Monash Investors
Small Companies Fund


Become an investor

The Monash Investors Small Companies Fund (Fund) is an unlisted retail unit trust offering investors an Australian equity exposure with a strategy of outperforming the S&P ASX Small Ordinaries Total Return Index over the medium term (5yrs).

The Fund has been in operation since July 2012, and over this time after all fees has outperformed the Index by approximately 4% per annum and deliver an average total return of approximately 10% per annum.

This fund is appropriate for investors with “High” and “Very High” risk and return profiles. A suitable investor for this fund is prepared to accept high risk in the pursuit of capital growth with a medium to long investment timeframe. Investors should refer to the TMD for further information.

Latest Monthly Report

Monthly Performance Report: November 2023

The market bounced back somewhat in November with the Fund up 7.6% after fees compared to the S&P/ASX Small Ords up 7.0% for the month.

If you recall, last month our report had us scratching our heads at the two main detractors of our performance, Impedimed and Telix (ASX: IPD, TLX). Both these stocks recovered somewhat this month with IPD up 22% and TLX up 14%.  Impedimed is in the early stage of its Sozo roll out and is making good progress. This device is becoming the new standard of care for monitoring post-operative cancer patients for lymphedema.

Telix has a bigger addressable market than Impedimed, and is much more advanced in its product roll out. It provides radiopharmaceuticals for cancer patients.  It is a cash flow positive business with sales already over $500m pa for its prostate cancer imaging product and growing strongly.  In the next 6-9 months it will launch its renal cancer imaging product. It has several other clinical programs underway to provide imaging for other cancers and also to assess whether its drugs may be used therapeutically using higher doses of radiation. The results so far are promising.

Despite the outsized level of volatility in these two stocks, their outlook over the next few years is strong with our valuations for both stocks well above 60% upside from here.

Our retailers were also good contributors to the return this month with Temple & Webster (ASX: TPW) up 45% and Lovisa (ASX: LOV) up 11%. Both stocks had Annual General Meetings this month where they provided post year end updates. Both stocks have strong structural growth.

TPW is Australia’s leading online furniture retailer, and its market share of the total furniture market has been growing strongly. In the four months since June, sales were up 23% versus pcp compared to market expectations of 15%. This compared to Harvey Norman (ASX: HVN) with a sales decline of -12% and Nick Scali (ASX: NCK) with sales orders down -5% for 1Q FY 2024. The stock price of TPW rose strongly on the back of this result.

By contrast, Lovisa is undertaking a “bricks and mortar” global store rollout. Despite a challenging jewelry retailing market in the four months since June with its same store sales declining by -6%, overall sales have grown 17% versus pcp. Given the weak same store sales the stock price initially fell, but given its overall sales growth, the continued strength of its gross profit margin, and critically the announcement of the first store opening in mainland China, the price had turned around by the end of the day.

The Fund’s major exposures continue to be to Healthcare, Consumer Discretionary, IT, Energy (via Uranium), and Mining Services.

Monash Investors aims to identify businesses which are likely to undergo step-changes (either positive or negative) in their business prospects which will lead to material share price movements. We draw upon our experience in order to exploit recurring business situations and patterns of behaviour, to identify and invest in a portfolio of compelling opportunities.

November 2023

Performance of the Fund

(after fees)

Monash Investors Small Companies Fund S&P/ASX Small Ordinaries (Total Return) Outperformance
1 Month 7.6% 7.0% 0.6%
3 Months -6.6% -2.5% -3.7%
1 Year -5.9% -3.2% -2.7%
3 Years (p.a.) -0.1% -0.5% 0.4%
5 Years (p.a.) 9.9% 4.0% 5.9%
7 Years (p.a.) 7.2% 5.4% 5.3%
Since Inception (p.a) 9.0% 5.3% 3.6%
Since inception date 2 July 2012. Past performance is not a reliable indicator of future performance

Fund Strategy

The Monash Investors Small Companies Fund (ARSN 606 855 50) is a high conviction fund with a strategy of outperforming the S&P ASX Small Company Index over the medium term (5 yrs).

