Australian value equities

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Our commitment to value investing remains unchanged.

The strategy
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We are a disciplined Australian equities value manager that has been managing Australian equities since we were established in 1984. Over time we have made refinements to our investment process, however our commitment to value investing remains unchanged.

Our investment philosophy

We are value investors

We believe that the price and value of a company are often not the same and deviate over time. ‘Price is what you pay, value is what you get’ best summarises this difference. Greed and fear in markets can drive a wedge between these concepts at the stock level and we seek to take advantage of this behavioural phenomenon by being patient and disciplined. We will only invest in a stock where we assess the discount to intrinsic value is sufficiently attractive.

We are bottom-up stock pickers

At the heart of our value-based investment philosophy is our approach to stock selection, driven by in-depth analysis from our expert team of investment professionals. We use our bottom-up research process to maximise the opportunities to deliver income and long-term capital growth to our investors.

We are often contrarian

In order to beat the market, one must do something different from conventional wisdom. With share prices representing the market consensus, we will often take a contrarian position and invest in companies that we believe are undervalued and will generate the strongest returns for our clients.

In regularly looking at the unloved or unpopular segments of the market, we find there is often a narrative attached as to why these stocks are out of favour. Only by researching these companies on a bottom-up basis (in conjunction with what prevailing valuations imply) can one determine whether the narrative is correct or indeed an opportunity exists.

We invest for the long-term

A key ‘ingredient’ underlying value investing is time. We believe that price and value can diverge by a wide margin over the short-term, whilst over the long-term, they are far more likely to converge. What drives this process? Some like to point to catalysts however in our experience it is more likely than not the passing of time as the ‘darling’ stocks fail to live up to expectations while the ‘value’ parts of the market deliver better results than their share prices were implying.

The holding period for stocks in the portfolio is expected to average around four years.

Our investment approach

Our well-established and rigorous investment process aims to identify companies that are currently trading at an attractive discount to their underlying value.

We utilise several quantitative screens to rank our investment universe. Stocks are ranked based on their value characteristics and their expected total rate of return over a four-year holding period. Stock ideas generated from the valuation screens then undergo in-depth research.

Our experienced team conducts detailed quantitative and qualitative analysis on these companies. Qualitative analysis includes business and industry analysis, an assessment of the quality of management, key investment issues and risks, and ESG issues.

Our Australian equity portfolios reflect our high conviction approach and generally hold between 25 and 40 stocks.

Our approach to ESG

Portfolio Managers

A team of experienced and dedicated investment professionals.

Head of Australian Value Equities

Dougal Maple-Brown

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BEc, LLB (Hons), FFIN, CFA
Dougal joined Maple-Brown Abbott in 2001 as an equity analyst. He is currently a portfolio manager and equities analyst. Dougal was an Executive Director from July 2009 to October 2018. Dougal’s responsibilities include equity analysis and portfolio management, including managing a large number of institutional and retail accounts. He attended the Advanced Management Program at Harvard Business School in 2014. Prior to joining Maple-Brown Abbott Dougal worked in a national law firm and at an international investment bank.

Board and committee membership:
Asset Allocation Committee

Chief Investment Officer, Australian Value Equities

Garth Rossler

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MCom, CA (SA), CFAGarth joined Maple-Brown Abbott in 1997. He was appointed as Managing Director and Chief Investment Officer in July 2009, a position he held for over ten years until October 2019 when he stepped down from the Managing Director role. Garth continues in his role as the Chief Investment Officer and his responsibilities include equities analysis and portfolio management. He was an executive director from July 1999 to March 2020. Before joining Maple-Brown Abbott Garth was Director and Portfolio Manager at Allan Gray Ltd (South Africa). Board and committee membership:Asset Allocation Committee

Portfolio Manager, Australian Value Equities

Kateryna Argyrou

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BBus (Hons)
Kateryna joined Maple-Brown Abbott in July 2019 as an Investment Analyst and is a Portfolio Manager in the Australian Value Equities team. Kateryna is responsible for the REITs sector as well as some small cap coverage. Before joining Maple-Brown Abbott, Kateryna worked as a sell-side equities research analyst with Credit Suisse, covering the insurance and diversified financials sectors before leading the Australian Real Estate equities research team. Kateryna also has experience covering small cap stocks through her previous roles at Shaw & Partners and Baillieu Holst.

Board & committee membership:
Asset Allocation Committee

Portfolio Manager, Australian Value Equities

Jon Clarke

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BSc, BCom
Jon joined Maple-Brown Abbott in November 2006 as an Asian equities dealer before becoming an Investment Analyst. He is a Portfolio Manager in the Australian Value Equities team. Jon is responsible for the resources, telecommunication, engineering and construction sectors. Before joining Maple-Brown Abbott, Jon worked at State Street for six years, starting as a quantitative analyst in the transition management team and then working in a trading role, which culminated in the position of Senior Trader.

