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.


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.

Alliance Bernstein

Alliance Bernstein has grown significantly since its genesis in 1967 with offices in 22 countries, 3,490 employees and managing $485 billion in assets. AB has a comprehensive range of research, portfolio-management, wealth-management and client-service offices around the world, reflecting its global capabilities and the needs of its clients. AB's global teams collaborate across asset classes and investment strategies in order to spark new thinking and deliver superior outcomes for clients.

Wellington Management

Wellington Management offers comprehensive investment management capabilities that span nearly all segments of the global capital markets. Their investment solutions, tailored to the unique return and risk objectives of institutional clients in more than 50 countries, draw on a robust body of proprietary research and a collaborative culture that encourages independent thought and healthy debate. Since its humble beginnings in 1928, the business has grown to include 12 offices worldwide, catering for over 2100 clients managing $936 billion in assets.

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.

The AQR Wholesale Managed Futures Fund

The AQR Wholesale Managed Futures Fund is a trend-following strategy by using proprietary quantitative models. The Fund provides long and short exposure to over 100 global developed and emerging markets in equities, bonds, commodities, and currencies using futures, swaps, forwards and options. The strategy seeks to deliver systematic and risk controlled returns in a transparent and liquid form with low correlation to the returns of traditional asset classes. An efficient diversification of exposures is an explicit goal of this product.


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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