A core holding investing in 20 to 40 of the world’s best global stocks
Investment objectives
To achieve attractive risk-adjusted returns over the medium to long term; while minimising the risk of permanent capital loss.
The fund aims to deliver 9% p.a net of fees over the economic cycle.
Invest in the world's best
Choose from two unique access points
Investors can access the Magellan Global Fund through two distinct unit classes. These two unit classes offer investors the same global equities investment strategy, but have their own benefits which you will need to consider:
Open Class Units are quoted on the ASX (ASX: MGOC) and also directly available for purchase and redemption with the fund itself. Open Class Units should generally trade on the ASX close to the prevailing Net Asset Value and you can buy and sell units off market with the fund at the prevailing Net Asset Value.
Closed Class Units are only quoted on the ASX (ASX: MGF). Closed Class units can trade at a premium or a discount to the Net Asset Value.
To find out more about your preferred unit class, and for information on how to invest, please select either the Open Class or Closed Class toggle below.
The iNAV reflects the estimated NAV per Closed Class Unit updated in respect of portfolio securities or equivalent securities that have live market prices during the Trading Day and for foreign exchange movements. If there are no stocks held by the Fund that have live market prices during the ASX Trading Day, movements in the iNAV will only reflect foreign exchange movements. The iNAV will not be updated for market-based movements such as movements in stock market indices.
Management fee
Distribution Frequency
ARSN
1.35%
Semi-annually
126 366 961
Benchmark
MSCI World Net Total Return Index (AUD)
Performance Fee
10.0% of excess return over the higher of the Index Relative Hurdle (MSCI World Net Total Return Index (AUD)) and the Absolute Return Hurdle (the yield of 10-year Australian Government Bonds). Additionally, the performance fees are subject to a high water mark.
Investment Risks
All investments carry risk. While it is not possible to identify every risk relevant to an investment in a fund, we have provided details of risks in the fund's Product Disclosure Statement.
Click here for further information on the benchmark.
All management costs described above are inclusive of the estimated net effect of GST.
Judicial Advice -Important information for Magellan Global Fund Closed Class Unitholders
Update - 2 November 2023
Magellan Asset Management Limited (Magellan) as responsible entity of the Magellan Global Fund (MGF) advises that at the hearing held in the Supreme Court of NSW late yesterday, 1 November 2023, the Honourable Justice Black made orders declaring that the request received by Magellan under section 252B of the Corporations Act 2001 (Cth) to convene a meeting of the Closed Class Unitholders to consider and vote on a special resolution requiring Magellan to delist and redeem the Closed Class Units (Meeting Request) is invalid and ineffective. Accordingly, Magellan will not be calling or convening a meeting of the Closed Class Unitholders as proposed in the Meeting Request.
Update - 30 October 2023
Further to the update provided on 20 October 2023, Magellan Asset Management Limited as responsible entity of the Magellan Global Fund (Magellan) advises that the Honourable Justice Black today commenced hearing Magellan’s application in the Supreme Court of New South Wales.
Further, Keybridge Capital Limited (Keybridge) was joined as a defendant to the proceedings to represent itself and the other Closed Class unitholders that submitted the Meeting Request.
The hearing was adjourned to allow Keybridge to file and serve a written outline of its submissions and any evidence. The matter will resume at 4:30pm on Wednesday, 1 November 2023.
Update – 20 October 2023
Magellan Asset Management Limited (“Magellan”) in its capacity as responsible entity of the Magellan Global Fund (the "Fund"), refers to its announcement on 16 October 2023 advising that certain members of the Fund had submitted a request to Magellan under section 252B of the Corporations Act 2001 (Cth) (the “Act”) to convene a meeting of the Fund’s Closed Class Unitholders (“MGF Unitholders”) to consider and vote on a special resolution for the purposes of paragraph 2.4(g) of Schedule 1 of the Fund’s Constitution (the “Meeting Request”).
Magellan has considered the validity of the Meeting Request and has concerns that the Meeting Request is invalid and ineffective.
On 20 October 2023 Magellan filed a summons with the Supreme Court of New South Wales seeking judicial advice and direction pursuant to section 63 of the Trustee Act 1925 (NSW) to the effect that, having regard to the Meeting Request, Magellan would be justified in declining to call and arrange the meeting of MGF Unitholders and treating the Meeting Request as invalid and ineffective.
Paragraph 2.4(g) of Schedule 1 of the Fund’s Constitution requires a meeting of MGF Unitholders to be convened and held by MGF Unitholders. Magellan is concerned that section 252D of the Act, as read with the Fund’s Constitution, makes specific provision as to how MGF Unitholders may call and arrange to hold a meeting and that power can only be exercised by MGF Unitholders holding interests carrying at least 5% of votes that may be cast at a meeting. The Meeting Request received from certain MGF Unitholders is not made in accordance with section 252D of the Act and is made by MGF Unitholders carrying less than 5% of votes that may be cast at a meeting.
