Australian Equity Long Short Fund

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aria-label="breadcrumb separator" class="breadcrumbs__arrow"> <use xlink:href="#breadcrumb-arrow"></use> </svg> </li> <li class="breadcrumbs__item"> <span class="breadcrumbs__link link-actual" aria-current="page">Australian Equity Long Short Fund</span> </li> </ol> <div class="breadcrumbs__item breadcrumbs__list-mobile"> <svg viewBox="0 0 20 20" width="20" height="20" aria-label="breadcrumb separator" class="breadcrumbs__arrow breadcrumbs__arrow-mobile"> <use xlink:href="#breadcrumb-arrow"></use> </svg> <a class="breadcrumbs__link" href="/au/strategies">Back to Previous Page</a> </div> </nav> </section> <header data-module="fund-masthead" class="fund-detail-masthead fund-detail-masthead--options"> <div class="fund-detail-masthead__content-wrapper"> <div class="fund-detail-masthead__heading-wrapper"> <div class="fund-detail-masthead__heading-container"> <h1 class="fund-detail-masthead__heading"> Australian Equity Long Short </h1> </div> <p>This strategy aims to deliver superior long-term returns by actively investing in undervalued companies and short-selling overvalued companies listed on the Australian Securities Exchange. The strategy generally maintains a long exposure of 130% and a short exposure of -30%.</p> </div> <div class="fund-detail-masthead__info"> <div class="super"> <div class="super__content"> <span class="super__label">INVESTMENT UNIVERSE</span> <div class="super__copy"> <p>1000+ Australian stocks (includes ex-index stocks to maximise opportunity set)</p> </div> </div> </div> <div class="super"> <div class="super__content"> <span class="super__label">RETURN FORECAST</span> <div class="super__copy"> <p>Daily analysis at stock-specific, peer group, and macro level results in objective risk and return forecast</p> </div> </div> </div> <div class="super"> <div class="super__content"> <span class="super__label">PORTFOLIO CONSTRUCTION & TRADING</span> <div class="super__copy"> <p> Forecasts enter proprietary portfolio optimisation system, weighing expected return against risk, liquidity, T-costs, real-world frictions</p> </div> </div> </div> </div> </div> </header> <section class="tabbed-content" data-module="tabbed-fund-containers" data-identifier="contact-us-tabs" aria-labelledby="tabbedContentHeading"> <div class="tabbed-content__tabs-wrapper"> <div class="tabbed-content__dropdown-wrapper"> <select class="tabbed-content__dropdown select" aria-label="Select to switch a tab"> <option value=tab-1>Investment Philosophy</option> <option value=tab-2>Fund Overview</option> <option value=tab-3>Fund Performance</option> <option value=tab-4>Portfolio & Positioning</option> <option value=tab-5>Fund Documents</option> </select> </div> <div role="tablist" class="tabbed-content__tabs" aria-label="Contact us tabs"> <button class="tabbed-content__tab" role="tab" aria-selected=true aria-controls="tab-1-panel" data-index=0 id="tab-1" data-identifier="contact-us-tabs"> Investment Philosophy </button> <button class="tabbed-content__tab" role="tab" aria-controls="tab-2-panel" data-index=0 id="tab-2" data-identifier="contact-us-tabs"> Fund Overview </button> <button class="tabbed-content__tab" role="tab" aria-controls="tab-3-panel" data-index=0 id="tab-3" data-identifier="contact-us-tabs"> Fund Performance </button> <button class="tabbed-content__tab" role="tab" aria-controls="tab-4-panel" data-index=0 id="tab-4" data-identifier="contact-us-tabs"> Portfolio & Positioning </button> <button class="tabbed-content__tab" role="tab" aria-controls="tab-5-panel" data-index=0 id="tab-5" data-identifier="contact-us-tabs"> Fund Documents </button> </div> </div> <div class="tabbed-content__panels"> <div class="tabbed-content__panel" role="tabpanel" id="tab-1-panel" aria-labelledby="tab-1" data-identifier="contact-us-tabs" > <div class="container"> <section class=vertical-tab__wrapper data-module=vertical-tab aria-label="Investment philosophy"><header class=vertical-tab__header><h2></h2><h2 class=vertical-tab__heading id=across-container-header>Investment philosophy</h2></header><div class=vertical-tab__tablist role=tablist aria-label="tab list"><div class=vertical-tab__button-wrapper><button class=vertical-tab__tab-btn role=tab aria-selected=false aria-controls=tab-6481B7AFB62E4D35834A77BBE5E45403 