Alpha Fund Managers

Investment Managers

Intrinsic Investment Management

Intrinsic Investment Management is a specialist manager actively managing high quality, concentrated Australian equities portfolios for institutional and individual clients. The investment team has on average 30 years of portfolio management experience, and brings a significant record of accomplishment and seniority within the industry. Utilising a 'style neutral' investment philosophy combined with a rigorous stock selection process, the strategy can manoeuvre within different market cycles and has demonstrated superior skill in alpha generation.

Bennelong Funds Management

Bennelong Funds Management (BFM) is a boutique fund manager nurturing a growing suite of asset management teams, including Australian equities, global equities, long short and property. Alignment of the interests of our clients and asset management teams is a vital part of the BFM approach to creating high-performing investment strategies and products.

BFM is a wholly owned subsidiary of the Bennelong Group, a privately owned funds management and private equity business. While the Group owns and manages significant businesses globally, it also measures its success through contributing to positive and lasting change in the wider community via the Bennelong Foundation.

AE Capital is a systematic FX fund manager that generates uncorrelated pure alpha. AE Capital achieves this by employing a unique dynamic strategy that adapts to changing macroeconomic themes and market conditions. AE Capital is different to traditional systematic and CTA managers in that they are purely fundamental, combining top-down fundamental market analysis with a scientific approach to produce systematic trading strategies.
Antipodes Partners is a pragmatic value manager of global equities founded in 2015 by Jacob Mitchell, former Deputy Chief Investment Officer of Platinum Asset Management, together with a number of former colleagues and like-minded value investors. Antipodes’ approach seeks to take advantage of the market’s tendency for irrational extrapolation around change, identify great business that are not valued as such and build high conviction portfolios (30-60 holdings) with a capital preservation focus.
Dalton Street Capital is a boutique absolute return investment manager that invests based on mathematically established principle of behavioural finance and rigorous logic. The approach provides investors with strong absolute returns and low correlation to traditional asset classes. The Dalton Street strategy was formulated in 1996 and has delivered positive absolute returns in every calendar year since inception. Dalton Street brings together experienced and talented investment professionals within a partnership model that ensures direct alignment with investor’s interest.
DNR Capital believes a focus on quality will enhance returns when it is combined with a thorough valuation overlay. DNR Capital seeks to identify quality companies that are mispriced by overlaying the quality filter, referred to as ‘Quality Web’ with strong valuation discipline. DNR Capital are high conviction, after-tax focused and invest for the medium-to-long term.
DSM Capital Partners was founded by Daniel Strickberger and Stephen Memishian in February 2001. DSM invests in predictable growth companies and is a bottom-up, idea driven, growth stock firm, with an intermediate to long-term investment horizon. The ten-person investment team combines intensive fundamental research with a rigorous buy/sell valuation methodology that DSM believes reduces risk and enhances long-term returns. DSM’s investment team is characterized by a stable core group of senior investors utilizing a collegial approach. There has been limited turnover amongst team members since the firm’s inception. DSM believes that its stable investment team, consistent research process and logical valuation discipline has created a proven investment process that is replicable in future years.
Guinness is independent and focused purely on investment management. The in-house economic, industry and company research allows Guinness to take an independent view and not be led by the market. Guinness’s size and specialist nature also means they have the ability to responds quickly and efficiently to any market movements. Guinness Asset Management combines strategic sector-selection with a fundamental screening process to identify stock opportunities and is 100% owned by its directors and employees, which helps to align their interests with those of investors.
India Avenue Investment Management is a boutique investment management business focused on creating optimal investment solutions for investors by participating in the exciting growth opportunities presented by India’s capital markets. These solutions are constructed by application of India Avenue’s robust investment process, which aims to harness strong returns through the stock picking skills of their carefully selected local investment advisers in India.
