Mark knight

Ausbil Investment Management Limited (Ausbil) is pleased to announce the launch of its fourth exchange-traded fund (ETF) this year, the Candriam Sustainable Global Equity Fund – Active ETF (ASX: GSUS).

Ausbil has launched GSUS in response to investor demand for an actively managed portfolio of best-of-sector listed sustainable equities from around the world.Ausbil and Candriam are related through a shared parent company, New York Life Investment Management LLC. This relationship enables Ausbil to provide access to Candriam’s global equity strategies in an ETF structure suited to Australian investors.

“Candriam’s investment process combines company level research with top down sectoral analysis to select stocks demonstrating good Environmental, Social and Governance (ESG) characteristics, according to Candriam’s ESG framework,” said Mark Knight, Chief Executive Officer, Ausbil. “We are excited to broaden access to Candriam’s sustainable global equity strategy, responding to the growing demand from investors seeking a more convenient and efficient way to invest in our sustainable investment solutions.”

“We believe Candriam’s sustainable investment approach provides a distinct competitive advantage,” said Paul Xiradis, Executive Chairman, Chief Investment Officer and Head of Equities at Ausbil.

The Fund is certified by the Responsible Investment Association Australasia (RIAA) for integrating ESG and sustainability objectives across its portfolio and stewardship practices.

This marks Ausbil’s fourth ETF launch in 2025, following the recent launch of the Ausbil Active Dividend Income Fund – Active ETF (ASX: DIVI), the Ausbil Global SmallCap Fund – Active ETF (ASX: GSCF), and the Ausbil Global Essential Infrastructure Fund (Hedged) – Active ETF (ASX: GHIF).

Candriam stands for “Conviction AND Responsibility In Asset Management” and manages approximately EUR$156 billion in assets globally, as at 30 June 2025.

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Paul Xiradis

Ausbil Investment Management Limited (Ausbil) has been awarded the prestigious Fund Manager of the Year honour at the 2025 Zenith Fund Awards, cementing its position as one of Australia’s leading active investment managers.

The award recognises the firm’s market-leading performance, depth of investment expertise and commitment to delivering outstanding outcomes for investors.

Ausbil was also the winner in two additional categories:

• Australian Equities – Small Cap, and
• Sustainable and Responsible Investments – Growth.

Paul Xiradis, Executive Chairman, Chief Investment Officer and Head of Equities at Ausbil, said the recognition reflects the consistency of Ausbil’s investment approach over time and its strength through market cycles over the past 28 years, underpinned by an experienced team and strong investment culture.

“This award reinforces what has guided Ausbil since inception in 1997, which is a disciplined focus on quality, fundamentals and teamwork. Markets change, but our active approach remains constant. Our teams work every day to uncover investment opportunities through deep research and rigorous analysis, and this recognition is a credit to that effort,” Mr Xiradis said.

Mark Knight, Chief Executive Officer at Ausbil, added: “The award highlights Ausbil’s enduring focus on long-term outcomes. To be recognised as Fund Manager of the Year is a huge honour, and we’re proud to be recognised among Australia’s best.”

“The award reflects the quality of our people, the strength of our process and the trust placed in us by our clients,” Knight added.

The Zenith Fund Awards celebrate excellence across Australia’s investment management industry, recognising fund managers who demonstrate strength across philosophy, process, people, performance and organisational quality.

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Mark knight

Ausbil has announced the launch of its first active exchange-traded fund (Active ETF), giving investors and advisers dual access to its Active Dividend Income strategy.

The Ausbil Active Dividend Income Fund – Active ETF (ASX ticker: DIVI), launched in 2018, is now admitted for trading on the ASX. It has A$967 million of funds under management as of 31 August 2025.

DIVI, an actively managed ETF, holds between 25 and 50 listed companies which Ausbil believes support consistent dividends and franking credits for investors that grow with inflation over time. It provides regular monthly income drawn from dividends of Australian companies, whilst aiming to protect investors’ capital against inflation.

“We are excited to officially launch the Ausbil Active Dividend Income Fund as an Active ETF on the ASX,” said Mark Knight, Chief Executive Officer of Ausbil.

