Magellan High Conviction Trust Offer
Magellan Asset Management will launch a high conviction listed investment trust that will pay no commissions to brokers or financial advisers that recommend the product.
The Magellan High Conviction Trust will invest in a concentrated portfolio of high quality global companies and will replicate the investment strategy of the unlisted Magellan High Conviction Fund, which has returned 16.6% per annum net of fees since inception on 1 July 2013.
Managed by Hamish Douglass and Chris Wheldon, the Trust will invest in a highly concentrated portfolio of 8 to 12 companies.
The offer opened on 21 August 2019 and will close on 27 September 2019, with a listing date of 11 October 2019.
It will carry a management fee of 1.5 per cent and a performance fee of 10 per cent of excess returns above 10 per cent per annum.
"A good concentrated exposure to Magellan's 'best ideas'": Q&A with Chris Wheldon
Chris Wheldon is a portfolio manager for the Magellan High Conviction Fund, which is soon to be listed as a trust on the ASX. Chris speaks to Industry Moves about the firm's investment process, the trust's benefits to investors, and how it best fits within a portfolio. He also shares the story of his journey into funds management and why losing a little 'hard earned' capital as a teenager reaped its own rewards.