Airlie Small Companies Fund

Fund Overview

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 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 manager
Will Granger
Structure
Australian Equity Fund
Inception date
4 April 2023
Fund size
$4.0 million
30-Jun-2024
Codes
ARSN: 665 882 673
APIR: MGE1188AU
Buy / Sell Spread
0.25%/0.25%
Management Fee
0.98% p.a.
Performance Fee
20% of outperformance over benchmark*
Distribution Frequency
Bi-annual
Benchmark
S&P/ASX Small Ordinaries Accumulation Index

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

"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 Manager

Will Granger

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

30 June 2024
Performance 3 Months 6 Months 1 Year Since Inception
(% PA)
Airlie Small Companies Fund -1.61% 7.30% 23.96% 16.05%
Benchmark* -4.46% 2.75% 9.34% 6.48%
Excess Return 2.85% 4.55% 14.62% 9.57%

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

Growth of AUD $10,000

From inception to 30 June 2024


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

Unit prices

Unit Prices

Date Net Asset Value Entry Exit
11-Jul-2024 4.0057 4.0157 3.9957
10-Jul-2024 4.0049 4.0149 3.9949
09-Jul-2024 4.0113 4.0213 4.0013
08-Jul-2024 4.0163 4.0263 4.0063
05-Jul-2024 3.9918 4.0018 3.9818
04-Jul-2024 3.9963 4.0063 3.9863
03-Jul-2024 3.9944 4.0044 3.9844
02-Jul-2024 4.0156 4.0256 4.0056
01-Jul-2024 3.9948 4.0048 3.9848
30-Jun-2024 4.0521 4.0622 4.0420
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  
June 2024 15.000 cents $4.0521 Annual Fund Distribution 2024
June 2023 0.200 cents $3.3901 Annual Fund Distribution 2023

A guide to understanding your AMMA Statement 2024

Reports

Reports

Financial Reports

Invest With Us

Invest With Us

Airlie Small Companies Fund

  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 Fund Services
    Apex Fund Services - Unit Registry
    GPO Box 143
    Sydney NSW 2001

    Or Email the application form to magellanfunds@apexgroup.com

    Temporary processes available during COVID-19

Speak with your adviser/broker. To find an adviser, visit Financial Advice Association Australia.

Investment Insights

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Investment Insights

How to avoid "speculative junk" on the ASX and manage small-cap risks

Airlie's Will Granger shares his tips for a concentrated and high-quality portfolio of ASX small companies.