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About Us

Ausbil Investment Management Limited is a leading Australian investment manager. Established in April 1997, Ausbil’s core business is the management of Australian and global equities for major superannuation funds, institutional investors, master trust and retail clients. As at 30 June 2025, Ausbil manage over AU$20.21 bn in active Australian and global equities.

EARNINGS AND EARNINGS REVISIONS

Investment Philosophy

Ausbil’s broad investment philosophy is that active management of portfolios facilitates consistent and risk-controlled outperformance. Rather than focusing just on growth or value investing, our investment approach allows us to exploit the inefficiencies across the entire market, at all stages of the cycle, across all key segments by market cap, and across all market conditions.

We believe that the Australian equity market is relatively efficient, but not perfect. Our combination of top down macroeconomic research with in-depth bottom up stock analysis gives us better insights into the earnings profile of our universe of companies during the various stages of the economic/investment cycle.

The basic premise of our philosophy is that stock prices ultimately follow earnings and earnings revisions. We believe that the market places excessive emphasis on the current situation and does not sufficiently take into account the likelihood of future changes to the earnings profile of individual companies and sectors.

TOP DOWN BOTTOM UP

Investment Process

Our process seeks to identify earnings and earnings revisions at an early stage, and hence to anticipate stock price movements. We seek to position our portfolios towards those sectors and stocks which we believe will experience positive earnings revisions and away from those we believe will suffer negative revisions. At any time, our portfolio will be tilted toward stocks which afford the most compelling opportunities for appreciation over the coming twelve months.

Stage 1
Macroeconomics Analysis

Assess current economic and market conditions

Seeks to assess the current market conditions impacting on the Australian equities market to determine Ausbil’s view of the macro framework and thus set an overall portfolio strategy.

Stage 2
Sectoral Analysis

Assess current economic and market conditions

Seeks to assess the current market conditions impacting on the Australian equities market to determine Ausbil’s view of the macro framework and thus set an overall portfolio strategy.

Stage 3
Stock Selection

Fundamental stock analysis integrated with ESG & quantitative ranking

Identification of those stocks we believe will achieve the greatest 12 month outperformance within the investment universe. Given our belief that earnings and earnings revisions lead stock prices, the analyst’s primary objective is to investigate and assess all facets impacting on each company’s earnings profile. Analysts undertake fundamental analysis, a program of company visitations and utilise our proprietary quantitative ranking model.

Stage 4
Portfolio Construction

Robust appropriate and risk aware portfolio

Portfolio construction creates a robust, appropriate and risk aware portfolio which conforms to (and optimises) the conclusions of the previous three stages of the process.

Our investment process has been pioneered and successfully implemented by the Ausbil investment team since 1997.

Our investment process can be broadly described as ‘core’. We classify ourselves as ‘style neutral’. At certain stages of the cycle, we may have a value or growth tilt, as markets provide opportunities for particular types of stocks to benefit from earnings growth.

CORE STYLE NEUTRAL

Investment Style

Meet our team

Ausbil Portfolio Managers

SELECTION CRITERIA WE VALUE
Integrity

Integrity

Solid ownership structure providing strong financial integrity to the investment manager.

Management

Management

Key management incentivised by way of ownership in the business.

Proven Track Record

Proven Track Record

Proven investment processes and performance track records in core areas of investment expertise with a strong focus on risk management skills.

Solid Team

Solid Team

An experienced and stable team of investment managers.

Meet our team
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

In-house ESG Research

Ausbil is a signatory to the Principles for Responsible Investment (PRI) and has a dedicated environmental, social and governance (ESG) research team who provide an in-house service. ESG research is integrated into Ausbil's investment process. Ausbil believes companies that proactively and successfully manage their key ESG issues are likely to achieve higher valuations as they demonstrate improved sustainability in earnings, and growth in their businesses. Similarly, engagement on ESG issues can drive long-term value and reduce the risk of value destruction.

ESG Research & Insights
ACTIVE ENGAGEMENT

Our Stance on Sustainability

At Ausbil, our purpose is the integration of ESG (environmental, social and governance) factors for better-informed investment decisions, by taking an active engagement and ownership approach, and seeking to increase the investible universe of highly-rated ESG companies. We believe that the integration of ESG research, with active engagement, can help identify mispriced securities in an active investment approach, more holistically assess a company’s earnings sustainability, drive long-term value and reduce the risk of value destruction.