id=button-6481B7AFB62E4D35834A77BBE5E45403 data-index=0> Mispricings </button> <button class=vertical-tab__toggle-btn data-index=0> <svg viewBox="0 0 120 120" width=20 height=20 aria-label=expand class=vertical-tab__toggle-svg><use xlink:href=#expand /></svg> </button></div><div class=vertical-tab__content tabindex=0 role=tabpanel id=tab-6481B7AFB62E4D35834A77BBE5E45403 aria-labelledby=button-6481B7AFB62E4D35834A77BBE5E45403><div class=vertical-tab__content-copy><div class=rtf><p><span style=font-size:24px>Financial assets are often mispriced due to behavioural errors, such as incorrectly processing information or acting on incomplete information.</span></div></div></div><div class=vertical-tab__button-wrapper><button class=vertical-tab__tab-btn role=tab aria-selected=false aria-controls=tab-27F02B4307714A7699A529C1889882F7 id=button-27F02B4307714A7699A529C1889882F7 data-index=1> Multi-faceted </button> <button class=vertical-tab__toggle-btn data-index=1> <svg viewBox="0 0 120 120" width=20 height=20 aria-label=expand class=vertical-tab__toggle-svg><use xlink:href=#expand /></svg> </button></div><div class=vertical-tab__content tabindex=0 role=tabpanel id=tab-27F02B4307714A7699A529C1889882F7 aria-labelledby=button-27F02B4307714A7699A529C1889882F7><div class=vertical-tab__content-copy><div class=rtf><p><span style=font-size:24px>Top-performing companies display many qualities. Their success is multi-faceted and cannot be attributed to any single factor.</span></div></div></div><div class=vertical-tab__button-wrapper><button class=vertical-tab__tab-btn role=tab aria-selected=false aria-controls=tab-436CDF7123A44DB3BC577A7D3CE8C536 id=button-436CDF7123A44DB3BC577A7D3CE8C536 data-index=2> Systematic </button> <button class=vertical-tab__toggle-btn data-index=2> <svg viewBox="0 0 120 120" width=20 height=20 aria-label=expand class=vertical-tab__toggle-svg><use xlink:href=#expand /></svg> </button></div><div class=vertical-tab__content tabindex=0 role=tabpanel id=tab-436CDF7123A44DB3BC577A7D3CE8C536 aria-labelledby=button-436CDF7123A44DB3BC577A7D3CE8C536><div class=vertical-tab__content-copy><div class=rtf><span style=font-size:24px>Market inefficiencies and attractive opportunities are best captured using systematic processes.</span></div></div></div><div class=vertical-tab__button-wrapper><button class=vertical-tab__tab-btn role=tab aria-selected=false aria-controls=tab-58A6AD0FCAEA47CBB9C01C630B436460 id=button-58A6AD0FCAEA47CBB9C01C630B436460 data-index=3> Technology </button> <button class=vertical-tab__toggle-btn data-index=3> <svg viewBox="0 0 120 120" width=20 height=20 aria-label=expand class=vertical-tab__toggle-svg><use xlink:href=#expand /></svg> </button></div><div class=vertical-tab__content tabindex=0 role=tabpanel id=tab-58A6AD0FCAEA47CBB9C01C630B436460 aria-labelledby=button-58A6AD0FCAEA47CBB9C01C630B436460><div class=vertical-tab__content-copy><div class=rtf><p><span style=font-size:24px>Curated application of artificial intelligence (AI) and machine learning (ML) technology can help extract pertinent information from large, complex datasets.</span></div></div></div><div class=vertical-tab__button-wrapper><button class=vertical-tab__tab-btn role=tab aria-selected=false aria-controls=tab-B06B1292AACF4888828CC552E2CEC248 id=button-B06B1292AACF4888828CC552E2CEC248 data-index=4> Dynamic </button> <button class=vertical-tab__toggle-btn data-index=4> <svg viewBox="0 0 120 120" width=20 height=20 aria-label=expand class=vertical-tab__toggle-svg><use xlink:href=#expand /></svg> </button></div><div class=vertical-tab__content tabindex=0 role=tabpanel id=tab-B06B1292AACF4888828CC552E2CEC248 aria-labelledby=button-B06B1292AACF4888828CC552E2CEC248><div class=vertical-tab__content-copy><div class=rtf><p><span style=font-size:24px>Investment processes must be dynamic and adapt to changes in investor behaviour and the investment environment.</span></div></div></div><div class=vertical-tab__button-wrapper><button class=vertical-tab__tab-btn role=tab aria-selected=false aria-controls=tab-97D67503BF594DC0AC84B9FF7941A8D5 id=button-97D67503BF594DC0AC84B9FF7941A8D5 data-index=5> Innovation </button> <button class=vertical-tab__toggle-btn data-index=5> <svg viewBox="0 0 120 120" width=20 height=20 aria-label=expand class=vertical-tab__toggle-svg><use xlink:href=#expand /></svg> </button></div><div class=vertical-tab__content tabindex=0 role=tabpanel id=tab-97D67503BF594DC0AC84B9FF7941A8D5 aria-labelledby=button-97D67503BF594DC0AC84B9FF7941A8D5><div class=vertical-tab__content-copy><div class=rtf><p><span style=font-size:24px> Acadian’s edge comes from embracing innovative ideas and continuously investing in people, technology, and data.