Fund Overview

The Ellerston Australian Share Fund is a high conviction fund that looks beyond just investing in the Top 20 stocks in order to capture the neglected opportunities created by under-researched stocks in the broader Australian market.

Greater opportunities for alpha generation by broadening our focus beyond the large companies that typically dominate analyst and investor attention.
Potential for long-term capital growth and income distributions.
An active, bottom-up approach to stock selection.
Run by Ellerston Capital’s experienced investment specialists with a disciplined investment approach.

The capital invested in each stock is solely dependent on our assessment of its ability to generate superior risk adjusted returns in the future, not on its benchmark weighting.

Unit Prices

Date	CUM APP	CUM NAV	CUM RED	Frequency

Unit Prices

Performance Graph

Disclaimer

Distribution

Fund Name	6	5	4	3	2	1	Frequency
Fund Name	30/09/2022	31/12/2022	31/03/2023	30/06/2023	30/09/2023	31/12/2023	Frequency
Ellerston Global Equity Managers Fund Class A*	Nil	Nil	Nil	Nil	Nil	Nil	Annual
Ellerston Global Equity Managers Fund Class B	Nil	Nil	Nil	Nil	Nil	Nil	Annual
Ellerston Global Equity Managers Fund Class C	Nil	Nil	Nil	Nil	Nil	Nil	Annual
Ellerston Australian Share Fund Class A	Nil	Nil	Nil	0.0363	Nil	Nil	Half-Yearly
Ellerston Overlay ASF Class A	Nil	Nil	Nil	0.0155	Nil	Nil	Half-Yearly
Ellerston Australian Absolute Return Fund^	Nil	Nil	Nil	Nil	Nil	Nil	Half-Yearly
Ellerston Australian MicroCap Fund Class A	Nil	0.0081	Nil	0.0059	Nil	0.0058	Half-Yearly
Ellerston Australian Emerging Leaders Fund	Nil	Nil	Nil	Nil	Nil	Nil	Half-Yearly
Ellerston Equity Income KIS Fund	0.0239	Nil	0.0337	0.0186	0.0154	Nil	Quarterly
Ellerston Global Mid Small Cap Fund Class A	Nil	Nil	Nil	Nil	Nil	Nil	Half-Yearly
Ellerston Global Mid Small Cap Fund Class B	Nil	Nil	Nil	Nil	Nil	Nil	Half-Yearly
Ellerston Asia Growth Fund^^	Nil	0.0007	Nil	Nil	Nil	Nil	Half-Yearly
Ellerston India Fund	Nil	Nil	Nil	0.0149	Nil	Nil	Half-Yearly
Ellerston JAADE Australian Private Asset Fund (Wholesale) Foundation Class	Nil	Nil	Nil	Nil	Nil	Nil	Annual
Ellerston JAADE Australian Private Asset Fund (Retail)	Nil	Nil	Nil	Nil	Nil	Nil	Annual
Ellerston Pre-IPO Fund	Nil	Nil	Nil	Nil	Nil	Nil	N/A

Disclaimer

Performance (Net %)

