AFM Fund Profile — Yarra Emerging Leaders Fund
- Fund & Manager Details
- Investment Details
- Performance & Risk
- Advanced Analytics
- Research & Availability
- News & Insights
- Documents
Fund & Manager Details
Key Facts
| Fund Type: | Single | Discretionary/Quantitative: | Discretionary |
| Strategy: | Equity Long | This Funds FUM (millions): | AU$104m |
| Style: | Blend | Fund Inception Date: | Since 01 September 1997 |
| Geographic Mandate: | Australia | Latest Return Date: | May 2026 |
| Fund Domicile: | Australia | Investor Type: | Retail |
| Status: | Open | Reporting Status: | Current |
Manager Details and Fund Description
| Manager: | Yarra Capital Management | Total FUM for all funds: | AU$6,700m |
|
Manager Overview:
Yarra Capital Management was established in 2007 following the management buyout of Goldman Sachs Asset Management's Australian-focused investment capabilities and operating platform, backed by TA Associates, a global growth private equity firm with a long history of investing in funds management companies.
The firm is led by the senior management team comprising Dion Hershan (Managing Director and Head of Australian Equities), Katie Hudson (Portfolio Manager and Head of Australian Equities Research), Roy Keenan (Head of Australian Fixed Income) and Brett Davidson (Chief Operating Officer). Dion, Katie, Roy and Brett lead a team of more than 35 professionals focused on delivering the best outcomes for the firm's institutional and retail clients. The investment team comprises 15 investment professionals with an average 14 years' industry experience. |
Fund/Strategy Overview:
The Yarra Emerging Leaders Fund offers investors exposure to small and medium-sized companies listed on the ASX, applying a differentiated investment approach to unlock potential in the small and mid-cap universe. Yarra aim to outperform the Emerging Leaders benchmark over rolling three-year periods.
The portfolio contains between 30 and 55 stocks listed on the Emerging Leaders benchmark, selected based on a fundamental, long-term and balanced investment approach. |
||
| Other funds operated by manager: | |||
| Yarra Australian Bond Fund, Yarra Australian Equities Fund, Yarra Australian Smaller Companies Fund, Yarra Enhanced Income Fund, Yarra Ex-20 Australian Equities Fund, Yarra Global Small Companies Fund, Yarra Higher Income Fund, Yarra Income Plus Fund | |||
Investment Details
Investment Terms
| Minimum Investment: | Minimum Additional Investment: | Minimum Term: | Investment Frequency: |
| AU$50,000 | Daily | ||
| Regular Savings Option: | Regular Savings Min. Amount: |
Regular Savings Max. Amount: |
Regular Savings Freq.: |
| No | |||
| Redemption Notice: | Redemption Frequency: | Notes: | |
| 7 Days | Daily |
||
| Distributions: | Distribution Frequency: | Last Distribution Date: | Last Distribution Amount: |
