Magellan Asset Management is winding up the Vinva Global Equity Fund, an actively managed systematic strategy for retail investors, less than two years after its launch, according to a report by the Financial Standard.
The fund had AUD165.3m in assets under management at the end of August, but Magellan, acting as responsible entity, has determined that it has not achieved sufficient scale to remain viable over the longer term.
The fund is scheduled to terminate on or around 12 October. The closure applies to the retail strategy and does not affect Vinva’s institutional business.
Magellan launched the fund in October 2024 as part of a broader partnership with quantitative investment manager Vinva Investment Management. The strategy was designed to outperform the MSCI All Country World ex Australia ex Tobacco ex Controversial Weapons Index, measured in Australian dollars.
Since inception, the fund had outperformed its benchmark by 3.4 percentage points a year, according to the firm. Its portfolio included some of the world’s largest technology companies, with Nvidia, Apple, Microsoft, Broadcom, Taiwan Semiconductor Manufacturing Company and Meta among its largest positions.
The closure comes as Magellan continues to deepen its relationship with Vinva. In June, Vinva was appointed investment manager of the Magellan Global Fund Open Class Units Active ETF (ASX: MGOC) as well as the firm’s hedged global equity strategy.
Magellan Financial Group currently owns 28% of Vinva, which has more than $65bn in assets under management. The investment manager was founded by former Barclays Global Investors executive Morry Waked.
Magellan initially acquired a 29.5% interest in Vinva in August 2024, when the quantitative equities manager oversaw approximately AUD22bn.
The relationship has since developed as Magellan has transferred parts of its retail investment operations to Vinva. During the final quarter of Magellan’s 2026 financial year, AUD1.3bn of retail mandates managed by Magellan were moved to Vinva, contributing to a total AUD2bn in outflows reported by the group for the period.
