Magellan High Conviction Fund

A concentrated portfolio invested in 10 to 20 of the world’s best global stocks

Investment Objectives

The primary objectives of the Fund are to achieve attractive risk-adjusted returns over the medium to long-term. The Fund aims to deliver 10% p.a. net of fees over the economic cycle.

Invest In The World's Best

Amazon
Booking Holdings Inc
Microsoft
VISA
Intercontinental Exchange

Fund Facts

Portfolio Managers
Nikki Thomas, CFA
Nikki Thomas, CFA
Alan Pullen
Alan Pullen
Structure
Global Equity Fund, $AUD
Inception Date
1-July-2013
Fund size
$212.2 million
30-Apr-2024
Management Fee
1.50% p.a (Class A)
0.78% p.a. (Class B)
Distribution Frequency
Semi-annually
ARSN
164 285 947
APIR Code
MGE0005AU (Class A)
MGE9885AU (Class B)
Buy / Sell Spread
0.07%/0.07%
Initial Minimum Investment
$10,000
Performance Fee

10% (20% for Class B units) of the excess return above the Absolute Return performance hurdle of 10% per annum. Additionally, Performance Fees are subject to a high water mark. For further details on Performance Fees, please read the relevant PDS and the Additional Information Booklet.

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.

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

Zenith
Approved
Morningstar
Negative (Class A) / Neutral (Class B)
Lonsec
Investment Grade
Ratings are only one factor to be taken into account when deciding whether to invest in a financial product. See Research house ratings disclaimers

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 High Conviction 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 High Conviction Fund’s investment process is designed to generate an unconstrained, highly-concentrated portfolio of high-quality companies.

The Magellan High Conviction Fund’s will comprise of 10 to 20 investments, with the portfolio weighted towards Magellan’s highest-conviction ideas.

Intensive bottom-up stock analysis and industry research
Intensive bottom-up stock analysis and industry research
Broad and detailed macroeconomic insight
Broad and detailed macroeconomic insight
Rigorous portfolio construction and risk discipline
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.

Growth of AUD $10,000

From inception to 30 April 2024

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 April 2024
Performance 3 Months 6 Months 1 Year 3 Years
(% PA)
5 Years
(% PA)
7 Years
(% PA)
10 Years
(% PA)
Since Inception**
(% PA)
Magellan High Conviction Fund 4.45% 20.15% 24.69% 5.77% 7.18% 9.48% 11.59% 12.15%

** Inception date 01 July 2013

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.

Top 5

31 March 2024
10.2% Microsoft Corporation
9.2% Amazon.com Inc
7.9% Visa Inc
7.8% Intercontinental Exchange Inc
7.1% Booking Holdings Inc
Date Net Asset Value Entry Exit
23-May-2024 2.3371 2.3387 2.3355
22-May-2024 2.3471 2.3487 2.3455
21-May-2024 2.3413 2.3429 2.3397
20-May-2024 2.3414 2.3430 2.3398
17-May-2024 2.3397 2.3413 2.3381
16-May-2024 2.3388 2.3404 2.3372
15-May-2024 2.3506 2.3522 2.3490
14-May-2024 2.3390 2.3406 2.3374
13-May-2024 2.3350 2.3366 2.3334
10-May-2024 2.3546 2.3562 2.3530
Download historical unit prices
Date Distribution per unit Reinvestment price  
December 2023 3.1200 cents $2.0745 Interim Fund Distributions – 31 December 2023
June 2023 2.9700 cents $1.9383 Annual Fund Distributions 2023
December 2022 3.1000 cents $1.5899  
June 2022 3.1500 cents $1.6316 Annual Fund Distributions 2022
December 2021 3.0200 cents $2.2895  
June 2021 2.9200 cents $2.1980 Annual Fund Distributions 2021
December 2020 2.8200 cents $1.9458  
June 2020 6.0000 cents $1.9250 Annual Fund Distributions 2020
June 2019 4.0000 cents $1.8711 Annual Fund Distributions 2019
June 2018 14.3420 cents $1.6903 Annual Fund Distributions 2018
June 2017 3.5000 cents $1.5412 Annual Fund Distributions 2017
June 2016 10.4415 cents $1.3047 Annual Fund Distributions 2016
June 2015 6.7959 cents $1.4274 Annual Fund Distributions 2015
June 2014 2.8258 cents $1.1333 Annual Fund Distributions 2014
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.

