Highlights

  • Intelligent Investor Ethical Share Fund – Active ETF has a reported fund size of A$58.82 million and a management fee of 0.97%.
  • Financial Services is the largest sector allocation at 38.48%, followed by Communication Services at 26.64%.
  • The fund holds 23 companies, with its top 10 positions accounting for 53.68% of the portfolio.
  • Australia represents 50.46% of geographic exposure, while the United States, United Kingdom and Canada provide meaningful offshore diversification.

Intelligent Investor Ethical Share Fund – Active ETF (ASX:INES) is an actively managed equity fund that seeks to invest in undervalued companies selected using both financial criteria and environmental, social and governance considerations. Its stated objective is medium- to long-term capital growth. The fund was admitted to the ASX on 12 June 2019 and is classified within the Equity Australia Mid/Small Growth category.

Fund Size and Active Portfolio Structure

INES has a reported fund size of A$58.82 million and approximately 18.97 million units outstanding.

The fund charges a management fee of 0.97%, reflecting its actively managed investment approach rather than passive index replication.

Equities account for 96.24% of reported assets, while cash represents 3.75%. There is no reported allocation to bonds or other asset classes.

The portfolio contains only 23 companies, creating a more concentrated structure than many broad-market ETFs.

Financial Services Leads Sector Allocation

Financial Services is the largest sector exposure in INES at 38.48%.

Communication Services accounts for another 26.64%, meaning these two sectors together represent close to two-thirds of the portfolio.

Consumer Cyclical companies contribute 18.01%, while Technology accounts for 12.08%. Healthcare represents the remaining 4.79%.

There is no reported exposure to Industrials, Real Estate, Consumer Defensive, Energy or Utilities.

This allocation shows that INES is concentrated in a relatively small number of sectors rather than being evenly spread across the Australian market.

Visa Is the Largest Portfolio Holding

Visa is the fund's largest holding at 7.23%.

Fairfax Financial Holdings follows at 5.83%, while CAR Group represents 5.47% and AUB Group accounts for 5.42%.

Constellation Software has a 5.37% weighting, followed by Amazon at 5.19%.

Eagers Automotive and Auto Trader Group each account for 4.86%, while Pinnacle Investment Management Group represents 4.78%. ResMed completes the top 10 with a 4.61% allocation.

The ten largest positions collectively account for 53.68% of the portfolio, while the remaining holdings represent 46.31%.

Global Holdings Add Geographic Diversification

Australia remains the largest geographic exposure at 50.46%, but almost half of the portfolio is invested outside the domestic market.

The United States represents 20.03% of geographic exposure, followed by the United Kingdom at 13.92% and Canada at 11.66%.

Ireland accounts for another 3.93%.

This structure distinguishes INES from funds that are almost entirely focused on Australian equities. Its holdings include both domestic companies and international businesses across financial services, technology-enabled platforms and consumer-focused industries.

Portfolio Tilted Toward Larger Companies

Companies valued above A$1 billion represent 81.33% of the portfolio.

A further 18.68% is allocated to companies with market capitalisations between A$500 million and A$1 billion. No exposure is reported to companies valued below A$500 million.

Despite INES being categorised as Equity Australia Mid/Small Growth, its current market-cap profile is therefore weighted predominantly toward larger businesses.

The fund reported a turnover ratio of 39.56%, reflecting active changes in portfolio composition as the investment manager adjusts holdings.

Trading and Risk Snapshot

INES was quoted at A$3.10, with a bid-offer range of A$3.00 to A$3.13. Trading volume stood at 8,081 units compared with reported average volume of 23,142 units.

The fund reported a beta of 0.34 and standard deviation of 11.55.

These metrics provide a current risk snapshot but do not determine future portfolio behaviour, particularly because INES is actively managed and its holdings can change over time.

Closing Perspective

Intelligent Investor Ethical Share Fund – Active ETF combines an actively selected portfolio with ESG and financial screening. Its 23 holdings are concentrated primarily in Financial Services and Communication Services, while geographic exposure extends beyond Australia into the United States, United Kingdom, Canada and Ireland. The portfolio is relatively concentrated at the company level, with just over half of fund assets held in its 10 largest positions, while its 0.97% management fee reflects the active management approach.