Experience the benefits of global investing with a multi award-winning investment manager
Cromwell Phoenix Global Opportunities Fund
Experience the benefits of global investing with a multi award-winning investment manager
Cromwell Phoenix Global Opportunities Fund
The Cromwell Phoenix Global Opportunities Fund (the Fund) is a global investment opportunity with underlying investments chosen by Cromwell’s long-term partner and award winning investment manager, Phoenix Portfolios3 (Phoenix).
The Fund is a compelling investment option for investors seeking to gain exposure to a diversified portfolio of international securities trading at a discount to their observable net asset values (NAVs). Phoenix’s investment strategy is primarily focused on small-cap stocks where analyst coverage is often low, and pricing discrepancies present the best opportunities.
Phoenix is committed to aligning its interests with those of investors, and has a significant co-investment stake in the Fund. The fee structure only rewards positive performance, ensuring that Phoenix is incentivised to deliver absolute returns.
Fund performance2
as at 31 October 2024
Past performance is not a reliable indicator of future performance
Learn how the Cromwell Phoenix Global Opportunities Fund identifies unique investment opportunities worldwide. Hear directly from Portfolio Manager Jordan Lipson as he shares insights into the fund’s strategy and performance and answers your pre-submitted questions.
To view the latest Cromwell Phoenix Global Opportunities Fund performance figures, explore the fund performance report.
For an in-depth performance commentary on select undervalued international securities in the Fund’s portfolio, refer to the latest report available for download.
Learn more about Phoenix Portfolio’s investment strategy for the fund.
Interested in investing? Here is more information on what to do next.
Fund snapshot
Fund Objective
The Fund aims to deliver a total return (after fees) of over 7.5% per annum over rolling five-year periods, while outperforming the Vanguard Total World Stock ETF in AUD (Benchmark) after fees and costs.
Investments
The Fund invests across various global equity markets, including North America, Europe, and Asia, with a focus on both developed and emerging markets. It will seek out investment opportunities beyond the typical large capitalisation indices to create a portfolio of attractively valued securities.
Benchmark
Vanguard Total World Stock ETF.
Fund Inception
31 December 2019.
Investment manager
Phoenix Portfolios Pty Ltd.3
Responsible entity
Cromwell Funds Management Ltd.
Investment strategy
At Cromwell Funds Management Limited (CFM) and Phoenix Portfolios Pty Ltd (Phoenix), we believe that investing in securities trading at a discount to their intrinsic value can deliver superior long-term performance. Some of these securities have readily ascertainable and observable net asset values (NAVs). A number of these securities trade at significant discounts to their observable NAVs, particularly in under-researched areas of the market where valuations are less closely scrutinised by analysts.
To capitalise on these pricing discrepancies, Phoenix aims to construct a portfolio of predominantly “under-researched” securities with free float market capitalisation of less than US$5 billion. By focusing on smaller companies that are often overlooked by other investors, we can identify investment opportunities that offer attractive risk-adjusted returns.
To maintain our strategic advantage over competitors, we have initially capped the Fund size at $100 million of Net Trust Value, which allows us to invest in a wider universe of securities. With a disciplined investment approach grounded in rigorous fundamental analysis and risk management, we are committed to helping our clients achieve their investment objectives over the long term.
Sign up to our five-part case study series and discover how we leverage market volatility and uncover attractive, yet overlooked, opportunities in offshore small or microcap stocks.
Investment process
Phoenix’s value-oriented, fundamental analysis focuses on “bottom up” research to fully understand the components that make up a security’s net asset value (NAV) and assess the level of certainty inherent in any valuation.
Quantitative screens are used to eliminate a substantial portion of securities, many of which trade at or above their NAVs; quantitative and qualitative techniques are used concurrently to help reduce the universe to a shortlist of approximately 150 securities.
Shortlisted securities are then researched in substantially more detail to enable Phoenix’s investment team to fully understand each security’s NAV, as well as the key drivers and sensitivities to its valuation.
These securities are put through a research framework, detailing the appropriateness of underlying asset valuations and the certainty of those valuations. This is supplemented by an assessment of capital allocation history and board/management alignment to build a fundamental valuation model for each security.