Magellan considers that obtaining a judicial advice is necessary in order to provide clarity to all members.
At a directions hearing on 20 October 2023 this matter was briefly listed before the Honourable Justice Black. His Honour made the following orders:
Any unitholder wishing to be heard in relation to the relief sought in the Summons, and/or wishing to be joined as a defendant to the proceeding, (Interested party) notify the plaintiff by 25 October 2023.
Any Interested party serve any evidence on which it intends to rely by 26 October 2023.
The Summons be listed for hearing at not before 11.30am on 30 October 2023 with an estimate of ½ a day.
The plaintiff and any Interested party serve outlines of submissions by midday on 27 October 2023.
A court book containing the evidence, and submissions, of the plaintiff and any Interested party be provided to the Associate to Black J by 7.30am on 30 October 2023.
The plaintiff and any interested party who seeks or obtains leave to be heard have liberty to apply on 3 hours’ notice, specifying the relief sought.
These orders be entered forthwith.
Magellan continues to recommend that MGF Unitholders take no action in relation to the Meeting Request and MGF Unitholders should also refer to the earlier announcement on 16 October 2023 regarding Magellan's consideration of a conversion of Closed Class units to Open Class Units (ASX: MGOC).
Magellan will provide further updates to the market and on this website as required.
Investment philosophy
The Magellan Global Fund seeks to invest in outstanding companies at attractive prices, while exercising a deep understanding of the macroeconomic environment to manage investment risk.
Magellan perceives outstanding companies to be those that are able to sustainably exploit competitive advantages in order to continually earn returns on capital that are materially in excess of their cost of capital.
While Magellan is extremely focused on fundamental business value, it is not a typical 'value' investor. The Magellan Global Fund will invest in companies that have relatively high price-to-earnings and price-to-book multiples, provided that their businesses are outstanding and their shares are trading at an appropriate discount to their assessed intrinsic value. Equities that appear undervalued on the basis of a low price-to-earnings or price-to-book multiples will often prove to be poor investments if the underlying business is fundamentally weak and exhibits poor returns on capital.
Magellan focuses on risk-adjusted returns, rather than benchmark-relative returns. As a result, the Magellan Global Fund's investment process is designed to generate an unconstrained, concentrated portfolio of high-quality companies.
Magellan believes that an appropriately structured portfolio of 20 to 40 investments can provide sufficient diversification to ensure that investors are not overly correlated to any single company, industry-specific or macroeconomic risk.
Portfolio construction
The Magellan Global Fund's investment process integrates three key disciplines:
Intensive bottom-up stock analysis and industry research.
Broad and detailed macroeconomic insight.
Rigorous portfolio construction and risk discipline.
Intensive bottom-up stock analysis and industry research is undertaken in order to identify outstanding companies. This involves the assessment of potential investments against key quality criteria, as well as assessments of their intrinsic value. Magellan uses a proprietary ranking tool, the Magellan Conviction Scoring Matrix, to rank these companies based on these factors. This process enables the portfolio to be weighted towards higher conviction ideas (on a risk-adjusted basis).
Magellan's detailed macroeconomic analysis is overlayed during portfolio construction, alongside the application of both fixed and dynamic risk limits. This process ensures that the portfolio is not overly exposed to aggregation risk (risk which arises from correlated portfolio positions) or macroeconomic event risk. Macroeconomic event risk can be a significant source of negative returns for investors. Magellan will make significant changes to the portfolio if it believes that macroeconomic events could lead to significant and sustained loss in value for investors. Such events would include a financial crisis, a sustained oil price shock, a global pandemic or a major global conflict.
Important Information: Calculations are based on NAV prices with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Fund Inception 30 November 2020 (inclusive). Past performance is not a reliable indicator of future performance.
30 November 2023
Performance
3 Months
6 Months
1 Year
3 Years (% PA)
Since Inception** (% PA)
Magellan Global Fund Closed Class (ASX: MGF)
0.50%
5.50%
14.93%
6.43%
6.27%
Benchmark*
-0.74%
6.12%
14.12%
10.87%
10.77%
Out/Under Performance
1.24%
-0.62%
0.81%
-4.44%
-4.50%
* MSCI World Net Total Return Index (AUD)
** Inception date 30 November 2020
Click here for further information on the benchmark.