</span></div></div></div><div class=vertical-tab__box-animator></div></div></section> <section class="s-content-cards" aria-label="Content cards"> <article class="s-content-card" aria-label="Why Australian long short?"> <picture class="s-content-card__image-wrapper"> <source media="(max-width: 768px)" srcset="/au/-/media/images/content/s-curve-cards/strategies/erol-ahmed-aiyfr0vbadk-unsplash.jpg?as=0&w=360&hash=5CD1DFB1F38FE62687542F236FB29A10" /> <img class="s-content-card__image" alt="Erol Ahmed" width="1014" height="860" loading="lazy" role="presentation" src="/au/-/media/images/content/s-curve-cards/strategies/erol-ahmed-aiyfr0vbadk-unsplash.jpg?as=0&w=1014&hash=1D1FB61A41C9FA2A1C802AC344C8E3A6" /> </picture> <div class="s-content-card__content"> <h2 class="s-content-card__title">Why Australian long short?</h2> <div class="s-content-card__copy rtf"> <ul> <li>A long short strategy may be suitable for investors who want exposure to the Australian share market and are prepared to accept a <strong>higher level of risk</strong> to achieve <strong>higher relative returns</strong> over the long term.</li> <li>Long short strategies have the potential to deliver <strong>enhanced returns </strong>in many different market environments.</li> <li>Long-only strategies seek to invest in <strong>attractive, undervalued companies</strong> but ignore unattractive, overpriced companies. Long short funds can <strong>profit from both,</strong> significantly expanding the number of potential investment opportunities.</li> <li>Short-selling involves borrowing and selling shares you believe will decrease in value, with the intention of buying them back when the price falls.</li> <li>A systematic approach is well-suited to long short investing because systematic managers cover a <strong>broader </strong>number of companies and integrate <strong>risk controls</strong> into portfolio construction processes to <strong>maximise alpha and control risk</strong>.</li> </ul> </div> </div> </article> </section> </div> </div> <div class="tabbed-content__panel" role="tabpanel" id="tab-2-panel" aria-labelledby="tab-2" data-identifier="contact-us-tabs" aria-hidden="true"> <div class="container"> <div class="rtf"> <p>As of October 2024</p> <table style="width: 698px; height: 201px;"> <tbody> <tr> <td><strong><span style="font-size: 18px;">APIR Code</span></strong></td> <td><span style="font-size: 18px;">FSF0789AU   </span></td> </tr> <tr> <td><strong><span style="font-size: 18px;"> Inception Date</span></strong></td> <td><span style="font-size: 18px;">27 February 2006  </span></td> </tr> <tr> <td><strong><span style="font-size: 18px;"> Management Cost</span></strong></td> <td><span style="font-size: 18px;">0.76%  </span></td> </tr> <tr> <td><strong><span style="font-size: 18px;"> Buy / Sell spread</span></strong></td> <td><span style="font-size: 18px;">0.15/0.15% </span></td> </tr> <tr> <td><span style="font-size: 18px;"> <strong>Product Size </strong></span></td> <td><span style="font-size: 18px;"> $174 million</span></td> </tr> <tr> <td><span style="font-size: 18px;"> <strong>Benchmark </strong></span></td> <td><span style="font-size: 18px;"> S&P / ASX 300 Accumulation Index</span></td> </tr> </tbody> </table> <figcaption>Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at <a href="http://www.cfs.com.au/tmd">www.cfs.com.au/tmd</a>, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at <a href="http://www.cfs.com.au/">www.cfs.com.au</a> or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: Copyright © 2024, Standard & Poor’s Financial Services LLC. All rights reserved.