The story behind the funds
Welcome
Editor’s welcome
Laura Dew Editor, Money Management
Welcome to a special print edition of Money Management, celebrating this year’s Fund Manager of the Year fi nalists.
This year’s awards celebrate excellence, innovation and leadership across the funds management industry and recognise the achievements of the outstanding individuals working in this field.
For more than three decades, these awards have stood as a benchmark for achievement, honouring those who demonstrate exceptional performance, integrity and commitment to delivering value for investors.
This year has seen no shortage of news with rising inflation, rising interest rates and the geopolitical turmoil caused by a war
Successfully achieving outperformance in an active fund in this environment is a testament to our finalists’ skill in asset allocation, market analysis and portfolio construction. “
in the Middle East. Successfully achieving outperformance in an active fund in this environment is a testament to our fi nalists’ skill in asset allocation, market analysis and portfolio construction.
In partnership with research house Lonsec, which has upheld a rigorous methodology in its capacity as judge of this year’s funds, these winners and fi nalists are the assured leaders in their respective sectors.
Not only are all the fi nalists rated as ‘recommended’ or above by Lonsec, they have a solid three-year track record and are also judged on a qualitative basis by Lonsec’s dedicated sector managers.
Later in this booklet, we discuss the full methodology initiated by Lonsec providing insight on how our winners were chosen.
Meanwhile, our individual awards recognise those in the industry who work outside of the dedicated portfolio management including three inaugural awards for Thought Leader of the Year, Analyst of the Year and Lifetime Contribution of the Year.
Thank you to our partners, judges and sponsors for their work on this year’s awards and we look forward to recognising our winners at the gala event.
Recognising excellence
The Role of the Fund Manager of the Year Awards
In a complex and evolving investment landscape, the defi nition of excellence in funds management has never mattered more.
For fund managers, the ability to demonstrate not just strong performance, but repeatable, disciplined outcomes built on rigorous process, clear governance and a consistent investment philosophy is what increasingly sets leaders apart. The Fund Manager of the Year Awards are designed to recognise exactly that.
Lonsec has partnered with Money Management on these awards over the past four years with a clear commitment to ensure they are grounded in a robust, evidence-based framework. These awards are not about short-term performance or market timing. They are about recognising managers who have built sustainable capabilities and can deliver across cycles –factors such as the quality of the investment team, the rigour and repeatability of the process, portfolio construction and risk management all play a critical role.
This reflects the lens Lonsec applies to research. combining qualitative and quantitative analysis of these factors to assess the drivers of future outcomes. Performance is important, but it is never viewed in isolation.
For fund managers, being recognised through this lens carries real weight.
It reflects more than a point-in-time result – it signals to the market that a manager has built an investment
For advisers, navigating an everexpanding universe of investment options, it’s equally valuable – a way to identify managers who combine results with disciplined decision-making and welldefi ned governance.
They also play a broader role in shaping industry standards. By recognising those setting the benchmark, the awards reinforce what matters in funds management – not just outcomes, but how those outcomes are achieved.
Ultimately, the Fund Manager of the Year Awards are about more than recognition. They are about reinforcing excellence, supporting better investment decisions, and strengthening confidence across the industry.
Lonsec is proud to support these awards and to recognise the managers who continue to raise the bar.
Lorraine Robinson CEO, Lonsec Management
capability designed to endure.
Methodology
Lonsec: ‘Recognising
those who deserve it’
Lonsec and Money Management have worked together for four years in a successful partnership, supported by Lonsec’s resourced team of researchers and analysts to judge the fund awards.
As research partner for this year’s Fund Manager of the Year Awards, Lonsec has shared the ‘robust and disciplined’ judging process it used to select the 2026 winners.
Lonsec and Money Management have worked together for four years in a successful partnership, supported by Lonsec’s resourced team of researchers and analysts to judge the fund awards.
This year’s awards cover equities, fi xed income, multi-asset funds as well as newer categories such as private equity, private debt and liquid alternatives.
The number of fund categories has risen from 21 last year to 25, reflecting the broader range of assets that advisers are considering for clients nowadays.
Darrell Clark, deputy head of research at Lonsec, said: “It’s about working with advisers and their clients to highlight good-quality products that are consistently doing what they say on the tin, true to label, through time.
“We’ve got a tried and tested process, supported by a 37-strong research team with several sector managers. It’s robust, disciplined and backed by a process we’ve had in place for a number of years.”
Darrell Clark Deputy head of research at Lonsec
All those funds that become fi nalists are rated as ‘recommended’ or above and, not only that, they have held that rating for a minimum of three years.
“We want to make sure there’s a track record there and get conviction in the manager and ensure the product is sustainable over time. Then we’re applying a quantitative lens, which is about the risk-adjusted performance, consistency, drawdowns and that process is overseen by our sector managers and their teams,” Clark said.
“Finally, a qualitative judgement is applied where the sector managers and their teams get together and decide on
“We’ve got a tried and tested process, supported by a 37-strong research team with several sector managers. It’s robust, disciplined and backed by a process we’ve had in place for a number of years. We want to make sure there’s a track record there and get conviction in the manager and ensure the product is sustainable over time
the fi nalists and eventual winners.
“It sounds simple in practice but it’s a process we take very seriously and we spend a lot of time on it.”
From a universe of almost 2,000 funds, Clark said the team often cross-share ideas between sector teams to break down the vast choice available in the market.
“We all know if there’s too much choice, it can get too overpowering and confusing for consumers so research has a very strong role to play in surfacing those recommended and highly recommended funds in the market,” Clark said.
As for the two fi rms’ successful partnership, Clark said the research house team enjoy seeing the fruition of their work on the ratings on the night.
