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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 21, 2026
The Airlie Australian Share Fund returned 10.6% for the quarter net of fees, outperforming the S&P/ASX 200 by 6.5% after fees, though the fund underperformed by 2.0% for the full fiscal year. The quarter saw a sharp reversal of headwinds that had weighed on performance, with materials holdings (BHP, RIO, BlueScope, Ampol, IGO) rallying over 50% as markets scrambled for real assets, and USD earners (Aristocrat, Resmed, News Corp) rebounding as the AUD peaked. The manager maintains a large 10% underweight in Australian banks, viewing them as overvalued heading into a deteriorating outlook with rising rates slowing credit growth, aggressive competition from Macquarie, and the Federal Budget's ban on negative gearing threatening investor loan margins. The manager expects earnings downgrades and P/E de-rating for banks to create a headwind for the index, while seeing best opportunities in quality industrials like Car Group, Pinnacle, Orica, News Corp and Resmed that have de-rated sharply but offer strong EPS growth. The changing market structure with increased passive and quantitative strategies is creating enhanced volatility that the manager views as opportunity rather than threat, as demonstrated by adding to BlueScope and James Hardie following MSCI index deletions, with both positions subsequently up 48%.
Airlie maintains a concentrated, high-conviction portfolio of 15-35 Australian equities focused on exploiting the tension between slow-moving primary market fundamentals and increasingly fast-moving secondary market valuations driven by passive flows and earnings-revision strategies.
FY27 looks like a fantastic setup for active stock pickers with significant headwinds that weighed on performance over the preceding 12 months now reversing sharply and turning to performance tailwinds. With a quarter of the index in expensive banks facing a slowdown and a quarter in cyclical miners coming off a strong year, the best opportunities lie in quality industrials that have de-rated sharply over the last 12 months. The manager welcomes the increased volatility from changing market structures as it enhances the opportunity set for fundamental active investors.
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