| Yes | 6 Monthly | AU$ |
Structure
| Offshore/Onshore: | Fund Structure: | Share Classes: |
Trustee/Responsible Entity: |
| Onshore | Unit Trust | AU$ | Yarra Funds Management Limited |
| Administrator: | Prime Broker: | Custodian: | Legal: |
| Yarra Funds Management | N/A | RBC Investor Services | Internal |
Fund Fees
| Management Fee: |
Performance Fee: |
High Water Mark: |
Hurdle: |
| 1.25% | 0% | N/A | N/A |
| Buy Spread: | Sell spread: | Early Redemption Fee: | Fees Notes: |
| 0.200% | 0.200% | No |
Performance & Risk
Returns
| Latest Return Date: | Latest Result: | Fund Inception Date: | Annualised Return: |
| May 2026 | 5.47% | 01 September 1997 | 10.41% |
| Latest 3 Months: | Latest 6 Months: | Latest 12 Months: | Latest 2 Years p.a.: |
| -2.90% | -3.26% | 9.51% | 9.13% |
| Latest 3 Years p.a.: |
Latest 4 Years p.a.: |
Latest 5 Years p.a.: |
Latest 7 Years p.a.: |
| 7.45% | 6.92% | 6.03% | 7.42% |
Performance Statistics
| % Positive Months (S.I.): |
Average Return: | Average +ve Return: | Average -ve Return: |
| 64.55% | 0.94% | 3.44% | -3.62% |
| Best Month: | Worst Month: | Up Capture Ratio (S.I.): |
Down Capture Ratio (S.I.): |
| 17.51% | -27.86% | 102.21% | 99.54% |
| Largest Drawdown (S.I.): |
Longest Drawdown (S.I.): |
Current Drawdown (%): |
Current Drawdown (Months): |
| -52.17% | 86 months | -4.60% | 7 months |
Risk
| Annualised Standard Deviation (S.I.): |
Downside Deviation (S.I.): |
Sortino Ratio (S.I.): |
- |
| 15.79% | 11.37% | 0.53 | - |
| Sharpe Ratio (12 months): |
Sharpe Ratio (3 years): |
Sharpe Ratio (5 years): |
Sharpe Ratio (S.I.): |
| 0.41 | 0.29 | 0.26 | 0.46 |
| Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate | |||
Ranking, Research & Availability
Fund Quintile in its Peer Group (Equity Long - Small/Mid Cap - Australia) as at April 2026
AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Yarra Emerging Leaders Fund compared to a peer group of funds with a similar strategy and geographic mandate. Each green square places a fund in one quintile (or 20%) of its peer group - five indicating that the fund is in the top (best) quintile for the corresponding KPI.
As a reference point the equivalent "quintile" performance of the peer group's underlying market index is also indicated by the red dot.
1 Year
3 Year
5 Year
7 Year
Yarra Emerging Leaders Fund
S&P/ASX Small Ordinaries Index
External Research and Ratings: As reported by each Fund Manager.
| Morningstar Star Rating: | 3 stars, March 2026 |
| Lonsec: | Recommended, October 2025 |
Availability:As reported by each Fund Manager.
No investment platforms suppliedNews & Insights
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Good intentions. Unintended outcomes?
