The Fund is an actively managed portfolio, investing in a broad range of small cap companies predominantly from Australia. The Fund focuses on small cap businesses that generate predictable free cash flows at an appropriate multiple for the forecast growth profile. Not only does this process see great businesses with strong fundamentals added to portfolios, it ensures businesses that don’t generate cash, lack sustainability1 or are being priced nonsensically by the market are avoided which is crucial in the small cap space.
Spheria Australian Smaller Companies Fund - Active ETF (ASX:SPHX)
Overview
About the Fund
The Fund is available as an Active ETF – accessible for investment on the ASX under the ticker SPHX.
Investment Managers
Marcus is a co-founder of Spheria and has been a Portfolio Manager since Spheria's inception in April 2016. He has managed Australian, European and global equity portfolios out of Australia and London through volatile market cycles for over 20 years. Marcus has an established track record generating strong investment portfolio returns for investors. He worked alongside his Co-Portfolio Manager Matthew Booker at Schroders since the beginning of 2013 and co-managed the Australian small and micro-cap portfolios with Matthew. These funds generated double digit returns above benchmark during this timeframe.
Matthew is a co-founder of Spheria Asset Management and a portfolio manager with research responsibilities. He has managed small company portfolios through volatile market cycles for over 16 years and has established a significant track record for generating returns that have exceeded portfolio benchmarks. Prior to co-founding Spheria, Mr Booker worked at Concord Capital and then Schroders, managing the smaller companies fund as well as the micro-cap product at Schroders. Mr Booker is an Associate of the Institute of Actuaries of Australia and a Fellow of FINSIA. He has over 25 years of financial markets experience.
Adam Lund is a co-founder of Spheria and is a Portfolio Manager / Head of Trading. Adam has over 16 years experience in funds management and spent 5 years as an equities and derivatives trader at Schroders Investment Management Australia. At Schroders, Adam worked closely with Spheria co-founders, Matthew Booker and Marcus Burns.
Daniel joined Spheria in May 2022 and is a Portfolio Manager / Head of Research. Daniel has over 18 years of experience in the Australian equities market analysing companies across various sectors and across the market cap spectrum. This includes 13 years at Schroders Investment Management Australia where Daniel worked closely with Spheria founders Matthew Booker, Marcus Burns and Adam Lund. Daniel has successfully completed all three levels of the CFA® program.
1See ‘Labour standards or environmental, social or ethical considerations’ in section 4 of the Product Disclosure Statement for more information.
*The iNAV calculations (the “Data”) are provided by ICE Data Indices, LLC or its third-party suppliers and are updated during the ASX Trading Day. INAV calculations are indicative and for reference purposes only. You acknowledge that the Data is provided for information only and should not be relied upon for any purpose.
Spheria Australian Smaller Companies Fund – Active ETF (the “Fund”) is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) or their respective third party suppliers. ICE DATA AND ITS THIRD-PARTY SUPPLIERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, FUND OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
Fund Facts
| Name | value |
|---|---|
| ASX Code | SPHX |
| Inception Date (Fund) | 11 July 2016 |
| Active ETF Available From | 15 April 2026 |
| Benchmark | S&P/ASX Small Ordinaries Accumulation Index |
| Investment Objective | Outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term |
| Suggested Minimum Investment Timeframe | 7 years |
| Investing Universe | Primarily listed companies outside the top ASX 100 listed companies by market capitalisation and companies listed on the New Zealand Stock Exchange with an equivalent market capitalisation |
| Suitable Investor Profile | This product is intended for use as a minor allocation for a consumer who is seeking capital growth and has a very high risk and return profile for that portion of their investment portfolio. It is likely to be consistent with the financial situation and needs of a consumer with a 7-year investment timeframe and who is unlikely to need to withdraw their money on less than one week’s notice. |
| Risk | Very high |
| Holdings | Generally 30 - 80 stocks |
| Distributions | Half-Yearly |
| Fees | 1.10% p.a. Management fee & 20% performance fee of the Fund’s excess return versus its benchmark, net of management fees and costs. |
| Portfolio Allocation1 |
80-100% Australian and New Zealand equities 0-20% Cash |
| Style | Long only |
| Registry | Automic Group |
| Market Making Agent | Citigroup |
| iNAV Provider | ICE Data Indices |
1 The portfolio allocation ranges provided are indicative only. The Fund will be rebalanced within a reasonable period of time should the exposure move outside these ranges.
