This strategy aims to deliver attractive long-term returns by investing in a diversified portfolio of listed companies in developed and emerging markets, with significantly lower risk than the market.
INVESTMENT UNIVERSE
40,000+ stocks in developed and emerging markets (includes ex-index stocks to maximise the opportunity set
RETURN FORECAST
Daily analysis at stock-specific, peer group, and macro level results in objective risk and return forecast
PORTFOLIO CONSTRUCTION & TRADING
Forecasts enter proprietary portfolio optimisation system, weighing expected return against risk, liquidity and T-costs
Investment philosophy
Financial assets are often mispriced due to behavioural errors, such as incorrectly processing information or acting on incomplete information.
Top-performing companies display many qualities. Their success is multi-faceted and cannot be attributed to any single factor.
Market inefficiencies and attractive opportunities are best captured using systematic processes.
Curated application of artificial intelligence (AI) and machine learning (ML) technology can help extract pertinent information from large, complex datasets.
Investment processes must be dynamic and adapt to changes in investor behaviour and the investment environment.
Acadian’s edge comes from embracing innovative ideas and continuously investing in people, technology, and data.
Why managed volatility?
Managed volatility strategies have a sharper focus on capital preservation and may be suitable for risk-conscious investors.
Empirical evidence shows low-risk equities have delivered returns on par with average-risk equities and substantially better returns than high-risk equities over the long term. This is known as the low volatility anomaly, which we seek to exploit.
By limiting total portfolio risk, investors can potentially compound gains more gradually and efficiently than investing in traditional market cap weighted indices.
In addition to risk and return forecasts, Acadian’s investment process incorporates transaction cost estimates, portfolio constraints, and security correlations to enhance returns.
Acadian has been managing low-volatility strategies since 2006 and is recognised globally for having one of the longest track records in this space.
This video has been prepared for AFSL holders and wholesale clients only. By continuing to watch this video you are confirming that you either hold an AFSL or are a wholesale client. For more information regarding Zenith research please go to www.zenithpartners.com.au.The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned FSF1240AU, 30 Nov 2022) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) document or other offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
As of August 2026
APIR Code
FSF1240AU
Inception Date
19 January 2012
Management Cost
0.62%
Buy / Sell spread
0.05/0.05%
Product Size
$342 million
Benchmark
MSCI All-Country World Index
Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: MSCI Copyright MSCI 2026. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.
Investment returns as at August 2026 (%)
Field Title
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Inception
Sharpe Ratio
Beta
Fund (Gross)
2.0
6.4
8.5
10.7
14.8
11.8
11.2
13.2
1.4
0.7
Fund (Net)
2.0
6.2
8.2
10.1
14.1
11.1
10.6
12.6
1.3
0.7
Benchmark Index
0.6
2.3
9.0
11.7
16.5
11.3
13.1
14.2
1.2
1.0
Excess (Net - Index)
1.4
3.9
-0.8
-1.7
-2.4
-0.2
-2.5
-1.6
Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: MSCI Copyright MSCI 2026. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.
Top Ten Holdings
As at August 2026
Top 10 Stocks
Industry
%
APPLE INC
Tech Hardware & Equip
2.6
NVIDIA CORP
Semicon & Semicon Equip
2.5
ALPHABET INC
Media & Entertainment
1.5
JOHNSON & JOHNSON
Pharma, Biotech & Life Sci
1.4
ROCHE HOLDING AG
Pharma, Biotech & Life Sci
1.4
CHEVRON CORPORATION
Energy
1.4
CISCO SYSTEMS INC
Tech Hardware & Equip
1.4
KEYSIGHT TECHNOLOGIES INC
Tech Hardware & Equip
1.3
COLGATE-PALMOLIVE CO
Household & Pers Prods
1.3
ABB LTD
Capital Goods
1.3
Total
16.0
To view a full list of quarterly holdings in the Fund, visit Colonial First State.
Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: MSCI Copyright MSCI 2026. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.
Colonial First State Investments Limited (“CFS”) is the responsible entity for this fund, ABN 98 002 348 352, AFS Licence 232468. You can find the target market determinations (TMD) for this fund at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should also read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling CFS on 13 13 36. All Fund (NAV) returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs. All return calculations exclude any individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosure statements available on our website or by calling us. The ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the Fund will contain the same investments as the benchmark. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results. Index Source: MSCI Copyright MSCI 2026. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.
2The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned FSF1240AU, 28 Nov 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) document or other offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
Acadian Asset Management (Australia) Limited (“Acadian Australia”) ABN 41 114 200 127 is the holder of Australian financial services license ("AFSL") number 291872. It is also registered as an investment adviser with the U.S. Securities and Exchange Commission ("SEC"). Under the terms of its AFSL, Acadian Australia is limited to providing the financial services under its license to wholesale clients only. Acadian Australia is a wholly owned subsidiary of Acadian Asset Management LLC (“Acadian”), a U.S. registered investment adviser regulated by the U.S. SEC. Acadian is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) ("Corporations Act"). Acadian is regulated by the SEC under United States of America laws, which differ from Australian laws. This website is intended only to provide a summary of the subject matter covered. It does not purport to be comprehensive or to provide legal, taxation or other advice on the subject matter. No reader should act on the basis of any matter contained in this website without first obtaining specific professional advice. The information on this web page is provided to you because Acadian Australia reasonably believes that you are a "wholesale client" within the meaning of that term under the Corporations Act and not any other class of persons. This information is not an advertisement and is not intended to induce retail clients to invest in any product. Retail clients who are interested in products referenced on this website should contact their financial adviser. In Australia ‘Colonial’, ‘Colonial First State’, and ‘CFS’ are trademarks of Colonial Holding Company Limited and all of these trademarks are used on this website with consent.
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