IFP Global Franchise Fund (Hedged) (MAQ0631AU) Report & Performance

What is the IFP Global Franchise Fund (Hedged) fund?

The IFP Global Franchise Fund offers exposure to a concentrated portfolio of some of the world’s leading global companies. Each of these companies possess a dominant intangible asset, such as brand, patent, intellectual property or licence, which gives them a competitive advantage in their market.

  • Provides exposure to a concentrated portfolio of global equities by investing in the IFP Global Franchise Fund (Underlying Fund).
  • Applying bottom up fundamental research and seeking high quality companies at compelling valuations.
  • Typically invests in consumer goods (including tobacco), pharmaceuticals, media and publishing, broadcasting and information services.
  • Does not invest in capital intensive industries such as telecommunications and utilities.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For IFP Global Franchise Fund (Hedged)

IFP Global Franchise Fund (Hedged) Fund Commentary September 30, 2023

• The Fund returned -3.50%, net of fees, in September 2023, compared with a return for the Benchmark of -3.77%.

• Most sectors detracted in September in unhedged terms, with the Energy sector being the sole contributor. For the Fund, the largest relative sector contributors included holdings in Health Care, such as GSK and Novartis, and holdings in Materials, such as Corteva. Relative detractors included holdings in Financials, including ICE and S&P Global, and a lack of exposure to the Energy sector.

• GSK was among the top individual contributors to performance in September. The company’s recently launched respiratory syncytial virus (RSV) vaccine, Arexvy, is performing ahead of market expectations. Early data suggests its market share in the US is close to 70%, well ahead of initial market expectations of a 50:50 split with Pfizer. Arexvy also received regulatory approval in Japan, a large market with significant unmet need for adult RSV vaccines. This adds to the regulatory approval gained in Europe in June.

• Zillow was among the top individual detractors from performance in September. The stock’s weakness appeared to be driven by a combination of profit taking following strong year-to-date performance and a rise in longer-term US interest rates that is likely to continue to depress US housing transaction volumes. Franchise Partners are mindful that the on-going weakness in housing transactions could significantly reduce Zillow’s near-term free cash flow generation. However, Franchise Partners maintain the belief that the company can deliver above market revenue growth next year even if US housing transactions remain low due to new product initiatives that are starting to lead to large market share gains.

• During the month, Franchise Partners completed the initial purchase of Estee Lauder, and the final sale of Microsoft. Estee Lauder has leading market positions across all major luxury sub-categories of skincare, make-up and fragrances. Having followed the company for many years, the opportunity to initiate the position arose from the 60% share price decline price from its April 2022 peak. This decline was driven by a rapid slowdown in the company’s most profitable travel retail channel, particularly in Asia. Franchise Partners view this slowdown as transitory and expect profits, margins and cash flows to revert towards historic levels in the years ahead. This recovery is underpinned by long term demographic trends that are supportive of Asian travel retail, including growing female workforce participation in Asia, a growing middle-class population, and increased international travel. Although Franchise Partners continue to admire the quality of the Microsoft business, having generated attractive returns since the position was initiated, the valuation no longer represents an attractive risk-reward proposition.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
IFP Global Franchise Fund (Hedged)MAQ0631AUManaged FundsForeign EquityCurrency HedgedForeign Equity - Currency Hedged IndexDeveloped -World Index212.61 M1.38%0.00%0.39%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
IFP Global Franchise Fund (Hedged)4.01%-0.53%11.33%4.19%12.47%13.77%14.99%12.56%-10.21%-18.34%-18.37%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
IFP Global Franchise Fund (Hedged)Foreign Equity - Currency Hedged Index-7.14%1.16%NA%NA%NA%1.124.78%5.96%0.950.89

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
IFP Global Franchise Fund (Hedged)Yes-https://www.macquarie.com/id/en.html-

Product Due Diligence

What is IFP Global Franchise Fund (Hedged)