“This milestone marks a significant step in making our income-focused strategies more accessible to more investors. By offering an Active ETF, we’re meeting the requests of brokers, financial advisers, SMSFs and mum and dad investors for a more convenient and efficient way to generate regular monthly income from equities, with the potential for additional capital growth.”

Michael Price, Portfolio Manager of DIVI, said the Fund’s listing on the ASX offers a competitive advantage through its active approach to stock selection. “Ausbil’s active management, a rigorous top-down macro and bottom-up fundamental process, and dynamic portfolio positioning provides investors with a solution focused on delivering sustainable monthly income with the benefit of franking credits,” he said.

Since inception, (30 June 2018), DIVI has generated 9.18% pa (net of fees) in returns, delivering consistent income and capital growth versus the benchmark return of 9.38% pa, as measured by the S&P/ASX 200 Accumulation Index, ending 31 August 2025. For a full table of returns net of fees, visit www.ausbil.com. au/divi.

DIVI focuses on providing high levels of dividend income and franking credits, aiming to deliver a monthly income stream in excess of the benchmark, that is able to grow with inflation over time.

“With a handful of large banks and resource companies paying the majority of dividends each year, relying solely on these sectors can expose investors to risk if dividends are cut. DIVI’s active management approach allows us to diversify beyond the biggest payers, targeting high-quality companies with sustainable dividend growth,” says Price, “and offers the resilience to maintain income through changing market conditions. This ensures our investors are well-placed to be exposed to quality income opportunities in any market environment.”

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According to Lonsec’s report, the “Co-Portfolio Managers bring a wealth of experience and a deep understanding of the global small-cap market. Their alignment with the Fund’s objectives ensures a cohesive and focused investment strategy.”

Managed by Simon Wood and Tobias Bucks, the Ausbil Global SmallCap Fund aims to exploit the inefficiencies within the asset class by investing in quality companies with unrecognised growth potential at attractive valuations.

“We are delighted with Lonsec’s upgrade of the Ausbil Global SmallCap Fund to Recommended,” said Mark Knight, CEO at Ausbil.

“This recognition underscores Ausbil’s commitment to delivering superior returns for our investors through a disciplined and differentiated investment approach. We believe this upgrade will further strengthen our position in the market,” Knight added.

Launched in May 2018, the investment strategy uses both qualitative and quantitative analysis and tools alongside a disciplined risk management process, with the aim of producing consistent and risk- controlled outperformance. The Fund’s universe is the 23 developed markets that comprise the MSCI World Small Cap Index.

The Ausbil Global SmallCap Fund is available on Asgard, BT Panorama, CFS Edge, Hub 24, MLC Expand, Macquarie Wrap, Mason Stevens, mFund, Netwealth, North and Praemium.

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Mark knight

Ausbil Investment Management Limited (Ausbil) is pleased to be named a Responsible Investment Leader for 2024 in Australia by the Responsible Investment Association Australasia (RIAA).

The recognition, based on RIAA’s Responsible Investment Scorecard, highlights Ausbil’s dedication to responsible investing and strong focus on integrating environmental, social, and governance (ESG) factors into investment decisions.

“This certification endorses our commitment to the principles of responsible investing,” said Måns Carlsson, Ausbil’s Head of ESG, Co-Portfolio Manager Active Sustainable Equity. “It highlights our strong focus on proprietary ESG research and its integration into Ausbil’s fundamental stock analysis and investment processes.”

Ausbil’s approach to ESG and sustainable investing model is based on deep fundamental ESG research, engagement and advocacy across companies listed on the ASX. The firm’s dedicated ESG research team powers a program of face-to-face engagement with the boards and leaders of Australia’s listed companies.

“We are proud to be recognised with this certification,” said Mark Knight, Chief Executive Officer.

Mr Knight added: “Our ESG research plays a significant role in shaping our investment decisions and ultimately supports delivering sustainable outcomes for our client.”

