Investors Mutual Limited (IML) is a specialist Australian equities fund manager and was established in May 1998 by Anton Tagliaferro. Based in Sydney, the IML team applies a conservative value-based investment style with a long-term focus and aims to deliver consistent returns for clients. IML is owned by its key investment staff and the ASX-listed company, Treasury Group Limited.
IML manages QV Equities, an ex20 LIC QV Equities Limitedis an ASX listed investment company managed by Investors Mutual Limited (IML), giving shareholders the opportunity to invest in a diversified, carefully selected portfolio of quality entities outside of the S&P/ASX 20 Index. QVE has a prudent investment style with a long-term focus, and aims to deliver consistent returns for its clients. QVE aims to achieve this through the disciplined application of a fundamental and value-based approach to investing.
In this edition of IML Market Musings, Hugh Giddy, IML’s Head of Research and Senior Portfolio Manager, reflects on the current state of global growth & indebtedness in the years since the GFC. Musing on the various measures taken by central banks, governments and public companies, he explains why here at IML we are well conditioned to the mindset of selectively investing in quality & value, given this low growth world.
IML has a disciplined approach to investing, focusing on ‘value’ and ‘quality’. Given the falls we have seen in the resource sector in the last 18 months, we provide this ‘Resource reflection’ piece written by IML’s Resources sector analyst Tomas Vasquez discussing commodity cycles and ‘value’ and quality in the Resource sector.
Donít judge all small companies by the poor index returns - Cuffelinks article
Article by Simon Conn, IML's Senior Portfolio Manager.
"When I reflect on the Australian equities industry over a number of cycles, I believe that the small cap sector is still fundamentally misunderstood in terms of investor outcomes. Small caps are normally seen as either an opportunity for phenomenal growth outcomes – a way to add ‘spice’ to more conservative portfolios – or, as prone to absolute carnage and wealth destruction. It is uncommon for investors to see smalls as part of a sustainable long term strategy, for apparent good reasons..."
August has been a very tough month for Australian and global investors. At the time of writing the Australian sharemarket is down over 10% for the month. It is extremely difficult to forecast where the market will go on a day to day basis as it is influenced by many factors - but what we do know is that panicked selling by others often creates opportunities for stock pickers like us who have a longer term focus.
Australia's top managed funds, ETFs and LICs: Blue Ribbon Awards 2015
Selecting a fund manager is one of the most important decisions an individual investor will ever make.
The right choice will see them beat the market, while the wrong choice will see them underperform. Needless to say, those results will be compounded over the years which can make a poor choice seem even worse in the fullness of time.
That is why this category is so important to AFR Smart Investor. Judged by respected research house Morningstar, we sift through thousands of managed funds across more than 15 categories to highlight the top funds available to investors.
DUET's $1.4b Energy Developments deal busts the stereotypes
The $1.4 billion takeover of Energy Developments by DUET Group provides the perfect opportunity to bust the stereotypes about greedy private equity funds and the market's obsession with short-term gains. Let's start with private equity.
Morningstar’s Christine St Anneis joined byTom Whitelawto give us an insight into the Morningstar Fund Manager of the Year Awards. Investors Mutual was named Morningstar's Domestic Equities Category Winner Australia for 2015.
IML Market Musings January 2015 No longer content to trust the company to do the right thing on their behalf, shareholders are becoming increasingly involved in a company’s affairs and the way it is run. One of IML's Investment Analysts shares his insights into ‘shareholder activism’ in our January Market Musings piece: Shareholders at the Gate. It considers to what extent the owners of a company get a say in the way it is run and how shareholders are agitating for change on a wide range of issues fundamental to growing shareholder wealth.
Money Magazine: Diversification beyond the top 20 stocks
SELF-MANAGED SUPER FUNDS (SMSFs) tend to pick the top 10 to 20 stocks when investing in shares, including the big four banks, Telstra, Wesfarmers, Woolworths, BHP Billiton, Rio Tinto and Woodside – which are well researched and pay good dividends. But this may have a downside.
Meet The Manager - Investors Mutual Equity Income Fund
Meet The Manager video: Watch Jason Teh, Senior Equity Analyst and Portfolio Manager of the Investors Mutual Equity Income Fund provide you with an overview of the fund including an outline of the investment approach. For the key facts and benefits of the fund please see our fund Fact Sheet.
IML Investment Director, Anton Tagliaferro, profiled in the December issue of the AFR Smart Investor "Masters of the "Market", spoke to Jeremy Chunn about his conservative attitude to growing wealth that has seen the funds under management grow to more than $5 billion and IML's clients enjoy returns well above the benchmark.
