The Peregrine Fund builds on NAOS' long-term track record in listed markets but brings a sharper focus on the timing of each investment. It extends that proven capability into a more agile, rules-based, and opportunity-driven strategy, focused on Australian (ex-100) and New Zealand equities, where pricing inefficiencies are more common, and conviction can be rewarded.
The underlying philosophy is unchanged - to own high-quality businesses with durable earnings for the long term - but with an open-ended vehicle, The Fund demands a different design, pairing discipline with an increased awareness of the external factors, from market cycles to liquidity and sentiment, that can materially shape valuation outcomes.
The result is a portfolio that can act decisively whenever conditions create the right opportunity, balancing patience with the flexibility to move when the timing is right.
Structure: | Australian wholesale unit trust. |
InvestorType: | Sophisticated and/or wholesale investors only. |
Investment Strategy: | The Fund will invest primarily in liquid, exchange-traded securities across Australia (ex-100) and New Zealand and may hold cash where appropriate. |
Minimum Investment: | AUD$100,000 |
Applications & Redemptions: | Applications and redemptions are processed monthly. |
Distributions: | Yearly, in the event there is distributable income. |
Management Fee: | Nil. |
Buy/Sell Spread: | Nil. |
Fund Cost Recovery: | 0.30% p.a. (Capped). |
Performance Fee: | A Performance Fee of 25% of the Unit Return above a 6.00% per annum hurdle, calculated and accrued daily and payable half-yearly (if applicable). |
Number Of Investments: | Portfolio of 0-40 investments. |
As at 31 July 2026
1 Month | 3 Month | 6 Month | 1 Year | Inception (p.a.) | Inception (Total Return) | |
Fund Performance* | -4.08% | +4.40% | +1.35% | - | - | +1.35% |
S&P/ASX Small Ordinaries Accum. Index** | -3.17% | -3.13% | -13.33% | - | - | -13.33% |
Outperformance | -0.92% | +7.53% | +14.68% | - | - | +14.68% |
* Net of the performance fee and operating expenses (capped at 0.30% p.a. of NAV). No management fee is charged.
** Comparative index only. It is not the performance fee hurdle of 6.00% p.a. Outperformance is the difference between the Fund and index returns.
A Rules-based sell framework, including a portfolio-wide stop-loss and momentum analysis - limits losses, protects capital, and frees up capacity to redeploy into better opportunities.
Generally every new position is initiated at a soft 5% weight at cost - right-sized from day one.
A diversified mandate, paired with stop-loss provisions and momentum screens, structurally reduces the impact of black swan events on the Fund.
The portfolio is designed to be able to be liquidated within 10 business days. Every position is sized and selected with the awareness of how easily we can enter or exit, especially in volatile or stressed markets.
We respect price trends and behavioural dynamics. Positive momentum often signals improving fundamentals and a shift in investor psychology — we position the Fund to benefit from it rather than fight it.
We go far and wide, unconstrained by index weights, across market cap, sectors, developed markets, as long as the security is listed & what we deem to be liquid.
Our Monthly Investment Report provides you with the Fund performance, portfolio sector exposure and contribution metrics of the underlying investment portfolio.
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Units in the Peregrine Fund (‘Fund’) are issued by NAOS Asset Management Pty Ltd (ABN 23 107 624 126, AFSL 273529) (‘NAOS’). The Fund is a wholesale unit trust open to eligible wholesale and sophisticated investors only. This material is provided for general information purposes only and must not be construed as investment advice. It does not take into account the investment objectives, financial situation or needs of any particular investor. Before making an investment decision, you should determine whether you are an eligible wholesale or sophisticated investor. You should also read the Information Memorandum for the Fund, and investors should consider obtaining professional investment advice that is tailored to their specific circumstances. Past performance is not necessarily indicative of future results and no person guarantees the future performance of the Fund, the amount or timing of any return from the Fund, or that the investment objectives of the Fund will be achieved. Nothing contained herein constitutes a solicitation, recommendation, endorsement or offer to buy or sell any units in the Fund or any other financial instruments in any place in which, or to any person to whom, it would not be lawful to make such an offer.
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