First Sentier Concentrated Australian Share

PIM0760AU · Australian equities · First Sentier Investors · AUD assets · benchmark S&P/ASX 300 · fee: Performance fee

Reconsider

Role: Concentrated Australian growth tilt — 30 stocks, beta 1.1 to 1.3, tracking error 7.4 per cent.

Market value: $49,194; 41,431.64 units × 1.1874
Weight: 5.0%; of the total, cash included
Latest month: +$1k · 30 October 2026
Year to date: −5.9%; fund level since July, sleeve proxy before
vs cost: −4.6%; −$2,351 on $51,545
Hit rate: 3 of 4; fund-level months up

Growth of the position this year

Rebased to 100 at the start of January. Fund-level returns from July (June for Perennial, Barwon and Talaria); the sleeve's return stands in before that and is shaded in the strip below. End-of-month drawdown from the year's peak alongside.

Index, 31 December 2025 = 100 (blue); end-of-month drawdown from the year's peak (red, %). Intra-month drawdowns need daily prices and are shown on the Technicals page for the daily-priced funds.

Month	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct
Return	−0.1%	−0.3%	−10.2%	+2.6%	+0.3%	+0.6%	+2.0%	+3.0%	−5.5%	+2.4%
$ change	−$0k	−$0k	−$5k	+$1k	+$0k	+$0k	+$1k	+$1k	−$3k	+$1k

Hatched cells are proxied (sleeve) or estimated (index/beta) months. Best fund-level month Aug +3.0%; worst Sep −5.5%; last three months −0.3%. With ten monthly observations, volatility and capture ratios are not yet meaningful and are not shown.

Twelve-month look-back

Total return net of fees as published by the manager at the September report; benchmark to 31 July 2026 unless the manager quotes its own.

1 month: +2.0%
3 months: +4.9%
1 year (fund): −14.3%
1 year (ASX 300): +5.8%
Fund − benchmark: −20.2 pts
Data to: 31 Jul

Updated to 31 August: fund −11.75% v benchmark +4.25%; the gap moved −20.2 → −16.0 points.

Scenario exposure

The twelve-month shock assumed for this fund under each scenario, and what it costs on today's value.

Scenario	Shock	$ impact
A: AI bust	−22%	−$11k
B: USD decline	+2%	+$1k
B2: USD spike	−9%	−$4k
C: Downturn	−24%	−$12k

Basis: IT and health-care overweights, beta 1.1 to 1.3

Strengths, weaknesses and concerns

From the September 2026 analysis (sections 8 and 9), updated for the October marks.

Strengths

+3.0 per cent in August against +1.62 for the ASX 300 — a second consecutive month ahead
The one-year gap narrowed from −20 to −16 points by August as the style turned

Weaknesses

Below benchmark over one year (−14.3 v +5.8), three years (4.2 v 10.3 pa) and since the August 2022 inception (5.9 v 10.2 pa)
Active weights tilt to health care (+9.4) and IT (+8.5) and away from materials, industrials and energy — every bet cost money in a resources-and-value year
Duplicates growth exposure held through VGAD and Plato while cancelling the resources tilt held deliberately through Perennial and MQAE

Concerns

The manager's outlook is a rotation back to quality growth: a style bet, not evidence of stock-picking alpha
Scenario A −22 per cent and C −24 per cent — among the most exposed Australian positions

What to watch

Monthly return against the ASX 300 — does the August/September pattern hold?
CSL, WiseTech and ResMed positioning
The whole-of-life record, not the latest month

Verdict: Reconsider — the strongest case. Reducing to zero lifts the Australian sleeve's benchmark-relative return without losing diversification, since MQAE already provides the core.

October: +2.4 per cent on InvestSMART's 29 October exit price, with health care +9 per cent in the month; the figure needs checking against First Sentier's own page.

Marks

Every valuation held for this fund, with its source.

As of	Unit price	Published price	Value	Source	Note
31 August 2026	1.2270	1.2270	$50,837	published	31 August 2026 custodian statement
25 September 2026	1.1595	–	$48,041	estimate	ASX 300 beta estimate, −5.5%
30 October 2026	1.1874	1.1875	$49,194	published	InvestSMART exit 1.1875 (29 Oct) v 31 Aug statement 1.2270, Sep estimate removed — verify with First Sentier

Analysis and modelling for discussion, not personal financial advice.