Monash Investors Small Companies Trust
The Fund aims to deliver double digit returns while limiting loss of capital over a full Market Cycle.
The Fund is an actively managed Australian Small Companies fund that predominantly invests in securities that are generally trading outside the S&P/ASX 100 Index.1 The Fund is limited to holding cash in the range of 0% to 10% of the Fund's net asset value (NAV). It also has a limited capacity for short selling.
The Fund aims to outperform the S&P/ASX Small Ordinaries (Total Return) Index over a full Market Cycle.
Key Features
- Multi-distributed managed fund which means that investors can buy and sell units on the ASX or directly with the Responsible Entity (Perpetual); and
- The Fund invests in a diversified portfolio of Australian-listed equities.
Key Benefits
- Quarterly income distribution of at least 1.5% p.a.; and
- Managed by Monash Investors' experienced and award-winning investment team.
Fund Objective
The Fund’s investment objective is to deliver positive returns over a full market cycle while limiting loss of capital over the medium term.
Ways To Invest
- Invest through the ASX (no minimum number of units).
- Invest directly with the Fund by completing an application form (minimum $10,000).
- Speak to a Financial Advisor.
The Investment Manager seeks to implement the Fund's investment strategy by investing in Australian Listed Equities (taking long and short positions). The Fund may also invest in exchange traded derivatives, cash and cash equivalent investments.
The investment strategy is Benchmark Unaware with an Absolute Return Focus. There is no predetermined asset allocation; rather, the Fund only invests when suitable opportunities are identified by the Investment Manager. As such, asset exposures may vary significantly over time and without notice.
Monash Investors primarily employs fundamental, bottom-up company research and the judgement and skill of its experienced portfolio managers. A key strategy of the Investment Manager is to use short selling which is a process designed to deliver enhanced relative and risk-adjusted returns by increasing the gross market exposure of the Fund to the quoted security sold short.
From time to time, the Fund may also borrow cash using an overdraft facility or use derivatives to amplify its exposure to an asset or asset class.
The Investment Manager's ability to generate investment returns for the Fund will depend on the investment skills and judgement of the Investment Manager's experienced portfolio managers, the availability of assets that meet the Fund's investment guidelines, market conditions for the Australian equities market and the effect of the key risks.
All assets of the Fund will be located in Australia and denominated in Australian dollars.
Monash Investors uses a risk management framework with daily monitoring to manage the Fund’s exposures within the asset classes and market exposure limits of the Fund.
The Responsible Entity may change the Fund’s investment strategy, benchmark, and asset allocation ranges and limits, and in some cases may do this without prior notice to Investors.
Short Selling
The Fund employs short-selling techniques to hedge exposures or to enhance potential returns. This is achieved by borrowing securities from the Prime Broker and selling those securities. If the securities fall in value, the Fund will purchase securities of the same type and return those securities to the Prime Broker to generate a profit. However, if the securities increase in value, this will generate a loss for the Fund.
Click here for our latest Performance figures.
Monash Investors offers a unique strategy that does not aim to beat an equity benchmark, but rather, aims to deliver double digit returns over the long term, whilst limiting capital losses over the medium term. It generates its returns by actively managing the portfolio to only invest in compelling opportunities that have met the strict investment criteria and high return hurdle requirement.
Key features include
- Using recurring situations and behaviours to identify mispriced stocks.
- Investing in compelling opportunities only (+60% for longs and -30% for shorts).
- Concentrated to 10-15 key positions.
- Benchmark unaware.
- Stock size and style agnostic.
- Can hold large amounts of cash.
- Strict selling discipline.
- Lower net exposure to the market since inception.
Information on the MA1 Net Tangible Asset (NTA) as 30 June 2021 can be downloaded here
The Monash Investors website (“website”) is owned and operated by Monash Investors Pty Limited (“Monash Investors”) (ABN 67 153 180 333, AFSL 417201).
This website is issued by Monash Investors as authorized representatives of Sanlam Private Wealth Pty Ltd ABN 18 136 960 775, AFSL 337 927 (“Sanlam”) for the provision of general financial product advice and covers the Monash Absolute Investment Fund (ARSN 606 855 501) and Monash Absolute Active Trust (Hedge Fund, ASX: MAAT)(ARSN 642 280 331) (the “Funds”). Monash Investors is the investment manager of the Funds.
The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) (“Perpetual”) as the responsible entity of, and issuer of units in the Funds , and Monash Investors is the investment manager of the Funds. Monash Investors operates this website and all opinions and estimates on this website constitute judgements of Monash Investors and are subject to change without notice. The information on this website is provided for general information purposes only, and is not to be construed as solicitation of an offer to buy or sell any financial product. Accordingly reliance should not be placed on this website as the basis for making an investment, financial or other decisions. The information on this website does not take into account your investment objectives, particular needs or financial situation. Whilst every effort is taken to ensure the information on this website is accurate, its accuracy, reliability or completeness is not guaranteed. A product disclosure statement (PDS) and Target Market Determination (TMD) issued by Perpetual is available for the Funds on this website. You should obtain and consider the PDS and TMD before deciding whether to acquire, or continue to hold, an interest in the Funds. Initial applications for units in the Funds can only be made pursuant to the application form attached to the PDS.