List of Awards
Australian Large Cap Equity Fund of the Year
Acadian Australian Equity Long Short Fund – Class A
Chester High Conviction Fund
Dimensional Australian Value Trust – Active ETF
L1 Capital Long Short Fund – Daily Class
RQI Australian Value – Class A
Australian Small Cap Equity Fund of the Year
DNR Capital Australian Emerging Companies Fund
Eley Griffiths Group Small Companies Fund
Firetrail Australian Small Companies Fund – Active ETF
Maple-Brown Abbott Australian Small Companies Fund
RQI Australian Small Cap Value – Class A
GEQ Smalls and Mid Caps Fund of the Year
American Century Global Small Cap Fund – Wholesale Class
Artisan Global Discovery Fund
Dimensional Global Small Company Trust – Active ETF
MFS Global New Discovery Trust W
Ophir Global High Conviction Fund – Class A
GEQ DM Large Caps Fund of the Year
Arrowstreet Global Equity Fund
Munro Climate Change Leaders Fund –Class A
Orbis Global Equity Fund – Australia
Registered Retail
PM Capital Global Companies Fund
RQI Global Value – Class A
GEQ EM Fund of the Year
Ashmore Emerging Markets Equity Fund
Lazard Emerging Markets Equity Fund
Pzena Emerging Markets Value Fund Wholesale A
Robeco Emerging Conservative Equity Fund
RQI Emerging Markets Value – Class A
Australian Property Securities Fund of the Year
Cromwell Phoenix Property Securities Fund
SGH Property Income Fund
UBS CBRE Property Securities Fund
Global Property Securities Fund of the Year
Ironbark DWS Global Property Securities Fund
Nomura Global Listed Real Estate Fund – Class A Units
Resolution Capital Global Property Securities Fund – Active ETF
Infrastructure Securities Fund of the Year
4D Global Infrastructure Fund
ClearBridge Global Infrastructure Value Fund – Class A Units
Lazard Global Listed Infrastructure Active ETF
Unlisted Real Assets Fund of the Year
ASA Diversified Property Fund
Corval Property Fund
Dexus Wholesale Australian Property Fund
Australian Bonds Fund of the Year
Perpetual Active Fixed Interest Fund
Western Asset Australian Bond Fund
Yarra Australian Bond Fund
Global Bonds Fund of the Year
Macquarie Dynamic Bond Fund
MFS Global Opportunistic Fixed Income Trust
PIMCO Global Bond Fund
Innovation Fund of the Year
Betashares Capital Ltd (for the Betashares Fixed Term Corporate Bond Active ETFs)
Global X Management (AUS) Limited (for the Global X China Tech ETF)
MA Investment Management Pty Ltd (for the MA Credit Portfolio Notes)
Partners Group Private Markets (Australia) Pty Ltd (for the Partners Group Royalties Opportunities Fund)
Pengana Credit Pty Ltd (for TermPlus)
Unconstrained Bonds Fund of the Year
Daintree Core Income Trust
Janus Henderson Tactical Income Fund
Schroder Absolute Return Income Fund
Specialised Income Fund of the Year
Ares Global Credit Income Fund
Janus Henderson Diversified Credit Fund
Perpetual Diversified Income Fund
Realm Short Term Income Fund
Yarra Enhanced Income Fund
Private Equity Fund of the Year
Hamilton Lane Global Private Assets Fund (AUD)
Partners Group Global Multi-Asset Fund
Pengana Private Equity Trust
Schroder Specialist Private Equity Fund
Private Debt Fund of the Year
Ares Diversified Credit Fund
MA Priority Income Fund
Metrics Direct Income Fund
Realm Strategic Income Enduring
Multi-Asset Super Fund of the Year
Australian Retirement Trust – Super Savings – Balanced
Aware Super Future Saver – Balanced Socially Conscious
Hostplus – Balanced
Multi-Asset Multi-Manager of the Year
CFS Geared Growth Plus
MLC MultiActive Capital Stable
Morningstar High Growth Return Fund
Multi-Asset Diversified Fund of the Year
BlackRock Tactical Growth Fund
ipac Income Generator (Class K)
Pendal Monthly Income Plus Fund
Schroder Multi-Asset Income Fund
Passive-Equities Fund of the Year
Betashares FTSE RAFI Australia 200 ETF
iShares Core MSCI World ex Australia
ESG ETF
State Street SPDR MSCI World Quality Mix ETF
VanEck FTSE Global Infrastructure (AUD Hedged) ETF
VanEck Gold Miners ETF
Vanguard MSCI International Small Companies Index ETF
Passive-Fixed Income/Alternatives Fund of the Year
Betashares Australian Bank Senior Floating Rate Bond ETF
Betashares Australian Composite Bond ETF
iShares Core Corporate Bond ETF
Perth Mint Gold Structured Product
VanEck Australian Floating Rate ETF
Responsible Investment Fund of the Year
Dimensional Australian Sustainability Trust
Munro Climate Change Leaders Fund – Class A
Perpetual ESG Credit Income Fund
Liquid Alternatives Fund of the Year
BlackRock Multi Opportunity Absolute Return Fund
Firetrail Absolute Return Fund – Class A
Fulcrum Diversified Investments Fund
Smarter Money Long-Short Credit Fund
Staude Capital Global Value Fund Limited
Emerging Manager of the Year
Blue Owl Capital
Brandes Investment Partners
Nuveen Churchill Asset Management
Pantheon Ventures
Fund Manager of the Year
BlackRock Investment Management (Australia) Limited
Firetrail Investments Pty Ltd
Janus Henderson Investors (Australia) Funds Management Limited
Lazard Asset Management LLC
Perpetual Investment Management Limited
RQI Investors
Awards
Global Equities Small- and Mid-Caps Fund of the Year
The nominees for Global Equities Small- and Mid-Caps Fund of the Year have distinguished themselves by delivering resilient performance during the recent volatile and uneven market environment. Combining disciplined investment processes with agile portfolio management and a focus on longterm value creation, the nominees have navigated inflation pressures, interest rate uncertainty and regional divergences. Operating within one of the most dynamic segments of global equity markets, the nominees have continued to uncover hidden gems – smaller global companies, with compelling growth potential and the ability to adapt and thrive in a rapidly changing world.
And the nominees are:
American
Century Global Small Cap Fund – Wholesale Class
Artisan Global Discovery Fund
Dimensional Global Small Company Trust – Active ETF
MFS Global New Discovery Trust W
Ophir Global High Conviction Fund – Class A
The winner is led by a highly experienced team of senior investment professionals, supported by a well-structured and repeatable investment process that underpins their approach. The team’s global footprint, including key members based in the US, provides a meaningful competitive edge relative to many domestically focused peers. The portfolio is also distinctly positioned, reflecting high-conviction ideas and the ability to generate meaningful excess returns over time.
“American Century’s Global Small Cap Fund has a differentiated, bottom-up approach targeting companies with accelerating and sustainable growth across sectors and both developed and emerging markets. Backed by a well-resourced, experienced team, the strategy capitalises on persistent inefficiencies by investing in companies with improving fundamentals ahead of the market fully recognising that improvement.”
– American Century Global Small Cap Fund – Wholesale Class
“We are honoured that Artisan Global Discovery Fund has been named a finalist. The strategy reflects the Growth team’s long-standing commitment to global small- and mid-cap investing through bottomup research, valuation discipline and thoughtful capital allocation. We remain focused on identifying durable franchises with accelerating profit cycles and the potential to compound value for clients over the long term.”
– Artisan Global Discovery Fund
“We started Ophir in 2012 with a simple idea — find great small companies early and back them properly. Being a finalist for Global Small Cap Fund of the Year is credit to our whole team, who meet hundreds of management teams a year, so we get to own the few that matter. Thanks to the investors and advisers who’ve trusted us with capital.”
– Ophir Global High Conviction Fund – Class A
Unlisted Real Assets Fund of the Year
The nominees in this category represent excellence in unlisted real assets investing, with a focus on delivering stable income and long-term value through direct property ownership and management. The funds have demonstrated resilience, active asset management, and strategic portfolio positioning across real estate sectors. Despite a dynamic market backdrop, these funds have delivered stable distributions and maintained disciplined approaches to valuation, liquidity, and tenant engagement. Their success reflects deep expertise in asset selection, proactive leasing strategies, and prudent capital management.
And the nominees are:
ASA Diversified Property Fund
Corval Property Fund
Dexus Wholesale Australian Property Fund
The winner stood out for its high-conviction, opportunistic approach and strong execution capability across the unlisted property landscape. The team’s deep transactional expertise and active asset management strategy have enabled the fund to unlock value through leasing, refurbishment, and strategic repositioning. Despite a volatile market backdrop, the fund has delivered strong riskadjusted returns, maintained a disciplined approach to gearing, and continued to identify compelling investment opportunities. Its flexibility, entrepreneurial mindset, and execution track record make it a standout performer in the unlisted property space.