L1 Capital is a boutique fund manager established in 2007 by Raphael Lamm (ex Cooper Investors) and Mark Landau (ex Invesco). L1 Capital has been one of Australia’s top performing Australian equity fund managers since inception in August 2007. L1 uses a fundamental, bottom-up research process to identify securities with the potential to provide attractive risk-adjusted returns. The fund aims to achieve lower beta than long-only products and lower portfolio risk than the market.
Lazard Asset Management’s more than 300 investment personnel manages AUD 262.6 billion of asserts around the world and now operates from 18 cities across 13 countries with a global staff of over 750. On-the-ground, global fundamental research is the foundation of Lazard’s investment approach. Located in the United States, Europe, Asia and Middle-East, the investment teams collaborate on detailed fundamental analysis integrating knowledge across regions sectors and asset classes to arrive at unique insights.
China Asset Management Limited (ChinaAMC) was established in April 1998 as one of the first nation-wide fund management companies in China and is now the No. 1 fund management company in terms of mutual funds’ assets under management in China. Total assets under management and advisory by ChinaAMC Group was RMB 963.47 billion (USD 144 billion) as of 30 June, 2016. ChinaAMC provides both domestic and overseas investors with high-quality investment products and services based on professional and rigorous investment research. China Assert Management (Hong Kong) Limited (China AMC (HK)) is a wholly-owned subsidiary of ChinaAMC to strategically develop the offshore business and enhance its investment capabilities. Since August 2009, ChinaAMC (HK) has started offering offshore funds to Hong Kong and overseas investors.
Orbis was established in 1989 with an investment approach and structure that underpin different long-term thinking. They don’t try to invest like everyone else and look past the headlines and focus on the future, taking advantage of opportunities to buy businesses for less than they're worth. It may be strong companies trading at low prices because they’re perceived as boring, or well performing companies that they believe can do even better. Orbis isalso privately owned, so there is no external pressure for instant success. Orbis’ flagship Global Equity strategy provides access to our contrarian long-term investment approach - unchanged for over 25 years. It offers better diversity across sectors, geographies and companies than domestic equities, and is actively managed to look very different from the benchmark. With an investment team located around the globe, clients benefit from a truly international perspective.
PM Capital Limited, founded in 1998, is a globally-focussed fund manager, the goal of which is to build long term wealth by investing in global markets with patience and conviction. PM Capital’s unique process is based on scanning the world for mispriced companies, discovering the associated valuation anomalies and extracting value from them. The investment team is led by founder and CIO Paul Moore who has over 30 years experience in successfully managing investment funds, supported by a team of experienced investment analysts.
T.Rowe Price is a global asset manager with active, disciplined investment approach rooted in proprietary fundamental research and seeks consistent, competitive performance that balances risk and reward. The T.Rowe Price Global Equity Fund, powered by a global research platform comprising over 200 research professionals, invests in stocks across 30 countries in developed, emerging and frontier markets, bringing the whole world’s most attractive investment opportunities together in one fund.
Vontobel Asset Management is an active asset manager with global reach and a multi-boutique approach. Each of Vontobel’s boutiques draws on specialized investment talent, a strong performance culture and robust risk management. Vontobel’s commitment to active management empowers them to invest on the basis of their convictions. They deliver value through the diverse and highly specialized teams who create strategies and solutions covering equities, fixed-income, multi-asset and alternatives investments. The goal of achieving excellent and repeatable performance has been fundamental to their approach since 1998.

Investors Mutual Limited (IML) is a specialist Australian Equities Fund Manager, established in 1998. The IML’s investment mantra focuses on Value and Quality stocks and seeks to buy and own companies with a competitive advantage, recurring earnings, capable management and the ability to grow at a reasonable price. IML seeks to minimize downside capture by following a set of disciplined investment principals through all cycles, has a broad cap approach and is prepared to deviate from the index.

