ICE Fund
An actively managed Australian equity fund investing in high-quality ASX-listed franchise companies with sustainable competitive advantages. Distributed exclusively by SGHiscock Investment Management.
Fund overview
The fund seeks tin invest in businesses with strong market positions, recurring earnings, and long-term growth potential.
By targeting companies with durable economic moats, the fund aims to deliver above-average profit growth and capital appreciation over the medium to long term compared with the broader ASX market.
Before investing, investors should carefully read the Fund’s Target Market Determination (TMD) and Product Disclosure Statement (PDS), including all incorporated information. Ensure the Fund’s features, risks, and investment strategy align with your investment objectives, financial situation, and needs.
ICE Investors has been appointed under a sub-investment agreement with SGH to undertake the portfolio management of the ICE Fund.
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
The fund seeks tin invest in businesses with strong market positions, recurring earnings, and long-term growth potential.
By targeting companies with durable economic moats, the fund aims to deliver above-average profit growth and capital appreciation over the medium to long term compared with the broader ASX market.
Before investing, investors should carefully read the Fund’s Target Market Determination (TMD) and Product Disclosure Statement (PDS), including all incorporated information. Ensure the Fund’s features, risks, and investment strategy align with your investment objectives, financial situation, and needs.
ICE Investors has been appointed under a sub-investment agreement with SGH to undertake the portfolio management of the ICE Fund.
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
Fund overview
An actively managed unique Australian equity fund that aims to invest in ASX listed franchise companies with a sustainable competitive edge. It is expected that companies with these characteristics will grow profits (and share prices) at a superior rate over the medium to long term than the average company listed on the ASX.
Before making a decision about whether to make an investment in the Fund, please read the Fund’s Target Market Determination (TMD) and Product Disclosure Statement (PDS)(including all incorporated information) to ensure the features of the Fund as described in the TMD and PDS aligns with your objectives, financial situation and needs.
Fund overview
Fund update
At a glance
At a glance
At a glance
At a glance
| 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y | ENTRY | NAV | EXIT | DATE | HISTORY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -1.44% | 1.35% | -12.92% | -16.77% | 1.67% | -1.51% | 3.22% | 3.84% | $1.9548 | $1.9490 | $1.9432 | 06/08/2026 |
At a glance
At a glance
At a glance
At a glance
At a glance
At a glance
At a glance
At a glance
Performance
Performance
Performance
Performance
Performance as at 30 April 2026. Powered by data from Financial Express. For funds with less than 5 yrs performance history, refer to fact sheet for since inception returns.
| 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y | ENTRY | NAV | EXIT | DATE | HISTORY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -1.44% | 1.35% | -12.92% | -16.77% | 1.67% | -1.51% | 3.22% | 3.84% | $1.9548 | $1.9490 | $1.9432 | 06/08/2026 |
Performance
Performance
Performance
Performance
Performance
Performance
Performance
Performance
Investment Objective
The Fund aims to deliver superior medium to long-term investment returns by investing in listed companies with a sustainable competitive advantage. These companies typically own or operate assets that are difficult for competitors to replicate, helping to protect market position and support long-term growth.
The Investment Manager believes that intangible assets are among the most defensible sources of competitive advantage. These include strong brands, licences, patents, advanced logistical capabilities, and captive customer bases. Such assets enable companies to entrench their products and services within the marketplace, supporting pricing power, earnings resilience, and sustained profitability over time.
Investment Strategy
The Fund aims to invest in companies with a sustainable competitive advantage, which we classify as business franchises. These franchises are typically characterised by strong market positions and assets that are difficult for competitors to replicate.
Business franchises are defined as companies that:
- Own or control hard-to-replicate assets, such as licences, well-established brands, or a captive customer base
- Have entrenched customers who face significant cost, difficulty, or inconvenience when switching to alternative providers
- The core belief underpinning the ICE Fund is that franchise companies with sustainable competitive advantages are more likely to achieve superior profit growth and share price performance over the medium to long term compared with the broader market.