“This recognition reflects the strength of the Corval Property Fund strategy — combining disciplined asset selection, active management, and a longterm focus on delivering consistent outcomes for investors. Being named a finalist is a great acknowledgement of the hard work of our team and the trust our investors continue to place in us. We’re proud to be named a finalist for Unlisted Real Assets Fund Manager of the Year.”
– Corval Property Fund
Australian Large Cap Equity Fund of the Year
The nominees for the Australian Large Cap Equity Fund of the Year recognise those funds that have been well rated by Lonsec over an extended period, have highly experienced investment teams and a robust investment process. The nominees have delivered consistent risk-adjusted performance in line with performance objectives over the medium-term.
And the nominees are:
Acadian Australian Equity Long Short Fund – Class A
Chester High Conviction Fund
Dimensional Australian Value Trust – Active ETF
L1 Capital Long Short Fund – Daily Class
RQI Australian Value – Class A
The winner of this year’s award is a Manager with a highly experienced and stable investment team who employ a disciplined investment process and rigorous risk management framework. Absolute and risk-adjusted performance has been superior to many peers over the medium term.
“The Acadian Australian Equity Long Short Fund uses a systematic process to identify stocks based on valuation, quality, growth and price-related factors. The portfolio maintains 130 per cent long exposure to attractively rated companies and -30 per cent short exposure to stocks expected to underperform. The fund benefits from Acadian’s global investment platform, supported by more than 120 investment professionals managing over $275 billion in assets. Since inception, the fund has outperformed in seven of nine calendar years.”
– Acadian Australian Equity Long Short Fund (Class A)
“Chester is thrilled to be nominated for this award. Given the rise of passive investing, we believe it’s more important than ever to stay disciplined around our valuation framework and patient with our conviction. Some of our best ideas have come from unloved, underappreciated, or undiscovered assets. Our long-held view is that inflation is a far more structural challenge throughout this decade than the previous two decades, which lends itself to the notion that valuation discipline will be increasingly important over the coming years.”
– Chester High Conviction Fund
Awards
Private Equity Fund of the Year
The nominees for the Private Equity Fund of the Year recognise those funds providing access to private companies and non-listed investment opportunities through a semiliquid structure. The category includes both direct investment strategies and multimanager approaches that provide diversified exposure across private equity markets
And the nominees are:
Hamilton Lane Global Private Assets Fund (AUD)
Schroder Specialist Private Equity Fund
Partners
Group Global Multi-Asset Fund
Pengana
Private Equity Trust
The winner has demonstrated the benefits of deep private markets expertise, global scale and a well-resourced investment platform, supported by a flexible and disciplined investment approach. The portfolio has been built out prudently and is now operating from a position of maturity and stability.
“We are honoured to be named a finalist as it reflects the trust our clients and partners place in us. For Hamilton Lane, it is recognition that investors are looking for thoughtful, long-term private markets solutions built around their needs. We appreciate all of the support our clients have shown us in this strategy over the past seven years and remain committed to delivering for them over the long term.”
– Hamish Robertson Hamilton Lane Advisors
Promoted Content
Why annuities are back on the agenda for advisers
Annuities are being re-evaluated by advisers as retirement income pressures intensify, with traditional portfolio approaches increasingly challenged in volatile markets.
Allianz Retire+ chief distribution and marketing officer Catherine van der Veen said the case for incorporating annuities into retirement strategies has strengthened.
“A market shock at 25 or 35 years old is a genuine opportunity … but a market shock at 60 years old can be a disaster.”
“It’s about time annuities are back in fashion,” she said.
“They have several great features, and those hallmarks include a guaranteed income for life from an insurer that offers that protection backed by capital, protection against market risk — so that your clients don’t have to withstand that on their own. We think annuities represent one of the last non-correlated assets in a retirement portfolio.”
Traditionally deployed late in the advice journey, annuities are now being considered earlier — particularly in the five to 10 years prior to retirement, when sequencing risk is most acute.
“For a long time, buying an annuity in Australia meant really putting the brakes on growth. But that’s no longer the case. We’ve got participating annuities now, which can shield your client from the worst of markets, but also help them participate in the upside,” van der Veen said.
Product evolution has driven renewed relevance. Modern annuities now offer lifetime income backed by insurer capital, partial protection against market volatility, deferred income options and improved access to capital.
“These days, annuity policies are highly customisable, making them very, very flexible and able to be tailored to your client’s needs.”
At the same time, traditional diversification assumptions are being tested.
“We’re seeing a world where persistently high interest rates are stressing all forms of credit… This historical diversification between bonds and equities is really starting to break down and finding those assets that don’t move in lockstep with each other is becoming more challenging,” van der Veen said.
“Bonds are not cushioning equity risk, correlations are rising, and market shocks are arriving with greater frequency and speed. For retirees and especially those on the cusp of retirement, time is the one thing they don’t have.”
As a result, advisers are reassessing how income is constructed as clients transition from accumulation to decumulation.
“I would encourage advisers to think about balancing your client’s need for income versus their ability to defer and grow that income over time.”
While sequencing risk is widely understood, van der Veen said it is not always treated with sufficient urgency.
“Most advisers understand sequencing risk conceptually. Fewer treat it with the urgency it deserves. Our research of 3,000 pre-retirees tells us that 72 per cent of people are worried about a market drawdown right at the point of retirement,” she said.
“We’re currently experiencing higher for longer interest rates… Combine this with a wave of late-stage accumulators, we’re calling this the sequencing risk sledgehammer.”
As interest in annuities grows, advisers are increasingly focused on the trade-off between flexibility and certainty.
“We’ve recently done some work with CoreData, which says that 71 per cent of advisers value flexibility as the number one feature… their clients want access to their money for changing circumstances.”
Awards
Australian Small Cap Equity Fund of the Year
The nominees for the Australian Small Cap Equity Fund of the Year recognise those funds that have successfully delivered on investment objectives, demonstrated superior stock selection and have been well rated by Lonsec over an extended period.
And the nominees are:
DNR Capital Australian Emerging Companies Fund
Eley Griffiths Group Small Companies Fund
Firetrail Australian Small Companies Fund – Active ETF
Maple-Brown Abbott Australian Small Companies Fund
RQI Australian Small Cap Value – Class A
The winner of this year’s award is a Manager with a highly experienced investment team who apply a well-structured investment approach. The Manager’s skill was evident over the medium term in their superior stock selection across various sectors and market-driven thematics. The team has delivered superior absolute and relative outperformance over the medium term.
Global Equities Large Cap Fund of the Year
The nominees have demonstrated resilience and skill in navigating a complex and evolving investment landscape. Despite shifting interest rate expectations, geopolitical uncertainty and divergent regional growth, global equities large cap equities continue to play a crucial role in investor portfolios. And over the past year, the nominees have exhibited an understanding of macroeconomic trends, sector leadership and company fundamentals. They have also combined disciplined risk management with clear conviction, balancing stability with the ability to capture opportunities in an increasingly dynamic global market environment.
The winner – the senior investment professionals of the winning fund are widely respected. The strength of its investment process, research depth and ongoing model enhancements continue to stand out. Despite the scale of assets under management, the team has consistently demonstrated an ability to deliver strong performance outcomes – offering compelling alpha potential, driven by differentiated and innovative sources of active risk that extend well beyond the traditional factor approaches seen across many quantitative managers.