Tim Toohey (Head of Macro and Strategy) assesses the impact of the 2026-27 Budget, and the risk that in the attempt to engender inter-generational fairness that new distortions are created that ultimately could lead to lower capital investment and lower economic growth. (8-minute read)
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AI: The New Frontier for the 'Just' Transition
Artificial Intelligence (AI) is reshaping the idea of a 'just' transition, shifting the focus to productivity, power and social licence in the digital economy. In this note, Dr Erin Kuo-Sutherland (Chief Sustainability Officer) examines the emerging ESG risks and opportunities investors face as AI adoption accelerates. (8-minute read)
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Phil Strano: Staying the course in credit
Geopolitical shocks and a sharp repricing of rates have driven bond yields materially higher. While volatility has increased, Phil Strano (Head of Australian Credit Research) believes resilient credit markets and elevated income levels are creating compelling opportunities for active investors to lock in favourable income and using duration strategies to protect portfolios. (8-minute read)
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Fund Performance
Historical Performance (all figures shown here are net of fees unless otherwise stated)
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.84 | -0.40 | -12.36 | 5.06 | 5.47 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | -1.51 |
| 2025 | 6.35 | -3.31 | -4.79 | 1.13 | 5.45 | 1.87 | 2.42 | 7.51 | -0.67 | 3.03 | -1.39 | -1.78 | 16.09 |
| 2024 | -0.65 | 3.63 | 3.76 | -3.63 | -1.25 | -1.59 | 3.06 | 1.10 | 5.37 | -1.81 | 3.60 | -5.23 | 5.89 |
| 2023 | 6.26 | 0.22 | -0.53 | 4.82 | -1.43 | 0.56 | 3.49 | -2.39 | -4.65 | -6.67 | 5.91 | 7.03 | 12.13 |
| 2022 | -8.00 | 0.18 | 6.05 | -1.29 | -6.41 | -10.24 | 8.92 | 1.59 | -9.55 | 4.65 | 6.01 | -3.39 | -13.07 |
| 2021 | -0.82 | 0.54 | 2.57 | 3.01 | -0.42 | 3.42 | 1.21 | 5.05 | -0.72 | -0.15 | 0.27 | 3.88 | 19.11 |
| 2020 | 2.45 | -6.35 | -27.86 | 17.51 | 6.90 | 2.52 | -0.55 | 5.24 | -0.65 | 1.98 | 7.10 | 2.66 | 3.91 |
| 2019 | 4.45 | 3.65 | -1.35 | 2.12 | 0.78 | 2.47 | 5.76 | -1.81 | 3.67 | 1.51 | 1.80 | -0.90 | 24.15 |
| 2018 | 0.49 | -2.04 | -1.55 | 4.56 | 1.22 | 0.01 | 0.25 | 4.59 | 0.16 | -8.61 | -1.63 | -3.11 | -6.16 |
| 2017 | -4.16 | 1.08 | 3.23 | -1.25 | -0.69 | 1.16 | -0.15 | 0.05 | -0.44 | 5.81 | 3.88 | 3.53 | 12.29 |
| 2016 | -2.22 | -3.07 | 3.93 | 2.02 | 5.97 | -4.06 | 8.77 | -2.26 | -0.13 | -8.13 | -3.86 | 2.87 | -1.43 |
| 2015 | 2.44 | 7.03 | -0.40 | -1.07 | 2.84 | -5.29 | 6.05 | -3.33 | 1.00 | 7.93 | 2.42 | 3.48 | 24.64 |
| 2014 | -4.97 | 7.53 | 0.67 | 1.28 | -0.33 | -1.57 | 4.43 | 3.20 | -5.84 | 3.28 | -0.55 | 2.33 | 9.03 |
| 2013 | 7.82 | 4.26 | -1.29 | 1.26 | -3.75 | -4.34 | 3.55 | 1.67 | 5.65 | 4.60 | 0.30 | 1.82 | 22.90 |
| 2012 | 6.53 | 7.73 | 1.26 | 0.64 | -6.81 | -4.48 | -0.14 | 5.16 | 1.21 | 1.81 | 2.08 | 1.44 | 16.67 |
