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The Lion Active ETF (ASX:ROAR), an actively managed exchange-traded fund focusing on global growth stocks, has published its first monthly fact sheet for the period ending 30 June 2026. The fund reported a net asset value per unit of A$10.35 and a cumulative return of 3.5% since its launch on 1 June 2026. In contrast, its benchmark, the Solactive GBS Global Markets Large & Mid Cap USD Index (Total Return, net of fees), declined by 0.9% during the same timeframe, highlighting a significant outperformance in ROAR's debut month. Managed by Lioncrest Partners Pty Ltd under the issuer K2 Asset Management Ltd, ROAR employs a quantitative risk management overlay combined with fundamental stock selection to build a concentrated portfolio of 30 to 50 fast-growing global companies. Investors interested in global equities ETFs may find the fund’s early results and portfolio composition noteworthy, although the fund carries a very high risk classification.
Key Points
- Lion Active ETF (ASX:ROAR) is issued by K2 Asset Management Ltd and managed by Lioncrest Partners Pty Ltd.
- Since listing on 1 June 2026, the fund has delivered a cumulative net return of 3.5%, outperforming the Solactive GBS Global Markets Large & Mid Cap USD Index benchmark, which fell 0.9% over the same period.
- As of 30 June 2026, the net asset value per unit was A$10.35; the portfolio held 26 equity positions with the top 10 holdings comprising 29.2% of assets; cash and fixed income equivalents made up 31.7% of total assets.
- Investors should monitor upcoming monthly NAV updates, quarterly full portfolio disclosures to the ASX, and the fund’s strategy for deploying its substantial cash holdings into equities.
ROAR Delivers 3.5% Net Return in Launch Month Amid Benchmark Decline
The Lion Active ETF’s inaugural monthly fact sheet covering 1 June to 30 June 2026 shows the fund started strong during a challenging month for global large and mid-cap equities. ROAR posted a positive net return of 3.5% for June, while its benchmark, the Solactive GBS Global Markets Large & Mid Cap USD Index (Total Return, net of fees), declined by 0.9%. This amounts to an outperformance of approximately 4.4 percentage points in its first month, potentially appealing to investors seeking actively managed global equity exposure on the ASX.
All performance data is based on the Hard NAV per unit, calculated net of fees in Australian dollars by the fund’s independent administrator. The fact sheet cautions that past performance is not indicative of future results and highlights the fund’s very high risk rating. With only one month of live performance, investors are advised to review the full product disclosure statement before making long-term assessments. The cumulative return chart shows ROAR’s outperformance over the benchmark developed steadily throughout June, with some volatility in early trading days after listing.
Portfolio Construction: Lioncrest Partners Combines Quantitative and Fundamental Approaches
Managed by Lioncrest Partners Pty Ltd, an authorised representative of Frazis Capital Management Pty Ltd (AFSL 521445), the Lion Active ETF blends fundamental stock selection with a proprietary quantitative risk management framework. The fund targets companies demonstrating strong and accelerating revenue growth along with genuine customer loyalty, measured through objective metrics such as user growth, revenue trends, and retention rates rather than surveys.
The quantitative risk management system operates daily, calculating entry, exit, take-profit, and re-entry points for each position. This dual approach—fundamental conviction combined with rules-based risk controls—distinguishes the fund’s strategy. The portfolio aims to hold 30 to 50 global companies with market caps above A$1 billion. As of 30 June 2026, ROAR held 26 equity positions, indicating it is still building toward its target size.
Sector Allocation as of 30 June 2026: Cash Leads, Followed by Healthcare and Technology
A notable feature of the portfolio at month-end was a significant cash and fixed income allocation of 31.7%, likely reflecting the fund’s early-stage deployment phase given its recent listing. The fact sheet does not specify the timeline for investing this cash into equities.
Within equities, Health Care was the largest sector at 24.2%, followed by Information Technology at 20.8%. Other sector allocations included Communication Services (7.6%), Financials (5.4%), Consumer Discretionary (4.9%), and Consumer Staples (3.0%). This sector mix aligns with the fund’s growth focus, with healthcare and technology comprising about 45% of total assets. The portfolio includes notable healthcare names such as Omada Health and Agios Pharmaceuticals, plus Australian medical imaging software company Pro Medicus Limited.
Top 10 Equity Holdings as of 30 June 2026: From Omada Health to Taiwan Semiconductor
The fund’s top 10 holdings by weight include Omada Health (US ticker OMDAUS) at 3.3%, a digital health company and the largest position. E.L.F. Beauty Inc (ELF US) and Rubrik Inc (RBRK US) each represent 3.0%, followed by BillionToOne Inc (BLLN US) also at 3.0%. Amphenol Corp Class A (APH US) and Agios Pharmaceuticals (AGIO US) each hold 2.9% of assets.