Australian Ethical is Australia’s largest dedicated ethical investment and superannuation manager listed on ASX with $2 billion in FUM. The firm’s investment charter seeks to support strong ESG business models that are ethically responsible and promote economic sustainability. The Australian Share Fund invests in companies that are aligned with the Australian Ethical Charter, which addresses labour standards, environmental and social considerations and sets out the types of activities to support and avoid.
OC Fund Management is a specialist Small/Microcap manager which has been in operation since 2000 with over $650 million in funds under management. Copia Investment Partners acts as the strategic partner supporting marketing and distribution. The OC Microcap Fund’s investment philosophy is that equity markets can be emotional, backward looking and inefficient particularly among smaller companies where there can be a lot of market ‘noise’. By exploiting these inefficiencies, OC aims to provide investors with strong long-term capital growth by investing in micro-cap companies with sustainable business models and attractive investment qualities.
Spheria Asset Management is a fundamental-based investment manager with a bottom-up focus specializing in small and microcap companies. The Australian Microcap Fund is an actively managed portfolio investing in a broad range of high quality small companies, predominantly from Australia, where the present value of future free cash flows can be reasonably ascertained and the security is trading at discount to its intrinsic value, subject to certain risk criteria.
Ophir Asset Management

Ophir is a boutique investment firm which invests within the Australian small cap universe specifically outside the top 150 stocks. The co-founders have deep experience in this space having run similar small/microcap strategies which combined with a nimble investment process enables them to quickly capitalise on opportunities to maximise alpha. They are also co-investors in the fund.


BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2011, BlackRock's AUM was US$3.648 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, managed funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of March 31, 2011, the firm has approximately 9,300 employees in 26 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.

In May 2105, Quay Global Investors formed a joint venture with Bennelong Funds Management as a partnership with two portfolio managers and Bennelong. Bennelong is a reputable brand in the industry managing approximately $6 billion across their boutique fund which complements the Quay business and offers business sustainability. The portfolio managers have extensive industry experience and demonstrable capabilities in the real estate sector. The Global Real Estate Fund adopts a long-only, high conviction approach to investing that is truly benchmark unware and will only invest in those securities they believe will exceed real total return target. This high conviction approach in the Global REIT market is uncommon as most managers tend to construct their portfolio, starting with the benchmark, and typically manage the active risk within a narrow range.
The Renaissance Property Securities business was found in 2003 and is wholly owned by co-portfolio managers of the strategy. Since its inception the team has refined the investment process and portfolio construction tools to develop a strong platform for outperformance. Renaissance Property Securities employs an active, value based investment style. Their belief is that ultimately the value of a stock will, in the long term, be determined by its income fundamentals. As a result, their approach is characterised by bottom up investment research into individual securities, with a particular focus on analysing and forecasting the present and potential future income generation of each underlying property investment.
Folkestone is an ASX listed real estate fund manager and developer comprising of a range of real estate investment products across debt, equity, public and private markets. In April 2014, Folkestone acquired 100% of Maxim Asset Management, which was subsequently renamed as Folkestone Maxim Asset Management. The business objective is to develop into a leading specialist manager of A-REIT securities, with a focus on delivering strong risk adjusted returns through fundamental analysis and adhering to its high conviction process.
PIMCO Australia

PIMCO Australia Pty Ltd ('PIMCO'), is a leader global investment management firm with more than $790 billion in assets under management as of 30 September 2008 and more than 1000 employees in offices in Newport Beach, New York, Singapore, Tokyo, London, Sydney, Munich, Toronto, and Hong Kong. Throughout PIMCO's 37-year history, they have been at the forefront in sectors like mortgage-backed securities and emerging market bonds. PIMCO remain's at the forefront today, pioneering the use of innovative solutions for their clients, including portable alpha and absolute return strategies.

Magellan Asset Management Limited

Magellan Asset Management Limited (Magellan) is a wholly owned subsidiary of the Australian Securities Exchange-listed Magellan Financial Group Limited. Magellan establishes and operates globally focused investment funds for retail, high net worth and institutional investors.

Alpha Fund Managers invest in both Magellan Global Fund and Infrastructure Fund.

Kapstream Capital

Kapstream Capital offers an alternative approach to fixed income. Kapstream's goal is to create innovative solutions for client needs. Through active diversification across sectors and geographies, they aim to consistently deliver capital protection and a reliable income stream.

