Magellan Global Equities Fund (Managed Fund) (ASX:MGE)

An ASX-quoted Active ETF investing in 20 to 40 of the world’s best global stocks

  • Listed
  • Unhedged
  • Active ETF
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Invest in the world's best

  • Alibaba
  • Alphabet
  • Crown Castle
  • Starbucks
  • Microsoft
  • Tencent
  • Facebook
  • SAP
  • Reckitt Benckiser
  • Novartis

Investment objectives

To achieve attractive risk-adjusted returns over the medium to long term;

While minimising the risk of permanent capital loss

Fund facts

Portfolio managers Structure Fund size ** ASX Ticker Intraday Indicative Nav*
Hamish Douglass & Arvid Streimann, CFA
Hamish Douglass
Arvid Streimann, CFA
Global Equity Fund, $AUD unhedged AUD $1,748.6 million MGE

Ticker Details
  Units Indicative NAV
Thomson Reuters MGE.AX MGEAUiv.P
Management fee Distribution Frequency ARSN
1.35% Bi-annual 603 395 302
MSCI World Net Total Return Index (AUD)
Performance Fee

10.0% of excess return over the higher of the Index Relative Hurdle (MSCI World Net Total Return Index (AUD)) and the Absolute Return Hurdle (the yield of 10-year Australian Government Bonds). Additionally, the performance fees are subject to a high water mark.

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All management costs described above are inclusive of the estimated net effect of GST.

* The iNAV reflects the estimated NAV per Unit updated for foreign exchange movements in the Fund's portfolio stocks by individual stock domicile and is also updated in respect of stocks that have live market prices during the ASX Trading Day. If there are no stocks held by the Fund that have live market prices during the ASX Trading Day, movements in the iNAV will only reflect foreign exchange movements. The iNAV will not be updated for market-based movements such as movements in stock market indices.

iNAV calculations as shown on (the “data”) provided by ICE Data Indices, see ICE Terms of Use, and is updated during ASX trading hours. Powered by Factset. iNAV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, IOPV, FUND OR ANY FUND DATA INCLUDED THEREIN.  IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose. 

** As at 30 September 2020.

Investment philosophy

The Magellan Global Equities Fund seeks to invest in outstanding companies at attractive prices, while exercising a deep understanding of the macroeconomic environment to manage investment risk.

Magellan perceives outstanding companies to be those that are able to sustainably exploit competitive advantages in order to continually earn returns on capital that are materially in excess of their cost of capital.

While Magellan is extremely focused on fundamental business value, it is not a typical ’value’ investor. The Magellan Global Equities Fund will invest in companies that have relatively high price-to-earnings and price-to-book multiples, provided that their businesses are outstanding and their shares are trading at an appropriate discount to their assessed intrinsic value. Equities that appear undervalued on the basis of a low price-to-earnings or price-to-book multiples will often prove to be poor investments if the underlying business is fundamentally weak and exhibits poor returns on capital.

Magellan focuses on risk-adjusted returns, rather than benchmark-relative returns. As a result, the Magellan Global Equities Fund’s investment process is designed to generate an unconstrained, concentrated portfolio of high-quality companies.

Magellan believes that an appropriately structured portfolio of 20 to 40 investments can provide sufficient diversification to ensure that investors are not overly correlated to any single company, industry-specific or macroeconomic risk.

Portfolio construction

The Magellan Global Equities Fund’s investment process integrates three key disciplines:

Intensive bottom-up stock analysis and industry research is undertaken in order to identify outstanding companies. This involves the assessment of potential investments against key quality criteria, as well as assessments of their intrinsic value. Magellan uses a proprietary ranking tool, the Magellan Conviction Scoring Matrix, to rank these companies based on these factors. This process enables the portfolio to be weighted towards higher conviction ideas (on a risk-adjusted basis).

Magellan’s detailed macroeconomic analysis is overlayed during portfolio construction, alongside the application of both fixed and dynamic risk limits. This process ensures that the portfolio is not overly exposed to aggregation risk (risk which arises from correlated portfolio positions) or macroeconomic event risk. Macroeconomic event risk can be a significant source of negative returns for investors. Magellan will make significant changes to the portfolio if it believes that macroeconomic events could lead to significant and sustained loss in value for investors. Such events would include a financial crisis, a sustained oil price shock, a global pandemic or a major global conflict.


Growth of AUD $10,000
30 September 2020

** MSCI World Net Total Return Index (AUD).

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Calculations are based on NAVs, published in the MGE ASX announcements, with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Fund Inception 2 March 2015.

