Meet a mango farmer managing billions who will back anything except private equity.
Already a subscriber?It manages $500 million for 50 of Australia’s wealthiest families and runs a market-thumping hedge fund on the side, but Brisbane-based asset manager Alvia Asset Partners is hardly known outside its circle of elite clients.
, but hails from a Cairns family of retail and veterinary business owners. His wife’s family has a “very big” mango farm in Bundaberg, and the couple own a hobby farm with a “few cows” on the Sunshine Coast. The “old rich” trust Alvia, Derrington says. Moreover, they like to engage its family office services because it means they can remove fee-skimming advisers, planners, and intermediaries. Every client talks directly to its investment team.
“An example is a business called Pure Environmental, one of the largest hazardous waste management businesses in Australia,” he says. These are the principles behind the success of a side project Alvia is brewing. Its Absolute Return Fund has just $20 million in FUM, but has returned 15 per cent a year net of fees since inception in 2020. This puts it in the top 2 per cent of returns for funds versus its Morningstar Australia Aggressive Target Allocation benchmark, and heavily ahead of the S&P/ASX 200’s returns, including dividends.
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