</figcaption> </div> </div> </div> <div class="tabbed-content__panel" role="tabpanel" id="tab-3-panel" aria-labelledby="tab-3" data-identifier="contact-us-tabs" aria-hidden="true"> <div class="container"> <section class="generic-table" aria-labelledby="table-row--f49b250e-7749-4ccb-a0ec-e5c0a2d93cb5"> <h3 class="generic-table__subheading">October 2024</h3> <figure class="generic-table__wrapper rtf" style=" "> <div class="rtf-table-container "> <table> <thead class=""> <tr> <th><span class="sr-only">Column</span></th> <th>Fund (Gross)聽</th> <th>Fund (NAV)</th> <th>聽Benchmark</th> <th>聽Value-Added vs. Benchmark</th> </tr> </thead> <tbody> <tr> <td>One Month Return</td> <td>-1.1</td> <td>-1.2</td> <td>-1.3</td> <td>0.1</td> </tr> <tr> <td>Three Month Return</td> <td>3.6</td> <td>3.3</td> <td>2.2</td> <td>1.1</td> </tr> <tr> <td>Year-to-Date Return</td> <td>19.1</td> <td>18.0</td> <td>10.8</td> <td>7.2</td> </tr> <tr> <td>One Year Annualized Return</td> <td>34.3</td> <td>32.8</td> <td>24.9</td> <td>8.0</td> </tr> <tr> <td>Three Year Annualized Return</td> <td>12.9</td> <td>11.6</td> <td>7.6</td> <td>4.0</td> </tr> <tr> <td>Five Year Annualized Return</td> <td>11.3</td> <td>10.0</td> <td>8.1</td> <td>2.0</td> </tr> <tr> <td>Ten Year Annualized Return</td> <td>10.9</td> <td>9.7</td> <td>8.3</td> <td>1.4</td> </tr> <tr> <td>Since Inception Annualized Return</td> <td>8.8</td> <td>7.5</td> <td>7.5</td> <td>0.1</td> </tr> </tbody> </table> </div> <figcaption> <figure>Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at <a href="http://www.cfs.com.au/tmd">www.cfs.com.au/tmd</a>, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at <a href="http://www.cfs.com.au/">www.cfs.com.au</a> or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: Copyright © 2024, Standard & Poor’s Financial Services LLC. All rights reserved.</figure> </figcaption> </figure> </section> </div> </div> <div class="tabbed-content__panel tabbed-content__panel--two-col" role="tabpanel" id="tab-4-panel" aria-labelledby="tab-4" data-identifier="contact-us-tabs" aria-hidden="true"> <div> <section class="generic-table" aria-labelledby="table-row--bca02a5b-61ef-421d-8076-a87a62673082"> <h2 id="table-row--bca02a5b-61ef-421d-8076-a87a62673082" class="generic-table__heading">Top Ten Holdings</h2> <h3 class="generic-table__subheading">As of October 2024</h3> <figure class="generic-table__wrapper rtf" style=" "> <div class="rtf-table-container "> <table> <thead class=""> <tr> <th><span class="sr-only">Column</span></th> <th>% of Portfolio</th> </tr> </thead> <tbody> <tr> <td> BHP GROUP LTD</td> <td>10.1</td> </tr> <tr> <td>COMMONWEALTH BANK OF AUSTRALIA</td> <td>7.8</td> </tr> <tr> <td>WESTPAC BANKING CORP</td> <td>5.3</td> </tr> <tr> <td>AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED</td> <td>5.2</td> </tr> <tr> <td>CSL LTD</td> <td>3.9</td> </tr> <tr> <td>MACQUARIE GROUP LTD</td> <td>3.3</td> </tr> <tr> <td>NATIONAL AUSTRALIA BANK LTD</td> <td>3.3</td> </tr> <tr> <td>ARISTOCRAT LEISURE LTD</td> <td>3.2</td> </tr> <tr> <td>TELSTRA GROUP LTD</td> <td>2.8</td> </tr> <tr> <td>BRAMBLES LTD</td> <td>2.6</td> </tr> <tr> <td>NUMBER OF SECURITIES</td> <td>247</td> </tr> <tr> <td>% OF PORTFOLIO FOR TOP 10 CURRENT HOLDINGS</td> <td>47.6</td> </tr> <tr> <td>% OF NON-BENCHMARK PORTFOLIO HOLDINGS</td> <td>4.5</td> </tr> </tbody> </table> </div> <figcaption> <p>To view a full list of quarterly holdings in the Fund, visit <a href="https://www.cfs.com.au/personal/resources/funds-and-performance/portfolio-holdings/investment-options/holdings-view.html?productid=2&optionname=Acadian%20Wholesale%20Australian%20Equity%20Long%20Short&optionid=230&optioncode=FSF0838AU">Colonial First State</a>.</p> <figcaption>Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at <a href="http://www.cfs.com.au/tmd">www.cfs.com.au/tmd</a>, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at <a href="http://www.cfs.com.au/">www.cfs.com.au</a> or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: Copyright © 2024, Standard & Poor’s Financial Services LLC. All rights reserved.