Fund Overview

The Ellerston Australian Micro Cap Fund is made up of a portfolio of between 30 – 60 smaller and micro cap companies. The Fund adopts a unique investment process that aims to produce consistent returns over time.

Greater opportunities for alpha: Micro Cap companies are under researched compared to larger companies which increases the reward for effort and the opportunity for alpha.
Access to growth at reasonable prices: Micro Cap companies that are growing provide the potential for returns as long as you don’t overpay for that growth.

The Fund employs an active, research-driven investment approach which seeks to identify a portfolio of smaller and micro cap companies with the aim of delivering superior returns to the benchmark over time.

The Fund will invest in companies that are believed to have the potential to deliver significant upside over the medium term and where there is a reasonable margin of safety to mitigate downside risk. Investments will generally be made in companies that have sound business franchises with attractive earnings profiles that operate in growth industries and trade at a discount to valuation.

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	31/12/2022	31/03/2023	30/06/2023	30/09/2023	31/12/2023	31/03/2024	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	0.0363	Nil	Nil	Nil	Half-Yearly
Ellerston Overlay ASF Class A	Nil	Nil	0.0155	Nil	Nil	Nil	Half-Yearly
Ellerston Australian Absolute Return Fund^	Nil	Nil	Nil	Nil	Nil	Nil	Half-Yearly
Ellerston Australian MicroCap Fund Class A	0.0081	Nil	0.0059	Nil	0.0058	Nil	Half-Yearly
Ellerston Australian Emerging Leaders Fund	Nil	Nil	Nil	Nil	Nil	Nil	Half-Yearly
Ellerston Equity Income KIS Fund	Nil	0.0337	0.0186	0.0154	Nil	0.0399	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^^	0.0007	Nil	Nil	Nil	Nil	Nil	Half-Yearly
Ellerston India Fund	Nil	Nil	0.0149	Nil	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 is the S&P/ASX Small Ordinaries Accumulation Index.

*Since inception is 28 April 2017. Past performance is not a reliable indicator of future performance, nor a promise of future returns.

The performance figures presented are for the Ellerston Australian Micro Cap Fund (ARSN 619 727 356). 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 for the Ellerston Australian Micro Cap Fund (ARSN 619 727 356). 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 performance figures are net of taxes, fees and expenses and assuming distributions are reinvested. The benchmark is the S&P/ASX Small Ordinaries Accumulation Index.

*Since inception is 28 April 2017. Past performance is not a reliable indicator of future performance, nor a promise of future returns.

Performance graph

Disclaimer

Distribution

Disclaimer

Important Documents

Product Disclosure Statement Additional Information to the PDS Target Market Determination Annual Financial Report – FY23 AMIT Fund Payment Notice – Ellerston Australian Micro Cap Fund (December 2023)

Fund Newsletter

March 2024

31.03.2024

Fund Newsletter

February 2024

29.02.2024

Fund Newsletter

Investment Team

David Keelan

Chief Investment Officer & Portfolio Manager

Alexandra Clarke

Portfolio Manager

James Barker

Deputy Portfolio Manager

Newsletters

Document	Date	Download
January 2024 Newsletter	31/01/2024
December 2023 Newsletter	31/12/2023
November 2023 Newsletter	30/11/2023
October 2023 Newsletter	31/10/2023
September 2023 Newsletter	30/09/2023
August 2023 Newsletter	31/08/2023
July 2023 Newsletter	31/07/2023
June 2023 Newsletter	30/06/2023
May 2023 Newsletter	31/05/2023
April 2023 Newsletter	30/04/2023
March 2023 Newsletter	31/03/2023
February 2023 Newsletter	28/02/2023
January 2023 Newsletter	31/01/2023
December 2022 Newsletter	31/12/2022
November 2022 Newsletter	30/11/2022
October 2022 Newsletter	31/10/2022
September 2022 Newsletter	30/09/2022

Featured Posts

2050 Fund, Emerging Leaders Fund, MicroCap

11.07.2022

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Ellerston Australian Micro Cap Fund

Fund Overview

Unit Prices

Unit Prices

Performance graph

Distribution

Performance (Net %)

Performance (Net %)

Performance graph

Distribution

Important Documents

Fund Newsletter

Fund Newsletter

Fund Newsletter

Investment Team

Newsletters

Featured Posts

CEFC and Qantas Super back companies to fast-track net-zero transition with 2050 Fund

Reach Markets ‘The Insider: Meet the Fund Manager’

Looking ahead to the 2021 Reporting Season (Podcast)

Significant Event Notice

Ellerston Australian Micro Cap Fund May 2020 Investor Update

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Ellerston Australian Micro Cap 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

Important Documents

Fund Newsletter

Fund Newsletter

Fund Newsletter

Investment Team

Newsletters

Featured Posts

CEFC and Qantas Super back companies to fast-track net-zero transition with 2050 Fund

Reach Markets ‘The Insider: Meet the Fund Manager’

Looking ahead to the 2021 Reporting Season (Podcast)

Significant Event Notice

Ellerston Australian Micro Cap Fund May 2020 Investor Update

Apply to this Fund online

Learn more about Ellerston Capital Today.

Subscribe
to updates
& news.

Subscribe
to updates
& news.