Magellan Global Fund

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

  • Intercontinental Exchange
  • Alphabet
  • Microsoft
  • McDonalds
  • Pepsico
  • Nestle
  • VISA
  • Mastercard
  • Novartis
  • Yum! Brands

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. If you participate in the Distribution Reinvestment Plan you can reinvest your distributions at a 7.5% discount to the Net Asset Value. This discounted benefit is only offered to holders of Closed Class Units.

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.

Fund facts

Structure
Global Equity Fund, $AUD unhedged
Unit Class size
$10,769.60 million 30 Apr 2022
ASX Ticker
MGOC Market Data Tickers
  Units
Bloomberg MGOC AU EQUITY
Thomson Reuters MGOC.AX
IRESS MGOC.AXW
ICE iNav*
AUD $
Ticker details
  Indicative NAV
Bloomberg MGOCIV INDEX
Thomson Reuters MGOCAUiv.P
IRESS MGOC-AUINAV.NGIF
Solactive iNav
AUD $
Ticker details
  Indicative NAV
Bloomberg MGOCAUIV
Thomson Reuters MGOCAUDINAV=SOLA
IRESS MGOCAUDINAV.ETF
More about iNAV
More information about iNav

The iNAV reflects the estimated NAV per Open Class Unit updated in updated for portfolio stocks that have live market prices during the Trading Day, or where they do not have live market prices, may be updated for equivalent securities or movements in after-market trading and for foreign exchange movements. The iNAV will not be updated for market-based movements such as movements in stock market indices.

Magellan has engaged ICE Data Indices, LLC and Solactive AG as iNAV calculation agents to independently calculate and disseminate an iNAV. Both iNAVs are freely available to investors. From time to time there may be differences between the two iNAVs as a result of different calculation methodologies or timing of the data..

Management fee Distribution Frequency ARSN
1.35% Semi-annually 126 366 961
Buy / Sell Spread APIR Code
0.07%/0.07%
(Only applicable to investors who apply for units directly with the Fund)
MGE0001AU
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 a 10-year Australian Government Bonds). Additionally, the Performance Fees are subject to a high water mark.

Click here for further information on the benchmark.

All management costs described above are inclusive of the estimated net effect of GST.

* iNAV calculations as shown on www.magellangroup.com.au (the "data") provided by ICE Data Indices, see ICE Terms of Use, and is updated during ASX trading hours. Powered by Factset. iNAV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates ("ICE Data") and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, IOPV, FUND OR ANY FUND DATA INCLUDED THEREIN.  IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose. 

Research ratings 1

Zenith

Recommended

Morningstar

Bronze

Lonsec

Recommended

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 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.

Performance

Growth of AUD $10,000
30 April 2022

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). Fund Inception 1 July 2007.

30 April 2022
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 (Open Class) (Managed Fund) (ASX:MGOC) -10.40% -8.49% -3.80% 4.71% 9.46% 9.14% 13.87% 10.67%
Benchmark* -8.96% -6.25% 4.87% 10.06% 11.30% 10.24% 14.33% 7.16%
Out/Under Performance -1.44% -2.24% -8.67% -5.35% -1.84% -1.10% -0.46% 3.51%

* MSCI World Net Total Return Index (AUD)
** Inception date 01 July 2007

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). 