IFP Global Franchise Fund (Hedged) is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Currency Hedged Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The IFP Global Franchise Fund (Hedged) has Assets Under Management of 212.61 M with a management fee of 1.38%, a performance fee of 0.00% and a buy/sell spread fee of 0.39%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the IFP Global Franchise Fund (Hedged) has returned 4.01% in the last month. The previous three years have returned 4.19% annualised and 12.56% each year since inception, which is when the IFP Global Franchise Fund (Hedged) first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since IFP Global Franchise Fund (Hedged) first started, the Sharpe ratio is NA with an annualised volatility of 12.56%. The maximum drawdown of the investment product in the last 12 months is -10.21% and -18.37% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The IFP Global Franchise Fund (Hedged) has a 12-month excess return when compared to the Foreign Equity - Currency Hedged Index of -7.14% and 1.16% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. IFP Global Franchise Fund (Hedged) has produced Alpha over the Foreign Equity - Currency Hedged Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Foreign Equity - Currency Hedged Index category, you can click here for the Peer Investment Report.

What level of diversification will IFP Global Franchise Fund (Hedged) provide?

IFP Global Franchise Fund (Hedged) has a correlation coefficient of 0.89 and a beta of 1.12 when compared to the Foreign Equity - Currency Hedged Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on IFP Global Franchise Fund (Hedged) and its peer investments, you can click here for the Peer Investment Report.

How do I compare the IFP Global Franchise Fund (Hedged) with the Developed -World Index?

For a full quantitative report on IFP Global Franchise Fund (Hedged) compared to the Developed -World Index, you can click here.

Can I sort and compare the IFP Global Franchise Fund (Hedged) to do my own analysis?

To sort and compare the IFP Global Franchise Fund (Hedged) financial metrics, please refer to the table above.

Has the IFP Global Franchise Fund (Hedged) been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in IFP Global Franchise Fund (Hedged)?

If you or your self managed super fund would like to invest in the IFP Global Franchise Fund (Hedged) please contact via phone or via email .

How do I get in contact with the IFP Global Franchise Fund (Hedged)?

If you would like to get in contact with the IFP Global Franchise Fund (Hedged) manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the IFP Global Franchise Fund (Hedged). All data and commentary for this fund is provided free of charge for our readers general information.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

• The Fund returned -1.30%, net of fees, in August 2023, compared with a return for the Benchmark of -1.85%.

• Most sectors advanced in August in unhedged terms, led by Energy, Health Care, and Communication Services. For the Fund, the largest relative sector contributors included holdings in Financials, such as Aon and ICE, and holdings in Consumer Discretionary, namely Booking Holdings and eBay. Relative detractors included holdings in Materials, namely Corteva, and a lack of exposure to the Energy sector.

• News Corp. was among the top individual contributors to performance in August. The company released better-than-expected fourth quarter results. Digital represented more than 50% of total revenues for the full year, the first time in the company’s history. The growth of business-to-business products in the Dow Jones division was strong and is likely to be the largest contributor to the division’s profits next year. Further, subscription video service Foxtel returned to growth and is expected to complete a refinancing that should facilitate repayments of outstanding shareholder loans from News Corp., a first step towards a potential IPO.

• Electronic Arts was among the top individual detractors from performance in August. The company reported solid first quarter results, but management’s guidance for the full year was weaker than expected. Franchise Partners are not overly concerned about the full year outlook, as it is driven by weakness in EA’s lower-value shooter title Apex Legends and its mobile division. Importantly, performance of the company’s core sports titles is strong, and Franchise Partners expects revenues and margins to improve next year once the multiple titles currently in development are released.

• There were no initial purchases or final sales within the portfolio during the month.

Performance Commentary - July 31, 2023

• The Fund returned 1.07%, net of fees, in July 2023, compared with a return for the Benchmark of 2.84%.

• Another positive month for the benchmark saw all sectors advance, with Financials, Communication Services and IT making the largest contributions. The largest relative sector detractors from the Fund included holdings in Financials, including Aon and S&P Global, and holdings in Communication Services, including Fox and Nintendo. Relative contributors included holdings in Real Estate, namely Zillow, and holdings in Industrials, including RB Global and TransUnion.

• RB Global was among the top individual contributors to performance in July. The company’s shares appeared to benefit from a number of analyst upgrades during the month. Franchise Partners believes it is too early to assess the success of the acquisition of IAA, however there are signs that market conditions are improving. North American used equipment market trend data indicate used equipment prices are easing, which is starting to lead to increased auction volumes. In addition, Franchise Partners’ analysis of thirdparty data suggests that IAA’s market performance has not been adversely affected by the integration.