Important Information: Calculations are based on NAV prices with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Fund Inception 30 November 2020 (inclusive). Past performance is not a reliable indicator of future performance.
Magellan Asset Management Limited as responsible entity of the Magellan Global Fund will rely on ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price for Interests in Managed Investment Schemes) Instrument 2023/693.
Distribution history
IMPORTANT
Important note regarding the Distribution Reinvestment Plan (DRP)
As announced to the ASX on 10 January 2022, the Board of Magellan Asset Management Limited has suspended the DRP for Magellan Global Fund (Closed Class). If you have elected to participate in the DRP, you will be instead paid in cash.
Provision of TFN/ABN, bank account details by Record Date
Please ensure that your Tax File Number (TFN) or Australian Business Number (ABN) is provided to the Unit Registry by Record Date, otherwise tax will be withheld on income attributed to you at the top marginal tax rate plus Medicare Levy.
To receive distributions in cash, please ensure that your bank account details are provided to the Unit Registry by Record Date, otherwise your distribution payment will be withheld until a valid bank account is provided.
To review or update your TFN/ABN and bank account details, log on to the Unit Registry’s online portal.
The case for global investing rests largely on the belief that companies based outside Australia are expected to benefit the most from the key long-term shifts taking place all over the world.
The Responsible Entity intends to target a cash distribution yield of 4% per annum of the average of the month-end NAV per Unit over the two year rolling period ending on the last Business Day of the prior distribution period (“Target Cash Distribution”). The Responsible Entity has the discretion to distribute an amount higher than the Target Cash Distribution.
The distribution in respect of the units will be paid semi-annually (for the periods ending 30 June and 31 December of each year), although the Fund may make distributions more or less frequently at the discretion of the Responsible Entity. The Responsible Entity intends to announce the proposed Target Cash Distribution per unit on the announcements platform of the Securities Exchange Operator at the beginning of each distribution period. Additionally, the Responsible Entity intends to announce the final distribution per unit, and the distribution timetable, on the announcements platform of the Securities Exchange Operator prior to, or around the time of, the end of each distribution period.
Under the AMIT rules, investors will be assessed for tax on the income of the Fund attributed to them. Where the income of the Fund exceeds the amount of the distribution paid to investors (“Excess”), the Responsible Entity may, in a particular year, retain or accumulate in the Fund the amount of the Excess. In this scenario, the income of the Fund that is attributed to you (and that must be included in your income tax return) will be more than the cash distribution paid to you. The tax cost base of your units will increase to the extent of the Excess.
Important Information: Units in the fund(s) referred to herein are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFS Licence No 304 301). Past performance is not necessarily indicative of future results and no person guarantees the future performance of the fund(s), the amount or timing of any return from the fund(s), or that the investment objectives of the fund(s) will be achieved. This material has been provided for general information purposes and must not be construed as investment advice. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should consider obtaining professional investment advice tailored to their specific circumstances and should read the relevant Product Disclosure Statement (PDS) applicable to the fund(s) prior to making any investment decisions. The PDS for the fund(s) is available at www.magellangroup.com.au or can be obtained by calling 02 9235 4888. Any trademarks, logos, and service marks contained herein may be the registered and unregistered trademarks of their respective owners. Nothing contained herein should be construed as granting by implication, or otherwise, any licence or right to use any trademark displayed without the written permission of the owner. No part of this material may be reproduced or disclosed, in whole or in part, without the prior written consent of Magellan Asset Management Limited.
Unit Registry Enquiries
Apex Group
Apex Group provides a range of registry services including the processing of applications, redemptions and distributions as well as the maintenance of unitholder records.
Please contact Apex Group directly for assistance with:
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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.You are solely responsible for evaluating the risks and merits regarding the use of the website and any services provided within. Nothing contained in that website constitutes a solicitation, recommendation, endorsement or offer to buy or sell any securities or other financial instruments.
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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
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Important Information
This document does not constitute an offer of units in a Magellan Fund in any jurisdiction other than Australia or New Zealand (or in jurisdictions where it is lawful to make such an offer). Applications for units in a Magellan Fund from residents outside of Australia and New Zealand may not be accepted.
By clicking on the "I Confirm" button below you are confirming that you are a resident of Australia or New Zealand (or that you are acting on behalf of a person who is a resident in one of those jurisdictions).
Open Class Units are quoted on the ASX (ASX: MGOC) and also directly available for purchase and redemption with the fund itself. Open Class Units should generally trade on the ASX close to the prevailing Net Asset Value and you can buy and sell units off market with the fund at the prevailing Net Asset Value.
Closed Class Units are only quoted on the ASX (ASX: MGF). Closed Class units can trade at a premium or a discount to the Net Asset Value.
