Cromwell Phoenix Property Securities Fund - Cromwell Funds Management
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Achieve long-term benchmark outperformance¹ with an award-winning fund

Cromwell Phoenix Property Securities Fund – Ordinary Units

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You should consider the PDS and TMD before deciding whether to invest or hold units in the fund.

Home Invest Cromwell Phoenix Property Securities Fund

Achieve long-term benchmark outperformance¹ with an award-winning fund

Cromwell Phoenix Property Securities Fund – Ordinary Units

New investor

Welcome!

Explore the benefits of investing in the Cromwell Phoenix Property Securities Fund – Ordinary Units below.

Existing investor

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Wholesale investor

Click through to the wholesale units page for the wholesale PDS, AID and information on how to apply.

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Financial adviser

Click through to to the adviser information page for fund information, resources and platform availability.

Adviser information
2.5%
Benchmark outperformance
p.a. since Fund inception (April 2008)1,2
7.8%
Total returns p.a.
annualised since inception (April 2008)1
1.1892
Unit price
View unit price history
About the Cromwell Phoenix Property Securities Fund – Ordinary Units

The Cromwell Phoenix Property Securities Fund – Ordinary Units (the Fund) is one of the top performing property securities funds in Australia, with underlying investments chosen by investment manager, Phoenix Portfolios3 (Phoenix).

The Fund provides investors with exposure to a diverse portfolio of property securities that possess an understandable business model, good governance and are trading below Phoenix’s assessment of intrinsic value. Selecting from a wide investment universe, opportunities are often identified in typically smaller, under-researched yet attractively priced securities which possess compelling investment fundamentals but are overlooked by many managers due to their size.

This strategic approach of rigorous fundamental research has improved Phoenix’s ability to outperform the Benchmark Index over the long term.

Key benefits for investors

Award-winning manager
Access to expertise of Phoenix Portfolios, a boutique investment manager
Long-term benchmark outperformance1,2
Diversification
Exposure to a diversified portfolio of approximately 35 stocks
Franking credits
Maximise after-tax returns
$10,000 minimum investment
Only a small investment is required, allowing you to diversify your investment funds
Aligned interests
Significant co-investment by investment manager

Ratings and Awards

The Cromwell Phoenix Property Securities Fund has earned multiple awards for its exceptional performance as one of the top property securities funds in Australia.

Australian Property Securities Fund of the Year4

Cromwell Phoenix Property Securities Fund has been named Australian Property Securities Fund of the Year at the Money Management 35th Annual Fund Manager of the Year Awards 2023.

2023 Zenith Fund Awards5

Cromwell Funds Management has won the 2023 Zenith Fund Award in the Australian Real Estate Investment Trust category for the Cromwell Phoenix Property Securities Fund.

Zenith badge winner 2022
2022 Zenith Fund Awards5

Cromwell Funds Management has won the 2022 Zenith Fund Award in the Australian Real Estate Investment Trust category for the Cromwell Phoenix Property Securities Fund.

Fund performance

as at 31 May 2024

Past performance is not a reliable indicator of future performance

Cromwell Funds Management performance graph
Latest market commentary and investment report

View the latest ASX A-REIT market commentary and Cromwell Phoenix Property Securities Fund – Ordinary Units performance figures for the quarter.

View the latest report
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Investment strategy

Learn more about Phoenix Portfolios investment strategy.

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How to invest

Interested in investing? Here is more information on what to do next.

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Investment strategy

Phoenix adopts a ‘best ideas’ approach, carrying out extensive proprietary research on approximately 75 stocks covering a broad range of REITs, property-related stocks and some infrastructure. A large universe of investment options provides more opportunities to add value. Phoenix uses the following standardised valuation framework which facilitates ‘apples for apples’ comparisons.

Understandable investment philosophy

Phoenix believes that over the long term, superior investment performance can be achieved through investing in well-managed, shareholder-focused companies that are trading at a discount to their underlying intrinsic value.

Fundamental analysis focuses on ‘bottom-up’ research to fully understand the key factors that have driven historic performance and to enable informed forecasts to be made of future earnings and cash generation.

Phoenix has placed a self-imposed cap on its funds under management for the Fund in order to facilitate a wider universe of investment opportunities, including small-cap stocks. Small-cap stocks are typically under-researched and consequently inefficiently priced. Therefore, this expanded universe not only provides more choice, but often presents the best opportunities and is likely to result in a skew towards small cap stocks over time.