- Stock selection is undertaken through a rigorous, bottom-up research process. The ICE portfolio construction approach aims to deliver a highly diversified portfolio across industries, with a focus on companies that generate resilient and recurring earnings streams that are typically less sensitive to economic cycles.
Investment Parameters
The ICE Fund is a benchmark-unaware investment strategy with a broad investible universe across Australian and New Zealand equities. Using the ICE Fund’s franchise-based investment criteria, the Fund excludes certain sectors where sustainable competitive advantages are less prevalent, including resources, listed property trusts, and basic manufacturing.
The Fund typically holds 30–50 stocks, maintaining a high level of industry diversification. Over time, the ICE Fund is expected to be predominantly invested in companies outside the ASX100, where the Investment Manager believes the most attractive medium- to long-term growth opportunities are generally found.
The Fund may also invest selectively in ASX100 companies that meet the investment criteria and are assessed by ICE Investors as possessing a strong business franchise, durable competitive advantage, and sound long-term growth prospects.
The ICE Fund has a maximum cash allocation of 50%, although cash holdings are expected to remain towards the lower end of this range under normal market conditions.
Research Ratings
Research Ratings
Research Ratings
Research Ratings
Research Ratings
Research Ratings
Research Ratings
Research Ratings
Research Ratings
Research Ratings
Research Ratings
The rating published on 10/2024 for ETL0062AU is issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved. The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (ETL0062AU assigned June 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines. The Genium rating (assigned October 2025) is issued by Genium Investment Partners Pty Ltd ABN 13 165 099 785, which is a Corporate Authorised Representative of Genium Advisory Services Pty Ltd ABN 94 304 403 582, AFSL 246580. The Rating is limited to “General Advice” (s766B Corporations Act 2001 (Cth)) and has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without notice. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision in relation to this financial product(s). Genium receives a fee from the Fund Manager for researching and rating the product(s). Visit Geniumip.com.au for information regarding Genium’s Ratings methodology. 
The ICE Fund received a Morningstar Analyst RatingTM of ‘Gold’ as of 17 December 2024. © 2023 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘regulated financial advice’ under New Zealand law has been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. For more information refer to our Financial Services Guide (AU) or Financial Advice Provider Disclosure Statement (NZ) at www.morningstar.com.au/s/fsg.pdf and www.morningstar.com.au/s/fapds.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser.
Research Ratings
Awards
Awards
Awards
Awards
Awards
Awards
Awards
Awards
Awards
Awards
Awards
Awards
Investment Team
Funds Distribution Team
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Awards
Ratings
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Investment Team
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Callum Burns
Roger Walling
Roman Aliev, CFA
Seth Hoskin
Funds Distribution Team
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Anthony Cochran
Matthew Potter
Nick Simpson
Alastair McKibbin
Fiona Lamb
Awards
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Ratings
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
Our team is responsible for the retail distribution and marketing for our funds and have expertise with Financial Advisers, platforms and researchers. Our team of industry professionals have extensive knowledge and resources to support you and your clients with tailored investment solutions. Contact them today to discuss our funds in more detail.
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
- Download and read PDS, reference guide and Target Market Determination (TMD).
- Complete additional investment form and send to Apex Fund Services Unit Registry.
- If using BPAY® no form is required. BPAY® Biller Code is 349688. You will need your Customer Reference Number (CRN) which you received from Apex Fund Services.
Please contact Apex Fund Services at 1300 133 451 if you require assistance.
- Download and read PDS, reference guide and Target Market Determination (TMD).
- Submit application form online.
OR
- Download and read PDS, reference guide and Target Market Determination (TMD).
- Complete an application form and send to Apex Fund Services Unit Registry.
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
How to invest
1. Download and read PDS, reference guide and Target Market Determination (TMD).
2. Complete application form
3. Send application form to Apex Fund Services Unit Registry
How to invest
How to invest
How to invest
How to invest
How to invest
Investment Guides & Information
Investment Guides & Information
Investment Guides & Information
Investment Guides & Information
Investment Guides & Information
Investment Guides & Information
Investment Guides & Information
Investment Guides & Information
Investment Guides & Information
Investment Guides & Information
Need some help?
Get in touch if you require further information or support on the fund.