Awards
Global Equity Emerging Markets Fund of the Year
The nominees have demonstrated exceptional insight, adaptability and conviction across some of the most dynamic and rapidly evolving regions. In an environment shaped by shifting capital flows, geopolitical complexity and uneven economic recovery, The nominees have successfully navigated volatility while capturing compelling growth opportunities. With local insights and cultural fluency, The nominees have been able to identify both the challenges and increasingly diverse opportunities across global emerging markets.
And the nominees are:
Ashmore Emerging Markets Equity Fund
Lazard Emerging Markets Equity Fund
Pzena
Emerging Markets Value Fund Wholesale A
Robeco Emerging Conservative Equity Fund
RQI Emerging Markets Value – Class A
The winner adopts a longstanding, well-proven value investment philosophy, supported by an experienced team of Portfolio Managers with a strong history of working together. The investment process is disciplined and clearly defi ned, with a robust link between valuation frameworks and portfolio construction. The winner has also demonstrated the ability to add value, characterised by a willingness to take meaningful positions over time.
“Geopolitical, macroeconomic, and broad market risk factors are everpresent in emerging markets, and we find the situations they present to be intriguing, providing us with the opportunity to buy good businesses at attractive valuations. We firmly believe valuation is the single best determinant of long-term returns, and as demonstrated by data analysis and our 21-year history investing in emerging market equities.”
– Pzena Emerging Markets Value Fund Wholesale A
“The Lazard Emerging Markets Equity Fund combines a 30+ year track record of strong long-term outperformance with a disciplined, bottom-up approach focused on investing in profitable companies at attractive valuations. Backed by an experienced and stable investment team, the strategy draws on insights from Lazard’s integrated emerging markets platform to identify high-quality opportunities and support consistent, long-term growth.”
– Benjamin Price Lazard Asset Management
Promoted Content
How Robeco’s conservative EM fund wins by losing less
Emerging markets promise growth but deliver volatility. Robeco’s Conservative EM Fund is built to capture one and contain the other.
Afinalist for the GEQ EM Fund of the Year, the Robeco Emerging Conservative Equity Fund (AUD) (the ‘Fund’), distributed by Ironbark Investment Solutions, offers investors access to emerging market equities while prioritising capital preservation and a more stable return profile.
Its objective is to match or outperform the MSCI Emerging Markets NR Index (AUD Unhedged) over a full cycle, with substantially lower volatility and drawdowns.
Since inception, the Fund has returned 8.36 percent as at 30 April 2026, cushioning investors from the worst of the market’s swings.
Using a systematic, bottom-up process to identify lower-risk stocks with the strongest outperformance potential, the strategy naturally gravitates toward high-quality, profitable companies with stable earnings and dividends.
The result is a portfolio tilted toward resilient sectors like Staples and Communication services, and away from the high-beta, cyclical, and speculative corners of the market.
Speaking with Money Management, Robeco client portfolio manager Michael Lin attributed the fund’s success to two key factors.
The first is the systematic capture of the low-risk anomaly: lower-volatility, lower-beta stocks that deliver attractive risk-adjusted returns. The second is decades of research and innovation from Robeco’s quant team, translating into enhancements that consistently steer the portfolio toward higher-returning stocks.
True to its design, Lin said the strategy has historically shown resilience during market selloffs, while it can lag in strong risk-on rallies when higher-beta stocks take the lead.
“This asymmetry – where over the long-term we have achieved a ~80% up market capture and ~50% down market capture – means more protection on the downside than it gives on the
upside, and allows our portfolio to outperform over time by losing less,” he said.
“This is central to the value proposition for our investors.”
The strategy also differentiates itself from active systematic low-volatility peers through forward-looking risk signals, the integration of low-risk factors into its stock selection model, and proprietary portfolio construction.
Emerging markets offer a compelling secular growth story and fundamentals that are arguably stronger than ever, and Alex Donald, Ironbark Investment Solutions CEO believes the Fund offers an attractive opportunity for investors.
“The Fund provides investors with an attractive opportunity to capture the long-term upside of emerging markets while reducing exposure to short-term volatility often typical of the asset class.”
It’s here that Lin believes Robeco’s broadly diversified, conservative approach to emerging market active management proves its worth.
Across an investable universe of some 2,000 emerging market stocks, the portfolio holds around 235. Notable overweights include Chinese and Taiwanese Financials, where strong low-risk profiles combine with attractive valuations and stable dividends.
“We also hold a significant overweight in the Taiwanese Communication Services sector – with names like Taiwan Mobile showing an appealing combination of value and low-risk characteristics.”
On the other hand, the strategy underweights Chinese Discretionary on weak momentum, Korean IT on elevated volatility, and Taiwanese tech where names like Delta Electronics carry higher distress risk.
In emerging markets, it turns out that the quieter path can still lead to the strongest destination.
Awards
Australian Property Securities Fund of the Year
The nominees have demonstrated resilient long-term performance, strong risk-adjusted returns, and disciplined portfolio construction through a challenging and evolving market environment. Over the past year, Australian listed property markets have continued to navigate elevated interest rates, higher funding costs, and sector dispersion, while also benefiting from improving property fundamentals and attractive opportunities across selected A-REIT sectors. These funds have distinguished themselves through active security selection, prudent risk management, and a continued focus on high-quality assets, sustainable income, and long-term capital growth.
And the nominees are:
Cromwell Phoenix Property Securities Fund
Property Income Fund
The winner distinguished itself through a disciplined and repeatable investment approach, underpinned by a highly experienced specialist property securities team. Its process combines bottom-up stock selection with broader sector insights, supported by deep research capabilities. The portfolio reflects a clear focus on identifying mispriced opportunities while maintaining diversification and strong risk controls. This has enabled the strategy to navigate market volatility and deliver consistent longer-term performance.
“It is an honour to be nominated again in this category. The real estate cycle currently unfolding shows us that we are witnessing a pivotal shift from defense to offense among companies, and that in the short to medium term, the effects of international and domestic factors will be keeping things dynamic for investors and managers alike.”
– BS CBRE Property Securities Fund
Global Property Securities Fund of the Year
The nominees have demonstrated strong long-term returns, effective regional diversification, and disciplined portfolio construction through a complex global market environment. Over the past year, global listed property markets have continued to navigate elevated interest rates, geopolitical uncertainty, and divergent regional economic conditions, while opportunities have emerged across sectors benefiting from structural growth trends and improving property fundamentals. Each fund takes a distinct investment approach, yet all have consistently delivered value to investors through active security selection, thoughtful portfolio construction, and a clear understanding of global real estate dynamics.
The winner set itself apart through its concentrated portfolio and conviction-led positioning, backed by rigorous fundamental research. Its approach emphasises identifying high-quality global real estate companies with strong balance sheets and sustainable earnings drivers, rather than following benchmark weights. With a clear focus on capital resilience and selective opportunity capture, the strategy has demonstrated an ability to generate solid returns across varying market cycles, supported by disciplined portfolio construction and ongoing risk awareness.
Awards
Infrastructure Securities Fund of the Year
The nominees have distinguished themselves through their ability to identify high-quality infrastructure businesses with resilient cashflows, strong pricing power, and long-duration growth characteristics. Spanning sectors such as utilities, transport, communications, and energy infrastructure, these funds provide investors with exposure to assets that remain critical to the functioning of the global economy. In a year shaped by shifting rate expectations, policy uncertainty, and growing demand for energy and digital connectivity, the nominees have demonstrated strong sector insight, disciplined valuation frameworks, and the ability to uncover opportunities across an evolving infrastructure landscape.
