Registry LOGINFund Overview
The Concentrated Australian Fund is a high conviction fund that invests in a select group of high-quality, undervalued companies listed on the ASX, typically above A$500 million in market cap. Like all IML funds, it follows IML’s proven quality and value investment philosophy.
- Suitable for: investors wanting attractive capital growth and income with select ASX exposure
- Invests in: 20-30 companies listed on the ASX
- Investment timeframe: 4+ years
- Investment objective: exceed the returns of the S&P/ASX 300 Accumulation index on a rolling four-year basis.
This Fund also has a quoted class of units the Concentrated Australian Share Fund (Quoted Managed Fund), available on the ASX as IMLC.
Fund Facts
| Portfolio Managers | Hugh Giddy |
| Benchmark | S&P/ASX 300 Accumulation Index |
| Inception | 1 Sept 2010 |
| ARSN | 145 759 879 |
| APIR | IML0010AU |
| Distribution frequency | Generally semi-annually |
| Peformance fee | 10.25% (10% inclusive of the net effect of GST) of investment returns made in excess of 2% above the Benchmark. |
| Management fee | 0.993% p.a. of the net assets of the fund (includes net effect of GST) |
Performance
| 1mth | 3mth | 6mth | 1yr | 2yrs^ | 3yrs^ | 5yrs^ | 10yrs^ | Since inception^ |
|
|---|---|---|---|---|---|---|---|---|---|
| Income | 0.0% | 0.0% | 1.5% | 2.9% | 2.4% | 2.3% | 2.2% | 2.7% | 3.5% |
| Growth | -2.6% | -2.3% | -0.2% | 7.0% | 1.8% | 0.9% | 1.3% | 3.6% | 5.0% |
| Total Return | -2.6% | -2.3% | 1.3% | 9.9% | 4.2% | 3.2% | 3.5% | 6.3% | 8.5% |
| Benchmark* | -1.3% | 2.2% | 8.3% | 24.9% | 13.1% | 7.6% | 8.1% | 8.3% | 8.8% |
^ Performance per annum
* The benchmark for this fund is the S&P/ASX 300 Accumulation Index.
Fund returns are calculated using the exit price, net of management fees, assuming all distributions are reinvested with no allowance for tax. Past performance is not a reliable indicator future performance.
Sector and stocks
| Company Name | ASX code | Sector | % weight |
|---|---|---|---|
| CSL Limited | CSL | Health Care | 12.7% |
| Aurizon Holdings Limited | AZJ | Industrials | 8.9% |
| Telstra Group Limited | TLS | Communication Services | 8.8% |
| The Lottery Corporation Limited | TLC | Consumer Discretionary | 7.4% |
| Brambles Limited | BXB | Industrials | 7.1% |
| Metcash Limited | MTS | Consumer Staples | 5.6% |
| Orica Limited | ORI | Materials | 5.5% |
| Chorus Limited | CNU | Communication Services | 5.2% |
| Steadfast Group Limited | SDF | Financials | 4.8% |
| Medibank Private Limited | MPL | Financials | 4.3% |
Fund holdings as at 31 Oct 2024
Unit Prices
| Date | Entry | Exit |
|---|---|---|
| 21 Nov 2024 | $2.0520 | $2.0418 |
| 20 Nov 2024 | $2.0456 | $2.0354 |
| 19 Nov 2024 | $2.0646 | $2.0544 |
| 18 Nov 2024 | $2.0467 | $2.0365 |
| 15 Nov 2024 | $2.0406 | $2.0304 |
Distribution information
| Period ending | Amount (cents per unit) |
|---|---|
| June 2024 | 2.9253 cpu |
| December 2023 | 2.5000 cpu |
| June 2023 | 2.1796 cpu |
| December 2022 | 2.0000 cpu |
| June 2022 | 1.3015 cpu |
| December 2021 | 2.0000 cpu |
| June 2021 | 1.5385 cpu |
| December 2020 | 1.0000 cpu |
For more information please refer to our Performance page – distributions and reports.
Past performance is not a reliable indicator of future performance as a result past distributions are not indicative of future distributions.
Past performance is not a reliable indicator of future performance as a result past distributions are not indicative of future distributions.
| Franking level (%) | ||||
|---|---|---|---|---|
| FY23 | FY22 | FY21 | FY20 | FY19 |
| 89.7% | 84.9% | 79.7% | 54.5% | 31.4% |
This is not tax advice. it is important that you seek professional taxation advice that takes into account your particular circumstances before you invest or deal with your investment.
Ratings and awards
How to invest
Direct investors can click Invest Now for a step-by-step guide to investing with IML. The Concentrated Australian Share Fund is also available on the following platforms:
AMP North | Asgard | BT Panorama | CFS Firstwrap | Hub 24 | Insignia Expand | Insignia Pursuit | Insignia Rhythm | JB Were | Macquarie Wrap | Mason Stevens | Netwealth | Portfolio Care | Powerwap | Praemium
© 2024 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report or data has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar’s publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser.
The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 24 June 2024) referred to in this document is limited to “General Advice” (as defined by the 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. 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. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines
The rating issued 11/2024 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your 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 assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2022 Lonsec. All rights reserved.
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