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"The Airlie Australian Share Fund delivered positive absolute returns but lagged the benchmark in FY25 due to an intentional underweight in highly valued banks."
In their July 2025 letter, managers Emma Fisher and Joe Wright review the FY25 performance of the Airlie Australian Share Fund. While the fund achieved positive absolute performance, it underperformed the S&P/ASX 200 benchmark. Underperformance was heavily driven by the fund's underweight in the banking sector, particularly CBA, which they argue is deeply overvalued relative to history. Key detractors Mineral Resources and IDP Education were fully exited during the year. Conversely, the managers deployed capital into new positions in Goodman Group and Aspen Group, and added to CSL. Despite the relative headwind, they remain optimistic for FY26 based on their process of holding quality companies at attractive discounts.
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