Magellan Global Fund Hedged

A core holding investing in 20 to 40 of the world’s best global stocks and protecting returns from currency movements

Investment objectives

To achieve attractive risk-adjusted investment returns over the medium to long-term;

While reducing 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

  • ASML
  • Amazon
  • Mastercard
  • Lowes
  • Microsoft
  • VISA
  • Intercontinental Exchange
  • Intuit
  • UnitedHealth Group
  • SAP

Choose from two unique access points

Investors can access a currency hedged version of the Magellan Global Fund either as unlisted or listed units. These funds offer investors the same global equities investment strategy with currency hedging in place, but with individual choice about how to hold the funds:

Unlisted units in the Managed Fund are available for purchase and redemption with the fund itself via an application form. Just complete an application form and deliver to the fund’s registry.

Listed units are quoted on the ASX (ASX:MHG) as an Active ETF and can be purchased and sold via either a stockbroker or an online share trading platform.


To find out more about your preferred method of access, and for information on how to invest, please select either the unlisted or listed toggle below.


Fund facts

Global Equity Fund, $AUD hedged
Inception date
1 July 2013
Fund size
$427.00 million 30 Nov 2023
Management fee Distribution Frequency ARSN
1.35% Bi-annual 164 285 661
Buy / Sell Spread APIR Code
0.07%/0.07% MGE0007AU
MSCI World Net Total Return Index (hedged to AUD)
Performance Fee

10.0% of the excess return of the units of the Fund above the higher of the Index Relative Hurdle (MSCI World Net Total Return Index (hedged to 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.

Transaction costs may also apply - refer to the Product Disclosure Statement. All management costs described above are inclusive of the estimated net effect of GST.

Research ratings 1







Ratings are only one factor to be taken into account when deciding whether to invest in a financial product.

See Research house ratings disclaimers

Investment philosophy

The Magellan Global Fund (Hedged) 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 (Hedged) 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 (Hedged) 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 (Hedged)’s investment process integrates three key disciplines:

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.


Growth of AUD $10,000
30 November 2023

Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Fund Inception 1 July 2013. Past performance is not a reliable indicator of future performance.

30 November 2023
Performance 3 Months 6 Months 1 Year 3 Years
(% PA)
5 Years
(% PA)
7 Years
(% PA)
10 Years
(% PA)
Since Inception**
(% PA)
Magellan Global Fund (Hedged) 2.19% 6.34% 9.57% 1.29% 5.39% 7.97% 7.87% 8.46%
Benchmark* 1.07% 7.67% 10.80% 7.15% 8.86% 9.59% 9.28% 10.28%
Out/Under Performance 1.12% -1.33% -1.23% -5.86% -3.47% -1.62% -1.41% -1.82%

* MSCI World Net Total Return Index (hedged to AUD)
** Inception date 01 July 2013

Click here for further information on the benchmark.

Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). For the ASX Quoted Funds calculations are based on NAVs, published in the ASX announcements for the relevant ASX Quoted Funds, with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Past performance is not a reliable indicator of future performance.

Unit Prices

Date Net Asset Value Entry Exit
05/12/2023 1.6794 1.6806 1.6782
04/12/2023 1.6759 1.6771 1.6747
01/12/2023 1.6854 1.6866 1.6842
30/11/2023 1.6778 1.6790 1.6766
29/11/2023 1.6732 1.6744 1.6720
28/11/2023 1.6728 1.6740 1.6716
27/11/2023 1.6759 1.6771 1.6747
24/11/2023 1.6800 1.6812 1.6788
23/11/2023 1.6818 1.6830 1.6806
22/11/2023 1.6818 1.6830 1.6806
21/11/2023 1.6686 1.6698 1.6674
20/11/2023 1.6714 1.6726 1.6702
17/11/2023 1.6606 1.6618 1.6594
16/11/2023 1.6595 1.6607 1.6583
15/11/2023 1.6541 1.6553 1.6529
14/11/2023 1.6522 1.6534 1.6510
13/11/2023 1.6281 1.6292 1.6270
10/11/2023 1.6280 1.6291 1.6269
09/11/2023 1.6145 1.6156 1.6134
08/11/2023 1.6195 1.6206 1.6184
07/11/2023 1.6143 1.6154 1.6132
06/11/2023 1.6049 1.6060 1.6038
03/11/2023 1.6022 1.6033 1.6011
02/11/2023 1.5939 1.5950 1.5928
01/11/2023 1.5721 1.5732 1.5710
31/10/2023 1.5515 1.5526 1.5504
30/10/2023 1.5397 1.5408 1.5386
27/10/2023 1.5215 1.5226 1.5204
26/10/2023 1.5173 1.5184 1.5162
25/10/2023 1.5359 1.5370 1.5348
24/10/2023 1.5493 1.5504 1.5482
23/10/2023 1.5397 1.5408 1.5386
20/10/2023 1.5404 1.5415 1.5393
19/10/2023 1.5592 1.5603 1.5581
18/10/2023 1.5576 1.5587 1.5565
17/10/2023 1.5762 1.5773 1.5751
16/10/2023 1.5734 1.5745 1.5723
13/10/2023 1.5592 1.5603 1.5581
12/10/2023 1.5700 1.5711 1.5689
11/10/2023 1.5785 1.5796 1.5774
10/10/2023 1.5789 1.5800 1.5778
09/10/2023 1.5654 1.5665 1.5643
06/10/2023 1.5631 1.5642 1.5620
05/10/2023 1.5502 1.5513 1.5491
04/10/2023 1.5504 1.5515 1.5493
03/10/2023 1.5370 1.5381 1.5359
29/09/2023 1.5541 1.5552 1.5530
28/09/2023 1.5540 1.5551 1.5529
27/09/2023 1.5431 1.5442 1.5420
26/09/2023 1.5468 1.5479 1.5457

