Paul Xiradis

Ausbil Investment Management (Ausbil) is honoured to announce that Paul Xiradis, co-founder of Ausbil and our Executive Chairman, Chief Investment Officer, Head of Equities and Portfolio Manager for the flagship Ausbil Australian Active Equity Fund has been inducted into the prestigious Australian Fund Manager Foundation Hall of Fame.

“After managing money for over 45 years and 27 years at Ausbil, I am truly grateful to accept this award,” said Xiradis. “I extend my thanks to the Australian Fund Manager Foundation and dedicate this recognition to our clients, many of whom have been with us since the beginning and for whom our work is truly intended.”

The Hall of Fame inductees list includes some of Australia’s most respected investors, including Olev Rahn, Kerr Neilson, Anton Tagliaferro, Peter Morgan, Chris Cuffe, Chris Kourtis, Geoff Wilson, Catherine Allfrey, John Sevior, Phil King and more. The Hall of Fame induction ceremony is centred around the charitable philanthropy program of the Australian Fund Manager Foundation. Over the past 25 years, the awards night has raised millions for its charity partners, including Odyssey House NSW and the Sydney Children’s Hospital Foundation, amongst other charities.

“We have certainly seen a lot on this investment journey, and it is one I enjoy taking every day I come to the office. I co-founded Ausbil with a relatively simple investment philosophy, that earnings and earnings revisions are the key drivers of share prices,” said Xiradis. “Investment management is truly a team effort. Over the years I’ve had the privilege of working with incredible talent who have helped shape Ausbil’s success and continue to apply our approach across Australian and global equities.”

Ausbil’s Australian Active Equity strategy is over 27-years old and has generated a gross long-term performance since inception of +11.3% per annum (before fees), outperforming the benchmark (S&P/ ASX 300 Accumulation Index) by +2.8% pa since inception on 1 August 1997 on a gross of fees basis (as at 30 September 2024). Ausbil’s investment approach has delivered one of the longest track records in the market, as is evidenced by the following chart of net returns.

The Ausbil Australian Active Equity Fund (ARSN 089 996 127) (Fund) return is from its inception on 1 August 1997 to 30 June 2024 and is net of fees and costs, before tax and assumes reinvestment of distributions. Returns are based at 100 on 31 July 1997. The strategy Benchmark is the S&P/ASX 300 Accumulation Index. US Equities in AUD refers to the S&P 500 in AUD terms. Global Equities in AUD refers to the MSCI World Index (AUD). A-REITs refers to the S&P/ASX 200 A-REIT index.

Australian Fixed Income refers to the Bloomberg AusBond Composite 0+ Yr Index. Cash refers to Bloomberg AusBond Bank Bill Index. Gold in AUD refers to the Australian dollar equivalent gold price as quoted on Bloomberg. Australian Inflation refers to the headline quarterly CPI rate as reported by the Australian Bureau of Statistics. Investments in cash, gold and fixed income are generally considered to have lower risks when compared with investments in Australian and global equities.

“Paul is a real professional and has built a great business,” remarked Mark Knight, Ausbil’s Chief Executive Officer, who has worked with Xiradis for over two decades. “He eats, sleeps and drinks financial markets and he understands that he needs good people around him. This is a team sport.”

Since it began in August 1997, the Ausbil Australian Active Equity Fund has negotiated a ‘crazy’ set of tail events including the US Tech Bubble, the Global Financial Crisis, the European Debt Crisis, Brexit and its aftermath, the Fed Pivot, the once in a century COVID pandemic and recession, the invasion of Ukraine by Russia and the ensuing energy crisis, the rapid normalisation of interest rates across 2022 and 2023, and the high inflation crisis of 2023/2024.

“Paul tends to get the big shifts right. For example, staying out of the overvalued REIT sector leading into the GFC in 2008 or not becoming too defensive when the pandemic hit in 2020,” said Knight. “This has helped produce excellent long-term returns and has been terrific for our investors.”

