Cromwell Funds Management

10/08/2026

The Cromwell Phoenix Global Opportunities Fund seeks investments in securities trading at discounts to readily assessable net asset values (NAVs), as well as special situations that offer strong risk-adjusted returns.

APAC Resources was a particularly strong fit for this investment approach.

Gold-related investments have been a meaningful contributor to the Fund's performance in recent years. However, successful investing requires a disciplined assessment of both opportunity and risk.

In our latest Stock in Focus, Portfolio Manager Jordan Lipson examines APAC Resources, a long-held portfolio position that delivered a strong return over its investment life. He also explores the governance concerns that emerged following the company's proposed deeply discounted rights issue. Despite these challenges, the investment generated an internal rate of return of 37.2% over five and a half years, highlighting the value of a disciplined, valuation-driven investment process.

Read the full analysis to learn:
🔷 Why gold-exposed securities became an attractive opportunity for the Fund
🔷 How APAC Resources' discount to NAV created value for investors
🔷 Why valuation continues to guide portfolio positioning
🔷 Why valuation remains central to portfolio positioning and decision-making

🔗 Read more: https://www.cromwell.com.au/stock-in-focus-apac-resources/?utm_source=cfm_facebook&utm_medium=organic&utm_campaign=sif_apac_resources

To stay across insights like this, subscribe to Insight for exclusive updates, research and market commentary direct to your inbox: https://www.cromwell.com.au/real-foundations/insight-signup/?utm_source=cfm_facebook&utm_medium=organic&utm_campaign=sif_APAC

04/08/2026

Cromwell Property Group has released its June 2026 Direct Property Market Update, sharing our views on Australia’s office, retail and industrial property sectors.

Key insights this quarter:
➡️ Office demand improved across major CBD markets, with occupied stock increasing by nearly 29,000 sqm across the major CBD markets over the quarter. Brisbane CBD was the top-performing market, while Sydney CBD recorded its tenth consecutive quarter of positive demand.
➡️ Retail fundamentals remain resilient, supported by stable consumer spending, tight vacancy across most centre types and limited new supply. Regional shopping centre vacancy reached its tightest level since 2014.
➡️ Industrial demand remained robust, with occupier take-up reaching nearly 1.2 million sqm, the fourth-strongest quarter on record. Manufacturing demand was a key driver, reaching a record high in both leased area and number of leasing deals.

The update explores how direct property markets are responding to a constrained economic backdrop, with inflation, interest rates and geopolitical uncertainty continuing to shape the outlook. At the same time, resilient employment, AI-related investment and constrained new supply are providing support for well-located existing assets.

Read the full June 2026 Direct Property Market Update here: https://www.cromwell.com.au/june-2026-direct-property-market-update/

14/07/2026

AI is changing the fundamentals of the office sector.

From shifting occupancy patterns to demand for more tech-enabled environments, these trends are reshaping how assets need to be positioned.

In our latest article, we break down:
• How AI is impacting office utilisation
• What tenants will expect going forward
• The implications for investors

👉 Read more: https://www.cromwell.com.au/artificial-intelligence-and-the-future-of-office/?utm_source=cfm_fb&utm_medium=organic&utm_campaign=ai_article_2

👉 Subscribe to Insight for more research and analysis: https://www.cromwell.com.au/real-foundations/insight-signup/?utm_source=cfm_fb&utm_medium=organic&utm_campaign=ai_article_2

02/07/2026

Artificial intelligence is already reshaping how offices are used, not just how we work.

As AI adoption accelerates, it’s influencing workplace design, space utilisation and tenant expectations.

So, what does this mean for office demand and long-term investment performance?
We’ve explored the implications in our latest Insight article.

👉 Read more: https://www.cromwell.com.au/artificial-intelligence-and-the-future-of-office/?utm_source=cmw_linkedIn&utm_medium=organic&utm_campaign=ai_article_1

👉 Subscribe to Insight for more research and analysis: https://www.cromwell.com.au/real-foundations/insight-signup/?utm_source=cmw_linkedIn&utm_medium=organic&utm_campaign=ai_article_1

11/06/2026

We’re proud to share that the Cromwell Phoenix Global Opportunities Fund has won the International Equities – Small Cap category at the Financial Standard Investment Leadership Awards 2026.