Ausbil joins a select group of 60 investment managers identified as Responsible Investment Leaders with both Responsible Investment Leaders and Responsible Investors set to be featured in RIAA’s Australia and Aotearoa New Zealand Responsible Investment Benchmark Reports.

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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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Mark knight

We are surrounded by research, data and commentary that seldom looks beyond an investment horizon of between one to three years. The benchmark or index, of course, does not take active decisions, it is simply a ‘weighing device’, typically based on market-cap criteria and the net sum of investor behaviour at any given point in time.

By contrast, with an eye to producing superior, risk adjusted long-term returns, the thoughtful active manager will use judgment to avoid such short-term traps and invest in the inevitability of economic and market growth, and mean reversion over time. It makes sense that there will be periods of underperformance because, after all, this risk recycles as a source of future long-term excess return.

Assessing performance efficiency

In this way, whether referencing an index or an active return, any given short-term result offers a poor guide for the future prospects for investment performance. In fact, it isn’t telling us much at all. We can only assess the efficiency of a market index, or the effective judgment of an active manager, over the very long term.

Given this and the complementary point that the common person’s investment span is genuinely multi-decade, it remains a mystery as to why so many pundits develop a prognosis based on data and records that extend for only a few years. Surely it makes sense to draw inference from market and manager results that have endured the rigour of varying cycles, peaks and troughs over an extended timeframe.

The value of long term returns

The Mercer Australian Large Cap Share Performance Survey for the 20 years to end December 2022 shows that the S&P/ASX 300 (All Ords before 1/4/2000) returned 8.8% pa on a compound basis. Of the 30 active strategies in the survey, all beat the market with a median result of 10.3% pa, compounding at a very respectable 1.5% pa above the market. The upper quartile compounded at 11.2% pa, beating the market by 2.4% pa. Even the lower quartile mark of 9.5% pa outperformed the broader market. These results do not include the effect of franking and are shown on a before fees basis.

Over a 20-year timeframe, investing $10,000 at a median return of 10.3% pa produces a balance of $71.041. If, rather, one invested in an index fund or market ETF and received a before fees return of 8.9% pa, the final balance would amount to a far lower $55,297.

The pitfalls of reducing share exposure

Reducing share exposure either after the commencement of a correction or during the period of recovery, will interfere with compound growth and be detrimental to capital accumulation. However, after the worst corrections, history shows that share values may take several years to return to their starting value.

During the famous stock market crash of 1987, the S&P 500 collapsed by 28.5% and took 398 trading days to recover. The global financial crisis that extended across the second half of 2007 and 2008 caused the S&P 500 to depreciate by 56.8% and recovery took 1,022 trading days.

Small caps versus large caps

Compared to the large-cap segment of the market, the small-cap sector of the market is arguably less efficient (lower levels of information), with less broker coverage and therefore affords relatively greater opportunity for alpha generation over the long run.

The data bears this out in a stark fashion. The Mercer Australian Small Cap (ex 100) Share Performance Survey for the 20 years to end December 2022 shows that the S&P/ASX Small Ords returned 6.6% pa on a compound basis. Of the 14 strategies in the survey, all of them beat the market with a median result of 12.3% pa, compounding at a very respectable 5.7% pa above the market. The upper quartile compounded at 14.2% pa, beating the market by 7.6% pa. Even the lower quartile mark of 11.2% pa outperformed the broader market by 4.6% pa. During the last 10 years in particular, there has been a proliferation of micro-cap strategies that utilise the S&P/ASX Emerging Companies index as their benchmark. For the 10 years ending December 2022, the Mercer Survey indicated a peer group median compound return of 9.5% pa versus 6.5% pa for the benchmark.

The importance of research, and ESG

Fundamental, proprietary research of course provides the insights that allow active managers to create a capital return beyond the return of the market sector in which they invest. This research is both qualitative and quantitative and, traditionally, has focused on the financial aspects of corporate performance.

