A core holding investing in 20 to 40 of the world’s best global stocks
Investment Objectives
The Fund’s investment objective is to outperform the MSCI World Net Total Return Index (AUD) net of fees over periods of three years or longer.
Fund Facts
Portfolio Manager
Alan Pullen
Structure
Global Equity Fund, $AUD unhedged
Inception Date
1-January-2022
Fund size
$1.5 million
30-Nov-2024
Management Fee
0.75%
Distribution Frequency
Semi-annually
ARSN
682 380 892
Buy / Sell Spread
0.10%/0.10%
Benchmark
MSCI World Net Total Return Index (AUD)
Performance Fee
Performance fees are 10% of the excess return of the units of the Fund above the MSCI World Net Total Return Index (AUD) 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.
Transaction costs may also apply - refer to the Product Disclosure Statement. All fees and costs described above are inclusive of the estimated net effect of GST.
Benchmark Information
Materials provided by Magellan may use or reference data sourced from third parties. The following provisions apply to certain third-party data used by Magellan.
MSCI
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
MSCI ESG
Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Any Trademarks are trademarks of the respective owners and these trademarks may have been licensed for use by SPDJI and sublicensed for certain purposes by Magellan. Magellan’s financial products or services (“Magellan Products”) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates or third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index data.
S&P Dow Jones Indices, its affiliates and third party licensors make no representation or warranty, express or implied, to the owners of Magellan Products or any member of the public regarding the advisability of investing in securities generally or in Magellan Products particularly or the ability of the index supplied by SPDJI or its affiliates or third party licensors to track general market performance. S&P Dow Jones Indices' only relationship to Magellan with respect to such index is the licensing of the index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The index is determined, composed and calculated by S&P Dow Jones Indices without regard to Magellan or the Magellan Products. S&P Dow Jones Indices, its affiliates and third party licensors have no obligation to take the needs of Magellan or the owners of Magellan Products into consideration in determining, composing or calculating the index. S&P Dow Jones Indices, its affiliates and third party licensors are not responsible for and have not participated in the determination of the prices, and amount of Magellan Products or the timing of the issuance or sale of Magellan Products or in the determination or calculation of the equation by which any Magellan Product is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices, its affiliates and third party licensors have no obligation or liability in connection with the administration, marketing or trading of Magellan Products. There is no assurance that investment products based on the index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices, its affiliates or third party licensors to buy, sell or hold such security, nor is it considered to be investment advice.
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A reference to a particular investment or security, a credit rating or any observation concerning a security or investment provided in the services provided by S&P Dow Jones Indices or its affiliates or third party licensors is not a recommendation to buy, sell or hold such investment or security or make any other investment decisions. Accordingly, any user of the information contained in any of the data supplied by S&P Dow Jones Indices, its affiliates or any third party licensors should not rely on any credit rating or other opinion contained therein in making any investment decision. THE DATA AND SERVICES PROVIDED BY S&P DOW JONES INDICES, ITS AFFILIATES OR THIRD PARTY LICENSORS AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND USE IS AT THE USER’S OWN RISK.
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Investment philosophy
The Magellan Global Opportunities Fund seeks to invest in outstanding companies at attractive prices, while exercising a deep understanding of the macroeconomic environment to manage investment risk.
Magellan perceives outstanding companies to be those that are able to sustainably exploit competitive advantages in order to continually earn returns on capital that are materially in excess of their cost of capital.
While Magellan is extremely focused on fundamental business value, it is not a typical 'value' investor. The Magellan Global Opportunities Fund will aim to invest in companies that have sustainable competitive advantages which translate into returns on capital in excess of their cost of capital for a sustained period of time. We endeavour to acquire these companies at discounts to their assessed intrinsic value. Equities that appear undervalued on the basis of a low price-to-earnings or price-to-book multiples will often prove to be poor investments if the underlying business is fundamentally weak and exhibits poor returns on capital.
Magellan focuses on risk-adjusted returns, rather than benchmark-relative returns. As a result, the Fund's investment process is designed to generate an unconstrained, concentrated portfolio of high-quality companies.