Delivered in partnership with Phoenix Portfolios, the award recognises strong long-term performance, risk management and investment consistency. Phoenix was also named 2026 Money Management Fund Manager of the Year Finalist for the Property Securities Fund, reinforcing our disciplined investment approach and commitment to delivering high-quality outcomes for clients.

Find out more about the Cromwell Phoenix Global Opportunities Fund here: https://www.cromwell.com.au/invest/cromwell-phoenix-global-opportunities-fund/?utm_source=cmw_facebook&utm_medium=organic&utm_campaign=gof_award

08/06/2026

Volatility in earnings is often viewed as a risk, but for disciplined investors, it can create opportunity.

To mark 20 years of Phoenix Portfolios, we revisit Sunland Group, a long-term holding within the Cromwell Phoenix Property Securities Fund. Recently named a finalist in the Money Management Fund Manager of the Year Awards, the Fund offers enduring lessons in navigating earnings volatility, aligning management interests and optimising after-tax returns.

Despite periods of market scepticism, Sunland presented a compelling investment case driven by:

🔷The ability to look through short-term earnings volatility

🔷A highly aligned management team with significant ownership

🔷Disciplined capital allocation, including substantial share buybacks at a discount to intrinsic value

🔷The delivery of strong after-tax outcomes through fully franked distributions

From initiating a position in 2014 through to its delisting in 2023, the journey highlights the importance of patience, conviction, and a focus on long-term fundamentals over market sentiment.

Importantly, it also reinforces a key takeaway for investors; that valuation dislocations, governance alignment, and tax efficiency can materially enhance total returns when considered together.

Read the full case study:

https://www.cromwell.com.au/2020-stock-stories-sunland-group/?utm_source=cfm_facebook&utm_medium=organic&utm_campaign=sif_sunland

To stay across insights like this, subscribe to Insight for exclusive updates, research and market commentary direct to your inbox:

👉 https://www.cromwell.com.au/real-foundations/insight-signup/?utm_source=cfm_facebook&utm_medium=organic&utm_campaign=sif_sunland

As Phoenix Funds marks its 20‑year anniversary, we are revisiting a selection of past investments that continue to offer relevant lessons for investors today. This case study on Sunland Group forms part of our 20:20 Stock Stories series — a retrospective look at listed businesses that illustrate...

28/05/2026

Interest rate movements remain a defining feature of today’s investment landscape, with implications across asset classes, portfolio construction, and investor expectations.

For unlisted property, higher rates introduce both challenges and opportunities. From valuation adjustments and shifts in capitalisation rates, through to the resilience of income streams and tenant demand fundamentals, understanding these dynamics is critical when assessing portfolio positioning in the current environment.

In our latest Insight article, we explore:

🔷 How rising interest rates are influencing unlisted property valuations

🔷 The relationship between income returns and financing costs

🔷 The role of unlisted property in a diversified portfolio during periods of market uncertainty

🔷 Key considerations for investors navigating a higher-rate cycle

Explore the full analysis:
https://www.cromwell.com.au/higher-interest-rates-and-the-implications-for-unlisted-property/?utm_source=cfm_facebook&utm_medium=organic&utm_campaign=interest_rates

To stay across insights like this, subscribe to Insight for exclusive updates, research and market commentary direct to your inbox:

👉 https://www.cromwell.com.au/real-foundations/insight-signup/?utm_source=cfm_facebook&utm_medium=organic&utm_campaign=interest_rates

Recent geopolitical developments, particularly disruption to the Strait of Hormuz, have driven a sharp repricing of interest rate expectations. Financial markets now anticipate an additional 64bps of cash rate hikes this year,

25/05/2026

Cromwell Funds Management, in partnership with Phoenix Portfolios, is pleased to announce that the Cromwell Phoenix Securities Fund has been named a finalist in the 2026 Money Management Fund Manager of the Year Awards (38th Annual) in the Australian Property Securities category.

This recognition highlights performance, leadership and a continued commitment to excellence within Australia’s funds management sector.

The announcement is particularly meaningful as Phoenix Portfolios marks 20 years of active management, reflecting longevity, experience and investor trust through market cycles.

Congratulations to the team and our partners at Phoenix.