And the nominees are:
4D Global Infrastructure Fund
ClearBridge Global Infrastructure Value Fund – Class A Units
Lazard Global Listed Infrastructure Active ETF
The winner’s disciplined, valuation-sensitive approach and strong emphasis on capital resilience sets it apart. Its portfolio is built around a selective universe of essential infrastructure businesses with durable cashflows and long asset lives. Backed by an experienced global team and a clearly defi ned investment framework, the strategy has consistently balanced defensiveness with selective opportunity capture, supporting solid outcomes across a range of market environments.
“The Lazard Global Listed Infrastructure Fund invests in a high-conviction portfolio of 25–50 global infrastructure companies, reflecting the team’s strongest ideas. By focusing on “Preferred Infrastructure” assets— characterised by monopoly-like positions, inflationlinked revenues, and strong regulatory environments— the strategy seeks to deliver resilient, low-volatility returns that exceed inflation over the long term. Managed by a highly experienced team with a track record since 2005, the strategy combines disciplined stock selection with Lazard’s global platform to target high-quality infrastructure opportunities..”
– Benjamin Price Lazard Asset Management
Global Bond Fund of the Year
The nominees for the Global fi xed income category are well rated by Lonsec over an extended period of time. The award recognises managers who have the ability to deliver consistent returns while providing downside protection during challenging markets, which are a testament to their robust research and risk management processes, skills and expertise.
The winner is managed by a highly regarded Portfolio Manager and investment team. The team places a strong emphasis on robust risk management and has consistently met its performance objectives, outperforming the median in its Lonsec peer group over rolling mediumterm periods.
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Disclosure:
Lonsec Research Pty Ltd: AFS licence 421 445. Lonsec’s research is limited to general advice only. Lonsec receive fees from asset managers for the preparation of reports. A Lonsec report, including the rating, is not a recommendation to buy, sell or hold on any product. Visit lonsec.com.au for important documents including the Conflicts of Interests Statement. © 2026 Lonsec. All rights reserved.
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Unconstrained Bond Fund of the Year
The nominees for the Unconstrained Bond Fund of the Year are typically absolute return focused and benchmark agnostic. Funds typically have wide asset allocation and duration ranges and vary greatly in terms of return drivers.
The winning fund is managed by an experienced portfolio management team that follows a disciplined investment process and benefits from a robust risk management framework and access to its global research. The Fund has a strong track record of achieving its investment objective over rolling threeyear periods.
Specialised Income Fund of the Year
The nominees for the Specialised Income Fund of the Year predominantly invest in Australian and/or global credit securities – investment grade credit, sub-investment grade credit, hybrid securities, unrated issues and structured credit with average credit quality typically investment grade.
And the nominees are:
Ares Global Credit Income Fund
Janus Henderson Diversified Credit Fund
Perpetual Diversified Income Fund
Realm Short Term Income Fund
Yarra Enhanced Income Fund
The winner’s investment team utilises a highly regarded bottom-up credit capability that has produced a strong relative performance and drawdown profi le since inception. The wider investment team is also considered to be well-tenured, capable, and strongly aligned with investors.
“We are proud that the Yarra Enhanced Income Fund has been recognised as a finalist for the fifth year running. For our fixed income team, this reflects a long-term commitment to delivering reliable income from a diversified portfolio of Australian credit and hybrid securities, while maintaining rigorous discipline around risk, liquidity and capital preservation. Five nominations don’t happen by chance. They reflect the consistency of the strategy and the trust clients place in it.“
– Yarra Enhanced Income Fund
Private Debt Fund of the Year
The nominees for the Private Debt Fund of the Year recognise those funds providing investors with access to private credit markets across both Australian and global opportunities. The category includes a broad range of private lending strategies, including direct lending, asset-backed fi nance and other private credit approaches.
The winner has distinguished itself through a thoughtfully designed structure focused on income security and enhanced capital protection, supported by a meaningful fi rst-loss buffer that has not been called upon since inception.
Awards
Private Multi-Asset Super Option of the Year
The nominees for the Private Multi-Asset Super Option of the Year recognise superannuation investment options that have demonstrated strong investment merit over time. These options are supported by experienced teams, disciplined and repeatable investment processes, and a proven ability to deliver competitive member outcomes through varying market conditions.
The winner reflects a strong heritage in multi-asset investing, underpinned by a clear and differentiated investment strategy, an experienced investment team, and disciplined portfolio implementation. Its strategic focus on capturing illiquidity and complexity premia, supported by ongoing investment in resources and governance, has contributed to strong long-term member outcomes and its position as a leading superannuation offering.
Multi-Asset Multi-Manager Fund of the Year
The nominees for the Multi-Asset Multi-Manager Fund of the Year recognise funds that have demonstrated strong investment merit over time through effective manager selection, portfolio construction, and blending of complementary investment capabilities. These products are supported by disciplined and repeatable investment processes, experienced teams, and a proven ability to deliver competitive outcomes through varying market conditions.
The winner reflects the strength of an experienced and well-resourced investment team, underpinned by a robust and repeatable multi-manager investment process. Sophisticated portfolio construction and investment risk management have supported the Fund’s ability to navigate changing market conditions and deliver strong outcomes for investors.
“Being named a finalist reflects the strength and discipline of our multiasset approach - combining active asset allocation with the specialist expertise of leading global managers. Designed to deliver genuine diversification and consistent, riskaware outcomes across market cycles, it’s an approach grounded in real client needs. We’re proud the team’s work is being recognised and grateful to the advisers and members who trust CFS to manage their wealth.”
– CFS Geared Growth Plus
Multi-Asset Diversified Fund of the Year
The nominees for the Multi-Asset Diversified Fund of the Year recognise strategies that have demonstrated strong investment merit over time. These funds are typically designed to deliver resilient outcomes, balancing return generation with downside awareness, and are supported by experienced teams and well-defi ned investment processes.
BlackRock Tactical Growth Fund
The winner reflects the strength of a highly experienced investment team, a well-structured and disciplined portfolio construction process, and deep research capabilities. Its diversified approach, strong ESG integration, and consistent execution have supported resilient investor outcomes, reinforcing its position as a leading strategy within the diversified multi-asset category.
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Awards
Passive Equities Fund of the Year
The nominees in this category recognise equity-based strategies that have demonstrated a strong track record of success with respect to their underlying index, a superior liquidity profi le plus fees and costs that are at least in-line or more attractive than with peers.
And the nominees are:
Betashares FTSE RAFI Australia 200 ETF
iShares Core MSCI World ex Australia ESG ETF
State Street SPDR MSCI World Quality Mix ETF
VanEck Gold Miners ETF
VanEck FTSE Global Infrastructure (AUD Hedged) ETF
Vanguard MSCI International Small Companies Index ETF
The winner stood out for its long track record, effective market access and consistent delivery for investors over time. Supported by a differentiated portfolio role and a continued ‘Highly Recommended’ rating, the strategy reinforced its position as a standout within the category.
“It is a genuine honour to be nominated as a finalist across two funds in this category and a reflection of the work our entire team puts into delivering intelligently designed opportunities for Australian investors.”
– Matt McKinnon VanEck
Passive Fixed Income/Alternatives Fund of the Year
The nominees in this category are passive funds that have demonstrated a strong track record of success with respect to their underlying index, a superior liquidity profi le plus fees and costs that are at least in-line or more attractive than with peers.
