Antares winds up Ex-20 Aussie equities fund

The Antares Capital Partners' Ex-20 Australian Equities Fund has been terminated after a seven-year run.

According to the responsible entity, MLC Investments, the fund's size has diminished over recent years and it "can no longer cover the cost of running it without increasing the management fee."

"A higher fee would reduce returns for investors. After considering the fund's size, performance and future prospects, we believe that closing the fund and returning your investment is in investors' best interests," MLC Investments said.

The fund had about $29.5 million in total assets at the end of May.

The fund was invested in Australian equities outside the largest 20 locally listed companies by market capitalisation, as defined by the S&P/ASX 20 Total Return Index.

Antares identified these companies as having the potential to offer significant long-term capital growth. The fund was incepted on 1 October 2019 and required a minimum investment of $20,000.

The fund achieved total returns of -18.7% in the last year and 0.78% p.a. over a five-year period.

The fund charged 0.85% p.a. in management fees based on its net asset value.

On August 11, MLC Investments commenced the termination process, by ceasing to process withdrawals, applications and switches.

Based on March 2025 figures, Antares manages more than $32.5 billion in assets, of which $5.2 billion sits in Australian equities and $27.3 billion in fixed income.

Insignia Financial is in the process of offloading Antares and its stake in Fairview Equity Partners, which collectively have $33 billion in assets, to Janus Henderson.

Antares's fixed income and equities units, and Insignia's 40% stake in boutique manager Fairview Equity Partners will be divested in the deal, the terms of which were not disclosed.

The acquisition is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.