Ziller Global Fund Posts -4.3% Return in June 2026, Underperforms MSCI Benchmark by 7.3%

June 2026 Performance Breakdown

For June 2026, Ziller Global Fund posted a net return of -4.3%, contrasting with the MSCI All Country World Net Index’s +3.0% gain. Despite this monthly setback, the fund’s performance since inception in November 2022 remains strong at 111.1%, outperforming the benchmark’s 86.4% return over the same period. The fund targets net returns exceeding its benchmark over a typical five-year investment cycle.

Key detractors to the fund’s June returns included Figma (-2.5%), Palantir (-2.1%), and Rocket Lab (-1.7%). In contrast, Axon contributed positively with +1.8%. The update did not include specific revenue figures or financial guidance.

Investment Approach: Exceptional Founders and Growth Themes

Ziller Global Fund focuses on investing in 15-25 companies led by outstanding founders, targeting exposure to global structural growth sectors. The fund aims for long-term returns surpassing its benchmark, recommending a minimum investment horizon of five years. This approach suits investors seeking capital growth with a very high risk-return profile.

Thematic exposures encompass AI hardware, robotics, Internet of Things, AI platforms, and digital media, with notable holdings such as Nvidia, Tesla, and Axon. The fund charges a 1.33% annual management fee and a 15.4% performance fee on returns exceeding the benchmark. No future milestones or guidance were disclosed.

Stock-Specific Performance Drivers

In June 2026, Figma, Palantir, and Rocket Lab were the primary detractors, reducing the fund’s overall return by -2.5%, -2.1%, and -1.7%, respectively. These losses reflect the challenges of navigating volatile markets. Conversely, Axon added +1.8%, demonstrating the fund’s potential to leverage growth opportunities within its thematic focus. The update did not specify reasons behind these individual stock performances.

Risk Profile and Fund Objectives

The fund carries a very high-risk rating of 7, indicating the likelihood of six or more negative annual returns over any 20-year span. This aligns with its objective to deliver long-term returns above the MSCI All Country World Net Index in AUD. Since launching in November 2022, the fund has achieved a cumulative return of 111.1%, outperforming the benchmark’s 86.4%. No specific future performance targets were provided.

Diversified Sector and Geographic Exposure

Ziller Global Fund employs a diversified investment strategy across sectors such as AI hardware, robotics, Internet of Things, AI platforms, and digital media, aiming to capitalize on global structural growth trends. Its global geographic exposure targets leading companies worldwide to reduce risks from market volatility and sector downturns. Specific geographic allocations were not disclosed.

Fee Structure and Management

The fund’s management fee is 1.33% per annum, with a 15.4% performance fee on returns exceeding the benchmark. Additionally, it charges a 0.2% expense recovery fee annually and a 0.3% buy/sell spread for direct unit applications. There are no indirect costs or other fees. This fee setup supports active management focused on strategic stock selection and thematic exposure. No comparative cost analysis was included.

Outlook: Monitoring Future Developments

Investors should track upcoming performance reports and shifts in thematic exposure. The fund’s emphasis on global structural growth themes and exceptional founders positions it to benefit from emerging trends in AI, robotics, and digital media. However, its very high-risk profile and recent underperformance warrant careful evaluation amid changing market conditions.

The update did not provide forward-looking guidance or projections. Investors are encouraged to stay informed on broader market and sector developments that may influence the fund’s future performance.