And the nominees are:
Betashares Australian Bank Senior Floating Rate Bond ETF
Betashares Australian Composite Bond ETF
iShares Core Corporate Bond ETF
Perth Mint Gold Structured Product
VanEck Australian Floating Rate ETF
The winner of this year’s award provides exposure to the Australian Fixed Income market. The Manager is a leading ETF provider and the conviction in the Fund is reflected with Lonsec’s Highly Recommended rating.
“We’re grateful for the recognition - it means a lot to the whole team and reflects our long-standing focus on bringing smarter fixed income options to Australian investors.”
– Matt McKinnon VanEck
Awards
Innovation Award of the Year
The nominees for the Innovation Award recognise a manager that has brought a differentiated product to the Australian market. Differentiation can take the form of fee leadership, product structure evolution or additive capabilities to standard asset class products.
And the nominees are:
Betashares Capital Ltd (for the Betashares Fixed Term Corporate Bond Active ETFs)
Global X Management (AUS) Limited (for the Global X China Tech ETF)
MA Investment Management Pty Ltd (for the MA Credit Portfolio Notes)
Partners Group Private Markets (Australia) Pty Ltd (for the Partners Group Royalties Opportunities Fund) Pengana Credit Pty Ltd (for TermPlus)
The winner – Income delivery is a theme of this year’s innovation award nominees. Nominees are characterised by their well-established investment processes and suitably qualified teams to deliver on their products’ aims. The winner, however, has combined yield in a differentiated but familiar product form that benefits from the Manager’s capital markets experience.
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Awards
Responsible Investment Fund of the Year
The nominees for Responsible Investment Fund of the Year recognise those funds that demonstrate clear and consistent integration of ESG principles into their investment processes, along with a high degree of transparency in how their approach is communicated. These funds also deliver strong investment returns, proving that responsibility and performance can go hand in hand.
And the nominees are:
Dimensional Australian Sustainability Trust
Munro Climate Change Leaders Fund
Perpetual ESG Credit Income Fund
The winner – the 2026 Responsible Investment Fund of the Year award recognises a strategy that combined strong long-term investment performance with a clearly articulated and consistently implemented responsible investment approach. The winning fund demonstrated a high degree of alignment between its stated climate-focused objectives, portfolio construction and ongoing reporting, supported by disciplined ESG integration within an active global equities framework. The strategy also stood out for its strong risk-adjusted returns, thematic clarity and ability to translate structural climate transition trends into a differentiated investment proposition for Australian investors.
Australian Bond Fund of the Year
The nominees for the Australian fi xed income category are well rated by Lonsec over an extended period of time. The award recognises managers who have the ability to deliver consistent returns while providing downside protection during challenging markets, which are a testament to their robust research and risk management processes, skills and expertise.
And the nominees are:
Perpetual Active Fixed Interest Fund
Western
Asset Australian Bond Fund
Yarra Enhanced Income Fund
The winning Fund is managed by an experienced portfolio management team that follows a disciplined investment process and benefits from access to an extensive research platform and robust risk management framework.
“We are proud to see the Yarra Australian Bond Fund recognised as a finalist. For our fixed income team, this reflects more than 20 years of dedicated focus on finding the best relative value opportunities across the market and delivering consistent returns for clients through every market cycle. In uncertain times, high-quality bonds earn their place: managing volatility, providing income and adding genuine portfolio resilience.”
– Yarra Australian Bond Fund
Awards
Liquid Alternatives Fund of the Year
The nominees for the Alternatives fund of the year recognise those funds that have generated an alternative source of return and growth opportunities relative to traditional assets. Typically, these assets are lowly correlated with traditional assets and have generated favourable absolute returns in a risk-adjusted manner while providing diversification to investors’ portfolios.
And the nominees are:
BlackRock
Multi Opportunity Absolute Return Fund
Firetrail Absolute Return Income Fund – Class A Fulcrum Diversified Investments Fund
Smarter Money Long-Short Credit Fund
Staude Capital Global Value Fund Limited
The winner has demonstrated a differentiated approach to long-short investing through the integration of fundamental and quantitative strategies, supported by strong alignment between the investment team and investors. Recent enhancements to the risk management framework have further strengthened the strategy.
“Staude Capital is delighted that GVF has been recognised as a finalist in the Liquid Alternatives category. GVF offers investors a differentiated source of returns through a specialist focus on discounted listed investment vehicles globally. In the 12 years that GVF has been listed, it has not yet had a negative year in performance – touch wood. GVF has also run with single digit volatility which is something we are proud of. With 4 years in the profits reserve, GVF is well positioned to continue paying dividends no matter what the markets might throw our way.”
– Staude Capital Global Value Fund Limited
Emerging Manager of the Year
The nominees for Emerging Manager of the Year have demonstrated a capacity to translate insight into results, while navigating the challenges of business development and growth in a highly competitive landscape. The Nominees have been selected by Lonsec’s team of Sector Managers. To be eligible, Nominees must have a track record of five years or less within the Australian intermediated market, with at least one product that has achieved a ‘Recommended’ or ‘Highly Recommended’ rating from Lonsec.
And the nominees are:
Partners
The winner has an emerging presence in the Australian retail market, but is backed by a longestablished global platform, this manager combines institutional strength, experienced management and a disciplined approach. Its ability to deliver reliable income with low volatility has continued to gain the confidence of the local market.
“The Asia-Pacific region continues to rapidly develop, and we’re proud to provide Australian institutions with value investment offerings. We remain committed to our longterm, fundamental value investment philosophy and to serving as a tried and tested value manager for those looking to diversify their portfolios in a concentrated marketplace.”
– Brandes Investment Partners
Individual Awards
Individual award categories
BDM of the year
Peter Hartley, Capspace
Tim Higgins, MLC Asset Management
David La Greca, La Trobe Financial
Jason Lien, MLC
Brett Madigan, NEOS
Gordon McNaught, CareSuper
Joy Yacoub, Pella Funds Management
Marketer of the year
Russell Edwards, Bennelong Funds Management
Carmen Lau, J.P. Morgan Asset Management
Mally Marghoub, La Trobe Financial
Taylah Stapleton, Global X ETFs
Lifetime Contribution of the Year
Catherine Allfrey, Wavestone
Simon Doyle, Schroders
Ian Macoun, Pinnacle
Russell Pillemer, Pengana
Paul Xiradis, Ausbil
Analyst of the year
Kenneth De Bruycker, U Ethical Investors
Justin Lin, Global X ETFs
Thought Leader of the Year
Kerry Craig, J.P. Morgan Asset Management
Frank Danieli, MA Financial Group
Haley Devine, MaxCap
Gavin Ezekowitz, BFA Global Investors
James Langlands, MFS Investment Management
Billy Leung, Global X ETFs
Helen Mason, Schroders
Oliver Scharping, Berenberg
Catherine van der Veen, Allianz Retire Plus
Individual Awards
BDM of the Year
The BDM of the Year Award recognises an outstanding business development professional within the funds management industry who has achieved exceptional commercial success while maintaining the highest standards of client service, relationship management and professional excellence.