• Aon was among the top individual detractors from performance in July. The company reported solid second quarter results, however industry-wide weakness in M&A services revenues affected Aon more than its peers due to the larger size of this segment within its business mix. Franchise Partners thinks this M&A services slowdown is due to short term, cyclical reasons rather than structural ones. The company remains on course to achieve at least mid-single-digit organic revenue growth and operating margin expansion, and double-digit free cash flow growth for the full year. Further, Aon’s core business continues to perform well, with average retention rates of approximately 95%.

• There were no initial purchases or final sales within the portfolio during the month.

Performance Commentary - June 30, 2023

• The Fund returned 5.80%, net of fees, in June 2023, compared with a return for the Benchmark of 5.59%.

• A strong month for the index saw most sectors move higher, led by Consumer Discretionary, Industrials and Materials. The largest relative sector contributors to the Fund included holdings in Communication Services, such as Fox and News Corp.; holdings in Industrials, led by RB Global; and holdings in Financials, including Aon and S&P Global. Relative detractors included holdings in Consumer Discretionary, which lagged the rise of the broader sector, and holdings in IT, namely Salesforce.

• RB Global was among the top individual contributors to performance in June. Shares in the company recovered following weakness in May driven by the market rotation towards more cyclical stocks. Franchise Partners continues to think RB Global is a high-quality company with attractive market shares that benefit from strong brands and two-sided network effects, as well as databases with extensive buyer and inventory data.

• Salesforce was among the top individual detractors from performance in June. Salesforce’s shares declined following the release of first quarter results that were in line with management’s guidance, but which did not meet the market’s elevated expectations. Given the greater than 50% share price appreciation since the start of the year which has, in part, been driven by the market’s elevated expectations, Franchise Partners took the opportunity to reduce the position size last month.

• There were no initial purchases or final sales within the portfolio during the month.

Performance Commentary - May 31, 2023

• The Fund returned -2.18%, net of fees, in May 2023, compared with a return for the Benchmark of -0.22%.

• A strong performance by the IT sector disguised an otherwise tepid month for the index, with the Energy, Consumer Staples, Financials and Health Care sectors, amongst others, detracting. For the Fund, the largest relative sector detractors were an underweight to IT, as well as holdings in Consumer Staples, particularly BAT and Philip Morris, and an overweight to the sector. Relative contributors included a lack of exposure to Energy, and holdings in Financials, namely S&P Global.

• Salesforce was among the top individual contributors to performance in May. Shares in the company appeared to benefit from the broader market rotation towards faster growing, more cyclical stocks, particularly those in the IT sector and specifically companies focused on artificial intelligence. Given the share price rise, Franchise Partners took the opportunity to reduce the position size in Salesforce towards the end of the month.

• BAT was among the top individual detractors from performance in May. Shares in the company appeared to be affected by the broader weakness in the Consumer Staples sector, as well as the unanticipated announcement that CEO Jack Bowles has been replaced by CFO Tadeu Marroco. Franchise Partners understand the market’s negative reaction to the CEO’s unexpected departure but believe Marroco is a solid appointment and do not think the company’s strategy is likely to change significantly. Bowles’ departure follows a recent large fine from the US Department of Justice for engaging in commercial activity in sanctioned countries in the AsiaPacific region in the early-to-mid-2010s. The company has subsequently overhauled its global compliance function and increased senior executive oversight to help prevent a repeat of this activity.

• There were no initial purchases or final sales within the portfolio during the month.

Performance Commentary - December 31, 2022

The Fund returned -5.62%, net of fees, in December 2022, compared with a return for the Benchmark of -5.49%, with equity markets troubled by central bank messaging on the trajectory of interest rate rises.

All market sectors declined in December, led in particular by IT, Consumer Discretionary and Communication Services. For the Fund, the largest relative sector detractors were holdings in Real Estate, namely Zillow, and in Materials, driven by Corteva. Relative contributors included holdings in Consumer Discretionary and in Consumer Staples, which proved defensive compared to their wider sectors; in particular, Philip Morris, within Consumer Staples, was positive for the month.