Unit Prices

  
Date Net Asset Value Entry Exit
13/05/2022 2.4351 2.4368 2.4334
12/05/2022 2.4028 2.4045 2.4011
11/05/2022 2.3727 2.3744 2.3710
10/05/2022 2.4003 2.4020 2.3986
09/05/2022 2.3861 2.3878 2.3844
06/05/2022 2.3991 2.4008 2.3974
05/05/2022 2.4070 2.4087 2.4053
04/05/2022 2.4712 2.4729 2.4695
03/05/2022 2.4524 2.4541 2.4507
02/05/2022 2.4707 2.4724 2.4690
29/04/2022 2.4579 2.4596 2.4562
28/04/2022 2.5277 2.5295 2.5259
27/04/2022 2.4601 2.4618 2.4584
26/04/2022 2.4315 2.4332 2.4298
22/04/2022 2.4313 2.4330 2.4296
21/04/2022 2.4462 2.4479 2.4445
20/04/2022 2.4474 2.4491 2.4457
19/04/2022 2.4836 2.4853 2.4819
14/04/2022 2.4548 2.4565 2.4531
13/04/2022 2.4674 2.4691 2.4657
12/04/2022 2.4273 2.4290 2.4256
11/04/2022 2.4613 2.4630 2.4596
08/04/2022 2.4795 2.4812 2.4778
07/04/2022 2.4757 2.4774 2.4740
06/04/2022 2.4564 2.4581 2.4547
05/04/2022 2.4505 2.4522 2.4488
04/04/2022 2.4880 2.4897 2.4863
01/04/2022 2.4931 2.4948 2.4914
31/03/2022 2.4730 2.4747 2.4713
30/03/2022 2.4958 2.4975 2.4941
29/03/2022 2.5167 2.5185 2.5149
28/03/2022 2.4810 2.4827 2.4793
25/03/2022 2.4567 2.4584 2.4550
24/03/2022 2.4521 2.4538 2.4504
23/03/2022 2.4314 2.4331 2.4297
22/03/2022 2.4842 2.4859 2.4825
21/03/2022 2.4673 2.4690 2.4656
18/03/2022 2.4923 2.4940 2.4906
17/03/2022 2.4692 2.4709 2.4675
16/03/2022 2.4905 2.4922 2.4888
15/03/2022 2.4596 2.4613 2.4579
14/03/2022 2.4072 2.4089 2.4055
11/03/2022 2.3824 2.3841 2.3807
10/03/2022 2.3928 2.3945 2.3911
09/03/2022 2.4256 2.4273 2.4239
08/03/2022 2.3744 2.3761 2.3727
07/03/2022 2.3753 2.3770 2.3736
04/03/2022 2.4412 2.4429 2.4395

Notice of reliance on ASIC Class Order [CO 13/655]

Magellan Asset Management Limited as responsible entity of the Magellan Global Fund will rely on ASIC Class Order [CO 13/655].   

Distribution history

IMPORTANT


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  
December 2021 5.1000 cents $2.8236 Magellan Interim Fund Distributions 2021
June 2021 5.1000 cents $2.6895 Magellan Annual Fund Distributions 2021
December 2020 4.8800 cents $2.6135 Magellan Interim Fund Distributions 2020
June 2020 10.5000 cents $2.5204 Magellan Annual Fund Distributions 2020
June 2019 11.7912 cents $2.4095 Magellan Annual Fund Distributions 2019
June 2018 16.1456 cents $2.1032 Magellan Annual Fund Distributions 2018
June 2017 4.8578 cents $1.9373 Magellan Annual Fund Distributions 2017
June 2016 15.2344 cents $1.7214 Magellan Annual Fund Distribution 2016
June 2015 24.3397 cents $1.8757 Magellan Annual Fund Distribution 2015
June 2014 5.9876 cents $1.6368 Magellan Annual Fund Distribution 2014
June 2013 3.2550 cents $1.5184 Magellan Annual Fund Distribution 2013

24 September 2020 – Distribution Policy Update - click here.

3 ways to access Magellan Global Fund (Open Class) (Managed Fund) (ASX:MGOC)

Magellan Global Fund (Open Class)
(Managed Fund) (ASX:MGOC)

  1. View the indicative Net Asset Value (iNav) *

    ICE iNav*
    AUD $
    Ticker details
      Indicative NAV
    Bloomberg MGOCIV INDEX
    Thomson Reuters MGOCAUiv.P
    IRESS MGOC-AUINAV.NGIF
    Solactive iNav
    AUD $
    Ticker details
      Indicative NAV
    Bloomberg MGOCAUIV
    Thomson Reuters MGOCAUDINAV=SOLA
    IRESS MGOCAUDINAV.ETF

  2. Check the current share price - MGOC

  3. Buy on the ASX - Ticker Code MGOC

Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.

Read the Product Disclosure Statement (PDS) prior to making any investment decisions.

PDS update 19 April 2022

 

Additional information and forms

Magellan Global Fund (Open Class)
(Managed Fund) (ASX:MGOC)

  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 Mainstream Fund Services
    Mainstream Fund Services - Unit Registry
    GPO Box 143
    Sydney NSW 2001

    Or Email the application form to magellanfunds@mainstreamgroup.com

    Temporary processes available during COVID-19

Speak with your adviser/broker. To find an adviser, visit Financial Planning Association of Australia (FPA) or 'Your Best Interests' website.

Additional information and forms

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.

Magellan Global Fund (Open Class)
(Managed Fund) (ASX:MGOC)

Speak with your adviser/broker. To locate an adviser in your area visit one of the following associations:

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
  • Delivering outstanding results

    At Magellan, the key question we ask ourselves is: “What does the future look like?”. Our answer determines how we invest your money.

    Our global fund returns
  • 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.

FAQs

You have the choice of either buying units on the Securities Exchange (Ticker: MGOC) via your stockbroker/online broker or applying directly with the Responsible Entity by sending an Application Form to our unit registry.