Growth of AUD $10,000

From inception to 30 April 2024

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). Class B Fund Inception 15 November 2017. Past performance is not a reliable indicator of future performance.

30 April 2024
Performance 3 Months 6 Months 1 Year 3 Years
(% PA)
5 Years
(% PA)
Since Inception**
(% PA)
Magellan High Conviction Fund - Class B 4.73% 20.09% 25.13% 6.48% 7.56% 8.96%

** Inception date 15 November 2017. Returns greater than one year are annualised.

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.

Top 5

31 March 2024
10.2% Microsoft Corporation
9.2% Amazon.com Inc
7.9% Visa Inc
7.8% Intercontinental Exchange Inc
7.1% Booking Holdings Inc
Date Net Asset Value Entry Exit
23-May-2024 1.4589 1.4599 1.4579
22-May-2024 1.4659 1.4669 1.4649
21-May-2024 1.4619 1.4629 1.4609
20-May-2024 1.4619 1.4629 1.4609
17-May-2024 1.4608 1.4618 1.4598
16-May-2024 1.4602 1.4612 1.4592
15-May-2024 1.4684 1.4694 1.4674
14-May-2024 1.4604 1.4614 1.4594
13-May-2024 1.4576 1.4586 1.4566
10-May-2024 1.4712 1.4722 1.4702
Download historical unit prices
Date Distribution per unit Reinvestment price  
December 2023 1.9900 cents $1.2948 Interim Fund Distributions – 31 December 2023
June 2023 1.8300 cents $1.2054 Annual Fund Distributions 2023
December 2022 1.9000 cents $0.9847  
June 2022 1.9200 cents $1.0059 Annual Fund Distributions 2022
December 2021 1.8400 cents $1.4061  
June 2021 1.7800 cents $1.3474 Annual Fund Distributions 2021
December 2020 1.7200 cents $1.1918  
June 2020 3.5000 cents $1.1759 Annual Fund Distributions 2020
June 2019 2.5000 cents $1.1417 Annual Fund Distributions 2019
June 2018 4.0835 cents $1.0303 Annual Fund Distributions 2018

