Publication details


May 13, 2024

Pedigree, people, and performance - unpacking new fund launches


Chis Conway

Behind every fund launch, there is a story. We've hunted down the stories behind some of the best-performing new funds.

he launch of Livewire’s Undiscovered Funds series prompts a deep dive into an extensive list of funds launched in the past 12 months. My colleagues Sara Allen and Glenn Freeman have already undertaken a mighty effort in extracting insights from that list, but in this wire we’re going to dig a little deeper.

For every new fund and performance number attached to it, there is a story. It could be the story of a little-known but highly respected Hall-of-Famer, or the story of a big shop backing a new industry stalwart in the making.

Whatever the story, Livewire prides itself on knowing not just the numbers but also who’s who in the zoo, and sharing those insights with you. Here goes.

Whilst we have focused on short-term performance and funds off to a strong start, performance should be considered over longer periods and past performance is not a reliable indicator of future return. Any performance figures quoted "since inception" are up to 31 March 2024.

Vinva Intl Equity Alpha Extension C

Morry Waked is the little-known (publicly, at least) but well-respected funds management Hall-of-Famer I referred to in the introduction. We were lucky enough to interview him on the Rules of Investing podcast late last year, just after he received his Hall-of-Fame gong. Waked is perhaps less well known than some of his contemporaries because he runs a quant fund - of which there are few in Australia.

Waked is the Managing Director and Head of Investments at Vinva, which manages $23 billion (as at June 30 last year) and employs what they call “a systematic approach to investing”.

The new fund, launched recently, aims to provide investors with a total investment return (after fees) that outperforms the MSCI World ex Australia ex Tobacco ex Controversial Weapons Index (AUD) with net dividends reinvested over periods of seven years or longer.

The fund is off to a flying start, up 45.03% since inception.

Munro Global Growth Small & Mid Cap A

The Munro Global Growth SMID fund is run by Qiao Ma. I interviewed Ma on the Rules of Investing podcast not long after she took the reins.

Ma is keen on company culture and will walk away from an investment if she believes the culture is wrong. The philosophy has served her well so far. The Fund is up 32.98% since inception and punched out a 20.8% return in the March quarter, outperforming the MSCI ACWI SMID Net Index’s return of 9.7% by 11.1%.

Read the rest of the article here.

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