The 20-year club: Sustained excellence in funds management

You don't get to do anything for 20 years if you're no good at it. We shine a light on Aussie funds with a two-decade (or more) tenure.
Chris Conway

Livewire Markets

As a huge sports fan, I, like everyone else, have my favourite players. AFL (apologies to rugby fans), NFL, NBA/NBL, F1, Soccer – you name it, I have a favourite.

If you’re lucky, your favourite players manage to avoid devastating injuries and build longstanding careers. But even then, around a decade is typically the span of elite athletic performance.

Every now and then, however, a star player comes along who manages to rack up games, seasons, and even decades. I’m talking about the LeBron James’ of the world. LeBron has been operating at an elite level since 2003 and is about to enter his 23rd NBA season – remarkable!

(Honourable mentions go to Tom Brady, Serena Williams, Roger Federer, Rafael Nadal, Tiger Woods, Cristiano Ronaldo, Lionel Messi - all of whom clocked up 20 years of elite performance.)

What on earth does this have to do with markets, I hear you ask? Bear with me. LeBron’s longevity got me wondering – which Aussie funds have been around for 20 years plus? Before we take a look at the list, however, let’s establish why this even matters.

Sustained excellence

Above all else, you simply don’t make it to 20 years in any field unless you’re pretty damn good at what you do. No one lasts simply because they exist. The world is too competitive a place, and if there is money to be made, someone will find a way to do it better or cheaper – or both.

No. To last 20 years, you have to be excellent, and that excellence must be sustained, perhaps not 100% of the time, but certainly most of it.

Other features that you might need to last 20 years include;

1. Relentless work ethic

Elite performers are distinguished by their unwavering commitment to hard work. They embrace rigorous training, meticulous attention to detail, and are willing to make personal sacrifices to achieve their goals. This relentless dedication is a cornerstone of sustained success.

2. Mental toughness

Mental toughness encompasses resilience, confidence, and the ability to maintain focus under pressure. It's the psychological edge that allows people to persevere through challenges and maintain high performance levels consistently.

3. Adaptability and growth mindset

Long-term success often hinges on the ability to adapt and embrace change. High performers view challenges as opportunities for growth, continuously seeking ways to improve and evolve in their respective fields.

4. Goal-oriented focus

Setting clear, measurable goals provides direction and motivation. Elite performers establish both short-term and long-term objectives, using them as benchmarks to track progress and maintain focus on their overarching mission.

5. Discipline and consistency

Consistency in daily habits and routines is vital. Elite performers demonstrate discipline in their preparation, practice, and execution, ensuring that high standards are met consistently over time.

The list

From the data we have access to (which may not be exhaustive), 74 funds have been in operation since 1 July 2005 - the cut-off date for a two-decade tenure. There were also a couple of LICs and ETFs that were in the mix, but I was only interested in managed funds. 

