Unit Price 16 May 2024:
Entry $1.6983
|
Exit $1.6899
Performance Since Inception at 30 Apr 2024 8.8% pa

Fund Overview

Our Small Cap Fund has been rewarding investors with attractive returns and income since its inception in 2007. The fund primarily invests in high-quality, undervalued companies outside the ASX100, but allows select exposure (25%) of its holdings to be within the largest 50-100 shares in the ASX. It is managed by Simon Conn.

  • Suitable for: investors wanting attractive capital growth and income
  • Invests in: 50-70 Australian companies outside the ASX 50
  • Investment timeframe: 4+ years
  • Investment objective: exceed the returns of the S&P/ASX Small Ordinaries Accumulation Index on a rolling four-year basis.

Fund Facts

Portfolio Managers Simon Conn
Benchmark S&P/ASX Small Ordinaries Accumulation Index
Inception 1 Feb 2007
ARSN 122 918 496
APIR IML0006AU
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 Benchmark.
Management fee 1.15% p.a. of the net assets of the fund (includes net effect of GST)

Performance

Net Performance as at 30 Apr 2024
1mth 3mth 6mth 1yr 2yrs^ 3yrs^ 5yrs^ 10yrs^ Since
inception^
Income 0.0% 0.0% 1.6% 3.4% 3.2% 2.6% 3.4% 6.7% 5.7%
Growth -1.3% 7.1% 20.4% 16.6% 0.7% 2.5% 3.3% 2.8% 3.1%
Total Return -1.3% 7.1% 22.0% 20.0% 3.9% 5.1% 6.7% 9.5% 8.8%
Benchmark* -3.1% 3.3% 19.7% 7.4% -1.4% 0.0% 3.9% 6.5% 2.3%

^ Performance per annum

* The benchmark for this fund is the S&P/ASX Small Ordinaries 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
Aurizon Holdings Limited AZJ Industrials 4.1%
SG Fleet Group Limited SGF Industrials 3.8%
Clearview Wealth Limited CVW Financials 3.5%
Readytech Holdings Limited RDY Information Technology 2.9%
Australian Clinical Labs Limited ACL Health Care 2.9%
Integral Diagnostics Limited IDX Health Care 2.8%
Skycity Entertainment Group Limited SKC Consumer Discretionary 2.7%
EQT Holdings Limited EQT Financials 2.6%
Generation Development Group Limited GDG Financials 2.6%
Qantm Intellectual Property Limited QIP Industrials 2.6%

Fund holdings as at 30 Apr 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.

Unit Prices

Date Entry Exit
16 May 2024 $1.6983 $1.6899
15 May 2024 $1.6870 $1.6786
14 May 2024 $1.6922 $1.6838
13 May 2024 $1.6890 $1.6806
10 May 2024 $1.6951 $1.6867
These are historical entry and exit prices, 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 fund.

 

IML 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 indicator 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

Period ending Amount (cents per unit)
December 2023 2.0000 cpu
June 2023 2.2448 cpu
December 2022 3.0000 cpu
June 2022 1.7729 cpu
December 2021 1.0000 cpu
June 2021 1.0255 cpu
December 2020 1.0000 cpu
June 2020 0.2833 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
117.9% 110.4% 116.2% 105.9% 50.1%

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

Morningstar - Silver

Morningstar Australia Finalist 2024 Fund Manager of the Year - Domestic Equities - Small Caps

2019 Zenith Fund Awards - Finalist

Financial Standard Investment Leadership Awards

How to invest

Direct investors can click Invest Now for a step-by-step guide to investing with IML. The Small Cap Fund is also available on the following platforms:

Asgard | BT Panorama | Hub 24 | Insignia Expand | Insignia Pursuit | Insignia Rhythm | Macquarie Wrap | Netwealth

© 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.

Morningstar Awards 2024 (c). Morningstar, Inc. All Rights Reserved. Investors Mutual Small Caps and Investors Mutual Future Leaders as 2024 Finalist for Fund Manager of the Year – Domestic Equities – Small Caps, Australia

Jason Guthrie & Bruce Du
Michael, Tuan, Lucas, Simon of IML with Money Management finalist badges
Louise Watson and Daniel Moore
Simon Conn and Jason Guthrie on IML podcast
Jason Guthrie and Daniel Moore on IML podcast
IML May Webinars Q1 2024
Australian bushland with gumtrees and shrubs

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