Auscap Ex-20 Australian Equities Fund

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Auscap Ex-20 Australian Equities Fund

Auscap Ex-20 Australian Equities Fund

An actively managed, long-only Fund focused on medium sized Australian companies. It targets attractive total return opportunities through disciplined, patient investment.

Fund Overview

The Auscap Ex-20 Australian Equities Fund aims to outperform its benchmark, the S&P/ASX-300 ex S&P/ASX-20 Index, over the recommended minimum investment period of five years.

The Fund provides exposure to an actively managed portfolio of 40 to 60 Australian listed companies, drawn primarily from the mid-cap segment of its universe. While the Fund cannot purchase securities in the S&P/ASX-20 Index, if a security already held by the Fund moves into that index it may continue to be held for as long as Auscap’s investment team deems appropriate.

The investment team’s main focus is to identify quality businesses that will compound earnings at attractive rates over the medium to longer term; its second, to not overpay for them.

The Fund may suit investors seeking long-term capital growth, alongside some income through distributions and franking credits, via a diversified portfolio of Australian equities.

$1.3488

NAV as at 03-12-2025

Entry and exit prices are available here.

QUICKLINKS

FUND FACTS

APIRASX6179AU
Inception date1 December 2023
DistributionsAnnually
Fund size at 31.10.2025$45.59 M
Units on Issue at 31.10.202533.36 M

HOW TO INVEST

Investment can be made using the Fund’s PDS or through key platforms, including:

HUB24
Macquarie Wrap
Netwealth
PowerWrap

Research opinion

Speak to a GSFM Account Manager

Portfolio Value of $10,000 Invested

From To

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Auscap Ex-20 Australian Equities Fund Performance

As at 31 October 2025	Month %	3 Months %	1 Year %	3 Years % p.a.	5 Years % p.a.	7 Years % p.a.	10 Years % p.a.	Since Inception¹ % p.a.
Fund²	1.59	9.42	20.32	N/A	N/A	N/A	N/A	21.62
Benchmark³	0.10	5.10	16.89	N/A	N/A	N/A	N/A	18.67
Over / (Under)	1.49	4.32	3.43	N/A	N/A	N/A	N/A	2.95

Auscap Ex-20 Australian Equities Fund Performance Components

As at 31 October 2025	Month %	3 Months %	1 Year %	3 Years % p.a.	5 Years % p.a.	7 Years % p.a.	10 Years % p.a.	Since Inception¹ % p.a.
Distribution⁵	0.00	0.00	5.91	N/A	N/A	N/A	N/A	3.92
Growth	1.59	9.42	14.41	N/A	N/A	N/A	N/A	17.70
Total	1.59	9.42	20.32	N/A	N/A	N/A	N/A	21.62

¹ 1 December 2023
² Fund returns are calculated net of all fees and expenses and assuming all distributions are reinvested
³ S&P/ASX300 ex S&P/ASX20*

Past performance is not a reliable indicator of future performance.

Numbers may not add due to rounding

IMPORTANT INFORMATION

This material has been provided for general information purposes only and must not be construed as investment advice. This material has been prepared without taking account of the objectives, financial situation or needs of individuals. Before making an investment decision in relation to a Fund, investors should consider the appropriateness of this information, having regard to their own objectives, financial situation and needs, and read and consider the product disclosure statement (PDS) for the Fund prior to making any investment decision. The PDS is available on this website or by calling (02) 9324 4356. A Target Market Determination has been prepared for this fund in connection with the Design and Distribution Obligations and can be obtained on this website or by calling (02) 9324 4356.

Past performance information provided on this website is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Investing involves risk including loss of capital invested. None of Auscap Asset Management Limited ACN 158 929 143 AFSL 428014 the responsible entity of the Fund, and GSFM Pty Limited, the distributor of the Fund, their related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Fund or any particular returns from the Fund.

^*The S&P/ASX 300 Ex S&P/ASX 20 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Auscap Asset Management Limited. © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Investment Team

Tim Carleton

Chief Investment Officer

Will Mumford

Deputy Portfolio Manager

Gavin Rogers

Investment Manager

FUND AT A GLANCE

An actively managed, sector aware portfolio of Australian equities
Focus on mid-cap, primarily those stocks ranked 21-100 on the ASX
Consistent application of quality first, value focused investment philosophy
Managed by a high-quality, experienced investment team
Strong alignment of interests, with the investment team co-invested in the Fund

Read | Watch | Listen

Quick CPD

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Posted on 3 December 2025

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Posted on 7 November 2025

Insights

Private markets are an illusion – Tim Carleton | Auscap Asset Management | Equity Mates Basis Points

Posted on 4 November 2025

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Posted on 19 October 2025

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