"the rules are simple: identify value and buy at the right price"
In ourInvestment update videoIML's Investment Director, Anton Tagliaferro looks back on the previous quarter and offers insights into our portfolio positioning given the current macro environment, emphasising the importance of income during volatile markets.
Investors Mutual Distribution Information Sept 2014
September quarterly distribution for Investors Mutual Equity Income Fund
With the sharemarket currently driven to a large part by buoyant investor sentiment, one of our IML Investment Analyst's has written a topical and insightful piece on IPOs. It considers the issues that investors should be particularly mindful of when assessing the prospects of any new float. A few key themes are discussed in this videoSurfing the Current IPO Wave.
Investors Mutual today announced the launch of its first listed investment company (LIC) - QV Equities Limited (ASX: QVE) - which is aimed at providing SMSFs, HNW investors and their advisers with a diversified portfolio of quality companies outside the top 20 stocks.
IML White Paper - Sequencing Risk We may not have heard of ‘Sequencing risk’ enough before 2008 but many investors are well aware of it now. Sequencing risk is one of the biggest financial risks faced by retirees because it is a major cause of longevity risk: the risk of outliving one’s savings. If this risk is not managed properly it may lead to dramatically different retirement outcomes even if two investors are exposed to the same average return. Jason Teh has written an insightful piece on the risks of capital loss during the later part of the accumulation phase.
The Deal - A Taste for Quality Street Anton Tagliaferro reveals within the Australian (The Deal Magazine) how a research driven value based approach to stock picking is crucially important but especially in market extremes.
Investors Mutual Market Musings- January 2014 Welcome to the January edition of IML’s Market Musings. The author this time is our resources analyst, Rob Bishop. He has written a fascinating description of the resources boom and the conclusions one can draw on the outlook for the mining sector.
New Investors Mutual Ltd PDS In response to high levels of demand IML is pleased to announce the lowering of the minimum direct investment for each of our funds to $50,000 thus making our product suite more accessible for clients who wish to invest directly with IML.
As of Monday 2nd September, 2013 IML will have an updated Shortform PDS to reflect this change for the following Funds:
IML0001AU – IML AUSTRALIAN SMALLER COMPANIES FUND
IML0002AU – IML AUSTRALIAN SHARE FUND
IML0003AU – IML FUTURE LEADERS FUND
IML0004AU – IML INDUSTRIAL SHARE FUND
IML0005AU – IML EQUITY INCOME FUND
IML0006AU – IML SMALL CAP FUND
IML0010AU – IML CONCENTRATED AUSTRALIAN SHARE FUND
The accompanying IML Investment Guide and Application Form has also be updated.
All URL links from our website will remain unchanged and access is now available.
Please note there will be NO change to fees.
Importantly applications received on the superseded PDS dated 13 June 2012 will be accepted until close of business on 30 September, 2013.
Latest video updates We've recently updated our video section with updates from Hugh Giddy (Concentrated Australian Share Fund), Simon Conn (Small Cap Funds) and Jason Teh (Equity Income Fund). Please click on the 'Video Archive' link to view.
Investors Mutual Market Musings Hugh Giddy, Senior Portfolio Manager & Head of Research has released a paper exploring the broader global themes developing around the world that are currently framing IML's thinking.
AFR Smart Investor Magazine Article Anton Tagliaferro was recently featured in the August 2013 edition of the AFR Smart Investor Magazine. The article highlights Anton’s milestone of running the IML Australian Share Fund for over 15 years and comments that “his record of outperformance is exceptional”.
Which Benchmark is Relevant to the Retail Investor? In light of IML's 15 year anniversary, we thought it timely to look back at an article written by Anton Tagliaferro in 2003, demonstrating that while the markets continually change over time, IML's investment message remains consistent & relevant to the retail investor.
Delivering on the expectations of a 'Value' manager - 24 October 2011
The IML Industrial Share Fund was recently featured in a performance table of 'winners and losers' in The Australian Financial Review on Tuesday, 18th October, 2011. IML continues to focus on and to favour good quality companies that continue to generate recurring and predictable earnings streams, have good balance sheets and credible management teams. This philosophy has served our investors well since our inception in 1998.
Why the years ahead are all about dividends and stockpicking - 5 April 2011
While several high profile fund managers, many commentators and all stock brokers are heralding that global growth is set to recover strongly in the next few years and this will help propel sharemarkets higher and investors around the world to new riches, IML has a more sedate view of where global economies and markets are headed and how investors should position their share portfolios for the years ahead. For the full article please click on the link below.
IMLís Value and Income Fund Ė delivering consistent income to investors. 07.12.2007
The IML Value and Income Fund was conceived to deliver a reliable stream of income to its investors. The Fund today is enjoying growing support as more Australians seek income producing investments to fund their retirement but without them taking undue levels of risk with their capital.