And the nominees are:
Peter Hartley, Capspace
Tim Higgins, MLC Asset Management
David La Greca, La Trobe Financial
Jason Lien, MLC
Brett Madigan, NEOS
Gordon McNaught, CareSuper
Joy Yacoub, Pella Funds Management
The winner has delivered strong business growth and fund flows during the assessment period, while building trusted relationships with advisers, consultants and investment professionals. They have demonstrated deep product knowledge, a client-fi rst approach, and a proven ability to support clients in achieving better investment outcomes through education, engagement and service.
“Being nominated for this award is an incredible honour and a reflection of the strong partnerships and trust built with clients and colleagues over a number of years.”
– David La Greca, La Trobe Financial
“We started Ophir in 2012 with a simple idea — find great small companies early and back them properly. Being a finalist for Global Small Cap Fund of the Year is credit to our whole team, who meet hundreds of management teams a year so we get to own the few that matter. Thanks to the investors and advisers who’ve trusted us with capital. Plenty left to do.”
– Luke McMillan
Ophir
Asset Management
“Being named a finalist is a genuine honour and proud milestone. For more than 17 years, I’ve been deeply passionate about our industry and committed to helping advisers grow sustainable advice businesses – delivering high-quality wealth protection strategies and addressing Australia’s underinsurance challenge.
“At NEOS, I pride myself on service excellence, trusted longterm partnerships and disciplined execution, enabling advisers to have deeper client conversations and do business more efficiently.”
– Brett Madigan, NEOS
A Conservative Approach. Award-Winning Outcomes.
Individual Awards
Analyst of the Year
The Analyst of the Year Award recognises an investment research professional whose insights, analysis and recommendations have made a significant contribution to investment decisionmaking and portfolio outcomes. This award celebrates the expertise, intellectual rigour and market understanding that underpin successful investment strategies across the funds management industry.
And the nominees are:
Kenneth De Bruycker, U Ethical Investors
Justin Lin, Global X ETFs
The winner has consistently delivered high-quality research, insightful market commentary and disciplined analysis that has enhanced investment outcomes. They have demonstrated an ability to identify opportunities, assess risks, challenge conventional thinking and provide actionable insights that have helped investors and portfolio managers navigate complex market environments.
Marketer of the Year
The Marketer of the Year Award recognises an exceptional marketing, communications or public relations professional who has made a meaningful impact on the funds management industry through innovative campaigns, strategic thinking and a commitment to elevating industry standards.
And the nominees are:
Russell Edwards, Bennelong Funds Management
Carmen Lau, J.P. Morgan Asset Management
Mally Marghoub, La Trobe Financial
Taylah Stapleton, Global X ETFs
The winner has successfully developed and executed marketing and communications initiatives that enhanced brand reputation, strengthened stakeholder engagement and delivered measurable outcomes. They have shown creativity, leadership and a clear ability to influence industry conversations while contributing positively to professionalism and best practice across the sector.
“I’m genuinely honoured to be recognised for my work and contributions to the industry. Making a difference in the industry is something I am passionate about and I am thrilled to be acknowledged.”
– Mally Marghoub, La Trobe Financial
Individual Awards
Thought leader of the Year
The Thought Leader of the Year Award recognises an individual whose ideas, insights and commentary have helped shape industry thinking and deepen understanding of investment markets, economic trends and portfolio construction. This award celebrates those who influence debate, challenge perspectives and contribute meaningfully to the advancement of the profession.
And the nominees are:
Kerry
Craig,
J.P. Morgan Asset Management
Frank Danieli, MA Financial Group
Haley Devine, MaxCap
Gavin Ezekowitz, BFA Global Investors
James Langlands, MFS Investment Management
Billy Leung, Global X ETFs
Helen Mason, Schroders
Oliver Scharping, Berenberg
Catherine van der Veen, Allianz Retire Plus
The winner has consistently provided original, influential and forward-thinking perspectives that have resonated across the investment community. Through research, commentary, public speaking and industry engagement, they have demonstrated an ability to anticipate emerging trends, simplify complex issues and help investors and industry peers make more informed decisions.
“Being named a finalist for Thought Leader of the Year is both humbling and encouraging. The focus of our work has been on improving how retirement is understood, moving beyond optimisation to helping advisers support client confidence and real world outcomes. It’s rewarding to see these ideas gaining traction as the industry continues to evolve, and there’s still more to do as we collectively shift the conversation toward income, certainty and lived retirement experience.”
– Catherine van der Veen, Allianz Retire+
“In a rapidly scaling private credit market, informed thought leadership has become a risk management imperative. As the asset class booms and new funds enter the space, it is crucial for investors to hear from experienced managers so they can clearly differentiate between offerings. In private credit, manager selection matters greatly. Given the vital role this market plays in the Australian economy, it is a genuine privilege to bring this growing asset class to wealth managers.”
– Haley Devine, Maxcap
“This Thought Leader of the Year recognition means a lot to me personally, as it reflects years spent pushing AI from PowerPoint concept to practical tools for clients and portfolios. I’m genuinely honoured to be recognised for my work in integrating AI into wealth management – it’s been a personal obsession long before it became a mainstream theme.”
– Oliver Scharping, Berenberg
Promoted Content
The role of thought leadership in the information age
In a time of information overload, the role of investment professionals has become increasingly critical in educating investors to better understand the market, particularly in emerging sectors.
The value of thought leadership now, according to Billy Leung, an investment strategist at Global X ETFs, lies in helping investors find clarity among the noise.
“In an environment of information abundance, judgement is the scarce resource,” Leung said.
“Anyone can surface data. The value is in the interpretation, the context, and knowing what actually matters for a portfolio. I try to be evidence-based and direct, and I’d rather say something considered than say something fast. Investors can tell the difference.”
Leung also pointed to the growing role of AI in shaping how investment research is produced and consumed.
“AI has raised the bar for what good research looks like. When anyone can generate a summary in seconds, the standard for genuine insight goes up. We use these tools actively at Global X, but the judgement about what to say, what to challenge, and what actually matters for a portfolio still has to come from the analyst. That part cannot be automated,” he said.
Leung, who is a finalist for thought leader of the year at the 2026 Fund Manager of the Year Awards, reflected on his own contributions to knowledge in the space over the last 12 months, taking particular pride in discussions around investing in the technology sector.
“The AI infrastructure work was one we were early on, making the case for the full value chain, power, data centres, networking, the picks-and-shovels layer, when most of the conversation was still centred on a handful of software names.
“Beyond that, the robotics and space tech research has been genuinely exciting to develop as those themes have matured from speculative to investable.
“More broadly, the pieces I find most satisfying are the ones where an investor finishes reading with a clearer view of what to do, not just what is happening.”
While he always strives to leave investors with a greater sense of certainty, Leung emphasised the importance of working with a knowledgeable team in order to achieve the best outcomes, adding that “good thought leadership rarely comes from one person working in isolation”.
“It needs challenge, refinement, and diverse input to be worth publishing.
“The cross-team collaboration at Global X is one of the genuine strengths of how we operate. Being able to draw on global research, product expertise, and different market perspectives lifts the quality of everything we publish.”
Touching on his experience being recognised as a finalist in this years’ awards, Leung shared his gratitude for reaching this career milestone.
“It’s humbling, honestly,” he stated.
“I spent years covering markets in Hong Kong before moving to Australia, and building credibility in a new market from scratch takes time. To have that work recognised here is meaningful.
“It’s also very much a team effort and the nomination reflects what we do collectively at Global X.”
