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: May 2024

The Fund rose 4.5% after fees in May outperforming the S&P/ASX Small Ords which fell -0.1%. Our strong performance came from a wide range of stocks and sectors, with 7 stocks, across 6 sectors contributing more than 40 basis points each to the portfolio return.

Fund performance over the last 12 months is now 17.9% after fees, well ahead of the Small Ords’ 10.9%. Our longer term numbers are consistently strong with the 3 year, 5 year, 7 year and since inception (almost 12 year) returns beating the Small Ords by between 4.1% and 6.8% pa after fees.

The stocks that have driven our outperformance over the years come from across the market, but they have some attributes in common. They are typically undergoing a step change in their future results which we can confidently expect, having being able to identify, in each company, business situations similar to that we have seen in the past. We invest in these companies before the share price fully reflects the opportunity and then we exit once it does. It is our ability to consistently identify these opportunities and apply price discipline when investing and exiting, that creates our long term outperformance.

This month our top seven contributors are a good example of that diversity across sectors.

Southern Cross Electrical (ASX: SXE) +32% is an electrical contracting business that is in demand by companies that are generating, transmitting and/or using electricity. During the month it was awarded the $160m contract value Collie battery project, it made a bolt on acquisition of a Sydney based electrical company, and it upgraded its profit guidance.

Catapult (ASX: CAT) +32% is a sports technology company that provides hardware and software for elite athletes and teams to analyse their performance during training and on the field. Catapult has a March year end so it reported its full year results in May. Sales, profit margin and cash flow were all well ahead of market and analyst expectations.

Botanix (ASX: BOT) co-incidentally was also +32% for the month. Botanix is an early stage company focusing on dermatology pharmaceuticals. Botanix released a presentation to the ASX, in anticipation of imminent FDA approval for their anti-hyperhidrosis medication. The product is already approved in Japan where it has a large market, and is distributed by an unrelated company.

Telix (ASX: TLX) + 21% once again appears in our list of top contributors for the month. Telix’s cancer imaging drug sales continued growing at extraordinary rates and are in excess of $500m after two years. The main piece of news this month was additional positive data from the clinical trial of its prostate cancer therapy. Telix has now reached the 100-bagger mark for us, having first invested in the company pre-IPO at the equivalent of $0.17 back in January 2017.

Paladin (ASX: PDN) +14% rose with continued positive sentiment for uranium miners, this time as a result of the US Senate unanimously passing a bill to ban the importation of enriched uranium fuel to the US from Russia. The Bill now moves to President Biden for final approval. The Bill seeks to wean the US off Russian enriched fuel, which accounts for ~40% of global enrichment capacity.

Technology One (ASX: TNE) +9% released its half year results. TNE provides commercial software for accounting and administration used by corporates, universities, councils and government departments. Revenue growth is accelerating and it has skillfully navigated the transition from legacy revenue, driven by license fees, to instead charging on the basis of SaaS (software as a service). The company provided strong guidance for FY24 and expects to continue to double in size every 5 years.

Lovisa (ASX: LOV) +7% is a jewelry retailer. It is a testament to Lovisa’s successful global store roll out program that it continues to grow its revenue strongly and deliver commensurate profits in a difficult retail environment.

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

May 2024

Performance of the Fund

(after fees)

Monash Investors Small Companies Fund S&P/ASX Small Ordinaries (Total Return) Outperformance
1 Month 4.5% -0.1% 4.6%
3 Months 7.6% 1.5% 6.1%
1 Year 17.9% 10.9% 7.0%
3 Years (p.a.) 4.3% -0.1% 4.4%
5 Years (p.a.) 10.9% 4.2% 6.7%
7 Years (p.a.) 11.1% 6.7% 4.4%
Since Inception (p.a) 10.2% 6.1% 4.1%
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 7 Jun 2024
Buy 1.7018
Sell 1.6916
Month to Date Performance (after fees) -1.58%



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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