Magellan Global Equities Fund (Managed Fund) (ASX:MGE) - July 2020

Fund Update: 31 July 2020

Magellan Global Equities Fund (Managed Fund)

ARSN: 603 395 302	Ticker: MGE

Fund Facts

	Portfolio Managers			Lead Portfolio Manager: Hamish Douglass
			Co-Portfolio Manager: Arvid Streimann
	Structure			ASX-quoted Global Equities Fund
	Inception Date			2 March 2015
	Management Fee1			1.35% per annum
	Fund Size			AUD $1,667.9 million
	Distribution Frequency			Annually at 30 June
				10.0% of the excess return of the units of the
				Fund above the higher of the Index Relative
				Hurdle (MSCI World Net Total Return Index
	Performance Fee1			(AUD)) and the Absolute Return Hurdle (the
				yield of 10-year Australian Government Bonds).
				Additionally, the Performance Fees are subject
				to a high water mark.
	iNAV tickers		Bloomberg	MGE AU Equity MGEIV Index
		Thomson Reuters	MGE.AX	MGEAUiv.P
				MGE.AXW	MGEINAV.ETF
			IRESS

1All fees are inclusive of the net effect of GST

Capital Preservation Measures^

Adverse Markets	3 Years	5 Years	Since
Inception

No of observations	10	17	18
Outperformance consistency	80%	88%	89%
Down Market Capture	0.6	0.6	0.6

Top 10 Holdings

	In alphabetical order		Sector#
	Alibaba Group Holding Ltd		Internet & eCommerce
	Alphabet Inc		Internet & eCommerce
	Facebook Inc-A		Internet & eCommerce
	Microsoft Corp		Information Technology
	Novartis AG		Health Care
	Reckitt Benckiser Group		Consumer Defensive
	SAP SE		Information Technology
	Starbucks Corp		Restaurants
	Tencent Holdings Ltd		Internet & eCommerce
	Xcel Energy Inc		Integrated Power

Fund Features

• ASX quoted version of Magellan Global Fund.
• Fund is actively managed
• Minimum administration for investors; no paperwork needed to trade
• Units can be bought or sold on the ASX like any other listed security
• Efficient and live pricing
• Provision of liquidity by the Fund
• Settlement via CHESS
• Magellan has significant investment alongside unit holders.

Performance Chart growth of AUD $10,000*

$20,000	$17,859
11.3% p.a.
$15,000

$10,000

Sector Exposure by Source of Revenue#

Cash, 15%	Consumer Defensive, 11%
	Restaurants, 9%
Infrastructure, 14%	Health Care, 4%
Payments, 6%	Internet &
Consumer Discretionary, 3%	eCommerce, 26%
Information Technology, 12%

Geographical Exposure by Source of Revenue#

Cash, 15%

$5,000
	Mar-15	Mar-16	Mar-17	Mar-18	Mar-19	Mar-20
Fund Performance*
			Fund (%)	Index (%)**	Excess (%)
1	Month			0.9	0.6	0.3
3	Months			1.1	2.9	-1.8

Rest Of World, 8%

Emerging Markets

ex-China, 11%

Western Europe, 11%

US, 39%

China, 17%

	6	Months	-4.6	-7.3	2.7
	1	Year	5.8	3.1	2.7
	3	Years (% p.a.)	16.4	11.4	5.0
	5	Years (% p.a.)	10.5	8.0	2.5
	Since Inception (% p.a.)	11.3	8.8	2.5

• Risk measures are calculated after fees. An adverse market is defined as a negative quarter, rolled monthly, for the MSCI World Net Total Return Index (USD). Down market capture shows if a fund has outperformed a benchmark during periods of market weakness, and if so, by how much.
  # Sectors are internally defined. Geographical exposure is calculated on a look through basis based on underlying revenue exposure of individual companies held within the portfolio. Exposures may not sum to 100% due to rounding.
  * Calculations are based on the monthly ASX released net asset value with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Fund Inception 2 March 2015.
  ** MSCI World Net Total Return Index (AUD).

Important Information: Units in the fund(s) referred to herein are issued by Magellan Asset Management Limited ABN 31 120 593 946, AFS Licence No. 304 301 ('Magellan'). This material has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should read and consider any relevant offer documentation applicable to any investment product or service and consider obtaining professional investment advice tailored to your specific circumstances before making any investment decision. A copy of the relevant PDS relating to a Magellan financial product or service may be obtained by calling [phone] or by visiting www.magellangroup.com.au. Past performance is not necessarily indicative of future results and no person guarantees the future performance of any fund, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Magellan will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material. Further information regarding any benchmark referred to herein can be found at www.magellangroup.com.au. Any trademarks, logos, and service marks contained herein may be the registered and unregistered trademarks of their respective owners. This

material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Magellan.

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