Fund Updates

30-Apr-2024 Magellan High Conviction Fund - April 2024
31-Mar-2024 Magellan High Conviction Fund - March 2024
31-Mar-2024 Magellan High Conviction Fund - Portfolio Holdings
29-Feb-2024 Magellan High Conviction Fund - February 2024
31-Jan-2024 Magellan High Conviction Fund - January 2024
31-Dec-2023 Magellan High Conviction Fund - December 2023
31-Dec-2023 Magellan High Conviction Fund - Portfolio Holdings
30-Nov-2023 Magellan High Conviction Fund - November 2023
31-Oct-2023 Magellan High Conviction Fund - October 2023
30-Sep-2023 Magellan High Conviction Fund - September 2023
30-Sep-2023 Magellan High Conviction Fund - Portfolio Holdings
31-Aug-2023 Magellan High Conviction Fund - August 2023
31-Jul-2023 Magellan High Conviction Fund - July 2023
30-Jun-2023 Magellan High Conviction Fund - June 2023
30-Jun-2023 Magellan High Conviction Fund - Portfolio Holdings
31-May-2023 Magellan High Conviction Fund - May 2023
30-Apr-2023 Magellan High Conviction Fund - April 2023
31-Mar-2023 Magellan High Conviction Fund - Portfolio Holdings
31-Mar-2023 Magellan High Conviction Fund - March 2023
28-Feb-2023 Magellan High Conviction Fund - February 2023
31-Jan-2023 Magellan High Conviction Fund - January 2023
31-Dec-2022 Magellan High Conviction Fund - December 2022
31-Dec-2022 Magellan High Conviction Fund - Portfolio Holdings
30-Nov-2022 Magellan High Conviction Fund - November 2022
31-Oct-2022 Magellan High Conviction Fund - October 2022
30-Sep-2022 Magellan High Conviction Fund - September 2022
29-Sep-2022 Magellan High Conviction Fund - Portfolio Holdings
31-Aug-2022 Magellan High Conviction Fund - August 2022
31-Jul-2022 Magellan High Conviction Fund - July 2022
30-Jun-2022 Magellan High Conviction Fund - June 2022
30-Jun-2022 Magellan High Conviction Fund - Portfolio Holdings
31-May-2022 Magellan High Conviction Fund - May 2022
30-Apr-2022 Magellan High Conviction Fund - April 2022
31-Mar-2022 Magellan High Conviction Fund - March 2022
31-Mar-2022 Magellan High Conviction Fund - Portfolio Holdings
28-Feb-2022 Magellan High Conviction Fund - February 2022
31-Jan-2022 Magellan High Conviction Fund - January 2022
31-Dec-2021 Magellan High Conviction Fund - December 2021
31-Dec-2021 Magellan High Conviction Fund - Portfolio Holdings
30-Nov-2021 Magellan High Conviction Fund -November 2021
31-Oct-2021 Magellan High Conviction Fund - October 2021
30-Sep-2021 Magellan High Conviction Fund - Portfolio Holdings
30-Sep-2021 Magellan High Conviction Fund - September 2021
31-Aug-2021 Magellan High Conviction Fund - August 2021
31-Jul-2021 Magellan High Conviction Fund - July 2021
30-Jun-2021 Magellan High Conviction Fund - Portfolio Holdings
30-Jun-2021 Magellan High Conviction Fund - June 2021
31-May-2021 Magellan High Conviction Fund - May 2021
30-Apr-2021 Magellan High Conviction Fund - April 2021
31-Mar-2021 Magellan High Conviction Fund - March 2021
28-Feb-2021 Magellan High Conviction Fund - February 2021
31-Jan-2021 Magellan High Conviction Fund - January 2021
31-Dec-2020 Magellan High Conviction Fund - December 2020
30-Nov-2020 Magellan High Conviction Fund - November 2020
31-Oct-2020 Magellan High Conviction Fund - October 2020
30-Sep-2020 Magellan High Conviction Fund - September 2020
31-Aug-2020 Magellan High Conviction Fund - August 2020
31-Jul-2020 Magellan High Conviction Fund - July 2020
30-Jun-2020 Magellan High Conviction Fund - June 2020
31-May-2020 Magellan High Conviction Fund - May 2020
30-Apr-2020 Magellan High Conviction Fund - April 2020
31-Mar-2020 Magellan High Conviction Fund - March 2020
18-Mar-2020 Important: Magellan High Conviction Fund Update
29-Feb-2020 Magellan High Conviction Fund - February 2020
31-Jan-2020 Magellan High Conviction Fund - January 2020
31-Dec-2019 Magellan High Conviction Fund - December 2019
30-Nov-2019 Magellan High Conviction Fund - November 2019
31-Oct-2019 Magellan High Conviction Fund - October 2019
30-Sep-2019 Magellan High Conviction Fund - September 2019
31-Aug-2019 Magellan High Conviction Fund - August 2019
31-Jul-2019 Magellan High Conviction Fund - July 2019
30-Jun-2019 Magellan High Conviction Fund - June 2019