</figcaption> </figcaption> </figure> </section> </div> <div> <div class="rtf"> <h3>Current Positioning - Sector</h3> <p><img alt="" src="/au/-/media/images/au/funds/2024/q3/aus-equity-long-short-q3-2024.png" style="height:370px; width:634px;" /></p> </div> </div> </div> <div class="tabbed-content__panel" role="tabpanel" id="tab-5-panel" aria-labelledby="tab-5" data-identifier="contact-us-tabs" aria-hidden="true"> <div class="container"> <div class="document-card-grid__container"> <div class="document-card-grid"> <article class="document-card" aria-labelledby="articl-id"> <a href="/au/-/media/files/strategy-pdfs/australian-funds/acadian-australian-equity-long-short-fund---october-2024.pdf" target="" class="document-card__link"> <h3 class="document-card__heading" id="article-id"> Monthly Factsheet </h3> </a> <div class="document-card__document-wrapper"> <span class="document-card__category" href="#category-link"> Strategy DOCUMENT </span> <span class="document-card__icon"> <img src="/au/-/media/images/content/document-grid-card-media-icons/pdf.svg" width="14" height="18"> </span> </div> </article> <article class=document-card aria-labelledby=articl-id><a href=/au/-/media/files/strategy-pdfs/acadian-australia-platform-availability--nov-2024.pdf target="" class=document-card__link><h3 class=document-card__heading id=article-id>Platform Availability</h3></a><div class=document-card__document-wrapper><span class=document-card__category href=#category-link> Strategy DOCUMENT </span> <span class=document-card__icon> <img src=/au/-/media/images/content/document-grid-card-media-icons/pdf.svg width=14 height=18> </span></div></article><article class=document-card aria-labelledby=articl-id><a href=/au/-/media/files/strategy-pdfs/australian-funds/australian-product-disclosure-statement-november-2023.pdf target="" class=document-card__link><h3 class=document-card__heading id=article-id>Product Disclosure Statement</h3></a><div class=document-card__document-wrapper><span class=document-card__category href=#category-link> Strategy DOCUMENT </span> <span class=document-card__icon> <img src=/au/-/media/images/content/document-grid-card-media-icons/pdf.svg width=14 height=18> </span></div></article><article class=document-card aria-labelledby=articl-id><a href=https://www.cfs.com.au/personal/products/target-market-determinations.html target="" class=document-card__link><h3 class=document-card__heading id=article-id>Target Market Determination</h3></a><div class=document-card__document-wrapper><span class=document-card__category href=#category-link> Strategy DOCUMENT </span> <span class=document-card__icon> <img src=/au/-/media/images/content/document-grid-card-media-icons/pdf.svg width=14 height=18> </span></div></article> </div> </div> <div class="rtf"> <figcaption>Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at <a href="http://www.cfs.com.au/tmd">www.cfs.com.au/tmd</a>, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at <a href="http://www.cfs.com.au/">www.cfs.com.au</a> or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: Copyright © 2024, Standard & Poor’s Financial Services LLC. All rights reserved.</figcaption> </div> </div> </div> </div> </section> <section class="disclaimer__container form__disclaimer" data-module=disclaimer aria-label=""><h3 class=disclaimer__heading></h3><div class=disclaimer__text-container><div class="disclaimer__text disclaimer__text--clamp"><p>Acadian Asset Management (Australia) Limited (“Acadian Australia”) ABN 41 114 200 127 is the holder of Australian financial services license ("AFSL") number 291872. It is also registered as an investment adviser with the U.S. Securities and Exchange Commission ("SEC"). Under the terms of its AFSL, Acadian Australia is limited to providing the financial services under its license to wholesale clients only. <br> Acadian Australia is a wholly owned subsidiary of Acadian Asset Management LLC (“Acadian”), a U.S. registered investment adviser regulated by the U.S. SEC. Acadian is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) ("Corporations Act"). Acadian is regulated by the SEC under United States of America laws, which differ from Australian laws. This website is intended only to provide a summary of the subject matter covered. It does not purport to be comprehensive or to provide legal, taxation or other advice on the subject matter. No reader should act on the basis of any matter contained in this website without first obtaining specific professional advice. <br> The information on this web page is provided to you because Acadian Australia reasonably believes that you are a "wholesale client" within the meaning of that term under the Corporations Act and not any other class of persons. This information is not an advertisement and is not intended to induce retail clients to invest in any product. 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