More detail can be found in the Fund’s Additional Information Document.
Meet the portfolio manager
Jordan Lipson
Jordan Lipson is the portfolio manager of the Cromwell Phoenix Global Opportunities Fund and a research analyst across all of the company’s products. Jordan has a Bachelor of Commerce degree from the University of New South Wales where he majored in Actuarial Studies and Finance. Prior to joining Phoenix in March 2016, Jordan was a Portfolio Analyst at Advance Asset Management / BT Invest Solutions and reported to the Head of Portfolio Construction and ESG. Jordan is a Chartered Financial Analyst.
Learn more about Phoenix Portfolios.
Risk disclosure
Any investment, including an investment in this Fund, is subject to risk. If a particular risk eventuates it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. Examples of key risks include: manager risk, market risk and liquidity risk. See Section 4 of the Fund’s product disclosure statement (PDS) dated 26 October 2021.
Past performance is not indicative of future performance. Forward-looking statements in this webpage are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the Fund’s PDS.
Risk level
Cromwell Funds Management believes that the Fund’s risk level is high. The risk of your investment falling in value over the short term is high when compared to investments in managed investment schemes that invest in asset classes such as cash or fixed interest securities. However, the Fund offers potentially more favourable returns over the medium to long term than cash or fixed interest securities. This is why the minimum suggested timeframe for an investment in the Fund is at least five years.
Request a Product Disclosure Statement
Thank you for your interest in the Cromwell Phoenix Global Opportunity Fund. Please complete the form below to receive the Fund's Product Disclosure Statement (PDS).
Key documents
The information in this section of the website is provided for the use of licensed financial advisers and wholesale investors only. In no circumstances is it to be used by a potential investor for the purposes of making a decision about a financial product or class of products. Any advice is not personal advice and has been prepared without taking into account investors objectives, financial situation or needs.
By electing to continue, you confirm that you are a licensed financial adviser or a wholesale investor.
Information for current investors
Cromwell follows ASIC’s good practice guidance for website disclosure of material information. This means that all material information in relation to the Cromwell Phoenix Global Opportunities Fund will be posted on this webpage as soon as practicable after Cromwell becomes aware of it.
View the Cromwell Phoenix Global Opportunities Fund continuous disclosure.
Additional units application form
Distribution reinvestment plan nomination form
Identification form – individuals and sole traders
Identification form – Australian companies
Identification form – Australian regulated trusts (including Self Managed Super Funds)
Identification form – unregulated Australian trusts and foreign trusts
View Tax Information for this fund.
How to invest
A potential investor must read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) in full.
A potential investor should consider the risks as outlined in section 4 of the PDS, and their appetite to risk in general when considering an investment in the Fund.
Apply online, or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.
Real expertise
We recently sat down with our experts in our “Real Expertise” series, where they discuss how we strive to provide investors with sustainable income by leveraging our combined expertise. Our experts cover topics such as understanding investor needs, leveraging data, adapting to market demands, delivering financial returns while reducing environmental impacts, and finding undervalued securities.
Contact us
Jonathan has 20 years’ experience in equity markets and investing. He is responsible for maintaining relationships with Cromwell’s direct retail investors.
Book a meeting with JonathanFootnotes
- As at 30 November 2024, after fees and costs. Past performance is not a reliable indicator of future performance.
- Vanguard Total World Stock ETF (AUD).
- Phoenix Portfolios Pty Ltd is owned by staff of Phoenix and Cromwell Corporation Limited ACN 001 056 980.
Important Information
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Units are issued by the Fund at a unit price determined in accordance with the Responsible Entity’s Unit Pricing Policy. Per the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority’s (APRA’s) Unit Pricing: Guide to Good Practice, investors will receive compensation for any material unit pricing errors. In accordance with these guidelines the Fund does not pay exited members compensation for material unit pricing errors where the amount of any compensation payable is less than $20.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333 214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Global Opportunities Fund ARSN 654 056 961 (Fund). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 26 October 2021 (PDS). A target market determination (TMD) is also available. The PDS and TMD are issued by CFM and are available from www.cromwell.com.au/gof or by calling Cromwell’s Investor Services team on 1300 268 078. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS. Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300 302 (Phoenix) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.