Fund Name Asset Class Inception Date
Janus Henderson Australian Fixed Interest Fund Fixed Income - AU 28/06/1994
Janus Henderson Conservative Fixed Interest Fund  Fixed Income - AU 28/06/1994
Macquarie Australian Fixed Interest Fund  Fixed Income - AU 15/05/1995
First Sentier Wholesale Strategic Cash Fund  Fixed Income - AU 25/05/1998
Western Asset Australian Bond Fund  Fixed Income - AU 1/10/1998
PIMCO Diversified Fixed Interest Fund  Fixed Income - AU 31/05/1999
PIMCO Australian Bond Fund  Fixed Income - AU 31/07/1999
Yarra Australian Bond Fund  Fixed Income - AU 30/06/2000
Western Asset Conservative Income Fund  Fixed Income - AU 9/04/2001
Yarra Enhanced Income Fund  Fixed Income - AU 30/06/2003
Macquarie Income Opportunities Fund  Fixed Income - AU 19/09/2003
Schroder Fixed Income Fund - Wholesale Class Fixed Income - AU 25/02/2004
PIMCO Global Bond Fund Fixed Income - Global 31/07/1998
PIMCO Global Credit Fund Fixed Income - Global 4/12/2001
First Sentier Global Credit Income Fund  Fixed Income - Global 4/01/2002
Bentham Global Income Fund Fixed Income - Global 16/09/2003
Martin Currie Diversified Growth Fund  Multi Asset 24/04/1996
Yarra Income Plus Fund Multi Asset 31/05/1998
Schroder Strategic Growth Fund - Wholesale Class  Multi Asset 23/08/2002
AMP Capital Wholesale Australian Property Fund  Property - AU 19/02/1985
First Sentier Wholesale Global Property Securities  Property - Global 11/05/2004
Schroder Australian Equity Fund - PC  Shars - AU 3/03/1964
First Sentier Wholesale Australian Small Companies Fund  Shars - AU 31/12/1993
Hyperion Australian Growth Companies Fund Shars - AU 31/01/1994
Alphinity Australian Share Fund Shars - AU 31/10/1994
Hyperion Small Growth Companies Fund Shars - AU 1/01/1995
Tyndall Australian Share Wholesale Fund Shars - AU 27/03/1995
Yarra Australian Equities Fund Shars - AU 31/07/1996
Perpetual Wholesale Smaller Companies Fund  Shars - AU 30/10/1996
Perpetual Australian Share Shars - AU 26/02/1997
Ausbil Australian Active Equity  Shars - AU 31/07/1997
Yarra Emerging Leaders Fund  Shars - AU 30/09/1997
Investors Mutual Australian Share Fund Shars - AU 15/06/1998
Investors Mutual Australian Smaller Companies Fund  Shars - AU 30/06/1998
Martin Currie Sustainable Equity Fund  Shars - AU 30/09/1998
Perpetual Wholesale Concentrated Equity Fund  Shars - AU 6/08/1999
Antares High Growth Shares Fund  Shars - AU 6/12/1999
Lazard Australian Equity Fund (W Class)  Shars - AU 16/10/2000
Perpetual Wholesale Ethical SRI Fund  Shars - AU 24/04/2002
Ausbil Australian Emerging Leaders  Shars - AU 1/05/2002
Investors Mutual All Industrials Share Fund  Shars - AU 1/05/2002
Investors Mutual Wholesale Future Leaders Fund  Shars - AU 1/05/2002
Lazard Select Australian Equity Fund (W Class)  Shars - AU 7/06/2002
Antares Elite Opportunities Fund  Shars - AU 18/11/2002
Perpetual SHARE-PLUS Long-Short Fund  Shars - AU 14/03/2003
Fidelity Australian Equities Fund  Shars - AU 30/06/2003
Eley Griffiths Group Small Companies  Shars - AU 12/09/2003
WaveStone Australian Share Fund  Shars - AU 17/11/2003
OC Micro-Cap Fund Shars - AU 30/11/2003
Investors Mutual Equity Income Fund  Shars - AU 1/05/2004
Alphinity Concentrated Australian Share Fund  Shars - AU 1/11/2004
Pengana Emerging Companies Fund  Shars - AU 1/11/2004
Pendal Focus Australian Share Fund  Shars - AU 1/04/2005
Platinum International Fund Shares - Global 30/04/1995
Yarra Global Share Fund Shares - Global 30/11/1995
MFS Global Equity Trust Shares - Global 1/07/1997
Stewart Investors W Worldwide Leaders Sustainability Fund  Shares - Global 1/07/1997
Lazard Emerging Markets Equity Fund  Shares - Global 22/10/1997
Lazard Global Small Cap Fund   Shares - Global 22/10/1997
Fidelity Global Equities Fund Shares - Global 15/04/1998
Platinum European Fund Shares - Global 12/06/1998
Platinum Japan Fund Shares - Global 12/06/1998
Yarra Global Small Companies Fund  Shares - Global 9/11/1999
Platinum International Brands Fund  Shares - Global 18/05/2000
Platinum International Technology Fund  Shares - Global 18/05/2000
GMO Emerging Markets Trust Shares - Global 12/02/2002
Schroder Sustainable Global Core Fund - Wholesale Class  Shares - Global 31/10/2002
Platinum Asia Fund Shares - Global 4/03/2003
Platinum International Health Sciences Fund  Shares - Global 10/11/2003
IFP Global Franchise Fund Shares - Global 17/11/2004
Candriam Sustainable Global Equity  Shares - Global 6/12/2004
Platinum Global (Long Only) Fund  Shares - Global 31/01/2005
Ausbil Balanced 31/07/1997

Insights from managers

Over the coming weeks, we'll be featuring conversations with a handful of managers from the list above. 

They will be sharing how their philosophy and process has (or hasn't) changed over the years, the most pivotal moments for their funds, the secrets to longevity, how they deal with market stress, key lessons learned, and what is is about markets that is still getting them out of bed to this day. 

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73 funds mentioned

Chris Conway
Managing Editor
Livewire Markets

My passion is equity research, portfolio construction, and investment education. There are some powerful processes that can help all investors identify great opportunities and outperform the market, and I want to bring them to life and share them...

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