Merlon Concentrated Australian Share A - Managed Fund

Fund Objective

Merlon believes that stocks trading below fair value will outperform through time. Merlon measures value by sustainable free cash flow yield. Merlon’s investment approach is to build a portfolio invested in companies with valuation upside on a broadly equal weight basis. Merlon aims for the Fund to be fully invested in a concentrated number of large and mid-cap companies listed on the ASX. Merlon views franking credits similarily to cash and takes a medium to long term view for investments in the Fund.

Fund Strategy

Fund Performance Comparison

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Peers

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The performance of the peers is calculated as the total of the performance for each time period for all the funds in the peer group, divided by the number of funds in the peer group.

Fees Comparison

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NOTE: Fee data has been provided by Morningstar, it may not include all costs being charged on your investment such as platform and adviser fees. You should check your fund manager or adviser statements to find out the exact fees you are being charged. Peers are funds that use the same benchmark in the Morningstar database.

Fund performance

	1M	3M	6M	1Y p.a.	2Y p.a.	3Y p.a.	5Y p.a.	10Y p.a.
Total return	1.78%	1.9%	1.34%	6.99%	10.42%	9.53%	12.15%	-%
Growth return	-2.17%	-2.3%	-4.11%	-2.38%	-2.89%	-0.05%	4.4%	-%
Income return	3.95%	4.2%	5.45%	9.37%	13.31%	9.58%	7.75%	-%
Market index (S&P/ASX 200 TR AUD)
Total return	1.78%	0.36%	3.06%	7.37%	11.2%	9.81%	10.21%	10.12%

As at 31 Jan 2026. Returns for periods greater than 1 year are annualised. All figures are percentages.

Asset Allocation

Merlon Concentrated Australian Share A

Australian Equities: 93.23%

International Equities: 2.47%

Cash: 4.30%

Property & Infrastructure: 0%

Fixed Interest: 0%

Alternatives: 0%

Average Allocation of Peers

Australian Equities: 96.04%

International Equities: 3.70%

Cash: -0.68%

Property & Infrastructure: 1.29%

Fixed Interest: -0.34%

Alternatives: -0.01%

General Information

Fund Details

Type	Description
Fund Name	Merlon Concentrated Australian Share A
Responsible Entity	Merlon Capital Partners Pty Limited
APIR Code	HOW2217AU
Sector/Asset Class	Equity Australia Large Value
Morningstar Rating	(as at 31 Jan 2026)
Legal Structure	Investment Fund
Fund Inception	1 Feb 2018
Fund Size	$220415927 million (as at 31 Dec 2025)
Entry Price	$1.1649 (as at 29 Jan 2026)
Exit Price	$1.1603 (as at 29 Jan 2026)
Fund Status	Open

Offer information

Type	Description
MER	1.12% (as at 11 Dec 2025)
Indirect Cost Ratio (ICR)	1.12% (as at 30 Jun 2024)
Performance fee (not included in ICR)	0.6
Minimum initial investment	$10,000.00
Minimum additional investments	$1,000.00

Top 10 holdings (as at 30 Sep 2025)

Holding (as at 30 Sep 2025)	Type	% of Portfolio
Aurizon Holdings Ltd	Equity	4.89%
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FAQs about the Merlon Concentrated Australian Share A

What is the objective of the Merlon Concentrated Australian Share A managed fund?

The objective of the Merlon Concentrated Australian Share A managed fund is Merlon believes that stocks trading below fair value will outperform through time. Merlon measures value by sustainable free cash flow yield. Merlon’s investment approach is to build a portfolio invested in companies with valuation upside on a broadly equal weight basis. Merlon aims for the Fund to be fully invested in a concentrated number of large and mid-cap companies listed on the ASX. Merlon views franking credits similarily to cash and takes a medium to long term view for investments in the Fund.

What is the strategy for the Merlon Concentrated Australian Share A managed fund?