Philip Morris (PMI) was among the top individual contributors to performance in December. The company announced that it has acquired more than 93% of Swedish Match and will delist the shares and consolidate the two companies’ operations. Franchise Partners continues to think the acquisition makes good financial and strategic sense and should help accelerate the transition of PMI’s legacy combustible cigarette portfolio towards next generation products. It will also give PMI a strong foothold in the US market through Swedish Match’s established sales and distribution capabilities.

Bristol-Myers Squibb was among the top individual detractors from performance in December. Weakness in the company’s share price appeared to be driven by profit taking following strong performance during 2022. Franchise Partners continues to think Bristol is one of the better-invested large cap pharmaceutical companies and that it has one of the best drug pipelines in its peer group. Franchise Partners believes the pipeline is underappreciated by the market and should allow Bristol to successfully navigate its sizable but known upcoming patent expirations.

There were no initial purchases or final sales within the portfolio during the month.

Performance Commentary - November 30, 2022

The Fund returned 3.76%, net of fees, in November 2022, compared with a return for the Benchmark of 2.02%, with markets maintaining their positive trajectory despite ongoing inflation and interest rate uncertainty.

Cyclical sectors, led by Materials, Industrials and Financials, drove the index higher in November. For the Fund, the largest relative sector contributors were holdings in Consumer Discretionary, such as Richemont and eBay, and in Communication Services, such as News Corporation and Fox. Relative detractors included holdings in Materials, namely Corteva, and an underweight to Industrials.

Richemont was among the top individual contributors to performance in November. The company released strong half year results, with underlying sales growing by 16% driven by the company’s high margin jewellery brands, Cartier and Van Cleef & Arpels. This revenue growth was well balanced geographically, with US and European revenue growth more than offsetting China, which remains affected by lockdowns. Franchise Partners continues to believe that Richemont is well placed in the attractive luxury jewellery segment. Cartier and Van Cleef & Arpels are among the strongest brands in the segment and have substantial pricing power.

Salesforce was among the top individual detractors from performance in November. Shares in the company were likely affected by broader macroeconomic concerns that are starting to impact other leading software companies. Broker surveys conducted in November also showed signs of weakness in software customer demand. The company further announced the surprise departure of co-CEO Bret Taylor. However, founder and fellow co-CEO Marc Benioff has navigated multiple executive transitions over the past two decades. Management has demonstrated strong cost discipline which led to margin expansion in the quarter.

There were no initial purchases or final sales within the portfolio during the month.

Performance Commentary - October 31, 2022

• The Fund returned 7.31%, net of fees, in October 2022, compared with a return for the Benchmark of 7.81%, with the MSCI World Ex Australia Index recording its strongest monthly bounce since May 2013.

• All market sectors moved higher in October, with IT, Health Care and Financials the largest contributors to index returns, and Energy a notably strong performer. For the Fund, the largest relative sector contributors were holdings in Consumer Discretionary, such as Booking Holdings and eBay, and in IT, such as Oracle and Salesforce. Relative detractors included a lack of exposure to Energy, and holdings in Industrials, which lagged the rise of the broader sector, as well as an underweight to the sector.

• Oracle was among the top individual contributors to performance in October. The company issued long-term guidance at its annual analyst day that significantly exceeded market expectations for both revenues and margins. This was the first long-term guidance that Oracle had released in over a decade and reflects the strong progress made in transitioning both its application and database business to the cloud.

• Fox was among the top individual detractors from performance in October. Shares in the company declined following the announcement that its largest shareholder, the Murdoch Family Trust, is exploring a re-combination with News Corp. As the larger company, it appears the market is concerned that Fox would pay a premium to acquire News Corp. Franchise Partners are shareholders of both companies and think each of their share prices are materially undervalued. While Franchise Partners think there are operational benefits from a combination, the investment team believe it would be in the best interests of both companies for News Corp to have first completed the sale or spin-off of its valuable real estate portal assets. Franchise Partners will continue to actively engage with both companies on the potential equity combination.

• There were no initial purchases or final sales within the portfolio during the month

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