Key Highlights
- ADEF is an actively managed ETF admitted on 24 February 2021, with a fund size of $10.91 million and a management fee of 0.90%, benchmarked against the MSCI ACWI ex Australia NR AUD index.
- Financial Services (24.29%) and Healthcare (18.15%) are significantly overweight relative to the Equity World Large Growth category averages of 11.88% and 8.78% respectively.
- The fund targets outperformance of 2.5% per annum after all fees over rolling five-year periods, with a portfolio of 52 companies concentrated in the United States (57.18%) and France (10.60%).
- A final distribution of $0.016 per unit was declared for June 2026 with an ex-date of 29 June 2026.
The Apostle Dundas Global Equity Fund (Class D) Active ETF (ASX:ADEF) is an actively managed exchange-traded fund listed on the Australian Securities Exchange. Admitted on 24 February 2021, the fund is managed by Apostle Dundas and benchmarked against the MSCI ACWI ex Australia NR AUD index. The fund targets long-term Dividend growth and Capital appreciation, with a stated objective of outperforming its benchmark by 2.5% per annum after all fees and expenses on a rolling five-year basis. It is classified in the Equity World Large Growth category.
Fund Size and Structural Characteristics
ADEF reported a fund size of $10.91 million with 1,731,556 units outstanding at the time of this profile — one of the smaller funds profiled in this analysis. The management fee is 0.90% per annum. The ISIN is AU0000135543. Risk metrics show a Beta of 0.98 and a Standard Deviation of 11.81, indicating a risk profile closely aligned with its benchmark. The 52-week price range was $5.44 to $6.49, with Average Daily Volume of 14,754 units — reasonable relative to the fund’s scale.
Sector Allocation
Technology is the largest sector at 31.15%, broadly in line with the Equity World Large Growth category average of 32.24%. Financial Services follows at 24.29% — a significant overweight relative to the category’s 11.88%, indicating a deliberate active positioning. Healthcare accounts for 18.15%, well above the category’s 8.78% — another pronounced overweight. Industrials stand at 8.38%, Consumer Cyclical 6.26%, Communication Services 4.19%, Basic Materials 3.97%, Consumer Defensive 2.52%, and Energy 1.09%. Real Estate carries zero weighting, compared to the category’s 0.50%. The combined overweight in Financial Services and Healthcare, both of which exhibit different return drivers than the technology-led category, represents a meaningful departure from the peer group composition.
Geographic Exposure
The United States is the dominant geography at 57.18%, below the category average of 63.32%. France is the second largest market at 10.60%, materially above the category’s 3.20% — a notable overweight that likely reflects the fund’s holdings in globally significant French-listed companies. Taiwan accounts for 4.37%, Hong Kong 4.22%, Switzerland 4.17%, Sweden 3.22%, Germany 3.39%, Denmark 3.08%, Netherlands 3.13%, and Singapore 2.64%.
Asset Allocation and Market Cap
Equity exposure accounts for 98.81% of total assets, with cash at 1.19%. The fund allocates 99.99% of equity exposure to companies with Market Capitalisation exceeding $1 billion, reflecting its large-cap mandate. The portfolio Turnover ratio is 12.72% — low, suggesting a buy-and-hold approach consistent with the fund’s dividend growth objective.
Top Holdings and Portfolio Construction
ADEF holds 52 companies in total, with the top ten representing 34.74% of total Assets and the remaining 65.25% distributed across the other positions. Applied Materials Inc leads at 4.59%, followed by Taiwan Semiconductor Manufacturing Company Ltd at 4.31%, Alphabet Inc (GOOG) at 4.13%, Amphenol Corp at 3.43%, Microsoft Corporation at 3.30%, Analog Devices Inc at 3.17%, ASML Holding NV at 3.09%, Visa Inc at 2.96%, AIA Group Ltd at 2.88%, and Ross Stores Inc at 2.83%. The portfolio reflects a blend of technology infrastructure, financial services, and healthcare companies across the United States, Europe, and Asia — consistent with the fund’s divergence from a purely US-technology-led growth mandate.
Distribution Details
A final distribution of $0.016 per unit was declared for June 2026, with an ex-date of 29 June 2026, a Record Date of 30 June 2026, and a payment date of 17 July 2026. The trailing annual Yield is recorded as 0.00%, consistent with the growth-oriented nature of the portfolio.
Conclusion
The Apostle Dundas Global Equity Fund Active ETF occupies a distinctive position within the Equity World Large Growth category through its pronounced overweights in Financial Services and Healthcare relative to peers, its below-average United States geographic weighting, and meaningful exposure to France and Asia. The 52-company portfolio with a low turnover ratio of 12.72% reflects a deliberate, long-horizon stock selection approach anchored in dividend growth and quality characteristics. At $10.91 million in fund size, ADEF remains a smaller product on the ASX, though its daily trading volume of 14,754 units provides reasonable Secondary Market access. Analysts assessing ADEF would focus on the fund’s track record against its stated 2.5% outperformance target, the rationale for the France and Financial Services overweights, and the composition of its technology and healthcare holdings relative to benchmark-aligned growth peers.