DRAFT
Fund Review
Argonaut Natural Resources Fund
Performance as at Jul 2026
Argonaut Funds Management is focused on investing in the Australian resources sector and is located in Western Australia. It operates independently within the Argonaut Group, managing two resource-focused funds with a governance framework. The investment committee is led by Glen Colgan, David Franklyn, and includes Dr. Dianmin Chen. Financial leadership is provided by Chief Financial Officer Alison Thompson, with strategic oversight by Edward Rigg and Kevin Johnson.
| 1 Year | 3 Years3 | 5 Years3 | 7 Years3 | Inception3,4 | ||
| Total Return | Fund | 52.92% | 19.62% | 23.60% | N/A | 28.63% |
| Peer Group1 | 3.80% | 7.66% | 5.63% | N/A | 6.95% | |
| Index2 | 44.94% | 11.34% | 10.74% | N/A | 12.19% | |
| Volatility | Fund | 29.32% | 21.45% | 21.40% | N/A | 21.98% |
| Peer Group1 | 8.53% | 7.87% | 8.29% | N/A | 10.56% | |
| Index2 | 20.54% | 17.61% | 18.88% | N/A | 21.14% | |
| 1Equity Alternative - Australia, 2S&P/ASX 300 Resources TR Index, 3Annualised, 4Jan 2020 | ||||||
Strategy Description
Argonaut Natural Resources Fund actively invests in listed resource and mining service companies, aiming to achieve returns exceeding the S&P ASX 300 Resources Index through a diversified portfolio of 10 to 25 equity investments. The fund employs a rigorous investment process, assessing market conditions and macroeconomic factors alongside detailed stock analysis. It may hold up to 30% cash if valuations are full, and it finds limited attractive opportunities. The fund does not use borrowing but may short-sell securities as a protection strategy.Cumulative Performance
Core Details |
PG = Peergroup Average | ||
| APIR: | ARG3633AU | Status: | Open |
| Peer Group: | Equity Alternative - Australia | Inception Date: | Jan 2020 |
| Strategy: | Equity Long/Short | Style: | Blend |
| Geography: | Australia/Global | Domicile: | Australia |
| Investors: | Wholesale | Distributions: | Annually |
| Fund Size: | AU$ 89.99m | Manager FUM: | AU$ 123.34m |
| Applications: | Monthly, Initial: AU$ 50,000 | Redemptions: | Monthly |
| Management Fee: | 1.00% (PG avg: 1.25%) | Performance Fee: | 20.00% (PG avg: 15.51%) |
| Buy/Sell Spread: | 0%/0% (PG avg: 0.17%/0.17%) | Hurdle: | Above the S&P ASX 300 RES return over the 12-month period between 1 July and 30 June |
| Early Redemption Fee | No | High Water Mark: | Yes |
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Argonaut Natural Resources Fund
Performance vs Equity Alternative - Australia and S&P/ASX 300 Resources TR Index
Since Jan 2020, the Fund has returned 28.63% p.a. vs the Peer Group's return over the same period of 6.95%. Over the past 12 months, the Fund has returned 52.92% vs the Peer Group's 3.8%. For the 3 and 5-year periods, the Fund has returned 19.62% and 23.6% respectively vs the Peer Group's returns of 7.66% and 5.63% respectively. The Fund's returns have been delivered with a volatility of 21.98% p.a. vs the Peer Group's 10.56%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 13.50 | 6.83 | -11.75 | 7.05 | 5.72 | -9.02 | -4.82 | NA | NA | NA | NA | NA | 4.87 |
| 2025 | 5.70 | -1.70 | 1.65 | -1.05 | 8.86 | 0.70 | 1.00 | 7.30 | 16.14 | 2.50 | 0.90 | 13.14 | 68.73 |
| 2024 | -6.90 | -1.30 | 7.75 | 1.87 | 0.00 | -6.70 | 0.05 | -3.40 | 7.20 | 3.40 | -2.70 | -3.90 | -5.73 |
| 2023 | 9.91 | -7.95 | 3.62 | -0.54 | -2.38 | 2.35 | 2.00 | -0.20 | -0.09 | -2.41 | -1.71 | 7.30 | 9.05 |
| 2022 | 2.70 | 4.00 | 11.60 | -2.30 | -2.30 | -15.20 | 6.20 | 9.60 | -3.30 | 1.80 | 8.00 | -1.85 | 17.19 |
| 2021 | -0.09 | 1.90 | -5.27 | 12.12 | 2.52 | -3.38 | 10.40 | 2.70 | 3.90 | 8.60 | 5.90 | 10.30 | 60.06 |
| 2020 | -1.29 | -3.90 | -9.98 | 15.21 | 6.64 | 0.56 | 8.53 | 5.07 | -0.53 | 2.77 | 11.07 | 12.58 | 53.79 |
| 1 Year | 3 Years | 5 Years | 7 Years | Inception | ||
| Total Return | Fund | 52.92% | 19.62% | 23.60% | N/A | 28.63% |
| Peer Group | 3.80% | 7.66% | 5.63% | N/A | 6.95% | |
| Index2 | 44.94% | 11.34% | 10.74% | N/A | 12.19% | |