Ausbil ESG Policy
HISTORY

Our Story

Learn more about the history of our brand, where we started and all the key milestones that have shaped our funds management business into what it is today.

Meet our people

1997

In April 1997, Ausbil commenced operations as Ausbil Partners Limited under a Joint Venture structure with Banque Internationale à Luxembourg.

1999

Banque Internationale a Luxembourg becomes part of the Dexia Group.

2000

Change of name to Ausbil Dexia Limited to reflect the Group’s global branding policy.

2002

Change of Joint Venture ownership structure from Dexia Banque International à Luxembourg to Dexia Asset Management Luxembourg SA, reflecting the consolidation of Dexia’s global asset management.

2004

Sell down of equity by some Founding Shareholders broadening equity ownership to senior members of the succession team.

2006

Further sell down of equity by retiring founding executive directors of Ausbil back to Dexia Asset Management, some of which was re-offered to senior staff.

2011

Dexia Group announces its intention to sell Dexia Asset Management, the majority shareholder in Ausbil Dexia.

2014

New York Life Investment Management (NYLIM), a subsidiary of New York Life, purchases Dexia Asset Management from Dexia Group.

2014

NYLIM becomes a direct shareholder in Ausbil Investment Management, replacing Candriam.

2016

Ausbil becomes a signatory of the PRI (Principles of Responsible Investing).

2018

Ausbil expands into global equity markets, through new investment strategies; Global Listed Infrastructure, Global SmallCaps, Global Resources.

2022

Ausbil wins Fund Manager of the Year (Financial Newswire & SQM Research).

2024

Paul Xiradis inducted into Australian Fund Manager Foundation Hall of Fame and assets under management surpass AUD$20 billion.

GLOBAL INVESTMENT SOLUTIONS

Affiliates

Ausbil is owned by its employees and New York Life Investment Management (NYLIM), a wholly-owned subsidiary of New York Life Insurance Company. As at 30 June 2025, NYLIM has more than US$785 billion in assets under management. NYLIM has a number of boutique affiliates including MacKay Shields, Candriam and Apogem Capital.

New York Life Investments

New York Life Investments, a wholly owned subsidiary of New York Life Insurance Company, is a premier investment management firm serving a variety of sectors – retail, institutional, bundled defined contribution and defined benefit, and guaranteed products. New York life ...

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MacKay Shields

MacKay Shields specialises in fixed income and less efficient segments of the global equity markets, where proprietary research and unique portfolio construction techniques can generate attractive client-oriented outcomes.

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Candriam

Candriam stands for "Conviction AND Responsibility In Asset Management" and is a global multi-specialist asset manager. A pioneer and leader in sustainable investments since 1996, Candriam manages USD$155 billion of assets under management as at 31 December 2024.

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Apogem Capital

Apogem Capital is a leading alternatives investor, with decades of experience investing in the middle market. By offering a full range of capital solutions, Apogem delivers innovative solutions to sponsors and portfolio companies while generating access to highly sought-after opportunities for our clients.

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Tristan Capital Partners

Tristan Capital Partners is an independent real estate investment management boutique that is regarded as one of the leaders in the European marketplace.

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Kartesia

Kartesia is a privately-owned European specialist financing small and middle-market companies. We provide long-term liquidity and credit solutions following a fundamental and disciplined approached, based on our knowledge of the European small and mid-cap corporate market and our extensive professional network.

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Source:
  1. Ausbil Investment Management Limited's funds under management are presented in Australian dollars as at 30 June 2025.

Disclaimer: 

Not all strategies, products, and services offered by New York Life Investments and its affiliated boutiques are available in jurisdictions or regions where such provision would be contrary to local laws or regulations. Each of MacKay Shields LLC, Apogem Capital LLC, and NYL Investors LLC is exempt from the requirement to hold an Australian financial services license under the Corporations Act of Australia in respect of the financial services it provides to “wholesale clients” for the purposes of the Corporations Act of Australia, and does not hold an Australian financial services license. Any such financial services provided by any of these entities are provided pursuant to ASIC Class Order CO 03/1100. These three entities are regulated by the U.S. Securities and Exchange Commission under U.S. laws, which differ from Australian laws. Candriam, New York Life Investment Management LLC, Tristan Capital Partners LLP, and Kartesia Management S.à r.l. do not hold an Australian financial services license. Further information can be found by clicking through to the affiliate’s webpage.