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: January 2024
The market continued to rise in January with the Fund up 0.3% after fees compared to the S&P/ASX Small Ords up 0.9% for the month.
Performance has been quite volatile over the last three months but overall we have seen strong returns, with the Fund up 13.0% and the S&P/ASX Small Ords up 15.8%.
Once again our Uranium exposures Boss Energy and Paladin (ASX: BOE and PDN) were good contributors. Both of these companies have large reserves in good jurisdictions, strong management expertise and are low risk plays on the commodity. The prospects for uranium supply and demand remain highly favourable. Since the end of January the price of Uranium remains around its recent highs, over $100/lb more than double the price it has trade over the previous 12mths.
Telix (ASX: TLX) continues to its seemingly inexorable progress and share price rerating. Telix is strongly growing its radiopharmaceutical sales and has a pipeline of new drugs to come. We regularly shave the portfolio weight in Telix as it rises in order to control its effect on the portfolio when its share price encounters volatility. We can easily justify the current pricing of TLX based on its two existing commercial products (the kidney imaging product will commercialise this calendar year). Therefore the market is placing zero value on its highly prospective pipeline.
Pleasingly a newer holding, Austin Engineering (ASX: ANG) upgraded its guidance in January ahead of its first half result to come in February. Austin makes replacement truck trays and buckets for mining companies. It’s now
delivering scale economies as it grows its volumes which is resulting in significantly expanding margins.
Impedimed (ASX: IPD) was a significant detractor in January. Following the recent board and management changes there has also been significant turnover in the shareholder base. Nevertheless, the company is on track to become the standard of care to monitor cancer patients for lymphedema, and is adequately capitalized to do so.
February is the half year reporting month. We have conviction in the upside pay-offs expected from our holdings, and a particularly strong conviction that the portfolio will do well as a whole, going into reporting season.
Looking at the portfolio as a whole
Monash Investors aims to identify businesses which are likely to undergo step-changes 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.
The Fund’s major exposures continue to be to Healthcare, Consumer Discretionary, IT, Energy (via Uranium), and Mining Services.
Performance of the Fund
|Monash Investors Small Companies Fund
|S&P/ASX Small Ordinaries (Total Return)
|3 Years (p.a.)
|5 Years (p.a.)
|7 Years (p.a.)
|Since Inception (p.a)
|Since inception date 2 July 2012. Past performance is not a reliable indicator of future performance
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
P. +61 400 248 435
For all investor enquiries, please contact
Apex Fund Services P: 1300 133 451 or by email at email@example.com
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 13 Feb 2024
|Month to Date Performance (after fees)
To download a complete history of the Unit Price
MAIF Fund Facts
|Outperforming the S&P/ASX Small Ordinaries (Total Return) Index over the medium term (5yrs)
|Australian Small Companies
|Minimum Additional Withdrawal/Investment
|20.5% p.a. > RBA Cash Rate + 5% with a high watermark
|Buy and Sell Spread
|Platforms listed on
|BT Wrap, Hub24 Invest, Macquarie Wrap, ManagedAccounts.com.au, Mason Stevens, netwealth, Powerwrap
ENQUIRIES AND COMPLAINTS
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.