The target universe is Australian Small Companies, defined as all stocks outside the S&P ASX 100 Index.  However, should our research uncover compelling opportunities within the S&P ASX 100 Index, up to 20% of the Fund can be invested there.  When this research uncovers a company likely to suffer material adverse business conditions we have the flexibility to invest up to 20% of the Fund in shorting these opportunities.

The Fund seeks to only invest in compelling opportunities. To identify these investment ideas, Monash Investors primarily employs fundamental, bottom-up company research and the judgement of its experienced portfolio managers.

For all business development enquiries, please contact

Cameron Harris

P. +61 400 248 435


For all investor enquiries, please contact

Apex Fund Services P: 1300 133 451 or by email at

Monash Investors Small Companies Fund Registry Services, GPO Box 4968  , Sydney NSW 2001

For all other enquiries



Current Unit Price and Unit Price History

As at 5 Dec 2023
Buy 1.4440
Sell 1.4354
Month to Date Performance (after fees) -0.73%



To download a complete history of the Unit Price

MAIF Fund Facts

Fund Facts Description
Objective Outperforming the S&P/ASX Small Ordinaries (Total Return) Index over the medium term (5yrs)
Strategy Australian Small Companies
Minimum Investment $20,000
Minimum Additional Withdrawal/Investment $5,000
Price Frequency Daily
Distribution Frequency Annual
Management Fee 1.2813% p.a.
Performance Fee 20.5% p.a. > RBA Cash Rate + 5% with a high watermark
Buy and Sell Spread 0.60%
Platforms listed on BT Wrap, Hub24 Invest, Macquarie Wrap,, Mason Stevens, netwealth, Powerwrap


The Responsible Entity has established procedures for dealing with complaints. If an investor has a complaint, they can contact the Responsible Entity or the Investment Manager during business hours.

The Responsible Entity will use reasonable endeavours to deal with and resolve the complaint within a reasonable time but in any case, no later than 30 days after receipt of the complaint. Other type of complaints and complex complaints may have a different maximum response timeframe. We will let you know if a different maximum response timeframe will apply to your complaint.

If an Investor is not satisfied with the outcome, the complaint can be referred to the Australian Financial Complaints Authority (AFCA). The AFCA provides a fair and independent financial services complaint resolution service that is free to consumers.



Telephone: 1800 931 678

In writing to: Australian Financial Complains Authority, GPO Box 3, Melbourne VIC 3001

All investors (regardless of whether you hold Units in the Fund directly or hold Units indirectly via a Platform) can access Perpetual’s complaints procedures outlined above. If investing via a Platform and your complaint concerns the operation of the Platform then you should contact the Platform operator directly.

Become an investor

The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) (Perpetual) is the Responsible Entity of and issuer of units in the Monash Investors Small Companies Fund and Monash Investors Small Companies Trust ASX: MAAT and Monash Investors Pty Ltd (ABN 67 153 180 333 AFSL 417201)(Monash Investors) is the investment manager of the Funds.

Monash Investors issues and operates this website. 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 contained on this Website are not necessarily indicative of future returns and should be used as a general guide only. Returns on investments necessarily are volatile and subject to change and likely to vary from year to year. These returns are likely to vary from year to year. Returns have been calculated using exit prices after taking into account all ongoing fees, and assuming reinvestment of distributions. No allowance has been made for taxation. Future returns may bear no relationship to the historical information displayed. Returns in a Fund can be particularly volatile in the short term and in some periods may be negative. Neither Perpetual nor Monash Investors makes any guarantee or representation in regards to the performance of any of the funds, nor the specific rate of return to investors or the return of capital.

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Terms and Conditions
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What is a financial services licensee? A person or entity is a financial services licensee if they hold an Australia financial services licence issued pursuant to the Corporations Act 2001
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