31-May-2019 Magellan High Conviction Fund - May 2019
30-Apr-2019 Magellan High Conviction Fund - April 2019
31-Mar-2019 Magellan High Conviction Fund - March 2019
28-Feb-2019 Magellan High Conviction Fund - February 2019
31-Jan-2019 Magellan High Conviction Fund - January 2019
31-Dec-2018 Magellan High Conviction Fund - December 2018
30-Nov-2018 Magellan High Conviction Fund - November 2018
31-Oct-2018 Magellan High Conviction Fund - October 2018
30-Sep-2018 Magellan High Conviction Fund - September 2018
31-Aug-2018 Magellan High Conviction Fund - August 2018
31-Jul-2018 Magellan High Conviction Fund - July 2018
30-Jun-2018 Magellan High Conviction Fund - June 2018
31-May-2018 Magellan High Conviction Fund - May 2018
30-Apr-2018 Magellan High Conviction Fund - April 2018
31-Mar-2018 Magellan High Conviction Fund - March 2018
28-Feb-2018 Magellan High Conviction Fund - February 2018
31-Jan-2018 Magellan High Conviction Fund - January 2018
31-Dec-2017 Magellan High Conviction Fund - December 2017
30-Nov-2017 Magellan High Conviction Fund - November 2017
31-Oct-2017 Magellan High Conviction Fund - October 2017
30-Sep-2017 Magellan High Conviction Fund - September 2017
31-Aug-2017 Magellan High Conviction Fund - August 2017
31-Jul-2017 Magellan High Conviction Fund - July 2017
30-Jun-2017 Magellan High Conviction Fund - June 2017
31-May-2017 Magellan High Conviction Fund - May 2017
30-Apr-2017 Magellan High Conviction Fund - April 2017
31-Mar-2017 Magellan High Conviction Fund - March 2017
28-Feb-2017 Magellan High Conviction Fund - February 2017
31-Jan-2017 Magellan High Conviction Fund - January 2017
31-Dec-2016 Magellan High Conviction Fund Update - December 2016
30-Nov-2016 Magellan High Conviction Fund Update - November 2016
31-Oct-2016 Magellan High Conviction Fund Update - October 2016
30-Sep-2016 Magellan High Conviction Fund Update - September 2016
31-Aug-2016 Magellan High Conviction Fund Update - August 2016
31-Jul-2016 Magellan High Conviction Fund Update - July 2016
30-Jun-2016 Magellan High Conviction Fund Update - June 2016
31-May-2016 Magellan High Conviction Fund Update - May 2016
30-Apr-2016 Magellan High Conviction Fund Update - April 2016
31-Mar-2016 Magellan High Conviction Fund Update - March 2016
29-Feb-2016 Magellan High Conviction Fund Update - February 2016
31-Jan-2016 Magellan High Conviction Fund Update - January 2016
31-Dec-2015 Magellan High Conviction Fund Update - December 2015
30-Nov-2015 Magellan High Conviction Fund Update - November 2015
31-Oct-2015 Magellan High Conviction Fund Update - October 2015
30-Sep-2015 Magellan High Conviction Fund Update - September 2015
31-Aug-2015 Magellan High Conviction Fund Update - August 2015
31-Jul-2015 Magellan High Conviction Fund Update - July 2015
30-Jun-2015 Magellan High Conviction Fund Update - June 2015
31-May-2015 Magellan High Conviction Fund Update - May 2015
30-Apr-2015 Magellan High Conviction Fund Update - April 2015
31-Mar-2015 Magellan High Conviction Fund Update - March 2015
28-Feb-2015 Magellan High Conviction Fund Update - February 2015
31-Jan-2015 Magellan High Conviction Fund Update - January 2015
31-Dec-2014 Magellan High Conviction Fund Update – December 2014
30-Nov-2014 Magellan High Conviction Fund Update – November 2014
31-Oct-2014 Magellan High Conviction Fund Update – October 2014
30-Sep-2014 Magellan High Conviction Fund Update – September 2014
31-Aug-2014 Magellan High Conviction Fund Update – August 2014
31-Jul-2014 Magellan High Conviction Fund Update – July 2014
30-Jun-2014 Magellan High Conviction Fund Update – June 2014
31-May-2014 Magellan High Conviction Fund Update – May 2014
30-Apr-2014 Magellan High Conviction Fund Update – April 2014
31-Mar-2014 Magellan High Conviction Fund Update – March 2014
28-Feb-2014 Magellan High Conviction Fund Update – February 2014
31-Jan-2014 Magellan High Conviction Fund Update – January 2014
31-Dec-2013 Magellan High Conviction Fund Update – December 2013
30-Nov-2013 Magellan High Conviction Fund Update – November 2013
31-Oct-2013 Magellan High Conviction Fund Update – October 2013
30-Sep-2013 Magellan High Conviction Fund Update – September 2013

