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 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.
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.
* 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.
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 & detailed macroeconomic insight.
Rigorous portfolio construction & 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.
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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. 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 (Open Class) (Managed Fund) (ASX:MGOC)
0.22%
5.01%
13.91%
5.59%
8.76%
10.55%
10.83%
10.65%
Benchmark*
-0.74%
6.12%
14.12%
10.87%
12.12%
12.07%
11.84%
7.58%
Out/Under Performance
0.96%
-1.11%
-0.21%
-5.28%
-3.36%
-1.52%
-1.01%
3.07%
* 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). 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
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.
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.
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 (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 three business days (in the case of a cheque) and up to four 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 https://magellan.apexgroupportal.com/welcome or complete the DRP Election Form located at on the website at www.magellangroup.com.au/funds/forms-pds/.
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 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 http://www.zenithpartners.com.au/RegulatoryGuidelines
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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Any performance data shown represents past performance. Past Performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. 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 risks associated with investments generally and 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.
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.
Important Legal Information: By clicking "I agree," the user agrees that I have read the terms detailed below and confirm that I am an "Institutional Investor" and that I wish to proceed.
Information contained in the Institutional section of this website is not intended for institutional investors in any jurisdiction in which distribution or purchase is not authorized.
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Persons who do not fall into one of the above categories should not review the information contained in the site.
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.
Important Legal Information: By clicking "I agree," the user agrees that I have read the terms detailed below and confirm that I am an "Institutional Investor" and that I wish to proceed.
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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.