Portfolio Manager, Australian Value Equities

Christopher Hotop

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BSc, BComChris joined Maple-Brown Abbott in December 2013 as an Investment Analyst and is a Portfolio Manager in the Australian Value Equities team. Chris has stock coverage responsibilities for the utilities, infrastructure and consumer sectors. Before joining Maple-Brown Abbott, he spent eight years in the Australian equities team at CP2, where he covered a range of sectors including building materials, financials and retail for their high-conviction Endeavour Fund.

Portfolio Manager, Australian Value Equities

Peter Reeve

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BCom, BIT, MFin
Peter joined Maple-Brown Abbott in April 2006 as an Investment Analyst and is a Portfolio Manager in the Australian Value Equities team. Peter is responsible for the diversified financials and healthcare sectors and also manages the fixed income asset class. Before joining Maple-Brown Abbott, Peter worked as a Corporate Finance Analyst for IBM Australia.

Board & committee membership:
Asset Allocation Committee

Portfolio Manager, Australian Value Equities

Raymond Chang

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BCom, CFA
Raymond joined Maple-Brown Abbott in January 2005 as an Investment Analyst and is a Portfolio Manager in the Australian Value Equities team. Raymond is responsible for the building materials, chemicals, packaging, gaming, transport and media sectors. Before joining Maple-Brown Abbott, he worked as a Strategy and Business Architecture Consultant at Accenture Australia.

Maple-Brown Abbott Australian Share Fund – Retail

The Fund is invested in companies listed (or expected to be listed) on an Australian securities exchange and is actively managed.

Our value-based investment philosophy underlies our approach to stock selection, driven by our bottom-up research process designed to maximise the opportunities to deliver income and long-term capital growth to our clients. We use several valuation screens to rank our investment universe and generate stock ideas. Our experienced team then undertakes detailed quantitative and qualitative analysis to identify companies that are trading at a discount to our assessment of their underlying value.

The Fund provides exposure to a diversified portfolio of our highest conviction opportunities which we expect to deliver strong risk-adjusted returns over the long-term. We aim to invest across a broad universe of Australian companies and will typically hold 25–40 stocks.

Investment objective

The Fund aims to outperform the S&P/ASX 200 Total Return Index, after fees, over a four-year period

Download fund factsheet

Fund facts
Inception date 31/05/1986	Distribution frequency Quarterly
Benchmark S&P/ASX 200 Total Return Index	Fund status Closed to new investors
APIR code ADV0013AU	Management fees and costs %^ 1.25*
Pricing frequency & cut-off Daily/2pm Sydney time on a Business Day	Buy/Sell spread %^ n/a

*Management fees and costs for the Fund are made up of the management fee, indirect costs (if any) and estimated recoverable expenses.
^Additional fees and costs may also apply in relation to an investment in the Fund. For a full description of the fees and costs refer to the Product Disclosure Statement and Additional Information Booklet for the Fund.

Maple-Brown Abbott Australian Share Fund – Wholesale

The Fund is invested in companies listed (or expected to be listed) on an Australian securities exchange and is actively managed.

Investment objective

The Fund aims to outperform the S&P/ASX 200 Total Return Index, after fees, over a four-year period.

Fund rating and platform availability

Download fund factsheet

Fund facts
Inception date 31/05/1998	Distribution frequency Quarterly
Benchmark S&P/ASX 200 Total Return Index	Minimum initial application $ 100,000
APIR code ADV0046AU	Management fees and costs %^ 0.80*
Pricing frequency & cut-off Daily/2pm Sydney time on a Business Day	Buy/Sell spread %^ 0.19/0.19

*Management fees and costs for the Fund are made up of the management fee, indirect costs (if any) and estimated recoverable expenses.
^Additional fees and costs may also apply in relation to an investment in the Fund. For a full description of the fees and costs refer to the Product Disclosure Statement and Additional Information Booklet for the Fund.

Maple-Brown Abbott Australian Value Opportunities Fund

The Fund is invested in companies listed (or expected to be listed) on an Australian securities exchange and is actively managed.

The Fund is managed on a ‘benchmark unaware’ basis and provides exposure to a diversified portfolio of our highest conviction opportunities which we expect to deliver strong risk-adjusted returns over the long-term. We aim to invest in a combination of large, mid and small capitalisation stocks from across the available universe of Australian companies and will typically hold 25–40 stocks.

Investment objective

The Fund aims to outperform the S&P/ASX 300 Total Return Index, after fees, over a four-year period.

Fund rating and platform availability

Download fund factsheet

Fund facts
Inception date 01/04/2021	Distribution frequency Quarterly
Benchmark S&P/ASX 300 Total Return Index	Minimum initial application $ 20,000
APIR code MPL1039AU	Management fees and costs %^ 0.80*
Pricing frequency & cut-off Daily/2pm Sydney time on a Business Day	Buy/Sell spread %^ 0.19/0.19

*Management fees and costs for the Fund are made up of the management fee, indirect costs (if any) and estimated recoverable expenses.
^Additional fees and costs may also apply in relation to an investment in the Fund. For a full description of the fees and costs refer to the Product Disclosure Statement and Additional Information Booklet for the Fund.

