On 27 July 2026, Magellan Asset Management Limited advised that it is terminating the Airlie Small Companies Fund (ARSN 665 882 673, APIR MGE1188AU). The termination of the Fund is effective from 27 July 2026. Click here for more detailed information.
Fund Overview
The Airlie Small Companies 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 aims to provide long-term capital growth, after fees, and income through investment in Australian 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.
Performance
| Performance | 3 Months | 6 Months | 1 Year | 3 Years (% pa) |
Since Inception (% pa) |
|---|---|---|---|---|---|
| Airlie Small Companies Fund | 6.68% | -4.99% | -6.01% | 10.13% | 8.33% |
| Benchmark* | 3.32% | -7.91% | 8.11% | 9.89% | 8.74% |
| Excess Return | 3.36% | 2.92% | -14.12% | 0.24% | -0.41% |
*S&P/ASX Small Ordinaries Accumulation Index
Click here for more 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 4 April 2023 (inclusive). Past performance is not a reliable indicator of future performance.
Growth of AUD $10,000
*S&P/ASX Small Ordinaries Accumulation Index
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 4 April 2023 (inclusive). Past performance is not a reliable indicator of future performance.
Unit Prices
| Date | Net Asset Value | Entry | Exit |
|---|---|---|---|
| 04-Aug-2026 | 4.0921 | 4.1023 | 4.0819 |
| 03-Aug-2026 | 4.0916 | 4.1018 | 4.0814 |
| 31-Jul-2026 | 4.0902 | 4.1004 | 4.0800 |
| 30-Jul-2026 | 4.0905 | 4.1007 | 4.0803 |
| 29-Jul-2026 | 4.0905 | 4.1007 | 4.0803 |
| 28-Jul-2026 | 4.0901 | 4.1003 | 4.0799 |
| 27-Jul-2026 | 4.0661 | 4.0763 | 4.0559 |
| 24-Jul-2026 | 4.0488 | 4.0589 | 4.0387 |
| 23-Jul-2026 | 4.0935 | 4.1037 | 4.0833 |
| 22-Jul-2026 | 4.1187 | 4.1290 | 4.1084 |
| Download historical unit prices | |||
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 2026 | 0.500 cents | $4.0254 | Annual Fund Distribution 2026 |
| December 2025 | 23.000 cents | $4.2425 | |
| June 2025 | 11.300 cents | $4.5216 | Annual Fund Distribution 2025 |
| December 2024 | 1.000 cents | $4.3004 | |
| June 2024 | 15.000 cents | $4.0521 | Annual Fund Distribution 2024 |
| June 2023 | 0.200 cents | $3.3901 | Annual Fund Distribution 2023 |
Reports
Fund Updates
Financial Reports
| 30 Jun 2025 Annual Financial Report 2025 | 30 Jun 2024 Annual Financial Report 2024 | 30 Jun 2023 Annual Financial Report 2023 |
Continuous Disclosure
Magellan Asset Management Limited (Magellan, our, us, we), in our capacity as responsible entity of the Airlie Small Companies Fund (ARSN 665 882 673) (Fund), has recently completed a review of the Fund and determined that the Fund has not reached sufficient scale to be sustainable over the longer term. On this basis, we have decided that it is in the best interests of unitholders to terminate the Fund. The termination of the Fund is effective from today, 27 July 2026 (Termination Date). Click here for more detailed information.
Investment Insights
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.
Stock Story: Ridley
Why incremental returns matter: A company with a strong return on capital is one of the clearest signs of a quality business, and finding it is a good place for any investor to start. But it is only half the story.
Investment Markets - Ray David
Darren Connolly from Investment Markets speaks with Ray David, Senior Equities Analyst at Airlie Funds Management, about the Australian equities market.
1Research house ratings disclaimers
The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 26 February 2026) 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 published on 10/2025 for Australian Small Companies Fund is issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ 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 Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.
The Genium rating (assigned February 2026) presented in this document is issued by Genium Investment Partners Pty Ltd ABN 13 165 099 785, which is a Corporate Authorised Representative of Genium Advisory Services Pty Ltd ABN 94 304 403 582, AFSL 246580. The Rating is limited to “General Advice” (s766B Corporations Act 2001 (Cth)) and has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without notice. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision in relation to this financial product(s). Genium receives a fee from the Fund Manager for researching and rating the product(s). Visit Geniumip.com.au for information regarding Genium’s Ratings methodology.