Kapstream use a wide range of instruments to capitalise on opportunities within the marketplace, including bonds, notes, mortgages, corporate debt, emerging market debt, convertible securities, derivatives, foreign exchange contracts, enhanced cash instruments and more. As a result, they can generate positive returns in both rising and falling markets. They manage total portfolio risk, rather than the index risk, so their funds can generate a positive return even when indices are falling. The result is superior return potential, with less risk.

Polaris Capital Management

Polaris is a deep value unconstrained global equities manager who invests across the market capitalisation spectrum. Based in Boston, Polaris has a 30 year investment history. The founder of the firm and lead portfolio manager, Bernard Horn, has interesting insights and a strong conviction to his philosophy. The Polaris Global Equity Strategy follows a very clearly defined investment approach, whereby all investments are subject to a proprietary cost of equity calculation which avoids 'false value', and invests only in true value opportunities. The strategy offers investors access to true global exposure through allocation to a large number of countries, including emerging markets, i.e. access to true value, regardless of location. Historically the strategy has demonstrated ability to fully participate in the upside of strong market rallies, while limiting the downside capture, a unique return profile with low correlation to many existing strategies in the market.

State Street Global Advisors

Smallco commenced operations in April 2000 and currently manages approximately $700m of funds spread across the Smallco Investment Fund, the Smallco Broadcap Fund and a Broadcap mandate from a family office. The firm was founded by Rob Hopkins and Bill Ryan on the premise that inefficiencies exist within the pricing of smaller companies within the Australian listed securities market.

State Street Global Advisors

State Street Global Advisors (SSGA) is a global leader in institutional asset management, managing more than $2.4 trillion in assets. The firm, part of the wider State Street business, has 35 years of experience assisting clients navigate a range of market cycles and conditions. The firm employs over 2,200 people in 17 countries worldwide with nine investment centers across the Americas, Europe and Asia.

Standard Life Investments

Standard Life Investments is a leading asset manager with an expanding global reach and manages $511.5 billion in assets on behalf of clients worldwide. Their investment capabilities span equities, bonds, real estate, private equity, multi-asset solutions, fund-of-funds and absolute return strategies.

H2O Force 10

H2O Force 10 is a Global Macro hedge fund strategy that aims to generate returns from long and short positions in various equity, fixed income, currency, and futures markets, primarily based on overall economic and political views of various countries and macroeconomic principles. The H2O strategy aims to provide not only risk-adjusted performance at portfolio level but also transparency and daily liquidity.

Legg Mason Brandywine is a wholly owned yet independent subsidiary of Legg Mason. Founded in 1986, it now has 230 investment professionals overseeing US$66 billion for clients worldwide. Brandywine offers investors the benefits of an experienced team with an active and value driven investment philosophy.

Legg Mason Western Asset Management, a Legg Mason affiliate, is one of the world's leading fixed income managers and provides investment services for a wide variety of global clients, with broad capabilities across the fixed income spectrum. By devoting all of its resources to fixed income, Western Asset adds unique value to this asset class through active management of fixed income portfolios, with a value-oriented investment approach that is supported by a team of fixed income specialists in every market sector.


Macquarie is one of Australia's largest equities managers with over 30 years' experience managing portfolios and a global investment team of over 90 professionals located in Sydney, Hong Kong, New York, Boston and Philadelphia.

The Macquarie High Conviction team has a structured process to build a portfolio of stocks based on their conviction through proprietary quantitative screening, analyst ideas and market event, and undertakes focused company research to look for companies that have valuation upside with a realistic earning profile.

The Australian small companies team utilises a focused process to identify and build a high conviction portfolio of fast growing stocks through proprietary quantitative screening, company research and changing market dynamics.

Maple-Brown Abbott

Maple-Brown Abbott is one of Australia's first boutique investment managers and have managed institutional investment portfolios for over 30 years. The firms specializes in the management of investment portfolios across Australian equities, Asia Pacific ex-Japan equities and global listed infrastructure securities. Current FUM across all strategies is AUD $11 billion. The Infrastructure fund is an actively managed portfolio of global listed infrastructure securities with a focus on regulated, contracted and concession assets or networks that provide essential services. The investment team are highly experienced and aligned to investors holding a large equity stake in the fund.

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