Please find the annual investor letters for Global, Infrastructure, Active Systematic and Australian Equities Strategies.
Global Opportunities
Portfolio Manager Alan Pullen reflects on a challenging, AI-dominated year for markets, where narrow, momentum-driven gains left many quality businesses neglected. Staying disciplined through the noise, the Fund delivered satisfactory returns since inception. Alan explains why current market is creating some of the most attractive opportunities for patient, quality-focused investors in years.
Global Listed Infrastructure
Co-Heads of Infrastructure Ofer Karliner and Ben McVicar reflect on a year dominated by the AI investment boom and Iran War-driven energy shock. Despite volatility, the Strategy performed strongly, with resilient utilities and toll roads offsetting weaker telecommunications holdings, reaffirming the durability and disciplined approach of Magellan's infrastructure investment philosophy.
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Vinva Systematic Equities
Vinva's investment team reports on a strong year for global equities despite a sharp Middle East-driven sell-off. Both Vinva's strategies outperformed benchmarks, with alpha generated by identifying mispriced beneficiaries of the AI capital cycle, including cabling, electronics and memory manufacturers, rather than chasing already-expensive mega-cap technology names.
Airlie Australian Share Fund
Portfolio Managers Emma Fisher and Joe Wright reflect on a volatile year for the S&P/ASX 200, shaped by a resources-led rally and shifting market sentiment. They discuss Airlie's "undervalued quality" investment approach, how recent de-rates across high-quality names created fresh opportunities, and why the outlook for stock-pickers into FY27 looks encouraging.
Airlie Small Companies Fund
Portfolio Manager Will Granger reflects on a Challenging year for the Fund, driven largely by strength in small-cap resources, a sector the Fund deliberately avoids on quality grounds. Will discusses the Fund's disciplined approach to identifying advantaged, undervalued businesses, including a new position in Guzman y Gomez, and remains confident in the portfolio's long-term prospects.
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