| Volatility | Fund | 29.32% | 21.45% | 21.40% | N/A | 21.98% |
| Peer Group | 8.53% | 7.87% | 8.29% | N/A | 10.56% | |
| Index | 20.54% | 17.61% | 18.88% | N/A | 21.14% | |
| Sharpe | Fund | 1.49 | 0.76 | 0.96 | N/A | 1.15 |
| Peer Group | 0.03 | 0.47 | 0.33 | N/A | 0.46 | |
| Index | 1.75 | 0.47 | 0.47 | N/A | 0.54 | |
| Sortino | Fund | 2.44 | 1.18 | 1.48 | N/A | 1.95 |
| Peer Group | -0.02 | 0.60 | 0.39 | N/A | 0.53 | |
| Index | 2.80 | 0.64 | 0.62 | N/A | 0.68 | |
| Largest Drawdown | Fund | -13.51% | -13.51% | -19.06% | N/A | -19.06% |
| Peer Group | -6.75% | -6.75% | -8.89% | N/A | -19.38% | |
| Index | -8.51% | -14.82% | -14.82% | N/A | -28.46% |
Return in Index's 10 Best & 10 Worst Months %
Return in Index's 10 Best & 10 Worst Months %
Annualised Return vs Standard Deviation
Argonaut Natural Resources Fund - Annualised Return vs. Standard Deviation
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Argonaut Natural Resources Fund
Annual Returns
Annual Returns %
Drawdown
Drawdown%
Service Providers
| Trustee/RE: | Argonaut Funds Management Pty Ltd (ACN 101 152 863) |
| Custodian: | Certane Group Pty Ltd |
| Administrator: | Automic |
| Auditor: | Hall Chadwick |
| Legal: | Steinepreis Paganin |
| Prime Broker: | Argonaut Securities, Canaccord, and RBC |
Available on Investment Platforms
HUB24, Mason Stevens, Netwealth, OLIVIA123
Key Staff
David Franklyn
Head of Funds Management and Fund Manager of Argonaut Natural Resources Fund
Years in industry: 32, Years at Firm: 8
Kevin Johnson
Director of Argonaut Funds Management, Executive Director of Argonaut Securities
Years in industry: 34, Years at Firm: 21
Alison Thompson
Chief Financial Officer & Company Secretary
Years in industry: 29, Years at Firm: 5
Jenna Converse
Investor Relations and Operations Manager
Years in industry: 20, Years at Firm: 6
About AFM's Fund Reviews and Star Ratings
AFM's proprietary Star Rating system provides a quantitative ranking of performance and risk of funds in its peer group relative to similar funds. Funds must have a minimum 1 year track record.
Star Ratings for Performance reflects annualised return. Risk is a combination of downside deviation, maximum drawdown and longest drawdown, which are allocated in reverse.
| AFM Star Rating | Relative performance band compared to funds in the same Peer Group |
|---|---|
| ★ ★ ★ ★ ★ | Premium: The fund is in the top 10% of all funds in its peer group. |
| ★ ★ ★ ★ ☆ | Top Quartile: The fund ranges between 75 and 90% of all funds in its peer group. |
| ★ ★ ★ ☆ ☆ | Second Quartile: The fund ranges between 50 and 75% of all funds in its peer group. |
| ★ ★ ☆ ☆ ☆ | Third Quartile: The fund ranges between 25 and 50% of all funds in its peer group. |
| ★ ☆ ☆ ☆ ☆ | Fourth Quartile: The fund is in the lowest 25% of all funds in its peer group. |
All performances, rankings and Star Ratings are updated monthly. Past performance does not guarantee future performance.
Copyright
This report is produced and owned by Australian Fund Monitors Pty Ltd and the contents are Copyright 2025. Distribution is limited to those parties with a current Distribution Licence.
Disclaimer
The information in this report, including financial returns, strategies, and other content (collectively referred to as "Content") has been prepared and issued by Australian Fund Monitors Pty Limited (A.C.N. 122 226 724, AFSL 324476) otherwise referred to as AFM. The information and content herein is designed for holders of an Australian Financial Services Licence or for Wholesale or Sophisticated investors, and does not constitute personal financial advice, and is for general information purposes only. Users of this report or any Content of AFM's websites (the "Websites") should not act or make any financial decision without first seeking professional advice. Whilst the Content has been prepared with all reasonable care from sources which we believe are reliable, no responsibility or liability is accepted by AFM for any errors or omissions or misstatements contained herein.