Long-term valuation models

Detailed valuation models are built for every security in the investment universe. These models capture and analyse historical financial information and are used to make forecasts of future business outcomes.

Phoenix adopts a long-term investment horizon and the focus of valuation models is on the assumptions that drive ‘mid-cycle’ outcomes. This process seeks to adjust for currently under-performing divisions if they are considered to be caused by temporary conditions, or alternatively, may apply a negative adjustment where conditions are considered to be unusually buoyant.

These forecasts are used to calculate the fair value of each security. Today’s prices are compared to these fair value estimates and the derived signal forms the basis of the team’s investment decisions.

Sum of the parts / break-up

To add further dimension to the research process, Phoenix also uses a ‘Sum of the parts’ valuation technique. This serves as a cross-check to the long-term valuation models described above, and as a shorter-term tool, can be more suitable under certain business conditions. This technique assesses the value of the security under a break-up scenario.

Risk management

Phoenix actively manages the risks in its portfolios through understanding and quantifying their potential impact under various scenarios, and through portfolio diversification. Given we seek to deliver equity returns over the long term, risk cannot be entirely eliminated, and the value of your investment can fall, particularly over short timeframes.

For a more detailed explanation of the investment process for the Cromwell Phoenix Property Securities Fund – Ordinary Units, please read the Product Disclosure Statement and Additional Information Document.

Meet the portfolio manager

Stuart Cartledge

Stuart Cartledge is the Managing Director of Phoenix Portfolios and the portfolio manager for each of the company’s property portfolios/funds. Prior to establishing the business in 2006, Stuart had built a very strong track record in the listed property security asset class in his role as Head of Property Securities at Citigroup Asset Management. Stuart has been actively managing portfolios of domestic securities since 1993 and was instrumental to building the A-REIT business at Citigroup. Stuart holds a master’s degree in engineering and Management from the University of Birmingham and is a Chartered Financial Analyst.

Learn more about Phoenix Portfolios.

Risk Disclosure

All investments carry risk. You should consider the Fund’s risks in light of your personal circumstances and your attitude towards risks. The key risks of investing in the Fund are typical of the risks associated with managed investment schemes that invest in shares of Australian listed companies. It is important that you know that the value of your investment will go up and down over time, the Fund’s returns will vary over time, future returns may differ from past returns, and returns are not guaranteed. All of this means that there is always the chance that you could lose money on your investment.

As set out in Section 4 of the Product Disclosure Statement dated 15 November 2023 (PDS) and the Additional Information Document dated 15 November 2023 (AID), the significant risks for the Fund are security specific risk, market risk, legal and regulatory risk, manager risk, derivative risk, liquidity risk, pandemic related risk, and ESG risk. You should read the important risk information in Section 4 of the PDS and AID before making a decision. The material may change between the time when you read the PDS and the day that you acquire the product.

Risk level

Cromwell Funds Management believes the Fund’s risk level is high. The risk of your investment falling in value over the short term is high when compared to investments in managed investment schemes that invest in asset classes such as cash or fixed interest securities. However, the Fund offers potentially more favourable returns over the medium to long term than cash or fixed interest securities. This is why the minimum suggested timeframe for an investment in the Fund is at least three to five years.

Are you a financial adviser?

Read more about the Cromwell Phoenix Property Securities Fund – Ordinary Units, including essential resources for financial professionals and platform availability.

Request a Product Disclosure Statement

Thank you for your interest in the Cromwell Phoenix Property Securities Fund – Ordinary Units. Please complete the form below to receive the Fund's PDS.

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All personal information submitted will be treated in accordance with our Australian Privacy Policy. By submitting personal data to Cromwell Funds Management, you agree that, where it is permitted by law and in accordance with our Australian Privacy Policy or where you have agreed to receive communications from us, Cromwell Funds Management may use this information to notify you of our products and services and seek your feedback on our products and services. Please note you can manually opt out of any communications.