It is now increasingly common for the same managers to also investigate the target companies approach to the environment, society and corporate governance (ESG), alongside its financial aspects, for a fuller view of the earnings risks and opportunities. The fuller the view, the greater the likelihood of excess returns on a risk-adjusted basis over time. Proper ESG integration will also insist on extensive engagement and advocacy with the interaction between fund manager and company manager encouraging corporate behaviour that is both responsible and sustainable. Issues such as climate change and modern slavery are topical. An index or index tracker is unable to do this work. As is the case with valuations, the index is ‘blind’, without any ability to use thoughtfulness and intellect to produce superior outcomes over time, or to actively reduce risks obvious or not.

Keep an eye on fees

Given the vast array of available investment strategies and vehicles it is difficult to generalise about the average level of investment management fees and what level is and isn’t reasonable. Investors though should remain considered in this area because the compounding effect of fees can genuinely interfere with long-term growth objectives. It is also important to distinguish between investment, administration and advice fees. Only investment management fees should be attributed to investment portfolios and included in net fee calculations. To enjoy the benefits of an active approach, investors should ensure that excess returns are expected to well exceed fees on a rolling long term basis.

By Mark Knight, CEO of Ausbil Investment Management

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Ross Youngman

Ross Youngman will retire in the third quarter of 2023, succeeded by Mark Knight.

Youngman has served as Ausbil’s CEO since 2017 after joining the firm in 2015. During his time, the firm has successfully introduced new global strategies, business systems and he has overseen the growth in funds under management.

During his career, Youngman has held a variety of senior management roles including CEO of both Five Oceans Asset Management and Deutsche Asset Management in Australia.

Mark Knight, Director and Head of Distribution has been appointed CEO designate and will assume full responsibilities effective 1 April 2023. Knight has 30 years’ experience and has held senior positions at Ausbil since 2004.

Ausbil will initiate a search for a Head of Global Distribution capable of implementing Ausbil’s domestic and international distribution strategy. In addition to its well-regarded Australian equity products, Ausbil has a track record in global asset classes including infrastructure, small cap and resources. It’s continuing ambition is to build the Ausbil profile both within Australia and internationally, including jurisdictions such as the USA and Europe.

Paul Xiradis, Executive Chairman and CIO, said, “We’re totally committed to our clients and the investment performance we’re creating for them. No change there. These developments are consistent with that as well as allowing for the careful growth of our global products.”

“On behalf of our executive team and staff at Ausbil, I would like to thank Ross for his leadership and wish him all the best for his well-earned retirement,” Xiradis added.

In announcing his retirement, Ross Youngman said, “It has been very satisfying to work closely with our clients, both domestically and internationally, and the talented group of executives during my time at Ausbil. I wish the firm and my colleagues all the very best for the future.”

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Ausbil Investment Management is pleased to announce the appointment of Rebecca Morgan to the role of Key Account Manager, VIC and SA, reporting to Hik Chadirchi, National Manager, Retail.

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Ms Skalberg will be responsible for existing and new relationships with institutional clients and consultant relations.

Ausbil, which has $11.7 billion in assets under management^[1], has a mix of retail and institutional investors, including industry super funds, government funds and not-for- profits.

Ms Skalberg was most recently a Portfolio Manager in Tailored Investment Solutions at AMP Capital working with institutional clients. Prior to that she was at the institutional investment manager, Wellington Management as Director, Head of Product, Asia Pacific (ex-Japan).Previously, Camilla spent over 10 years at Pendal / BT Financial Group in various director roles such as Head of Wholesale Business Development and Consultant Relations, Head of Product and Head of Strategy and Research.

Mark Knight, Head of Distribution at Ausbil, said: “Camilla brings significant institutional experience to the role and a wealth of knowledge in multi-asset investing. We are delighted to welcome her to the team. We have a long, proven track record in Australian Equities.Institutions also like the fact that Ausbil has embedded one of the leading ESG research teams in its operations. We are keen to deepen our existing relationships and develop other relationships with our expanded investment capabilities in active dividend income, global smallcaps and global infrastructure. Her technical expertise will help build our momentum and further develop our institutional footprint across the market”.

Camilla holds a Bachelor of Commerce (Accounting and Marketing) from UWS, a Financial Planning Diploma from Deakin University and has completed the AGSM Executive Program from UNSW.

——–

1.  As at 30 April 2019

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