Distribution history


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.

If you have elected 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.


Date Distribution per unit Reinvestment price  
June 2023 3.5600 cents $1.6528 Magellan Annual Fund Distributions 2023
December 2022 3.6900 cents $1.4764 Magellan Interim Fund Distributions 2022
June 2022 3.6800 cents $1.5257 Magellan Annual Fund Distributions 2022
December 2021 3.5600 cents $1.9812 Magellan Interim Fund Distributions 2021
June 2021 3.4300 cents $1.9448 Magellan Annual Fund Distributions 2021
December 2020 3.3200 cents $1.8102 Magellan Interim Fund Distributions 2020
June 2020 6.5000 cents $1.6862 Magellan Annual Fund Distributions 2020
June 2019 5.5000 cents $1.6760 Magellan Annual Fund Distributions 2019
June 2018 10.0066 cents $1.5212 Magellan Annual Fund Distributions 2018
June 2017 3.0000 cents $1.4332 Magellan Annual Fund Distributions 2017
June 2016 2.0000 cents $1.2217 Magellan Annual Fund Distributions 2016
June 2015 2.0000 cents $1.2525 Magellan Annual Fund Distributions 2015
June 2014 2.0000 cents $1.1316 Magellan Annual Fund Distributions 2014

Invest now in the Magellan Global Fund (Hedged)

  1. Complete the Application Form & CRS Form(s) (if applicable)
    You will be guided by the Application Form as to which CRS form(s) to complete.

  2. Send application form to Apex Group
    Apex Group - Unit Registry
    GPO Box 143
    Sydney NSW 2001

    Or Email the application form to

    Temporary processes available during COVID-19

Speak with your adviser/broker. To find an adviser, visit Financial Planning Association of Australia (FPA) or Association of Financial Advisers (AFA).

Application Form

Please ensure that you have read and understood the original FSG and PDS prior to completing and submitting your Application Form.

The automated forms can be either completed on screen and then printed, or downloaded and filled in by hand.

New to Investing? Learn more about our global equities

  • Being a successful investor

    11 attributes we think lie behind Magellan’s long-term success in delivering competitive returns while protecting capital.

    Read article
  • Why global?

    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.

    More on global investing

Investing with Magellan gives you easy access to outstanding global companies: Invest in the world's best.

Continuous Disclosure

To access the continuous disclosure information issued by Magellan Asset Management Limited in relation to this fund please click here


If you have chosen to receive communication via email, you will receive confirmation of your investment within 3 business days from when our unit registry (Apex Fund Services) has received your correctly completed Application Form (or notice of additional investment) and cleared application monies. Please note that if you choose to invest by cheque or request us to process a direct debit, it may take up to four business days (in the case of a cheque) and three business days (in the case of a direct debit) for your application monies to clear. If you have chosen to receive communication via mail, please allow for postage time on top of the 3 business days from receipt of your correctly completed Application Form (or notice of additional investment) and cleared application monies

During distribution periods (at the start of July and the start of January for some funds) receipt of your confirmation statement may be delayed by 10-15 business days.

A minimum initial investment of $10,000 applies for each of Magellan's unlisted funds. A $500 minimum applies for additional investments by BPAY. A minimum of $5,000 applies to EFT and cheque payments.

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 obtain and read the relevant Target Market Determination (‘TMD’) and Product Disclosure Statement (‘PDS’) applicable to the fund(s) prior to making a decision about whether to acquire or continue to hold an interest in the fund(s). The TMD and PDS for the fund(s) are available on this website 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.

1Research house ratings disclaimers

The rating issued 12/2022 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.

© 2018 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. The Morningstar Analyst Rating™ for the Magellan Global Fund (Hedged) is ‘Neutral’ as of November 2022.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2023) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at 

Unit Registry Enquiries

Apex Group (formerly Mainstream Fund Services) 

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:

  • Applications or redemptions
  • Change of contact details
  • Change of bank account details

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Telephone 1300 127 780 (in Australia) +61 2 8259 8566 (International) 0800 787 621 (New Zealand)