“As a firm, we are proud of Paul’s success and wish to congratulate him on joining the elite ranks of the Australian Fund Manager Foundation Hall of Fame.”

Ausbil Investment Management was established in 1997 and manages over $20bn in funds under management as at 17 October 2024.

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The appointment deepens WaveStone’s investment capabilities, with Mr Bhuyan joining existing principals Graeme Burke, Catherine Allfrey and Ian Harding, who co-founded the business in 2006. As part of his appointment, Mr Bhuyan will also hold equity in the firm.

Prior to his appointment Mr Bhuyan was Deputy Head of Australian Equities – Growth Team at Colonial First State, where he worked with the Australian equities team for more than a decade, including Portfolio Manager for the Australian Share Fund, Australian Equities – Growth.

Before joining Colonial First State, Mr Bhuyan held a variety of senior research roles, including Senior Analyst at Wilson HTM, Head of Research at ING Barings in India and Vice President Research at DSP Merrill Lynch in India.

Mr Bhuyan said of his appointment, “I’m excited by the opportunity to join WaveStone, a successful Australian equities manager with a clear growth strategy operating under a flexible and agile boutique structure.”

WaveStone Chairman, Ian Harding said: “It is rare to be able to recruit the same savvy investor twice in your career.”  Adding to this, Mr Burke said: “Having worked effectively and collaboratively together at Colonial First State, we have first-hand knowledge of Raaz’s acumen, dedication and integrity knowing he will hit the ground running from day one.”

Ms Allfrey said: “Raaz’s decision to join WaveStone represents a new phase of growth for our business. The ability to attract a portfolio manager with credentials such as Raaz’s, is a true testament to the high quality, stable and sustainable business which the founding Principals have built.  We’re confident his extensive experience will resonate strongly with the market and importantly add value for our investors.”

WaveStone is an Australian equities manager that adopts an active, bottom-up investment approach and is attracted to innovative and high-growth stocks at reasonable prices. WaveStone products are the Australian Share Fund (long only), Dynamic Australian Equity Fund and Absolute Return Fund.

WaveStone is supported by Fidante Partners, the multi-boutique funds management arm of Challenger Limited.

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Australian and New Zealand-focused equities manager WaveStone Capital has launched the
WaveStone Wholesale Australian Share Fund, a long-only fund designed to capture increasing
demand for quality and growth-styled portfolios.

Established in 2006 by three majority-owned principals – Ian Harding, Graeme Burke and Catherine
Allfrey – WaveStone Capital adopts an active, bottom-up investment approach with the new fund
aiming to outperform the S&P/ ASX 300 Accumulation Index over rolling three-year periods.

According to Ms Allfrey, the launch of the new style product into the institutional investment market
will be driven by WaveStone Capital’s attraction to innovative and high-growth stocks at reasonable
prices.

“Over the past 15 years, the principals have refined the investment philosophy via the establishment
of the WaveStone Absolute Return Fund then the Dynamic Australian Equity Fund – to great success,
and the same approach will now be applied to our new long-only fund,” she said.

WaveStone Capital implements a 15-factor quality regimen when assessing appropriate stocks to
identify businesses which exhibit a sustainable competitive advantage; operate in favourable industry
dynamics; and have potential to deliver above market earnings growth.

“We differentiate ourselves by adopting a resolute commitment to quality growth stocks – we apply
quality filters, together with growth and valuation tests before overlaying that assessment with risk
controls to construct higher conviction portfolios,” she said.

WaveStone has been managing a long-only mandate since 2007 under consistent investment
principles. Before fees, this portfolio has delivered 8.2% p.a. for the 7 years to 31 March 2014, versus
the S&P/ASX 300 Accumulation Index of 2.8% p.a. over the same period – a top quartile 5.4% p.a.
outperformance. Pleasingly, this performance was achieved with a volatility of approximately 20%
below the overall market.

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