Portfolio Managers

A team of experienced and dedicated investment professionals.

Chief Investment Officer, Australian Value Equities

Garth Rossler

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Head of Australian Value Equities

Dougal Maple-Brown

View profile

Board and committee membership:
Asset Allocation Committee

Fund performance^

as at 30/04/2025

blank	1 mth %	3 mths %	1 yr % p.a.	3 yrs % p.a.	4 yrs % p.a.	5 yrs % p.a.	Since inception % p.a.*
Fund	-0.5	-3.3	3.5	5.0	8.1	12.6	9.0
Difference	-4.1	0.4	-6.3	-2.2	0.2	0.5	-0.3
Benchmark	3.6	-3.7	9.8	7.2	7.9	12.1	9.4

Fund performance^

as at 30/04/2025

blank	1 mth %	3 mths %	1 yr % p.a.	3 yrs % p.a.	4 yrs % p.a.	5 yrs % p.a.	Since inception % p.a.*
Fund	-0.5	-3.2	4.0	5.6	8.7	13.3	8.0
Difference	-4.1	0.5	-5.8	-1.6	0.8	1.2	-0.6
Benchmark	3.6	-3.7	9.8	7.2	7.9	12.1	8.6

Fund performance^

as at 30/04/2025

blank	1 mth %	3 mths %	1 yr % p.a.	3 yrs % p.a.	Since inception % p.a.*
Fund	-1.9	-5.0	-0.2	5.2	8.6
Difference	-5.5	-1.4	-9.8	-1.7	0.1
Benchmark	3.6	-3.7	9.5	6.8	8.5

^Past performance is not a reliable indicator of future performance. No warranty can be given for future performance. Returns are volatile and may fluctuate quickly and significantly. Past performance is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation and foreign tax credits are not included in the performance figures. The Benchmark to 31 March 2000 is the S&P/ASX All Ordinaries Index and from 1 April 2000 is the S&P/ASX 200 Index. Source: Maple-Brown Abbott and S&P*

Unit price

Date	Application price	Net asset value	Redemption price
08/05/2025	0.9197	0.9197	0.9197

Date	Application price	Net asset value	Redemption price
08/05/2025	0.9273	0.9255	0.9237

Date	Application price	Net asset value	Redemption price
08/05/2025	0.9131	0.9114	0.9097

Interested in investing with us?

Distributions

Download latest distribution timetable

Date	Distribution (A$ per unit)	Reinvestment price (A$ per unit)
31/03/2025	0.0204	0.9144

Date	Distribution (A$ per unit)	Reinvestment price (A$ per unit)
31/03/2025	0.0215	0.9197

Date	Distribution (A$ per unit)	Reinvestment price (A$ per unit)
31/03/2025	0.0042	0.9165

Download Div 12-H summary

Download Taxable component summary

Interested in investing with us?

Forms and fund information

Forms

Application form

Additional application form

Withdrawal form

Transfer form

Change of details form

Change of name form

TFN-ABN or exemptions form

Fund information

Fund factsheet

Quarterly commentary

Target market determination

Financial services guide

Interim financial report

Annual financial report

Proxy voting outcomes

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned ADV0046AU June 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

The Lonsec rating issued 10/2024 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. ©2024 Lonsec. All rights reserved.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned MPL1039AU June 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

The Lonsec rating issued 04/2025 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.

The strategy
Explore the funds

Our investment philosophy

We are value investors

We are bottom-up stock pickers

We are often contrarian

We invest for the long-term

The holding period for stocks in the portfolio is expected to average around four years.

Our investment approach

Our well-established and rigorous investment process aims to identify companies that are currently trading at an attractive discount to their underlying value.

Our Australian equity portfolios reflect our high conviction approach and generally hold between 25 and 40 stocks.

Our approach to ESG

Portfolio Managers

A team of experienced and dedicated investment professionals.

Head of Australian Value Equities

Dougal Maple-Brown

View profile

Board and committee membership:
Asset Allocation Committee

Chief Investment Officer, Australian Value Equities

Garth Rossler

View profile

Portfolio Manager, Australian Value Equities

Christopher Hotop

View profile

Portfolio Manager, Australian Value Equities

Jon Clarke

View profile

Portfolio Manager, Australian Value Equities

Kateryna Argyrou

View profile

Board & committee membership:
Asset Allocation Committee

Portfolio Manager, Australian Value Equities

Peter Reeve

View profile

Board & committee membership:
Asset Allocation Committee

Portfolio Manager, Australian Value Equities

Raymond Chang

View profile

We currently do not have any funds registered for sale in your jurisdiction

Please contact Simon Beram, Director Distribution and Research for further information on:
T +61 2 8226 6231 | E sberam@maple-brownabbott.com

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