/09/2023 | 3.6993 | 3.7085 | 3.6901 |
| 07/09/2023 | 3.7099 | 3.7192 | 3.7006 |
| 06/09/2023 | 3.7332 | 3.7425 | 3.7239 |
| 05/09/2023 | 3.7467 | 3.7561 | 3.7373 |
| 04/09/2023 | 3.7572 | 3.7666 | 3.7478 |
| 01/09/2023 | 3.7629 | 3.7723 | 3.7535 |
| 31/08/2023 | 3.7522 | 3.7616 | 3.7428 |
| 30/08/2023 | 3.7142 | 3.7235 | 3.7049 |
| 29/08/2023 | 3.6704 | 3.6796 | 3.6612 |
| 28/08/2023 | 3.6553 | 3.6644 | 3.6462 |
| 25/08/2023 | 3.6296 | 3.6387 | 3.6205 |
| 24/08/2023 | 3.6627 | 3.6719 | 3.6535 |
| 23/08/2023 | 3.6499 | 3.6590 | 3.6408 |
| 22/08/2023 | 3.6154 | 3.6244 | 3.6064 |
| 21/08/2023 | 3.5881 | 3.5971 | 3.5791 |
| 18/08/2023 | 3.5809 | 3.5899 | 3.5719 |
| 17/08/2023 | 3.5836 | 3.5926 | 3.5746 |
| 16/08/2023 | 3.5889 | 3.5979 | 3.5799 |
| 15/08/2023 | 3.6035 | 3.6125 | 3.5945 |
| 14/08/2023 | 3.5940 | 3.6030 | 3.5850 |
| 11/08/2023 | 3.5994 | 3.6084 | 3.5904 |
| 10/08/2023 | 3.5464 | 3.5553 | 3.5375 |
| 09/08/2023 | 3.5207 | 3.5295 | 3.5119 |
| 08/08/2023 | 3.5195 | 3.5283 | 3.5107 |
| 07/08/2023 | 3.5325 | 3.5413 | 3.5237 |
| 04/08/2023 | 3.5273 | 3.5361 | 3.5185 |
| 03/08/2023 | 3.5076 | 3.5164 | 3.4988 |
| 02/08/2023 | 3.5349 | 3.5437 | 3.5261 |
| 01/08/2023 | 3.5592 | 3.5681 | 3.5503 |
| 31/07/2023 | 3.5494 | 3.5583 | 3.5405 |
| 28/07/2023 | 3.5303 | 3.5391 | 3.5215 |
| 27/07/2023 | 3.5486 | 3.5575 | 3.5397 |
| 26/07/2023 | 3.5000 | 3.5088 | 3.4913 |
| 25/07/2023 | 3.4691 | 3.4778 | 3.4604 |
| 24/07/2023 | 3.4721 | 3.4808 | 3.4634 |
| 21/07/2023 | 3.4675 | 3.4762 | 3.4588 |
| 20/07/2023 | 3.4925 | 3.5012 | 3.4838 |
| 19/07/2023 | 3.5131 | 3.5219 | 3.5043 |
| 18/07/2023 | 3.4874 | 3.4961 | 3.4787 |
| 17/07/2023 | 3.5119 | 3.5207 | 3.5031 |
| 14/07/2023 | 3.4878 | 3.4965 | 3.4791 |
| 13/07/2023 | 3.4742 | 3.4829 | 3.4655 |
| 12/07/2023 | 3.4129 | 3.4214 | 3.4044 |
| 11/07/2023 | 3.4097 | 3.4182 | 3.4012 |
| 10/07/2023 | 3.3508 | 3.3592 | 3.3424 |
| 07/07/2023 | 3.3629 | 3.3713 | 3.3545 |
| 06/07/2023 | 3.3849 | 3.3934 | 3.3764 |
| 05/07/2023 | 3.4171 | 3.4256 | 3.4086 |
| 04/07/2023 | 3.4310 | 3.4396 | 3.4224 |
| 03/07/2023 | 3.4233 | 3.4319 | 3.4147 |
| 30/06/2023 (ex) | 3.3901 | 3.3986 | 3.3816 |
| 30/06/2023 | 3.3920 | 3.4005 | 3.3835 |
| 29/06/2023 | 3.3791 | 3.3875 | 3.3707 |
| 28/06/2023 | 3.3439 | 3.3523 | 3.3355 |
| 27/06/2023 | 3.2890 | 3.2972 | 3.2808 |
| 26/06/2023 | 3.2888 | 3.2970 | 3.2806 |
| 23/06/2023 | 3.2934 | 3.3016 | 3.2852 |
| 22/06/2023 | 3.3264 | 3.3347 | 3.3181 |
| 21/06/2023 | 3.3683 | 3.3767 | 3.3599 |
| 20/06/2023 | 3.3815 | 3.3900 | 3.3730 |
| 19/06/2023 | 3.3674 | 3.3758 | 3.3590 |
| 16/06/2023 | 3.3698 | 3.3782 | 3.3614 |
| 15/06/2023 | 3.3481 | 3.3565 | 3.3397 |
| 14/06/2023 | 3.3520 | 3.3604 | 3.3436 |
| 13/06/2023 | 3.3444 | 3.3528 | 3.3360 |
| 09/06/2023 | 3.3411 | 3.3495 | 3.3327 |
| 08/06/2023 | 3.3367 | 3.3450 | 3.3284 |
| 07/06/2023 | 3.3580 | 3.3664 | 3.3496 |
| 06/06/2023 | 3.3542 | 3.3626 | 3.3458 |
| 05/06/2023 | 3.4144 | 3.4229 | 3.4059 |
| 02/06/2023 | 3.3955 | 3.4040 | 3.3870 |
| 01/06/2023 | 3.3886 | 3.3971 | 3.3801 |