Continuous Disclosure

Access the continuous disclosure information issued by Magellan Asset Management Limited in relation to this fund.

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

Invest directly with the fund

Complete the PDF Application Form

You can complete the PDF form digitally, or print and complete manually. You will be guided by the Application Form if you also need to complete and CRS forms

Send application form to Apex Group
Apex Fund Services - Unit Registry
GPO Box 143
Sydney NSW 2001

Or via email to magellanfunds@apexgroup.com

Temporary processes available during COVID-19

Speak with your adviser/broker. To find an adviser, visit Financial Advice Association Australia.

You can apply directly with the Responsible Entity by sending an Application Form to the unit registry for the Fund.

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.

You should read the Product Disclosure Statement (PDS)  and the Target Market Determination (TMD) before making any decision on how to invest in the Fund.

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.

You will receive  your transaction confirmations from the Unit Registry, which will include your SRN.  If you have invested directly with the Responsible Entity and have chosen to receive communication via email, you will receive confirmation of your investment from the Fund's unit registry (upon 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.
 

The Responsible Entity has established a DRP in respect of distributions made by the Fund. In respect of each distribution, the Responsible Entity may elect to offer or not offer the DRP. Under the DRP Rules, an investor may elect to have all, or part of the distribution that is payable to that investor reinvested as additional units in the Fund. The additional units will be issued at a price equal to the NAV per Unit, as provided in the DRP Rules. The DRP Rules provide detail on the methodology for determining the price at which units are issued to investors and can be found here. Details in relation to each distribution will be published on the announcements platform of the Securities Exchange Operator and the Fund’s website at www.magellangroup.com.au/funds/distributions/.

The fund is subject to regular reporting and continuous disclosure obligations. The following information is available on our website: 

  • the Fund’s Annual Financial Report most recently lodged with ASIC;
  • any Half Year Financial Report lodged with ASIC;
  • information about distributions paid in relation to the Fund;
  • monthly fund factsheets ; 
  • any continuous disclosure notices we lodge with ASIC.

You can withdraw some or all of your investment at any time, as long as the withdrawal request is for at least $5,000. To do this, you will need to complete a Withdrawal Form or written notice of withdrawal. You can request a specified dollar amount to be withdrawn, a specified number of units to be withdrawn, or a full redemption of your investment in the Fund. If your withdrawal request results in your remaining investment in the Fund falling below $5,000, we may require you to withdraw your entire balance.

The Responsible Entity intends to target a cash distribution which will be published on the Fund’s website at https://www.magellangroup.com.au/funds/distributions/.  (“Target Cash Distribution”). 

The Responsible Entity has the discretion to distribute an amount higher than the Target Cash Distribution. The distribution per unit 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 distribution may comprise an amount attributed to you from income (such as dividends received from shares and interest) less expenses incurred by the Fund (such as management and performance fees) plus net capital gains made on the sale of shares or other investments held. In some circumstances, the Fund may distribute a payment out of the capital invested in addition to a distribution of net income or net capital gains, or where the Fund has not generated any net income or net capital gains during the income year. The distribution investors may receive will be based on the number of units they
hold at the nominated record date. It is not pro-rated according to the time that investors have held their units.

The unit registry for the fund is Apex Fund Services
T | 1300 127 780 (or +61 2 8259 8566) or 0800 787 621 (NZ)
F | +61 2 9247 2822
E | magellanfunds@apexgroup.com
A| GPO Box 143, Sydney NSW 2001

Adviser Enquiries
T | +61 2 9235 4888
E | info@magellangroup.com.au

 

Why Global Equities?

Offering a range of funds that invest in high-quality companies for the long-term and that can generate excess returns on capital for years to come.

Why Global Equities?

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 your unitholdings.

Investor Login
Telephone:
1300 127 780 (Australia)
+61 2 8259 8566 (International)
0800 787 621 (New Zealand)
Fax:
+61 2 9247 2822
Postal Address:
GPO Box 143
Sydney, NSW 2001

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.

Research 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 

© 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 High Conviction Fund) is ‘Negative (Class A) / Neutral (Class B)’ as of November 2022.

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 lonsec.com.au for ratings information and to access the full report. © 2023 Lonsec. All rights reserved

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