Airlie Australian Share Fund

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About this Fund

Fund Detail

PDS https://informedinvestor.com.au/view/pds/101325-2023-11-28-02:18.pdf
FUND MANAGER Magellan Asset Management Limited
INVESTMENT STYLE The Fund offers investors the opportunity to invest in a specialised and focused Australian equities fund.
INVESTMENT PROFILE The Fund's primary objective is to provide long-term capital growth and regular income.
BENCHMARK S&P/ASX 200 Accumulation Index
FUND SIZE S&P/ASX 200 Accumulation Index
FEES 0.78% p.a. (inclusive of net effect of GST)



Benefits of investing in the Airlie Australian Share Fund

Investing in the Fund offers investors a range of benefits, including:

  • access to the Investment Manager's investment expertise and a professionally managed Australian equities portfolio;
  • access to a concentrated portfolio of attractive companies listed on the ASX; and
  • participation in any capital appreciation and income distributions of the Fund.



An investment in the Fund may suit you if you are seeking a medium to long-term investment exposure to Australian equities.



Key Features

Significant features

The Fund’s primary investment objective is to provide long-term capital growth and regular income through investment in Australian equities.

The Fund offers investors the opportunity to invest in a specialised and focused Australian equities fund. The Investment Manager’s broad investment philosophy is to build portfolios using a bottom up investment approach with a belief that active management can produce significant wealth accumulation relative to passive management. 

The Investment Manager assesses companies in the investment universe on four key criteria: financial strength, quality of the management team, quality of the business and valuation. The Fund’s portfolio will generally comprise 15 to 35 securities. 

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.


How we invest your money

The Fund primarily invests in the securities of companies listed on the ASX, but will also have some exposure to cash and cash equivalents.

Airlie undertakes research in conjunction with applying their long-term knowledge and relationships with Australian companies to identify attractive investment opportunities.

The universe of opportunities is filtered through four key investment tests, as shown below:

  1. Financial Strength: Firstly the universe is filtered by assessing the financial strength of companies. Only those with solid financial characteristics including conservative levels of both on and off balance sheet financial obligations progress.
  2. Business Quality: The second step in the investment process is to assess the quality of a company's business. The key question asked is whether or not a company has a durable business with a reasonable chance to prosper in the future. Airlie examines for favourable or improving positions within the industry, predictable earnings power and strong cash generation. Airlie has deep historic knowledge of the stocks in which it invests.   While Airlie is a fundamental, bottom-up investor it is important to keep informed of the macroeconomic events and sector issues that could affect stocks.
  3. Quality of Management: The next stage of the investment process is more qualitative, where the quality of management is assessed. Airlie seeks to invest in companies with competent managers whose interests ideally align with those of shareholders.  It is important to note that to assess the quality of businesses and management, Airlie visits companies and meets senior management frequently.  
  4. Valuation: The last stage of the process is to assess the intrinsic value of the stocks that meets Airlie's criterion of financial strength, quality of business and quality of management. Airlie takes a pragmatic and flexible approach to valuations at a stock level. Airlie seeks to invest in stocks where a strict view of a company's fair value exceeds its prevailing market price.


Asset classes and asset allocation ranges

The Fund's assets are typically invested within the following asset allocation ranges:

  • Australian Listed Securities: 90-100%
  • Cash & cash equivalents: 0-10%