| 31/05/2023 | 3.3939 | 3.4024 | 3.3854 |
| 30/05/2023 | 3.4227 | 3.4313 | 3.4141 |
| 29/05/2023 | 3.4407 | 3.4493 | 3.4321 |
| 26/05/2023 | 3.4140 | 3.4225 | 3.4055 |
| 25/05/2023 | 3.4084 | 3.4169 | 3.3999 |
| 24/05/2023 | 3.4254 | 3.4340 | 3.4168 |
| 23/05/2023 | 3.4636 | 3.4723 | 3.4549 |
| 22/05/2023 | 3.4710 | 3.4797 | 3.4623 |
| 19/05/2023 | 3.4838 | 3.4925 | 3.4751 |
| 18/05/2023 | 3.4734 | 3.4821 | 3.4647 |
| 17/05/2023 | 3.4626 | 3.4713 | 3.4539 |
| 16/05/2023 | 3.4729 | 3.4816 | 3.4642 |
| 15/05/2023 | 3.5087 | 3.5175 | 3.4999 |
| 12/05/2023 | 3.4978 | 3.5065 | 3.4891 |
| 11/05/2023 | 3.4922 | 3.5009 | 3.4835 |
| 10/05/2023 | 3.4945 | 3.5032 | 3.4858 |
| 09/05/2023 | 3.4804 | 3.4891 | 3.4717 |
| 08/05/2023 | 3.5032 | 3.5120 | 3.4944 |
| 05/05/2023 | 3.4866 | 3.4953 | 3.4779 |
| 04/05/2023 | 3.4857 | 3.4944 | 3.4770 |
| 03/05/2023 | 3.4806 | 3.4893 | 3.4719 |
| 02/05/2023 | 3.5067 | 3.5155 | 3.4979 |
| 01/05/2023 | 3.5224 | 3.5312 | 3.5136 |
| 28/04/2023 | 3.5254 | 3.5342 | 3.5166 |
| 27/04/2023 | 3.5127 | 3.5215 | 3.5039 |
| 26/04/2023 | 3.5243 | 3.5331 | 3.5155 |
| 24/04/2023 | 3.5383 | 3.5471 | 3.5295 |
| 21/04/2023 | 3.5245 | 3.5333 | 3.5157 |
| 20/04/2023 | 3.4968 | 3.5055 | 3.4881 |
| 19/04/2023 | 3.5121 | 3.5209 | 3.5033 |
| 18/04/2023 | 3.5210 | 3.5298 | 3.5122 |
| 17/04/2023 | 3.5285 | 3.5373 | 3.5197 |
| 14/04/2023 | 3.5218 | 3.5306 | 3.5130 |
| 13/04/2023 | 3.5129 | 3.5217 | 3.5041 |
| 12/04/2023 | 3.5163 | 3.5251 | 3.5075 |
| 11/04/2023 | 3.5194 | 3.5282 | 3.5106 |
| 06/04/2023 | 3.5004 | 3.5092 | 3.4916 |
| 05/04/2023 | 3.5156 | 3.5244 | 3.5068 |
| 04/04/2023 | 3.5106 | 3.5194 | 3.5018 |
| 03/04/2023 | 3.4961 | 3.5048 | 3.4874 |
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 | |
|---|---|---|---|
| June 2023 | 0.200 cents | $3.3901 | Annual Fund Distribution 2023 |
Invest With Us
Airlie Small Companies Fund
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 Apex Fund Services
Apex Fund Services - Unit Registry
GPO Box 143
Sydney NSW 2001Or Email the application form to magellanfunds@apexgroup.com
Speak with your adviser/broker. To find an adviser, visit Financial Advice Association Australia.
Additional information and forms
CRS Self Certification Forms
CRS Help
Additional information
Additional forms
Additional Investments
Investment Insights
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)
Airlie National Briefings - Think like a business owner
Emma Fisher, Portfolio Manager and Joe Wright, Senior Investment Analyst explain why investors should think like a business owner, look through the negative headlines and take a look at a companies in the portfolio with a favourable growth prospects.
63
Quiz - 1.50 CPD hours available
Airlie Quarterly Update
Emma Fisher, Portfolio Manager, chats to Airlie's Analysts Joe Wright and Jack McNally about their recent US trip and findings from their discussions with companies, Aristocrat, QBE and SANTOS which are holdings in the Airlie Australian Share Fund.
14
Quiz - 0.25 CPD hours available