Key documents

Additional Information Document 15 November 2023
Target Market Determination (TMD)
Latest fund flyer as at 31 May 2024
Latest investment report as at 31 March 2024
Investment Performance Summary as at 31 May 2024

The information in this section of the website is provided for the use of licensed financial advisers and wholesale investors only. In no circumstances is it to be used by a potential investor for the purposes of making a decision about a financial product or class of products. Any advice is not personal advice and has been prepared without taking into account investors objectives, financial situation or needs.

By electing to continue, you confirm that you are a licensed financial adviser or a wholesale investor.

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Information for existing investors

Cromwell follows ASIC’s good practice guidance for website disclosure of material information. This means that all material information in relation to the Cromwell Phoenix Property Securities Fund – Ordinary Units will be posted on this webpage as soon as practicable after Cromwell becomes aware of it.

View the Cromwell Phoenix Property Securities Fund continuous disclosure.

View tax information for this fund.

How to invest

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1. Read

A potential investor must read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) in full.

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2. Review

A potential investor should consider the risks as outlined in section 4 of the PDS, and their appetite to risk in general when considering an investment in the Fund.

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3. Apply

Apply online, or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

Contact us

Contact Information
Jonathan Bredin Relationship Manager

Jonathan has 20 years’ experience in equity markets and investing. He is responsible for maintaining relationships with Cromwell’s direct retail investors.

T: 1300 268 078
E: jonathan.bredin@cromwell.com.au

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Footnotes
  1. At 31 May 2024 (PSF – Ordinary Units), after fees and costs. Past performance is not a reliable indicator of future performance.
  2. S&P/ASX300 A-REIT Accumulation Index.
  3. Phoenix Portfolios Pty Ltd is owned by staff of Phoenix and Cromwell Corporation Limited ACN 001 056 980.
  4. Lonsec Research Pty Ltd (ABN 11 151 658 561 AFSL 421445) (Lonsec) are acting as a research partner for the Fund Manager of the Year Awards (Awards) issued by Momentum Media Group Pty Ltd on 22 June 2023. The Awards are determined using Lonsec proprietary methodologies, are solely statements of opinion, subjective in nature and must not be used as the sole basis for investment decisions. The Awards do not represent recommendations to purchase, hold or sell any products or make any other investment decisions. Investors must seek independent financial advice before making any investment decision and must consider the appropriateness of the information, having regard to their objectives, financial situation, and needs. Past performance is not an indication of future performance. Awards are current for 12 months from the date awarded and are subject to change at any time. Lonsec does not represent these Awards to be guarantees nor should they be viewed as an assessment of a fund or the funds’ underlying securities’ creditworthiness. Lonsec receives a fee from the financial product issuer(s) for researching the financial product(s), using objective criteria. Lonsec rating(s) outcome is not linked to the fee or the Award. Lonsec and its associates do not receive any other compensation or material benefits from product issuers or third parties in connection with the Award. Lonsec makes no representation, warranty or undertaking in relation to the accuracy or completeness of the Awards. Lonsec assumes no obligation to update the Awards after publication. The Award is for the exclusive use of the client for whom it is presented and should not be used or relied upon by any other person unless with express permission from Lonsec. Except for any liability which cannot be excluded, Lonsec, its directors, officers, employees and agents disclaim all liability for any error or inaccuracy in, misstatement or omission from, this document and any Award or any loss or damage suffered by the reader or any other person as a consequence of relying upon it. ©Lonsec 2023. All rights reserved.
  5. Zenith Investment Partners Pty Ltd ABN 27 103 132 672 AFSL 226872 Fund Awards issued 13 October 2023 and 14 October 2022 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Fund Awards are current for 12 months and subject to change at any time. Fund Awards for previous years are for historical purposes only. Full details on Zenith Fund Awards at https://www.zenithpartners.com.au/zenith-fund-awards-2023/.
Important Information

Units are issued by the Fund at a unit price determined in accordance with the Responsible Entity’s Unit Pricing Policy. Per the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority’s (APRA’s) Unit Pricing: Guide to Good Practice, investors will receive compensation for any material unit pricing errors. In accordance with these guidelines the Fund does not pay exited members compensation for material unit pricing errors where the amount of any compensation payable is less than $20.

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333 214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (Fund). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 15 November 2023 (PDS). A target market determination (TMD) is available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and is available from www.cromwell.com.au/PSF or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. In deciding whether to acquire or continue to hold an investment you should consider the PDS available from Cromwell and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS. Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300 302 (Phoenix) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.

Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.