The Fund’s portfolio will comprise 20 to 40 investments. Magellan believes such a portfolio will achieve sufficient diversification to ensure the Fund is not overly correlated to a single company, or to industry specific or macroeconomic risks.
Portfolio Construction
The Magellan Global Opportunities Fund's investment process integrates three key disciplines:
Intensive bottom-up stock analysis and industry research
Broad and detailed macroeconomic insight
Rigorous portfolio construction and risk discipline
Intensive bottom-up stock analysis and industry research is undertaken in order to identify outstanding companies. This involves the assessment of potential investments against key quality criteria, as well as assessments of their intrinsic value. Magellan uses a proprietary ranking tool, the Magellan Conviction Scoring Matrix, to rank these companies based on these factors. This process enables the portfolio to be weighted towards higher conviction ideas (on a risk-adjusted basis).
Magellan's detailed macroeconomic analysis is overlayed during portfolio construction, alongside the application of both fixed and dynamic risk limits. This process ensures that the portfolio is not overly exposed to aggregation risk (risk which arises from correlated portfolio positions) or macroeconomic event risk. Macroeconomic event risk can be a significant source of negative returns for investors. Magellan will make significant changes to the portfolio if it believes that macroeconomic events could lead to significant and sustained loss in value for investors. Such events would include a financial crisis, a sustained oil price shock, a global pandemic or a major global conflict.
Important Information: Effective 1 July 2024, the management fee was reduced from 1.05% p.a. to 0.75% p.a. and the performance fee changed from ‘12.5% of the excess return of the Fund above the “Absolute Return” hurdle of 10% p.a.’ to ‘10% of the excess return of the Fund above the MSCI World Net Total Return Index (AUD)’. 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). Fund Inception 1 January 2022 (inclusive). Past performance is not a reliable indicator of future performance.
30 November 2024
Performance
3 Months
6 Months
1 Year
3 Years (%)
5 Years (%)
7 Years (%)
10 Years (%)
Since Inception** (%)
Magellan Global Opportunities Fund
8.45%
12.84%
28.20%
-
-
-
-
12.40%
Benchmark*
8.73%
13.58%
30.10%
-
-
-
-
11.64%
Out/Under Performance
-0.28%
-0.74%
-1.90%
-
-
-
-
0.76%
* MSCI World Net Total Return Index (AUD)
** Inception date 1 January 2022 (Inclusive)
Important Information: Effective 1 July 2024, the management fee was reduced from 1.05% p.a. to 0.75% p.a. and the performance fee changed from ‘12.5% of the excess return of the Fund above the “Absolute Return” hurdle of 10% p.a.’ to ‘10% of the excess return of the Fund above the MSCI World Net Total Return Index (AUD)’. 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). Fund Inception 1 January 2022 (inclusive). Past performance is not a reliable indicator of future performance.
Alternatively, complete the PDF Application Form digitally, or print
and complete manually. You will be guided by the Application Form
if you also need to complete any CRS forms.
Send application form toApex Group
Apex Fund Services - Unit Registry
GPO Box 143
Sydney NSW 2001
Apex Group provides a range of registry services including the processing of applications, redemptions and distributions as well as the maintenance of unitholder records.
Please contact Apex Group directly for assistance with your unitholdings.
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). Past performance is not necessarily indicative of future results and no person guarantees the future performance of the fund(s), the amount or timing of any return from the fund(s), or that the investment objectives of the fund(s) will be achieved. This material has been provided for general information purposes and must not be construed as investment advice. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should consider obtaining professional investment advice tailored to their specific circumstances and should obtain and read the relevant Target Market Determination ('TMD') and Product Disclosure Statement ('PDS') applicable to the fund(s) prior to making a decision about whether to acquire or continue to hold an interest in the fund(s). The TMD and PDS for the fund(s) are available on this website or can be obtained by calling 02 9235 4888. Any trademarks, logos, and service marks contained herein may be the registered and unregistered trademarks of their respective owners. Nothing contained herein should be construed as granting by implication, or otherwise, any licence or right to use any trademark displayed without the written permission of the owner. No part of this material may be reproduced or disclosed, in whole or in part, without the prior written consent of Magellan Asset Management Limited.
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