Performance figures assume reinvestment of income. Past performance is not a reliable indicator of future performance. Comparisons are provided for information purposes only and are not a direct comparison against benchmarks or indices that have the same characteristics as the Funds.
Neither Monash Investors or Perpetual guarantee repayment of capital or any particular rate of return from the Fund. Neither Monash Investors or Perpetual give any representation or warranty as to the reliability, completeness or accuracy of the information contained in this document. All opinions and estimates included in this document constitute judgements of Monash Investors as at the date of this document are subject to change without notice. Reference to Target Distributions, is a target return only. There is no guarantee the Funds will meet its investment objective. The payment of a quarterly distribution is a goal of the Funds only and neither Monash Investors or Perpetual provide any representations or warranty (whether express or implied) in relation to the payment of any quarterly cash income. The Funds reserves the discretion to amend its distribution policy.
In 2012, Monash Investors was established by one of Australia’s most experienced fund managers in Simon Shields, the previous head of equities at both UBS and CFS, and Shane Fitzgerald a senior equity analyst from UBS and JPMorgan.
The firm was set up to manage money in a way that both Simon and Shane felt was simply smarter than riding the share market up and down, instead, attempting to achieve targeted positive returns of double digits p.a. after fees, over a full market cycle while seeking to avoid loss of capital over the medium term.
Importantly, it was the experience gained across multiple investment styles and in seeing the pitfalls in managing very large pools of capital that shaped the way the Fund is managed today.
Simon is one of Australia’s leading fund managers with over 33 years' of industry experience including in roles as Head of Australian Equities at UBS Global Asset Management (Australia) Limited and Head of Australian Equities at Colonial First State Limited. Simon has been a member of and/or led multi-award winning equities teams across a range of investment styles.
Simon holds a Bachelor of Commerce with Honours, Bachelor of Law, Masters of Business Administration and is a Chartered Financial Analyst.
Simon commenced his career as an analyst with Westpac Investment Management Limited (now part of
BT Investment Management Limited) before moving into a portfolio management role. In 1995, he moved to Rothschild Australia Asset Management Limited as a Portfolio Manager, responsible for value-style Australian equities.
In March 1998, he joined CFS as a Senior Portfolio Manager, responsible for growth style Australian and New Zealand equities, before becoming the Head of Australian Equities in January 2004. In July 2007, he moved to UBS as Managing Director and Head of Australian Equities and in 2011 he also took responsibility for the ING Investment Management Limited Australian equities team following its acquisition by UBS.
Simon is a director and co-founder of Monash Investors. Approximately 90% of Simon’s time is spent on investment activities for the Fund.
Shane has over 30 years' financial services experience including working at JP Morgan Securities (Australia) Limited and UBS Global Asset Management (Australia) Limited.
He holds a Bachelor of Commerce with Honours in Economics.
Shane commenced his career at JP Morgan as an analyst, before moving into a senior research analyst role and eventually becoming the Head of Insurance and Diversified Financial Research, as well as an Executive Director.
In 2008, he joined UBS as a director and investment analyst.
Shane is a director and co-founder of Monash Investors. His role includes research, analysis, dealing and
investment management of the Fund. Approximately 90% of Shane’s time is spent on investment activities for the Fund.
Sebastian joined Monash Investors in August 2018. He is a CA (ANZ) and joined Monash with over 6 years’ experience in corporate finance and management consulting at Ernst and Young.
He has previously worked as a Senior Analyst in Ernst and Young’s Transaction Advisory, Valuation & Business Modelling team working directly with major public and private sector companies.
To download our most recent investor update, please Click Here
If you invest on the ASX there is no initial minimum investment amount. The minimum initial investment amount for Investors applying for Units directly with the Responsible Entity is $10,000. Additional investments can be made into an existing account at any time. A minimum amount may apply to additional investments depending on the method of your payment. Please also refer to sections 11 and 12 of the PDS.
The daily unit price reflects the Net Asset Value (NAV) at the end of the trading day.
As an active ETF, MAAT will publish an indicative NAV (“iNAV”) which reflects the real time movements in stock markets during the ASX Trading Day and, for securities not trading during the ASX Trading Day, listed proxy instruments. The iNAV represents the best estimate of the value per unit MAAT throughout the trading day. The iNAV calculation is performed by ICE Data and then provided to Macquarie Securities (Australia) Limited, the market maker which acts as an agent of MAAT.
Please refer to section 10 “Fees and other costs” of the PDS.
Click Here to see the frequently asked questions (FAQ) pertaining to the MA1 restructure.
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The issuer of this product is identified at the top of this page. The PDS and target market determination for the product are available in the Documents section of this listing. Prospective investors should consider the PDS before deciding to acquire the product. This product listing was vetted by and approved by the product issuer identified above before publishing. Investment Markets (Aust) Pty Ltd AFSL 527875 (IM) is not the issuer of the product.
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