iNAV (ICE)*: at 12 Jul 24 04:09:59 PM

$3.9705
Performance Since Inception at 30 Jun 24: -0.1%

Fund Overview

The Concentrated Australian Fund is a high conviction active ETF (quoted managed 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 strategy is also available as a traditional managed fund, the Concentrated Australian Share Fund (unlisted class of units).

Fund Facts

Portfolio Managers Hugh Giddy
Benchmark S&P/ASX 300 Accumulation Index
Inception 1 August 2023 (The inception date for the unlisted class of units is 1 September 2010)
ARSN 145 759 879
APIR IML1283AU
Market code IMLC (ASX)
Distribution frequency Generally semi-annually
Management fee 0.993% p.a. of the net assets of the fund (includes net effect of GST)
Performance fee 10.25% (includes net effect of GST) of investment returns made in excess of 2% above the Benchmark.
iNav providers ICE (Primary) | Solactive

Performance

Net Performance as at 30 Jun 2024
1mth 3mth 6mth 1yr 2yrs^ 3yrs^ 5yrs^ 10yrs^ Since
inception^
Income 1.4% 1.3% 1.4% - - - - - 2.6%
Growth 0.7% -5.4% -0.8% - - - - - -2.7%
Total Return 2.1% -4.1% 0.6% - - - - - -0.1%
Benchmark* 0.9% -1.2% 4.2% - - - - - 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.

Disclaimer: This graph represents the dollar value of your investment if you had invested $10,000 (or your chosen amount) given your chosen time horizon versus the benchmark for the Fund with the same dollar value invested and time horizon. The fund dollar value is based upon performance for the fund, which has been calculated using the exit price, net of management fees and assuming the reinvestment of distributions. No allowance has been made for tax. The RE does not guarantee the performance of any Fund, repayment of capital or any particular rate of return. Past performance is not a reliable indicator future performance. Returns can be volatile, reflecting rises and falls in the value of the underlying investments. Investors should seek independent advice as to the suitability of the Fund to their investment needs. This is general information only and does not take into account your objectives, financial situation or needs.

Sector and stocks

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have 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.
Company Name ASX code Sector % weight
CSL Limited CSL Health Care 11.6%
Aurizon Holdings Limited AZJ Industrials 9.0%
Telstra Group Limited TLS Communication Services 8.5%
The Lottery Corporation Limited TLC Consumer Discretionary 7.6%
Metcash Limited MTS Consumer Staples 7.0%
Orica Limited ORI Materials 6.2%
Brambles Limited BXB Industrials 5.4%
Steadfast Group Limited SDF Financials 5.3%
Chorus Limited CNU Communication Services 5.2%
Medibank Private Limited MPL Financials 4.2%

Fund holdings as at 30 Jun 2024

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have 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.

Prices

The inception date for the fund is 1 August 2023 therefore limited data is available.

NAV at COB 11 Jul 24:

iNAV (ICE)*:

12 Jul 24 04:09:59 PM
$3.9705

iNAV (Solactive):

12 Jul 24 04:16:24 PM
$3.9693

The close of business NAV is the actual net asset value per unit as of end of day one business day prior.
The iNAV** is an indicative Net Asset Value calculated by third parties based on a number of factors while the market is open. The iNAVs are timestamped for your reference.

* iNAV calculations as shown on this website (the “data”) provided by ICE Data Indices, see ICE Terms of Use, and is updated during ASX trading hours. Powered by Factset. iNAV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, IOPV, FUND OR ANY FUND DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.
** An intraday optimised portfolio value (iNAV) for each fund will be published throughout the ASX trading day. The iNAVs are calculated by ICE Data Indices, LLC based on the latest price of each security, amongst other factors. In equity constituent market value calculations, the last reported trade price from the composite feed (US) or primary listing exchange (non-US) is used for the latest price of each security, when those exchanges are open. When those exchanges are closed, the iNAV calculation can incorporate the Real-Time Fair Value Information Service from ICE Data Pricing & Reference Data, LLC which is a multi-factor model that calculates a real-time estimate of the price that would likely prevail in a liquid market for an equity security following the close of the local market. For more information on Fair Value Information Service methodology, please refer to: https://www.theice.com/market-data/pricing-and-evaluations/fair-value.
The iNAV represents the best estimate by the Responsible Entity or its appointed agents of the value per unit in the Fund throughout the trading day. No assurance can be given that the iNAV will be published continuously or that it will be up to date or free from error. To the extent permitted by law, neither the Responsible Entity nor its appointed agent shall be liable to any person who relies on the iNAV.

The Responsible Entity has engaged ICE Data Indices, LLC and Solactive AG as iNAV calculation agents to independently calculate and disseminate an iNAV. Both iNAVs are freely available to investors. From time to time there may be differences between the two iNAVs as a result of different calculation methodologies or timing of the data.

 

The inception date for the fund is 1 August 2023 therefore limited data is available.

Disclaimer: These are net asset values, based upon our most recent valuation, however you may not receive these prices should you apply for, or redeem units on or after the time of this communication. Cut-off times for applications and redemptions are set out in the product disclosure statement of the relevant fund.

Potential investors and investors should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding whether to invest or continue to invest in the Fund.  The PDS and TMD are available on this website.

The RE does not guarantee the performance of any Fund, repayment of capital or any particular rate of return. Performance returns are calculated using the exit price, net of management fees and assuming the reinvestment of distributions. No allowance is made for tax. Past performance is not a reliable indictor of future performance. Returns can be volatile, reflecting rises and falls in the value of the underlying investments. Investors should seek independent advice as to the suitability of the Fund to their investment needs. This is general information only and does not take into account your objectives, financial situation or needs.

Distribution information

The inception date for the fund is 1 August 2023 therefore limited data is available.
Period ending Amount (cents per unit)
December 2023 5.0000 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.

The inception date for the fund is 1 August 2023 therefore limited data is available.

 

Past performance is not a reliable indicator of future performance as a result past distributions are not indicative of future distributions.

The inception date for the fund is 1 August 2023 therefore limited data is available.

 

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.

ASX Announcements


Ratings

Zenith - Recommended

Key documents


How to invest

You can purchase units in the Concentrated Australian Share Fund (Quoted Managed Fund) on the ASX (ticker: IMLC) as you would any listed security – through your broker, financial adviser, or your online brokerage account or platform.

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

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