If you hold your investments via an investment administration platform, you should consult your financial adviser who will be able to assist you in investing in the Fund.

There are important differences between investing in the Fund through the Securities Exchange or by applying directly with the Responsible Entity, including the price you will receive. You should read the PDS before making any decision on how to invest in the Fund.

If you invest on the Securities Exchange there is no initial minimum investment amount.

If you invest directly with the Responsible Entity by sending us an Application Form, the minimum initial investment is A$10,000. Additional investments can be made into an existing account at any time. No minimum applies for additional investments by BPAY. A minimum of $5,000 applies to other payment methods.

Your HIN or SRN can be found on the top right hand corner of your holding statement and other shareholder communications. You will typically have a HIN if you bought your units on the Securities Exchange through a stockbroker. You will typically have an SRN if you applied for unit directly with the Responsible Entity.

A HIN is a Holder Identification Number issued by your stockbroker. It is a unique number used to link all your holdings, stocks, shares, and not specific to just Magellan. A HIN is 11 characters long. It starts with an ‘X’ followed by 10 digits. For example: X0001235898

An SRN is a Securityholder Reference Number issued by the Fund’s Unit Registry and is your unique identifier in the Fund. An SRN is 11 characters long and starts with an ‘I’ followed by 10 digits. Example: I00874500369. Your SRN will be stated on your first confirmation statement and partly masked for subsequent statements.

If you have invested directly with the Responsible Entity and have chosen to receive communication via email, you will receive confirmation of your investment within 3 business days from when our unit registry (Mainstream 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 two 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.

If you have purchased your units on the Securities Exchange, your stockbroker or online broker will issue the transaction confirmation.

Yes, investors can reinvest their distributions to obtain additional units in the fund without having to pay the cost of brokerage. If you wish to participate in the Distribution Reinvestment Plan (DRP), you can either update your election in the Unit Registry portal, available at magellan.mainstreamfs.com/login or complete the DRP Election Form located at on the website at www.magellangroup.com.au/funds/forms-pds/.

We seek to be transparent with our clients and are making the following disclosures in relation to our listed funds:

  • ASX announcements under each ASX code;
  • Estimated Net Asset Value ("NAV") per Unit published on Magellan’s website daily;
  • Indicative intra-day NAV per Unit ("iNAV") published on Magellan's website daily and which is updated throughout the ASX trading day;
  • Monthly fund factsheets on Magellan's website and ASX; and
  • The full portfolio on a quarterly basis with a delay period of no longer than two months on Magellan’s website and ASX.

You can exit the Fund either by making a withdrawal request to the Responsible Entity using a Withdrawal Form or by selling units on the Securities Exchange (Ticker: MGOC) via your stockbroker or online broker. How you enter the Fund does not affect the method by which you can exit the Fund.

To make a withdrawal request with the Responsible Entity…
If you have a Securityholder Reference Number (SRN) or Investor Number
You will need to provide your SRN or Investor Number on your Withdrawal Form
If you have a Holder Identification Number (HIN) with your stockbroker or online broker
You will need to convert your holding from your HIN with your stockbroker or online broker to an SRN issued by the unit registry.
This is a standard process which your stockbroker or online broker can assist you with.

 

 

To sell your units on the Securities Exchange….
If you have a Securityholder Reference Number (SRN) or Investor Number
You can provide your SRN to certain stockbrokers who can sell your units on your behalf.
If your stockbroker does not offer this service, you will need to ask your stockbroker to convert or transfer your holding onto a HIN.  This is a standard process which your stockbroker can assist you with. You can then instruct your stockbroker to sell your units on the Securities Exchange.
If you have a Holder Identification Number (HIN) with your stockbroker
You can instruct your stockbroker to sell your units on the Securities Exchange.


There are important differences between exiting the Fund via the Securities Exchange or by withdrawing directly with the Responsible Entity, including the price you will receive. You should read the PDS or consult with your financial adviser before making any decision on how to invest in the Fund.

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 Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned February 2022) 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 http://www.zenithpartners.com.au/RegulatoryGuidelines 

© 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 www.morningstar.com.au/s/fsg.pdf. 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 Open Class (ASX:MGOC) is ‘Bronze’ as of February 2022.

The rating issued March 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 lonsec.com.au for ratings information and to access the full report. © 2020 Lonsec. All rights reserved.

Unit Registry Enquiries

Mainstream Fund Services

Mainstream Fund Services provides a range of registry services including the processing of applications, redemptions and distributions as well as the maintenance of unitholder records.

Please contact Mainstream Fund Services directly for assistance with:

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

Investor Login

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