Fund/Benchmark Name	Fund Short Name	Calculation Date	1M(%)	3M(%)	1Y(%)	3Y(% p.a)	5Y(% p.a)	10Y(% p.a)	S.I.*(% p.a)
Ellerston Australian Share Fund	ASF	31/03/2024	3.35	2.28	5.4	10.94	9.03	7.44	8.82
S&P/ASX 200 Accumulation Index	ASF	31/03/2024	3.27	5.33	14.45	9.62	9.15	8.27	9.84
Alpha	ASF	31/03/2024	0.08	-3.05	-9.05	1.32	-0.12	-0.83	-1.02
Ellerston Overlay Australian Share Fund	OSF	31/03/2024	3.04	1.73	2.37	8.13	7.3	6.55	7.3
S&P/ASX	OSF	31/03/2024	3.27	5.33	14.45	9.62	9.15	8.27	9.12
Alpha	OSF	31/03/2024	-0.23	-3.6	-12.08	-1.49	-1.85	-1.72	-1.82
Ellerston Equity Income KIS Fund	KIS	31/03/2024	4.38	4.86	13.68	9.92	-	-	9.86
S&P/ASX 200 Accumulation Index	KIS	31/03/2024	3.27	5.33	14.45	9.62	-	-	8.8
Alpha	KIS	31/03/2024	1.11	-0.47	-0.77	0.3	-	-	1.06
Ellerston Australian Absolute Return Fund	ARF	31/03/2024	3.11	6.19	5.75	-2.28	5.95	4.26	5.22
RBA Cash Rate	ARF	31/03/2024	0.36	1.07	4.14	2.09	1.48	1.65	1.72
Alpha	ARF	31/03/2024	2.75	5.12	1.61	-4.37	4.47	2.61	3.5
Ellerston Australian Micro Cap Fund	AMCF	31/03/2024	5.91	9.14	19.55	0.94	12.85	-	13.53
S&P/ASX Small Ordinaries Accumulation Index	AMCF	31/03/2024	4.79	7.55	13.83	2.72	5.43	-	6.92
Alpha	AMCF	31/03/2024	1.12	1.59	5.72	-1.78	7.42	-	6.61
Ellerston Australian Emerging Leaders Fund	AELF	31/03/2024	4.31	15.02	29.97	-	-	-	-0.9
S&P/ASX Small Ordinaries Accumulation Index	AELF	31/03/2024	4.79	7.55	13.83	-	-	-	-1.5
Alpha	AELF	31/03/2024	-0.48	7.47	16.14	-	-	-	0.6
Ellerston 2050 Fund	2050	31/03/2024	1.58	7.74	17.51	-	-	-	4.49
S&P/ASX Small Ordinaries Industrial Accumulation Index	2050	31/03/2024	3.5	9.58	20.45	-	-	-	7.58
Alpha	2050	31/03/2024	-1.92	-1.84	-2.94	-	-	-	-3.09
Ellerston Asia Growth Fund (Hedge Fund)	EAFZ	31/03/2024	4.02	9.78	-	-	-	-	6.38
MSCI Asia ex Japan (non-accumulation)	EAFZ	31/03/2024	2.13	6.73	-	-	-	-	5.21
Alpha	EAFZ	31/03/2024	1.89	3.05	-	-	-	-	1.17
Ellerston India Fund	INF	31/03/2024	1.48	10.7	29.68	12.78	9.22	-	9.5
MSCI India Net Return Index	INF	31/03/2024	0.62	10.94	40.47	18.25	13.46	-	12.4
Alpha	INF	31/03/2024	0.86	-0.24	-10.79	-5.47	-4.24	-	-2.9
Ellerston Global Mid Small Cap Fund - Class A	GMSCF_A	31/03/2024	1.46	9.83	13.49	3.42	11.89	-	11.25
MSCI World Mid Cap Index	GMSCF_A	31/03/2024	3.92	11.65	21.18	9.07	10.61	-	10.77
Alpha	GMSCF_A	31/03/2024	-2.46	-1.82	-7.69	-5.65	1.28	-	0.48
Ellerston Global Mid Small Cap Fund - Class B	GMSCF_B	31/03/2024	1.45	9.82	13.45	3.76	-	-	9.27
MSCI World Mid Cap Index	GMSCF_B	31/03/2024	3.92	11.65	21.18	9.07	-	-	12.22
Alpha	GMSCF_B	31/03/2024	-2.47	-1.83	-7.73	-5.31	-	-	-2.95
Morphic Ethical Equities Fund	MEC	31/03/2024	1.44	10.64	15.08	4.26	8.7	-	7.87
MSCI AC World Net Total Return Index	MEC	31/03/2024	2.94	13.16	26.49	12.62	12.82	-	12.31
Alpha	MEC	31/03/2024	-1.5	-2.52	-11.41	-8.36	-4.12	-	-4.44
Ellerston Global Equity Managers Fund - Class A	GEMS_A	31/03/2024	0.82	5.23	15.11	-1.12	11.88	11.05	11.78
MSCI World Index	GEMS_A	31/03/2024	3.02	13.88	28.43	14.36	14	13.3	6.53
Alpha	GEMS_A	31/03/2024	-2.2	-8.65	-13.32	-15.48	-2.12	-2.25	5.25
Ellerston Global Equity Managers Fund - Class B	GEMS_B	31/03/2024	0.82	5.23	15.08	-1.11	11.89	11.05	11.65
MSCI World Index	GEMS_B	31/03/2024	3.02	13.88	28.43	14.36	14	13.3	6.53
Alpha	GEMS_B	31/03/2024	-2.2	-8.65	-13.35	-15.47	-2.11	-2.25	5.12
Ellerston Global Equity Managers Fund - Class C	GEMS_C	31/03/2024	0.82	5.23	15.09	-1.11	11.89	11.06	10.55
MSCI World Index	GEMS_C	31/03/2024	3.02	13.88	28.43	14.36	14	13.3	12.63
Alpha	GEMS_C	31/03/2024	-2.2	-8.65	-13.34	-15.47	-2.11	-2.24	-2.08
Ellerston Pre IPO Fund	PIPO	31/12/2023	-	1.74	-1.31	0.14	-	-	4.07
Ellerston JAADE Australian Private Assets Fund (Retail)	JAADE_R	31/03/2024	-	3.41	14.58	12.44	-	-	16.27
Ellerston JAADE Australian Private Assets Fund (Wholesale)	JAADE_W	31/03/2024	-	3.54	15.23	12.94	16.86	-	15.55