The strategy of the Merlon Concentrated Australian Share A managed fund is Merlon believes that stocks trading below fair value will outperform through time. Merlon measures value by sustainable free cash flow yield. Merlon’s investment approach is to build a portfolio invested in companies with valuation upside on a broadly equal weight basis. Merlon aims for the Fund to be fully invested in a concentrated number of large and mid-cap companies listed on the ASX. Merlon views franking credits similarily to cash and takes a medium to long term view for investments in the Fund.

What is the APIR code of the Merlon Concentrated Australian Share A managed fund?

The APIR code of the Merlon Concentrated Australian Share A managed fund is HOW2217AU.

What was Merlon Concentrated Australian Share A’s total return last month?

Merlon Concentrated Australian Share A’s total return last month was 1.78%. This was made up of a growth return of -2.17% and an income return of 3.95%. These returns were calculated as at 31 Jan 2026.

What was Merlon Concentrated Australian Share A’s total return for the last three months?

Merlon Concentrated Australian Share A’s total return for the last three months was 1.9%. This was made up of a growth return of -2.3% and an income return of 4.2%%. These returns were calculated as at 31 Jan 2026.

What is Merlon Concentrated Australian Share A’s one-year total return?

Merlon Concentrated Australian Share A’s one-year total return is 6.99%. This was made up of a growth return of -2.38% and an income return of 9.37%. These returns were calculated as at 31 Jan 2026.

What is Merlon Concentrated Australian Share A’s three-year total return?

Merlon Concentrated Australian Share A’s one-year total return is 9.53%. This was made up of a growth return of -0.05% and an income return of 9.58%. These returns were calculated as at 31 Jan 2026.

What is the asset allocation of the Merlon Concentrated Australian Share A managed fund?

The asset allocation of the Merlon Concentrated Australian Share A managed fund is :

Australian Equities: 93.23%

International Equities: 2.47%

Cash: 4.30%

Property & Infrastructure: 0%

Fixed Interest: 0%

Alternatives: 0%

Who is the responsible Entity of the Merlon Concentrated Australian Share A managed fund?

The Responsible Entity for the Merlon Concentrated Australian Share A managed fund is Merlon Capital Partners Pty Limited.

What sector/asset class does the Merlon Concentrated Australian Share A managed fund belong to?

The Merlon Concentrated Australian Share A managed fund belongs to the Equity Australia Large Value sector/asset class.

What is the size of the Merlon Concentrated Australian Share A managed fund?

As at 31 Dec 2025, the size of the Merlon Concentrated Australian Share A managed fund was $220415927 million.

What is the inception date of the Merlon Concentrated Australian Share A managed fund?

The Merlon Concentrated Australian Share A managed fund has an inception date of 1 Feb 2018.

What is the current entry price of the Merlon Concentrated Australian Share A managed fund?

The current entry price of the Merlon Concentrated Australian Share A managed fund is $1.1649 per unit and the current exit price is $1.1603 per unit (as at 29 Jan 2026).

What is the current exit price of the Merlon Concentrated Australian Share A managed fund?

The current exit price of the Merlon Concentrated Australian Share A managed fund is $1.1603 per unit and the current entry price is $1.1649 per unit (as at 29 Jan 2026).

What is the minimum investment amount for the Merlon Concentrated Australian Share A managed fund?

The minimum initial investment amount for the Merlon Concentrated Australian Share A managed fund is $10,000. Minimum additional investment is $1000.

Fund data sourced from Morningstar. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). Data and content is provided for personal use only. Whilst every care has been taken in producing these numbers, neither Morningstar nor InvestSMART can make any guarantees around the complete accuracy of these figures. Should you decide to change investments, please read all relevant disclosure documents including the Product Disclosure Statements and if required, you may consider speaking to a financial professional for further guidance. A tax event may be realised as a result of switching investments. Past performance is not a reliable indicator of future performance.

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