| 2011 | -1.10 | 1.60 | 1.41 | -1.95 | -3.21 | -3.46 | 0.77 | -5.18 | -9.18 | 9.51 | -0.98 | -3.56 | -15.27 |
| 2010 | -6.50 | 0.27 | 5.92 | -1.10 | -9.95 | -2.98 | 6.08 | 0.09 | 5.74 | 1.69 | -1.70 | 5.55 | 1.65 |
| 2009 | -2.22 | -3.77 | 3.98 | 4.53 | 5.75 | 2.47 | 10.51 | 5.48 | 6.93 | -0.35 | 1.05 | 3.57 | 44.06 |
| 2008 | -11.98 | 3.23 | -8.71 | 2.61 | 3.23 | -8.81 | -7.66 | 1.25 | -11.38 | -18.07 | -8.35 | 6.28 | -47.03 |
| 2007 | 2.55 | -0.67 | 3.97 | 3.38 | 4.82 | -0.07 | -1.08 | -4.28 | 3.73 | 4.36 | -2.90 | -1.16 | 12.81 |
| 2006 | 1.16 | 1.13 | 5.14 | 0.68 | -5.48 | 1.46 | 0.32 | 1.16 | 2.72 | 4.76 | 5.14 | 3.05 | 22.87 |
| 2005 | 6.74 | -2.37 | 0.34 | -5.44 | 4.17 | 4.35 | 3.50 | 6.08 | 1.16 | -3.32 | -1.12 | 0.84 | 15.06 |
| 2004 | 1.75 | 2.13 | 0.66 | 1.95 | 1.39 | 2.87 | 3.22 | 3.47 | 4.03 | 5.87 | 3.14 | 3.21 | 39.27 |
| 2003 | -1.22 | -4.86 | 0.84 | 7.32 | 0.43 | 2.80 | 4.30 | 1.78 | 2.05 | 3.98 | -2.02 | 1.39 | 17.49 |
| 2002 | 2.03 | -3.71 | 1.25 | -3.46 | -1.49 | -4.23 | -4.40 | 4.55 | -5.07 | -3.34 | -1.22 | 1.41 | -16.77 |
| 2001 | 2.88 | 2.49 | -3.76 | 2.77 | 1.56 | 4.42 | 0.99 | 2.37 | -6.71 | 5.48 | -0.15 | 1.66 | 14.22 |
| 2000 | -1.47 | 2.33 | -0.69 | -7.16 | -1.19 | 14.71 | 0.94 | 5.49 | 0.30 | 3.45 | 4.06 | 0.91 | 22.22 |
| 1999 | 7.25 | 2.59 | 3.87 | -0.61 | -2.01 | 3.83 | 3.40 | 6.55 | 0.47 | 2.85 | 9.65 | 8.77 | 56.91 |
| 1998 | 1.66 | 1.64 | -0.92 | -0.55 | -2.87 | -7.13 | -0.38 | -6.97 | 6.82 | 5.55 | 4.59 | 3.29 | 3.65 |
| 1997 | -1.30 | 1.34 | 1.52 | 1.17 | 6.58 | 2.78 | 2.47 | -0.56 | 6.12 | -13.07 | 0.71 | 5.26 | 12.13 |
| 1996 | 5.42 | 1.97 | 0.68 | 4.08 | 0.72 | 1.24 | -2.71 | 7.56 | 4.31 | 4.06 | 2.31 | 1.38 | 35.32 |
| 1995 | -1.43 | 1.88 | 0.48 | 7.88 | 0.31 | -0.11 | 2.99 | 1.17 | 2.73 | -1.52 | 3.30 | 5.01 | 24.71 |
| 1994 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | 0.55 | 0.55 |
Historical Financial Year Performance (all figures shown here are are percentage per month net of fees unless otherwise stated)
| Year | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | Jan % | Feb % | Mar % | Apr % | May % | Jun % | FYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025/2026 | 2.42 | 7.51 | -0.67 | 3.03 | -1.39 | -1.78 | 1.84 | -0.40 | -12.36 | 5.06 | 5.47 | N/A | 7.51 |
| 2024/2025 | 3.06 | 1.10 | 5.37 | -1.81 | 3.60 | -5.23 | 6.35 | -3.31 | -4.79 | 1.13 | 5.45 | 1.87 | 12.57 |
| 2023/2024 | 3.49 | -2.39 | -4.65 | -6.67 | 5.91 | 7.03 | -0.65 | 3.63 | 3.76 | -3.63 | -1.25 | -1.59 | 1.94 |
| 2022/2023 | 8.92 | 1.59 | -9.55 | 4.65 | 6.01 | -3.39 | 6.26 | 0.22 | -0.53 | 4.82 | -1.43 | 0.56 | 18.03 |
| 2021/2022 | 1.21 | 5.05 | -0.72 | -0.15 | 0.27 | 3.88 | -8.00 | 0.18 | 6.05 | -1.29 | -6.41 | -10.24 | -11.02 |
| 2020/2021 | -0.55 | 5.24 | -0.65 | 1.98 | 7.10 | 2.66 | -0.82 | 0.54 | 2.57 | 3.01 | -0.42 | 3.42 | 26.48 |
