Specialist in Asia Pacific, China, India and South East Asia and Global Emerging Market equities.

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formerly Realindex Investments

Leader in active quantitative equities across Australian equities, global equities, emerging markets and global small companies.

Backed by a unique blend of research, portfolio construction and risk management, focused on uncovering original insights and translating them into investment strategies that are active and systematic, aiming to generate alpha.

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At Stewart Investors, we believe in putting people first. Our investment world-view is of a series of partnerships – with each other, with our clients, with the companies we invest in, the people who buy their goods and services, and with the wider society in which we all live and work.

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Separately Managed Accounts

Tap into Australian shares with a Separately Managed Account

Whether your clients need a cost-efficient, passive exposure to Australian shares or an active exposure that aims to generate above benchmark returns, the range of SMA portfolios managed by First Sentier Investors give advisers the building blocks needed to construct an efficient and diverse equities exposure.

Our experts have proven track records successfully managing a diverse range of funds, with A$21.1 billion1 under management across our highly regarded active Australian equities teams and $A27.7 billion1 in systematic strategies globally.

Falling under the managed account product umbrella, a SMA is a customisable share portfolio where assets are selected by a professional investment manager, but owned directly by the investor. Advisers can access our professional investment expertise through the range of SMA portfolios managed by First Sentier Investors on select platforms. These SMAs are operated by a SMA provider and are not a direct investment into our strategies or managed funds.


1 FUM as at 31 December 2022.

The building blocks for an exposure to Australian shares

Browse the SMAs managed by First Sentier Investors

A passive, low turnover exposure to Australia's largest companies

First Sentier Investors Top 20 Index Portfolio

An investment in the First Sentier Investors Top 20 Index Portfolio is a low cost, efficient way to gain access to the broader share market. The S&P/ASX 20 Accumulation Index covers more than 50% of the S&P/ASX 300 Index by market capitalisation across eight of the eleven GICS sectors in the broader index. Compared to an investment in the S&P/ASX 300, historical total returns of an investment in the S&P/ASX 20 have been similar and dividend yields comparable - however franking credits have been consistently higher. Because stocks in the S&P/ASX 20 are highly researched, a passive, low cost strategy in this segment can effectively be paired with active strategies operating in less efficient segments of the market.

The First Sentier Investors Top 20 Index Portfolio is managed by Senior Portfolio Manager Kieran Toms, from our RQI Investors team. Established in 2008, RQI manages A$28.7 billion2 in active quantitative and passive equities strategies.


2 As at 31 December 2023


The First Sentier Investors Concentrated Share Portfolio and First Sentier Investors Ex-20 Australian Share Portfolio is managed by Head of Australian Equities Growth Dushko Bajic, who leads one of the largest and most experienced teams in the domestic share market. Established in 1989, they manage over A$14.4 billion3 using an active investment approach.

FUM as at 31 December, 2022

A high conviction strategy that targets quality growth stocks across the ASX300

First Sentier Investors Concentrated Share Portfolio

The First Sentier Investors Concentrated Share Portfolio contains a selection of our highest conviction quality growth stock picks. By drawing on an extensive bottom-up research and in-depth industry analysis we are able diligently scour the investment universe and discover companies with higher earnings potential than industry peers as well as companies possessing the ability to reinvest in their business above their cost of capital to grow their business.

We believe growing companies, which generate consistent returns and can reinvest above their cost of capital, provide the greatest shareholder value. Our active, bottom-up investment process is robust and has a proven long-term track record of outperformance over the full investment cycle.

Dushko Bajic

Head of Australian Equities Growth

An exposure to shares which excludes the ASX20

First Sentier Investors Ex-20 Share Portfolio

Tapping into the broader opportunity set of the S&P/ASX 300, the First Sentier Investors Ex-20 Share Portfolio contains a selection of our Australian Equities Growth team’s high conviction stock picks outside the S&P/ASX 20 Index. As we don’t invest in the financials and resources companies that dominate the top 20 stocks of the Australian share market, this portfolio can help diversify away from a top-heavy Australian share portfolio.

We use our extensive network of contacts, including company management and their unlisted competitors, suppliers and industry experts, to gain insight into share price drivers. The broader market does not undertake the same in-depth industry analysis, giving us a potential advantage in identifying attractive investment opportunities.

Dushko Bajic

Head of Australian Equities Growth


Investors in an individual Separately Managed Account (SMA) are not able to invest directly into a CFSMIL strategy or portfolio (Portfolio). Any past performance information provided will reflect the performance of a Portfolio and not any individual SMA. Returns will differ for an individual SMA compared to the Portfolio depending on matters such as inception date, fees and brokerage costs payable, adherence to model portfolio weights, portfolio implementation timing and fees payable. Any past performance information with respect to the Portfolio will not take into account any taxes that may be payable in connection with any returns or gains made from the Portfolio.

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