Disclaimer

The performance figures are net of taxes, fees and expenses and assuming distributions are reinvested. The benchmark was changed from the S&P/ASX 200 Accumulation Ex REITS Index to the S&P/ASX 200 Accumulation Index on 1 July 2012.

*The Since Inception for the Fund is 31 March 2009.

The performance figures presented are for the Ellerston Australian Share Fund – Class A Units (ARSN 135 591 534). The one month return figure may be an estimate and not the final return. This estimate also impacts other performance information provided. Estimated performance figures (where indicated) are preliminary and subject to change. Returns for other classes may differ slightly. Past performance is not indicative of future performance. Ellerston Capital Limited ABN 34 110 397 674 AFSL 283 000 is the responsible entity of the Ellerston Australian Share Fund – Class A Units (ARSN 135 591 534). The information supplied above has been prepared by Ellerston Capital Limited without taking account of the objectives, financial situation or needs of investors. Before making an investment decision about any Fund persons should obtain advice from an appropriate financial adviser, consider their own individual circumstances and obtain a copy of the relevant Product Disclosure Statement for the Fund which is available on this website. This material has been prepared based on information believed to be accurate at the time of publication. Assumptions and estimates may have been made which may prove not to be accurate. Ellerston Capital undertakes no responsibility to correct any such inaccuracy. Subsequent changes in circumstances may occur at any time and may impact the accuracy of the information. To the full extent permitted by law, none of Ellerston Capital Limited, or any member of the Ellerston Capital Limited Group of companies makes any warranty as to the accuracy or completeness of the information in this website and disclaims all liability that may arise due to any information contained in this website being inaccurate, unreliable or incomplete.

Performance (Net %)

Disclaimer

*The Since Inception for the Fund is 31 March 2009.

Performance Graph

Disclaimer

Distribution

Disclaimer

Fund Newsletter

Document	Date	Download
March 2024 Newsletter	31/03/2024

Important Documents

Product Disclosure Statement Additional information to the PDS Target Market Determination Annual Financial Report – FY23

Chris Kourtis

Director & Portfolio Manager

Responsible for leading our investment team, Chris has served as a Director and Portfolio Manager of Ellerston since 2005, and has over 36 years investment experience.

Prior to joining Ellerston, Chris co-founded the Melbourne based Investment Management firm Portfolio Partners in 1994, where he held various positions including Director and Senior Investment Manager and was formerly the Head of Equities until January 2003. It was from that point that he gave up his role to conceive and focus on managing the highly successful Elite Opportunities Concentrated Australian Shares Fund.

Prior to Portfolio Partners, Chris worked as a Senior Portfolio Manager, Deputy Head of Equities and Head of Resources Strategy at County Natwest Australia Investment Management where he was responsible for the management of County’s largest specialist equity mandates.

Chris has a Bachelor of Commerce degree from the University of Melbourne and is a Senior Associate of the Financial Services Institute of Australia.

Chris was inducted into the Australian Fund Managers Foundation Hall of Fame in 2018 in recognition of his contribution to the industry.

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Ellerston Australian Share Fund

Fund Overview

Unit Prices

Unit Prices

Performance Graph

Distribution

Performance (Net %)

Performance (Net %)

Performance Graph

Distribution

Fund Newsletter

Important Documents

Investment Team

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Learn more about Ellerston Capital Today.

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Ellerston Australian Share Fund

Fund Overview

About

Features

Strategy

Unit Prices

Unit Prices

Unit Prices

Performance Graph

Distribution

Performance (Net %)

Performance (Net %)

Performance (Net %)

Performance Graph

Performance Graph

Distribution

Distribution

Fund Newsletter

Important Documents

Investment Team

Apply to this Fund online

Learn more about Ellerston Capital Today.

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