Performance
1 The above shows the performance of the unquoted class (Spheria Australian Smaller Companies Fund) from its inception on 11 July 2016 up to 15 April 2026, and the quoted class (Spheria Australian Smaller Companies Fund – Active ETF) from 15 April 2026 onwards, after applicable fees and other costs. The performance of the quoted class of the Fund may differ from the performance of the unquoted class, and such differences may have a material impact on the performance of that investment. Investors should use the past performance of the unquoted class prior to the inception date of the quoted class for illustrative purposes only. Past performance is not a reliable indicator of future performance. All p.a. returns are annualised.
2 Benchmark is the S&P/ASX Small Ordinaries Accumulation Index.
3 Inception date for the unquoted class of the Fund is 11 July 2016. The inception date for quoted class of the Fund is 15 April 2026.
Unit Prices
Unit Price History
Unit prices are net of fees & do not include distributions. Past performance is not a reliable indicator of future performance.
How to Invest
Invest via the ASX
The Fund is available on the ASX under the ticker: SPHX. This means you can buy and sell units in SPHX through your online trading account or via your broker or licensed adviser in the same way that you trade shares in ASX-listed companies. You can view your SPHX investment alongside any other direct shareholding you have.
Frequently Asked Questions
What is the difference between the quoted unit class and the unquoted unit class?
You are investing in the same fund but you have a choice whether you hold off-market units via the Responsible Entity (RE) or buy the on-market units on the ASX in the same way you buy other publicly listed ETFs and shares.
The performance of the quoted class of the Fund may differ from the performance of the unquoted class, and such differences may have a material impact on the performance of that investment.
What is an Active ETF?
Active Exchange Traded Funds (ETFs) are investment funds that are quoted on the securities exchange, like regular shares. Unlike passive ETFs, which aim to replicate the performance of an external benchmark, Active ETFs are managed by a portfolio manager making decisions about how to allocate assets within the fund, based on research, forecasts, and expertise. This active management aims to outperform the benchmark or achieve specific investment objectives. Active ETFs offer transparency and liquidity, as they can be bought and sold at market price whenever the exchange is open.
How do I invest or redeem in SPHX?
To invest via the ASX – You can buy and sell units in SPHX via your online share trading platform, your stockbroker or your financial adviser.
To withdraw via the ASX – Log into your share trading platform and issue a sell order, just as you would for any listed ETF or share. This is a straight forward process if you have a Holder Identification Number (HIN) associated with your holding. If have a Security holder Reference Number (SRN), ask your stockbroker if they can sell your units on your behalf. If they are unable to do that, you will need to ask your stockbroker or trading platform if they can convert your holding into a HIN after which you will be able to sell your holding via the ASX.
Does SPHX pay distributions? If so, can I reinvest them?
Spheria Australian Smaller Companies Fund – Active ETF (ASX:SPHX) pays a distribution semi-annually. Distribution payments are not guaranteed as they are subject to the earnings of the Fund. Any distributions paid will be automatically re-invested unless you advise otherwise.
Disclaimer
This webpage is prepared by Spheria Asset Management Pty Limited (‘Spheria’) (ABN 42 611 081 326, Corporate Authorised Representative No. 1240979) of Pinnacle Investment Management Limited (‘PIML’) (ABN 66 109 659 109, AFSL 322140) as the investment manager of the Spheria Australian Smaller Companies Fund – Active ETF (ARSN 117 083 762) (the ‘Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly-owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184).
The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Fund, you should consider the current Product Disclosure Statement (PDS) and Target Market Determination (‘TMD’) of the Fund and the Fund’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.
Neither PFSL nor Spheria guarantees repayment of capital or any particular rate of return from the Fund. There can be no assurance that the Fund will achieve its investment objectives. The value of your units at any point in time may be worth less than your original investment even after taking into account the reinvestment of Fund distributions. Returns are not guaranteed, and you may lose some or all of your money. The specific risks associated with investing in the Fund, and the risks associated with the Fund’s investments, are discussed in Section 3 of the Product Disclosure Statement. Neither PFSL nor Spheria gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Spheria as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.