30 September 2020
Performance 3 Months 6 Months 1 Year 3 Years
(% PA)
5 Years
(% PA)
Since Inception
(% PA)
Magellan Global Equities Fund (Managed Fund) (ASX:MGE) 3.43% 5.47% 7.39% 15.90% 11.82% 11.44%
Benchmark* 3.67% 10.00% 3.89% 11.04% 10.02% 9.08%
Out/Under Performance - 0.24% - 4.53% 3.50% 4.86% 1.80% 2.36%

* MSCI World Net Total Return Index (AUD)
** Inception date 02 March 2015

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Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). For the ASX Quoted Funds calculations are based on NAVs, published in the ASX announcements for the relevant ASX Quoted Funds, with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable).

Invest now in the Magellan Global Equities Fund (Managed Fund) (ASX:MGE)

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Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.

Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.

On 21 October 2020 Magellan Asset Management Limited (‘Magellan’) as responsible entity of the Magellan Global Equities Fund (‘MGE’) registered with ASIC the Notice of Meeting and Explanatory Memorandum (‘Explanatory Memorandum’) in relation to the trust scheme for MGE (‘MGE Trust Scheme’) which forms part of the proposed restructure and simplification of Magellan’s Global Equities retail funds previously announced on 3 August 2020  (‘Restructure’). A copy of the Explanatory Memorandum is available at

Please see the link below for further information regarding the Explanatory Memorandum, Magellan Directors’ recommendations, the MGF Partnership Offer and key dates.

MGE Explanatory Memorandum registered with ASIC

On 3 August 2020 Magellan announced a proposed restructure of three Global Equities retail funds. Please see below a link to the announcement and update to the PDS for Magellan Global Equities Fund.

Proposed restructure announcement
PDS update Magellan Global Equities Fund (MGE)
- Proposed restructure presentation
- Proposed restructure video update
ASX announcement (6 August 2020) with video presentation in relation to restructure proposal

New to Investing? Learn more about our global equities

  • Being a successful investor

    11 attributes we think lie behind Magellan’s long-term success in delivering competitive returns while protecting capital.

    Read article
  • Delivering outstanding results

    At Magellan, the key question we ask ourselves is: “What does the future look like?”. Our answer determines how we invest your money.

    Our global fund returns
  • Why global?

    The case for global investing rests largely on the belief that companies based outside Australia are expected to benefit the most from the key long-term shifts taking place all over the world.

    More on global investing

Investing with Magellan gives you easy access to outstanding global companies: Invest in the world's best.


Magellan’s Active ETFs are actively managed investment funds that are quoted on ASX and can be bought and sold just like any other stock listed on ASX. These funds provide investors with easy access to the benefits of investing in global equities and the investment experience and expertise of Magellan.

We seek to be transparent with our clients and are making the following disclosures in relation to our listed funds:

  • ASX announcements under each ASX code;
  • Estimated Net Asset Value ("NAV") per Unit published on Magellan’s website daily;
  • Indicative intra-day NAV per Unit ("iNAV") published on Magellan's website daily and which is updated throughout the ASX trading day;
  • Monthly fund factsheets on Magellan's website and ASX; and
  • The full portfolio on a quarterly basis with a delay period of no longer than two months on Magellan's website and ASX.

There is no minimum investment for Magellan’s listed funds. A minimum initial investment of $10,000 and minimum subsequent investment of $5000 applies to each of Magellan’s unlisted funds (except for Magellan High Conviction Class B which is a minimum initial investment of $100,000 and a minimum subsequent investment of $10,000).

Yes, investors can reinvest their distributions to obtain additional units in the fund without having to pay the cost of brokerage. To participate in the DRP, please contact the unit registry Link Market Services on 1300 554 474.

Important Information: Units in the fund(s) referred to herein are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFS Licence No 304 301). Past performance is not necessarily indicative of future results and no person guarantees the future performance of the fund(s), the amount or timing of any return from the fund(s), or that the investment objectives of the fund(s) will be achieved. This material has been provided for general information purposes and must not be construed as investment advice. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should consider obtaining professional investment advice tailored to their specific circumstances and should read the relevant Product Disclosure Statement (PDS) applicable to the fund(s) prior to making any investment decisions. The PDS for the fund(s) is available at or can be obtained by calling 02 9235 4888. Any trademarks, logos, and service marks contained herein may be the registered and unregistered trademarks of their respective owners. Nothing contained herein should be construed as granting by implication, or otherwise, any licence or right to use any trademark displayed without the written permission of the owner. No part of this material may be reproduced or disclosed, in whole or in part, without the prior written consent of Magellan Asset Management Limited.

Unit Registry Enquiries

Active ETFs

Magellan has appointed LINK Market Services Limited to provide unit registry services for Magellan's Active ETFs. To manage your unitholding including:

  • Change your contact details
  • Update our bank details
  • Change your DRP election

Please visit LINK at using your Investor Login or use the contact details provided.


Contact Us

Emma Kirk, Key Account Manager

 Telephone +61 2 9235 4956 or Book a call with me


Jennifer Herbert, Key Account Manager

 Telephone +61 2 9235 4889