Pedigree, people, and performance - unpacking new fund launches

The launch of Livewire’s Undiscovered Funds series prompts a deep dive into an extensive list of funds launched in the past 12 months. My colleagues Sara Allen and Glenn Freeman have already undertaken a mighty effort in extracting insights from that list, but in this wire we’re going to dig a little deeper.

For every new fund and performance number attached to it, there is a story. It could be the story of a little-known but highly respected Hall-of-Famer, or the story of a big shop backing a new industry stalwart in the making. 

Whatever the story, Livewire prides itself on knowing not just the numbers but also who’s who in the zoo, and sharing those insights with you. Here goes.

Whilst we have focused on short-term performance and funds off to a strong start, performance should be considered over longer periods and past performance is not a reliable indicator of future return. Any performance figures quoted "since inception" are up to 31 March 2024. 

Please note that the list below should not be seen as recommendations. Always do your own research. The list is not exhaustive; it highlights fund managers that have featured on Livewire. 

Name	Parent	Inception Date	% Return Since Inception
Vinva Intl Equity Alpha Extension C	Vinva	10-Jan-23	45.03
Munro Global Growth Small & Mid Cap A	GSFM	31-Oct-23	32.98
Nanuk New World Fund (Currency Hedged)	Nanuk Asset Management	30-May-23	24.50
Eley Griffiths Group Mid Cap B	Eley Griffiths Group	16-Oct-23	21.38
Airlie Small Companies Fund	Magellan Group	3-Apr-23	21.21
Paradice Australian Small Cap Opps A	Paradice	20-Jul-23	21.16
Auscap Ex-20 Australian Equities Fund	Auscap	1-Dec-23	19.38
Ausbil Australian Active Equity - MA	New York Life	31-Mar-23	14.55
Antipodes Global Equities P Hedged	Antipodes Partners	8-Sep-23	14.25
Tyndall Australian Small Companies	Yarra Capital Management	20-Mar-23	13.68
Wilson Asset Management  Leaders A	Wilson Asset Management	3-Oct-23	11.14

Vinva Intl Equity Alpha Extension C

Morry Waked is the little-known (publicly, at least) but well-respected funds management Hall-of-Famer I referred to in the introduction. We were lucky enough to interview him on the Rules of Investing podcast late last year, just after he received his Hall-of-Fame gong. Waked is perhaps less well known than some of his contemporaries because he runs a quant fund - of which there are few in Australia. 

Waked is the Managing Director and Head of Investments at Vinva, which manages $23 billion (as at June 30 last year) and employs what they call “a systematic approach to investing”.

The new fund, launched recently, aims to provide investors with a total investment return (after fees) that outperforms the MSCI World ex Australia ex Tobacco ex Controversial Weapons Index (AUD) with net dividends reinvested over periods of seven years or longer.

The fund is off to a flying start, up 45.03% since inception.

Munro Global Growth Small & Mid Cap A

The Munro Global Growth SMID fund is run by Qiao Ma. I interviewed Ma on the Rules of Investing podcast not long after she took the reins. 

Ma is keen on company culture and will walk away from an investment if she believes the culture is wrong. The philosophy has served her well so far. The Fund is up 32.98% since inception and punched out a 20.8% return in the March quarter, outperforming the MSCI ACWI SMID Net Index’s return of 9.7% by 11.1%.

Nanuk New World Fund (Currency Hedged)

The Nanuk New World Fund is run by Tom King OAM. King was interviewed by Livewire in October last year. 

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King is an engineer by background and an Olympic Gold Medal Sailor to boot (Sydney 2000). He’s also no slouch in the funds management game, with the New World Fund up 26.04% in the 12 months to 31 March 2023.

Eley Griffiths Group Mid Cap B

Another mid cap fund strong out of the blocks has been the Eley Griffiths Group Mid Cap B Fund, up 21.38% since inception. Eley Griffiths Group has a 20 year track record managing money in Australian small caps under the guidance of founder Ben Griffiths. The Fund is run by portfolio managers David Allingham and Tim Serjeant who are long time members of the Eley Griffiths Group investment team. The new offering sits between the firms Emerging Company Fund and flagship Small Companies Fund.

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Airlie Small Companies Fund

Airlie boasts funds management Hall-of-Famer Matt Williams and Emma Fisher on the roster, both of whom have featured on the Rules of Investing (Fisher, Williams). 

The Airlie roster also comprises up-and-comer Will Granger, who has been charged with running the Airlie Small Companies Fund. Granger has appeared on Livewire’s Buy Hold Sell and is part of the current Undiscovered Funds series. The Fund is up 21.21% since inception.

Paradice Australian Small Cap Opps A

Sam Theodore and Michael Peet run the new Paradice Small Cap Opps fund, which "looks to build on the successful small cap investment ethos at Paradice, but with a limited Funds Under Management (FUM) to help maximise investor returns through alpha generation", according to the Paradice website. 

The Fund delivered 19.63% in the year ended 31 March 2023. 

Auscap Ex-20 Australian Equities Fund

Another established player looking to capitalise on the mid cap space is Auscap, led by Tim Carleton, who featured in a Views From the Top interview late last year.

Carleton also outlined the philosophy of the newly minted Auscap Ex-20 Australian Equities Fund - which is up 19.83% since inception - in the following Fund in Focus.

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Ausbil Australian Active Equity

The Ausbil Australian Active Equity fund has delivered 14.55% since inception. The Australian equities team at Ausbil is headed up by Paul Xiradis, who is also the Executive Chairman and CIO. 

Xiradas was last published on Livewire late last year, sharing with readers the stocks and sectors where Ausbil sees standout earnings growth in 2024. 

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Antipodes Global Equities P Hedged

Antipodes is headed by CIO Jacob Mitchell, who participated in Livewire Live last September. "The fund offers an eclectic portfolio of attractively valued companies listed on global stock exchanges, including in emerging markets" according to the Antipodes website. The fund also employs a "fundamental, pragmatic value-focused approach, focusing on buying great but undervalued companies and building a concentrated portfolio of at least 30 holdings". 

The Fund is up 14.25% since inception. 

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Tyndall Australian Small Companies

Managed by Tim Johnston and James Nguyen, the Tyndall Australian Small Companies Fund "invests in a diversified portfolio of Australian small-cap companies that we believe are undervalued and will provide consistent risk-adjusted returns with strong capital growth", according to the Tyndall website. The Fund has delivered 13.68% since inception.

Both Johnston and Nguyen participated in this year's Undiscovered Funds series with Livewire. 

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Wilson Asset Management Leaders A

The Fund, which is up 11.14% since inception, " will provide investors exposure to an actively managed investment portfolio, comprised of large-cap companies listed on the ASX predominately within the S&P/ASX 200 Index", according to the Wilson Asset Management website. 

Wilson Asset Management manages eight Listed Investment Companies and this new fund is the firm's first unlisted fund.