Other top 10 holdings are Pro Medicus Limited (ASX:PME) at 2.8%, Kaspi KZ JSC (KSPI US) at 2.8%, Life360 Inc (ASX:360) at 2.8%, and Taiwan Semiconductor Manufacturing Company ADR (TSM US) at 2.8%. Together, these ten positions account for 29.2% of the portfolio. The mix of ASX-listed and US-listed companies reflects the fund’s global growth equity mandate without geographic constraints. All holdings data is based on end-of-day NAV as of 30 June 2026, as calculated by the fund’s independent administrator.
Fee Structure: Management and Performance Fees with High-Water Mark
The Lion Active ETF charges a management fee of 0.99% per annum, inclusive of GST and the Reduced Input Tax Credit (RITC). This fee level is on the higher side for Australian ETFs but aligns with other actively managed funds using specialist managers. The Product Disclosure Statement details all applicable fees and costs.
In addition to the management fee, a 20% performance fee applies on returns exceeding the benchmark, subject to a high-water mark. This means performance fees are only charged on returns above the Solactive GBS Global Markets Large & Mid Cap USD Index after recovering any prior underperformance. The high-water mark aligns manager and investor interests by preventing fees during periods of loss recovery. Given ROAR’s 3.5% outperformance in June versus the benchmark’s -0.9%, the performance fee mechanism will be important to watch as the fund’s track record develops. The fact sheet does not disclose any performance fee amounts accrued for June 2026.
Transparency and Reporting: Daily NAV Updates and Quarterly Full Portfolio Disclosures
The fund follows a transparency framework featuring Daily Material Public Information disclosures. Cash and sector holdings are published daily on Lioncrest Partners’ website at www.lioncrestpartners.com, offering more frequent visibility than typical unlisted managed funds but less than some passive ETFs that disclose full daily holdings. Full portfolio positions are disclosed quarterly to the ASX, ensuring comprehensive market transparency.
This disclosure approach balances investor transparency with protection of proprietary investment positions from front-running. The fund’s ARSN is 685 354 518, and the issuer is K2 Asset Management Ltd (ABN 95 085 445 094, AFSL 244393), a wholly owned subsidiary of K2 Asset Management Holdings Ltd. Investors can access the Product Disclosure Statement and Target Market Determination at www.lioncrestpartners.com or via [email protected]. The fund reports all figures in Australian dollars.
Benchmark Comparison: ROAR Versus Solactive GBS Global Large & Mid Cap Index
ROAR measures performance against the Solactive GBS Global Markets Large & Mid Cap USD Index (Total Return, net of fees), a broad global equity benchmark covering large and mid-cap companies worldwide. This benchmark provides a passive investment comparison within the same global equities universe targeted by ROAR. By selecting this index, Lioncrest aims to demonstrate that its active stock selection and quantitative risk management can add value over passive global large and mid-cap investing.
In June 2026, the benchmark declined 0.9% while ROAR gained 3.5%. The fact sheet’s cumulative return chart illustrates ROAR’s progressive lead over the benchmark throughout the month, with early divergence in the first week. Benchmark data is sourced directly from Solactive. Investors should note that one month of data is insufficient to assess consistent outperformance, and the fund cautions that past returns do not guarantee future results.
Risk Profile and Suitability: Very High Risk Concentrated Global Growth Strategy
Classified as very high risk, ROAR’s strategy involves a concentrated portfolio of 30 to 50 global growth companies, many potentially in early commercial stages or operating in volatile sectors. The fact sheet advises investors to consult the Product Disclosure Statement to fully understand risks and notes that investment objectives are not guaranteed.
Key risks include concentration risk from a limited number of holdings, currency risk due to many US dollar or foreign currency denominated equities while reporting in AUD, and the risk of underperformance due to the 31.7% cash allocation as of 30 June 2026 if equities rally strongly. The fund’s daily quantitative exit signals may lead to rapid position sales, potentially missing rebounds after market corrections. The Target Market Determination provides further guidance on investor suitability.
Investor Considerations: Monitoring ROAR’s Development Through 2026
With only one month of performance data, ROAR is in the early stages of establishing its track record. Investors should watch how the fund deploys its significant cash holdings into equities and whether it approaches its target portfolio size of 30 to 50 positions from the 26 held at 30 June 2026. Changes in sector weightings, especially reductions in cash or shifts among Health Care, Information Technology, and other sectors, may indicate evolving market views.
Performance relative to the Solactive benchmark will remain a key focus. While the initial month showed strong outperformance, one month is insufficient for definitive conclusions. The performance fee structure means sustained outperformance will result in 20% of excess returns being paid to the manager, subject to the high-water mark. Quarterly full portfolio disclosures to the ASX will provide detailed insights into the fund’s positioning. Investors are encouraged to review monthly fact sheets, quarterly disclosures, and the Product Disclosure Statement before making investment decisions.