| 2019/2020 | 5.76 | -1.81 | 3.67 | 1.51 | 1.80 | -0.90 | 2.45 | -6.35 | -27.86 | 17.51 | 6.90 | 2.52 | -1.74 |
| 2018/2019 | 0.25 | 4.59 | 0.16 | -8.61 | -1.63 | -3.11 | 4.45 | 3.65 | -1.35 | 2.12 | 0.78 | 2.47 | 3.02 |
| 2017/2018 | -0.15 | 0.05 | -0.44 | 5.81 | 3.88 | 3.53 | 0.49 | -2.04 | -1.55 | 4.56 | 1.22 | 0.01 | 16.10 |
| 2016/2017 | 8.77 | -2.26 | -0.13 | -8.13 | -3.86 | 2.87 | -4.16 | 1.08 | 3.23 | -1.25 | -0.69 | 1.16 | -4.29 |
| 2015/2016 | 6.05 | -3.33 | 1.00 | 7.93 | 2.42 | 3.48 | -2.22 | -3.07 | 3.93 | 2.02 | 5.97 | -4.06 | 21.02 |
| 2014/2015 | 4.43 | 3.20 | -5.84 | 3.28 | -0.55 | 2.33 | 2.44 | 7.03 | -0.40 | -1.07 | 2.84 | -5.29 | 12.25 |
| 2013/2014 | 3.55 | 1.67 | 5.65 | 4.60 | 0.30 | 1.82 | -4.97 | 7.53 | 0.67 | 1.28 | -0.33 | -1.57 | 21.44 |
| 2012/2013 | -0.14 | 5.16 | 1.21 | 1.81 | 2.08 | 1.44 | 7.82 | 4.26 | -1.29 | 1.26 | -3.75 | -4.34 | 15.92 |
| 2011/2012 | 0.77 | -5.18 | -9.18 | 9.51 | -0.98 | -3.56 | 6.53 | 7.73 | 1.26 | 0.64 | -6.81 | -4.48 | -5.52 |
| 2010/2011 | 6.08 | 0.09 | 5.74 | 1.69 | -1.70 | 5.55 | -1.10 | 1.60 | 1.41 | -1.95 | -3.21 | -3.46 | 10.60 |
| 2009/2010 | 10.51 | 5.48 | 6.93 | -0.35 | 1.05 | 3.57 | -6.50 | 0.27 | 5.92 | -1.10 | -9.95 | -2.98 | 11.55 |
| 2008/2009 | -7.66 | 1.25 | -11.38 | -18.07 | -8.35 | 6.28 | -2.22 | -3.77 | 3.98 | 4.53 | 5.75 | 2.47 | -26.72 |
| 2007/2008 | -1.08 | -4.28 | 3.73 | 4.36 | -2.90 | -1.16 | -11.98 | 3.23 | -8.71 | 2.61 | 3.23 | -8.81 | -21.20 |
| 2006/2007 | 0.32 | 1.16 | 2.72 | 4.76 | 5.14 | 3.05 | 2.55 | -0.67 | 3.97 | 3.38 | 4.82 | -0.07 | 35.68 |
| 2005/2006 | 3.50 | 6.08 | 1.16 | -3.32 | -1.12 | 0.84 | 1.16 | 1.13 | 5.14 | 0.68 | -5.48 | 1.46 | 11.20 |
| 2004/2005 | 3.22 | 3.47 | 4.03 | 5.87 | 3.14 | 3.21 | 6.74 | -2.37 | 0.34 | -5.44 | 4.17 | 4.35 | 34.57 |
| 2003/2004 | 4.30 | 1.78 | 2.05 | 3.98 | -2.02 | 1.39 | 1.75 | 2.13 | 0.66 | 1.95 | 1.39 | 2.87 | 24.46 |
| 2002/2003 | -4.40 | 4.55 | -5.07 | -3.34 | -1.22 | 1.41 | -1.22 | -4.86 | 0.84 | 7.32 | 0.43 | 2.80 | -3.54 |
| 2001/2002 | 0.99 | 2.37 | -6.71 | 5.48 | -0.15 | 1.66 | 2.03 | -3.71 | 1.25 | -3.46 | -1.49 | -4.23 | -6.43 |
| 2000/2001 | 0.94 | 5.49 | 0.30 | 3.45 | 4.06 | 0.91 | 2.88 | 2.49 | -3.76 | 2.77 | 1.56 | 4.42 | 28.29 |
| 1999/2000 | 3.40 | 6.55 | 0.47 | 2.85 | 9.65 | 8.77 | -1.47 | 2.33 | -0.69 | -7.16 | -1.19 | 14.71 | 43.05 |
| 1998/1999 | -0.38 | -6.97 | 6.82 | 5.55 | 4.59 | 3.29 | 7.25 | 2.59 | 3.87 | -0.61 | -2.01 | 3.83 | 30.45 |
| 1997/1998 | 2.47 | -0.56 | 6.12 | -13.07 | 0.71 | 5.26 | 1.66 | 1.64 | -0.92 | -0.55 | -2.87 | -7.13 | -8.50 |
| 1996/1997 | -2.71 | 7.56 | 4.31 | 4.06 | 2.31 | 1.38 | -1.30 | 1.34 | 1.52 | 1.17 | 6.58 | 2.78 | 32.57 |
| 1995/1996 | 2.99 | 1.17 | 2.73 | -1.52 | 3.30 | 5.01 | 5.42 | 1.97 | 0.68 | 4.08 | 0.72 | 1.24 | 31.34 |
| 1994/1995 | N/A | N/A | N/A | N/A | N/A | 0.55 | -1.43 | 1.88 | 0.48 | 7.88 | 0.31 | -0.11 | 9.66 |