Individual Awards
Lifetime contribution Award
The Lifetime Contribution Award is the highest individual honour presented at the Fund Manager of the Year Awards. It recognises an individual whose career has left an enduring mark on Australia’s funds management and investment industry through decades of leadership, innovation, integrity and service. This award celebrates not only professional achievement, but also the lasting legacy created through influence on markets, institutions, industry standards and future generations of investment professionals.
And the nominees are:
Catherine Allfrey, Wavestone
Simon
Doyle, Schroders
Ian Macoun,
Pinnacle
Russell Pillemer, Pengana
Paul Xiradis, Ausbil
The recipient has built an exceptional body of work over an extended career, consistently demonstrating leadership, excellence and a commitment to advancing the industry. They have played a pivotal role in shaping organisations, mentoring emerging talent, driving innovation and contributing to the growth and reputation of the profession. Most importantly, their impact has extended beyond individual success, leaving a legacy that continues to influence the industry long after their direct involvement.
Fund manager of the year
The nominees for the Fund Manager of the Year Award recognise those managers that have demonstrated excellence across investment capability, business quality and client outcomes. These fi rms exhibit strong corporate track records, sound governance frameworks, depth of investment talent, a strong investment culture and the ability to deliver consistent long-term, risk-adjusted outcomes for investors across market cycles.
And the nominees are:
BlackRock Investment Management (Australia) Limited Firetrail Investments Pty Ltd
Janus Henderson Investors (Australia) Funds Management Limited
Lazard Asset Management LLC
Perpetual Investment Management Limited
RQI Investors
This year’s winner of the Fund Manager of the Year is backed by a deeply experienced team, strong alignment between its staff and clients, and a disciplined high-conviction approach. The fi rm has continued to distinguish itself through investment excellence, innovation and a strong commitment to long-term client outcomes. Despite being predominantly recognised as an equities-focused manager, the winner has demonstrated the strength and versatility of its investment philosophy by securing two wins this evening.
“Lazard Asset Management began operations in Sydney in 1994 and over the years has offered Australian investors access to a growing range of investment solutions, including Australian equities, global equities, quantitative equities, emerging markets equities, emerging markets debt, multi-asset strategies, global convertibles, Japanese equities, and global listed infrastructure strategies.”
– Benjamin Price Lazard Asset Management
Research
Why research matters more than ever in a complex market
Peter Green Director of Research, Lonsec
The investment landscape has evolved rapidly over recent years. The number of products available to advisers continues to expand, new asset classes are emerging, and strategies are becoming increasingly specialised. While this has created greater choice, it has also introduced greater complexity.
In that environment, the role of investment research has never been more important.
At its core, high-quality research brings discipline to decision-making. It provides a consistent framework for assessing investment capability, allowing advisers and investors to move beyond headline performance and develop a clearer understanding of how outcomes are generated.
This distinction is critical. Performance, particularly over shorter periods, can be influenced by market conditions, style bias or timing. What ultimately matters is whether a manager has the depth of capability, structure and process to deliver
outcomes consistently through different market environments.
That is where a governance-led approach to research becomes essential.
At Lonsec, research is built on both scale and expertise. Our research team is more than 30 strong, supported by dedicated sector specialists who bring deep experience across asset classes.
This depth allows us to take a genuinely rigorous approach — combining specialist insight with a consistent, centrally governed framework.
Our process is designed to assess not just what a manager delivers, but how those outcomes are achieved. This includes the quality and stability of the investment team, the repeatability of the investment process, the strength of portfolio construction and the discipline applied to risk management. These are the factors that underpin sustainable investment performance.
That expertise is applied across a broad and diverse research universe. Lonsec’s coverage spans more than 2,000 managed investments and listed securities, alongside extensive superannuation research.
This breadth is critical. It enables a true peer-relative assessment — identifying which managers genuinely stand out, not just in isolation, but within the context of their category.
Expectations
around monitoring,
review and documentation have risen significantly, requiring advisers not only to make sound decisions, but to clearly demonstrate how and why those decisions have been made.
For fund managers, this provides an important form of validation. Being subject to a rigorous research process signals to advisers, platforms and institutional clients that an investment capability has been assessed through a disciplined and repeatable framework. It demonstrates that outcomes are supported by structure, governance and depth of expertise.
For advisers, the practical application of research is increasingly critical. Navigating a growing universe of investment options requires more than access to information —
it requires the ability to interpret, compare and apply that information consistently.
Increasingly, this is also about how research is embedded into an adviser’s broader governance framework.
Expectations around monitoring, review and documentation have risen significantly, requiring advisers not only to make sound decisions, but to clearly demonstrate how and why those decisions have been made.
This is where technology plays a central role. Platforms such as iRate bring together research, data and portfolio tools in one place, allowing advisers to integrate qualitative insights directly into their investment process.
Alongside this, the emergence of more structured governance capability is helping advisers and licensees strengthen how research is applied in practice — supporting consistent monitoring of investment options, surfacing key changes and maintaining clear, auditable records of decision-making.
This integration of research into the advice process is essential. It enables advisers to demonstrate not just what they are recommending, but why — reinforcing governance, consistency and best interest obligations.
More broadly, research also plays a role in shaping industry standards. By applying consistent frameworks and scrutiny, it raises expectations across funds management — encouraging stronger processes, clearer transparency and greater accountability.
Ultimately, the value of research lies in its ability to create clarity in a complex market.
For fund managers, it provides a pathway to demonstrate capability and differentiate in a crowded field. For advisers, it supports more confident and consistent investment decisions. And for the industry, it reinforces the standards that underpin trust.
At a time when both choice and scrutiny are increasing, that role is only becoming more important.
Image: Father
Editor’s closing
Laura Dew Editor, Money Management
Thank you for your ongoing support and interest in our annual Money Management Fund Manager of the Year Awards.
Well done to all our fi nalists and winners this year, both in the fund and individual categories, a worthy achievement for all.
Special thanks to Lonsec for their work on this year’s judging panel and their research insights, which help make this year’s event a viable prospect and provide valuable data.
Looking ahead to the next 12 months,
Australian fund managers will be working hard to deliver strong returns for their clients and help them to meet their growth, income and diversification goals “
From all of the team at Money Management, we look forward to working with you next year. Thank you
there is likely to be no let-up in the volatility in the market but we know Australian fund managers will be working hard to deliver strong returns for their clients and help them to meet their growth, income and diversification goals.
We also know that regulation and compliance doesn’t always make it easy to be a fund manager, but the strong support for our emerging and boutique managers this year demonstrates the thriving environment within Australian fund management.
The interest from offshore managers looking at Australia is also a clear sign of the value the world is seeing in the growing Australian market and the volume of assets here, particularly as many individuals move into retirement phase.
THE SUMMIT RETURNS. THE INDUSTRY RECONNECTS.
Held over one day, the Australian Wealth Management Summit returns in 2026, bringing together senior investment professionals, economists, asset consultants, and advisers for a full day of insights and discussions. Explore the growing role of alternative investments, from private equity and infrastructure, to private credit and digital assets - shaping todayʼs institutional and wholesale strategies.
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Lonsec Research Pty Ltd: AFS licence 421 445. Lonsec’s research is limited to general advice only. Lonsec receive fees from asset managers for the preparation of reports. A Lonsec report, including the rating, is not a recommendation to buy, sell or hold on any product. Visit lonsec.com.au for important documents including the Conflicts of Interests Statement. © 2026 Lonsec. All rights reserved. Disclosure:
