Ausbil MicroCap Fund

Quarterly Fact Sheet - June 2016

‘The Ausbil MicroCap Fund1 provides investors with a diversified portfolio of high quality, dynamic companies outside the Top 200.’
 

What are MicroCaps?
Micro-capitalisation (“MicroCap”) stocks represent the ‘little known’ investment opportunities outside the S&P/ASX 200. These businesses tend to have the potential to grow faster than their bigger counterparts.
 

Why MicroCaps?
The Microcap stock universe is one of the most dynamic. From a portfolio management perspective, it is also among the most inefficient, as the investment universe is under-researched by both institutional investors and the broking community. Through superior proprietary research, we believe these inefficiencies can be exploited to deliver compelling investment opportunities.
 

Investment aim
The aim of the Fund is to outperform the S&P/ASX Emerging Companies Accumulation Index over the long term by investing in ASX listed companies outside the top 200.
 

Key features of the strategy
• Invest in 35-60 industrial and resource MicroCap stocks
• Process focuses on companies with sustainable business models and positive earnings revisions
• Aims to provide investors with long-term capital growth
 

Key benefits of the strategy
• Managed by a dedicated and experienced specialist MicroCap team
• Benefit from Ausbil’s existing macro-economic and sector analysis
 

Investment style Ausbil utilises a ‘core’ approach and seeks the best opportunities within the MicroCap universe. Our focus is on identifying liquid, well positioned and appropriately structured companies likely to enjoy positive earnings revisions over the coming period. The process is summarised in the diagram below:

Videos

Looking for small cap stocks with a global footprint

17/06/2016

17 Jun 2016 - Ausbil MicroCap Fund, Portfolio Manager Tony Waters talks about picking stocks that deliver earnings growth above market expectation and how small caps stocks with a global outlook have much greater upside than in the past.

Evaluating MicroCap market performance

03/06/2013

03 June 2013 - Ausbil Dexia Fund Manager Tony Waters speaks to FNN about identifying good investment opportunities in the MicroCap market.

Small to Mid Cap stocks bounce

24/10/2012

12 Apr 2012 – Ausbil, Portfolio Manager Micro Caps, Tony Waters, talks about strength in earnings which have translated into strong gains in the first quarter.

Product Features

Characteristic Comments
Benchmark S&P/ASX Emerging Companies Accumulation Index
Minimum Investment $20,000
Pricing Frequency Daily
Distribution Timetable Semi-annually: end June and end December
Fees 1 Management fee: 1.20% p.a.
Performance fee: 20.5% of the benchmark outperformance (after base management fee)
Performance hurdle: S&P/ASX Emerging Companies Accumulation Index + 1.20%

 

Performance 2

Period Fund
Return%
Benchmark%   2 Out/Under
Performance%
3 months 2.95 15.00 -12.06
FYTD 27.50 29.79 -2.29
1 year 27.50 29.79 -2.29
2 year pa 24.34 11.85 12.49
3 years pa 30.05 12.82 17.23
5 years pa 20.66 -3.62 24.28
Since inception pa
Date: February 2010
29.45 -0.08 29.53

 

Sector allocations 2

  Fund% Index%   2 Tilt%
Energy 0.00 3.86 -3.86
Materials 3.31 30.77 -27.45
Industrials 5.02 9.13 -4.11
Consumer Discretionary 32.20 4.86 27.34
Consumer Staples 8.05 2.89 5.16
Healthcare 1.42 7.98 -6.56
Financials (ex REITs) 2.43 10.89 -8.46
REITs 1.54 7.04 -5.50
IT 20.59 16.86 3.73
Telecommunications 4.29 1.35 2.94
Utilities 8.33 4.36 3.97
Cash 12.81 0.00 12.81
Total 100.00 100.00 0.00

 

Top 10 Stock holdings

Company Name
Infigen Energy
GTN Limited
RCG Corporation
Hansen Technology
Smartgroup Corporation
CSG
APN Outdoor Grp
Trilogy International
BWX Limited
The Reject Shop


 

1. Ausbil Investment Trusts - Ausbil MicroCap Fund (AAP0007AU.
2. All data is as at 30 June 2016.
3. Figures assume that distributions are reinvested and are net of fees but before taxes.
4. S&P/ASX Emerging Companies Accumulation Index.
5. Inclusive of GST

Unless otherwise specified, any information contained in this publication is current as at the date of this report and is prepared by Ausbil Investment Management Limited (ABN 26 076 316 473 AFSL 229722) (Ausbil). Ausbil is the issuer of the Ausbil Investment Trusts – Ausbil MicroCap Fund (ARSN 130 664 872) (Ausbil Australian MicroCap Fund, Ausbil MicroCap Fund or Fund). This report contains general information only and the information provided is factual only and does not constitute financial product advice. It does not take account of your individual objectives, financial situation or needs. Before acting on it, you should seek independent financial and tax advice about its appropriateness to your objectives, financial situation and needs. Securities and sectors mentioned in this report are presented to illustrate companies and sectors in which the Fund has invested and should not be considered a recommendation to purchase, sell or hold any particular security. Holdings are subject to change daily. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. Unless otherwise stated, performance figures are calculated net of fees and assume distributions are reinvested. Due to rounding the figures in the holdings, breakdowns may not add up to 100%. No guarantee or warranty is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained herein (any of which may change without notice) and should not be relied upon as a representation express or implied as to any future or current matter. You should consider the Product Disclosure Statement which is available at www.ausbil.com.au before acquiring or investing in any of our products the fund.

SEARCH SITE

Fund Updates

Ausbil MicroCap Fund Monthly Performance Update March 2014

Market review    Fund Performance for March was 0.46% (net) versus the benchmark of -0.65% as measured by the S&P/ASX Emerging Companies Accumulation Index.   The ...

FUNDS

Hunter Hall Global Value Limited

The objective of Hunter Hall Global Value Limited (HHV) is to achieve substantial growth in the value of each ...

Intermede Global Equities Fund

The fund aims to deliver a return that exceeds the MSCI All Country World Index (Net Dividends Reinvested) (...

Redpoint Global Infrastructure Fund

Infrastructure companies often operate in highly regulated monopolies that provide essential services to the ...

MLC IncomeBuilder

MLC IncomeBuilder (the ‘Fund’1) is an Australian share fund that aims to give you a growing, tax-efficient inc...

Antares Dividend Builder

The Fund’s primary objective is to regularly deliver higher levels of dividend income on a tax effective basis...

Altrinsic Global Advisors

The Trust aims to provide long term growth of capital by investing predominately in publicly traded global equ...

Antares High Growth Shares Fund

The Antares High Growth Shares Fund is an actively traded, long biased, long/short equity fund that aims to ou...

Antares Australian Equities Fund

The Fund's objective is to outperform the S& P/ASX 200 Accumulation Index over a rolling five year period ...

Antares Elite Opportunities Fund

The Fund's objective is to outperform the S&P/ASX 200 Accumulation Index by 4% p.a. (gross of fees) over a rol...

Antares Listed Property Fund

The Fund's objective is to outperform the S&P/ASX 200 A-REIT Accumulation Index over a rolling five year perio...

Antares Enhanced Cash Trust

Antares Fixed Income (Antares) is a specialist fixed interest manager covering a range of domestic and intern...

Antares Income Fund

Income generating investment: aims to deliver a regular income stream through all market conditions F...

Antares Inflation Linked Bond Fund

Antares Fixed Income (Antares) is a specialist fixed interest manager covering a range of domestic and intern...

Antares Small Companies Fund

The Fund's objective is to outperform the S&P/ASX Small Ordinaries Accumulation Index by 5% per annum over a r...

Ausbil 130/30 Focus Fund

The Ausbil 130/30 Focus Fund amplifies Ausbil’s successful stock selection skills by allowing both long and sh...

Ausbil Australian Emerging Leaders Fund

The Ausbil Australian Emerging Leaders Fund is a concentrated portfolio of mid and small cap Australian shares...

Ausbil Australian Active Equity Fund

The Ausbil Australian Active Equity Fund is a concentrated portfolio of Australian shares, managed by Ausbil’s...

Fairview Equity Partners Emerging Companies

The Fund aims to provide long term capital growth and some income by investing primarily in a diverse portfoli...

MLC Wholesale Inflation Plus – Assertive Portfolio

The MLC inflation plus – Assertive portfolio aims to deliver a return of 6% pa above inflation (before deducti...

MLC Wholesale Inflation Plus – Conservative Portfolio

The MLC inflation plus – Conservative Portfolio is an actively managed portfolio that aims to deliver a return...

MLC Wholesale Inflation Plus – Moderate Portfolio

The MLC inflation plus – Moderate Portfolio is an actively managed portfolio that aims to deliver a return of ...

Pengana Absolute Return Asia Pacific Fund

The Pengana Absolute Return Asia Pacific Fund aims to deliver consistent returns that are uncorrelated with tr...

Pengana Australian Equities Fund

The Pengana Australian Equities Fund provides exposure to a high conviction portfolio of listed Australian com...

Presima Global Property Securities Concentrated Fund

The Fund aims to provide consistent long term returns by investing in publicly traded global property securiti...

Redpoint Investment Management

Redpoint Investment Management (Redpoint) brings 170 years of combined experience to its investment decisions....