Dimensional’s five ASX-quoted trusts all produced positive total returns in the year to 30 June 2026, led by the Global Value Trust at 27.812%. The audited report also records lower management fees for three global strategies, although the figures remain a look back rather than a forecast.
- Global Value Trust total return of 27.812%
- AUD Hedged Global Core Equity return of 24.995%
- Positive returns across all five reported strategies
- Management fees reduced for three global trusts
- Combined net assets of about $19.9 billion
Global Value strategy leads five-fund returns
Dimensional’s global value strategy was the standout performer among the five ASX-quoted trusts covered by DFA Australia Limited’s audited annual report, delivering a 27.812% total return for the year ended 30 June 2026. The result comprised 23.110% capital growth and 4.702% income distribution.
Performance was positive across every disclosed strategy. The Dimensional Global Core Equity Trust’s AUD Hedged Class returned 24.995%, ahead of the Global Small Company Trust at 19.507%, the Australian Value Trust at 18.562%, the Global Core Equity Trust’s unhedged class at 17.012% and the Australian Core Equity Trust at 10.980%. These are reported fund returns for the financial year, not guidance for the period ahead.
Fund assets and distributions moved higher
The numbers also show a larger platform. Net assets attributable to unitholders stood at $6.704 billion for DACE, $1.393 billion for DAVA, $9.879 billion across the classes of DGCE, $1.217 billion for DGVA and $723.1 million for DGSM at 30 June 2026. Taken together, that is roughly $19.9 billion, although the Global Core Equity Trust presents its unitholder interests as financial liabilities under accounting rules because its unit classes have different features.
Profit for the year rose sharply at several trusts, reflecting gains on investments measured at fair value. DAVA reported profit of $212.2 million, up from $110.5 million, while DGVA more than doubled profit to $262.8 million from $122.8 million. DGSM reported $118.9 million, compared with $74.6 million a year earlier. DACE’s profit eased to $638.9 million from $689.9 million despite its asset base growing, while DGCE’s operating profit attributable to unitholders rose to $1.668 billion from $1.024 billion.
Distribution outcomes varied by strategy. DAVA’s distribution rose to 207.39 cents per unit from 174.30 cents, DGVA paid 112.66 cents compared with 108.93 cents, and DGSM paid 151.35 cents compared with 84.63 cents. DACE’s distribution increased to 57.07 cents from 54.35 cents, while DGCE’s AUD unhedged class fell to 41.67 cents from 89.80 cents. The AUD hedged class recorded 260.99 cents per unit after no distribution was reported for the prior year.
Three management fees reduced from October
The most direct cost change for investors came on 1 October 2025, when DFA reduced management fees on three global trusts. DGCE fell from 0.36% to 0.30%, DGVA from 0.46% to 0.40%, and DGSM from 0.645% to 0.55%, with the rates stated as inclusive of GST. The Australian trusts’ fees remained at 0.275% for DACE and 0.335% for DAVA.
The report describes the funds as dual-access vehicles, allowing investors to transact through their ASX-listed ETF structure or through unlisted distribution channels. PwC issued an unqualified audit opinion, and the directors reported no subsequent event that had significantly affected, or was expected to significantly affect, the trusts’ operations or financial position.
Currency hedging remains a material variable
The strong performance gap between the two DGCE classes highlights the importance of currency exposure alongside underlying sharemarket returns. The report says the AUD hedged and NZD hedged classes use forward currency contracts to hedge most major foreign currency exposures, while the unhedged class retains greater exposure to exchange-rate movements. At year end, DGCE had $123.7 million of forward currency contracts recorded as financial liabilities, compared with $11.5 million a year earlier.
For investors, the next question is whether the fee reductions and portfolio performance can persist through changing equity markets and currency conditions. The annual report provides a solid historical result, but it does not remove the central uncertainty for these products: future returns will depend on market prices, investment exposures and, for the hedged classes, the effectiveness and cost of currency management.
Bottom Line?
The report combines strong one-year returns with lower fees in three global funds, but the next test is whether performance survives a different market and currency cycle.
Questions in the middle?
- Can the Global Value and AUD Hedged Global Core strategies maintain their lead after such a strong reporting year?
- How much of the performance difference between hedged and unhedged classes will persist as exchange rates change?
- Will the lower management fees translate into a meaningful long-term advantage after future market returns and trading costs?