Highlights

  • IMPQ traded at AUD 4.16 on 24 July 2026, down 1.18% during the session.
  • The fund has a fund size of approximately AUD 25.24 million and is classified in the Equity Australia Mid/Small Blend category.
  • The fund's benchmark is the S&P/ASX Small Ordinaries TR AUD.
  • IMPQ holds 42 companies, with top holdings including Meridian Energy (6.24%), NIB Holdings (6.22%) and Smartgroup Corporation (6.00%).
  • The fund is managed by Perennial Investment Management and carries a management fee of 0.98%.

Perennial Better Future Active ETF (ASX:IMPQ) traded at AUD $4.16, down 1.18%, during the trading session on 24 July 2026. The fund is classified in the Equity Australia Mid/Small Blend category and has a fund size of approximately AUD $25.24 million. The fund benchmarks against the S&P/ASX Small Ordinaries TR AUD and carries a management fee of 0.98%.

Although the fund's unit price recorded a movement during the session, daily ETF unit price movements reflect changes in the value of the underlying portfolio and broader market conditions rather than any change in the fund's investment strategy or management approach. ETF investors generally assess fund performance over longer time horizons consistent with the fund's investment objective.

Fund Overview

The Perennial Better Future Active ETF (ASX:IMPQ) is an actively managed exchange-traded fund that invests in a concentrated portfolio of Australian and New Zealand mid and small-cap companies. The fund is classified in the Equity Australia Mid/Small Blend category and benchmarks against the S&P/ASX Small Ordinaries TR AUD, targeting companies in the bottom 30% of the Australian equities market by market capitalisation.

The fund holds between 25 and 70 stocks and may also invest in ASX initial public offerings. Up to 10% of the portfolio may be held in cash. As an active ETF, the fund's portfolio is constructed through the investment team's stock selection process rather than passive index replication, and the portfolio may include stocks that fall outside the benchmark index.

IMPQ has a fund size of approximately AUD 25.24 million and carries a management fee of 0.98%. It was first admitted to the ASX on 23 May 2019 and is managed by Perennial Investment Management, headquartered in Sydney.

Portfolio Composition

The fund's largest sector allocations are to Healthcare (23.69%), Financial Services (18.56%) and Technology (15.89%), reflecting the fund manager's active tilts relative to the category benchmark. The fund is notably overweight Healthcare and underweight Basic Materials (9.02% versus the category average of 19.88%), indicating a deliberate departure from the index composition.

Geographically, the fund has meaningful exposure to New Zealand (16.56%) alongside its core Australian holdings (78.74%), reflecting the availability of mid and small-cap companies across the Tasman. A small allocation to the United States (4.70%) is also included.

The top 10 holdings represent 49.32% of the total fund, with the largest individual positions being Meridian Energy (6.24%), NIB Holdings (6.22%) and Smartgroup Corporation (6.00%). The fund holds 42 companies in total, with the remaining 50.68% spread across the broader portfolio.

What Investors Watch

For active ETFs in the Equity Australia Mid/Small Blend category, investors typically monitor the fund manager's stock selection process, the active return generated relative to the benchmark index, sector allocation decisions and the concentration of the top holdings. Mid and small-cap equities can offer higher growth potential but typically carry greater volatility and lower liquidity than large-cap stocks. Investors also assess the management fee in the context of the fund's active return generation.

Broader market conditions — including interest rate expectations, commodity prices, currency movements and changes in investor risk appetite — also influence ETF unit prices and the performance of their underlying portfolios, sometimes independently of individual company or security performance.

Understanding Unit Price Movements

Daily fluctuations in ETF unit prices are a normal feature of financial markets and reflect movements in the value of the underlying portfolio securities. Unit prices are not fixed and will vary with market conditions.

A single day's price movement in an ETF does not necessarily indicate a change in the quality or direction of the fund's investment strategy. Market movements can reflect broad changes in investor expectations, sector sentiment, institutional portfolio adjustments and macroeconomic developments.

Investors in ETFs generally consider performance over periods consistent with the fund's stated investment objective — which is typically measured over a full market cycle — rather than focusing on individual daily unit price movements.

Category Context

The Perennial Better Future Active ETF is classified in the Equity Australia Mid/Small Blend category by Morningstar.

Equity Australia Mid/Small Blend funds invest primarily in small- to mid-sized Australian companies. Stocks in the bottom 30% of the capitalisation of the Australian equities market are defined as mid/small-cap. The blend style is assigned to portfolios where neither growth- nor value-characterised stocks predominate.

Within this category, funds are evaluated against peers on a range of criteria including risk-adjusted returns over multiple time periods, portfolio construction and the effectiveness of the investment approach in delivering the stated objective.

Final Takeaway

The Perennial Better Future Active ETF traded lower during the session on 24 July 2026, in line with broader market softness in mid and small-cap equities. As an actively managed fund with a concentrated portfolio of Australian and New Zealand growth-oriented companies, IMPQ's unit price will continue to reflect both the fund manager's stock selection decisions and the prevailing market environment for mid and small-cap equities.

While daily unit price movements in ETFs attract attention, they are a natural part of how exchange-traded products function rather than signals of any change in the fund's investment approach. Investors assessing the Perennial Better Future Active ETF typically focus on the fund's long-term strategy, portfolio composition, management fee and investment objective when evaluating its suitability for their portfolio.