First Sentier Active Cash Fund reported a 56.9% rise in operating profit to $29.1 million for the year ended 30 June 2026, while net assets nearly doubled to $964.1 million. The fund also began trading on the ASX as FSCF during the year, but distributions per unit fell to 4.10 cents from 4.41 cents.
- Operating profit rises to $29.1 million
- Net assets increase to $964.1 million
- ASX listing begins under ticker FSCF
- Investment portfolio reaches $440.9 million
- Distributions fall to 4.10 cents per unit
First Sentier Active Cash Fund nearly doubled in size during the year to 30 June 2026, ending with $964.1 million in net assets compared with $471.7 million a year earlier. The expansion came alongside the fund’s debut on the Australian Securities Exchange under the ticker FSCF on 7 May, giving investors an exchange-traded route into its actively managed cash and short-term securities portfolio.
Profit rises as fund scale expands
Operating profit climbed to $29.1 million from $18.5 million, helped by higher interest income and gains on financial instruments. Interest income from assets at amortised cost rose to $11.6 million from $3.3 million, while interest income from assets measured at fair value through profit or loss increased to $11.1 million from $8.6 million.
The fund’s investment portfolio was worth $440.9 million at year-end, up from $183.3 million. Debt securities accounted for $434.9 million of that total, with the portfolio classified across AAA, AA+ to AA-, A+ to A- and BBB+ to BBB- ratings. The financial statements show no level-three assets, meaning none of the reported fair-value investments relied on significant unobservable inputs.
Applications drive the balance-sheet jump
Applications reached $784.0 million during the year, against $295.6 million of redemptions. That produced a net application contribution of roughly $488.4 million before distributions, reinvestment and the year’s profit. Cash and cash equivalents also rose to $527.8 million from $294.7 million.
The cash-flow statement records a $229.7 million net outflow from operating activities, largely because the fund bought $979.0 million of financial instruments while selling $729.1 million. That investment activity was more than offset by $462.7 million of financing inflows from unitholder applications after redemptions and distributions.
Distribution per unit moves lower
Total distributions increased in dollar terms to $28.5 million from $18.3 million, but the distribution per unit declined to 4.10 cents from 4.41 cents. The comparison is affected by the sharp increase in units on issue, which rose to 945.2 million from 467.4 million over the year. The fund’s final June distribution was recorded at 1.10 cents per unit, with $10.4 million payable at year-end.
Deloitte issued an unmodified audit opinion, identifying valuation of the $440.9 million fair-value portfolio as the key audit matter. The audit report noted that these assets represented 45.7% of net asset value and were central to both the fund’s reported performance and unit value. The fund disclosed no significant post-year-end events, while also noting that investment performance is not guaranteed and future returns may differ from those already reported.
Bottom Line?
The key test now is whether FSCF can maintain asset growth and distributions as its larger portfolio operates through changing interest-rate and credit conditions.
Questions in the middle?
- Can the fund sustain its enlarged asset base after the initial post-listing application surge?
- How will changes in interest rates affect the portfolio’s income and the value of its fixed-rate debt securities?
- Will FSCF’s exchange trading develop enough liquidity to make the ASX listing useful for investors beyond the underlying fund structure?