The Equity Income segment delivered a distinct performance profile over the period, shaped by a combination of macro influences, fund‑specific positioning, and the evolving risk appetite across markets. Manager outcomes varied meaningfully, as differences in exposure, yield strategies, and defensive allocations created a wide dispersion of performance within the category.
Income generation continues to be a central anchor for this segment, with the group averaging a yield of 6.61%. This steady income base supported total‑return outcomes for many funds, particularly those positioned toward high‑quality assets or segments with consistent payout histories. Funds with higher yield profiles often benefitted from strong underlying cashflows, while lower‑yielding peers tended to emphasise capital‑growth opportunities or more conservative portfolio structures.
Short‑term performance trends, reflected in the 1‑Year CAGR average of 7.38%, were influenced by sector rotation, changes in rate expectations, and broader macro shifts. Managers with tactical agility and selective exposure management captured near‑term opportunities more effectively. The longer‑term perspective, demonstrated by the 5‑Year CAGR average of 10.20%, shows the cumulative advantage of disciplined portfolio construction, robust risk controls, and alignment with structural market trends.
Risk behaviour remained a defining characteristic in the period. The average max drawdown of -13.02% highlights how market volatility affected certain strategies more than others. Funds with diversified exposures, downside protection, and well‑managed factor risks preserved capital more effectively during stress periods. In contrast, strategies with concentrated or higher‑beta exposures displayed deeper drawdowns, underscoring the importance of risk‑adjusted allocation frameworks.
Across the Equity Income universe, the overall narrative points to an environment where manager skill, structural yield support, and effective risk oversight played decisive roles in shaping outcomes. The segment continues to offer a balanced mix of stability and return potential, but dispersion across managers highlights the need for selective allocation. As markets remain sensitive to global policy direction and credit conditions, well‑positioned funds within Equity Income may continue to benefit from favourable yield spreads and measured risk exposure.
Looking ahead, the category is expected to maintain its relevance for investors seeking dependable income and resilient long‑term return profiles. The interplay between yield opportunities, macro cycles, and portfolio construction discipline will remain the key differentiator among managers.
| APIR Code | Fund Name | AUM ($m) | Mgnt Fee | 1-Yr CAGR% | 3-Yr CAGR% | 5-Yr CAGR% | Volatility | Max Drawdown 5y | Sharpe (5y) | Launch Date | Yield | Fund Type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MMF1060AU | ANZ OA Inv Pfolio Merlon Aus Share Income EF | 0.6 | 1.54 | 0.74 | 7.31 | 8.25 | 9.54 | -8.02 | 0.49 | 10/12/2007 | 0.99 | Other Offshore Funds |
| ANZ0013AU | ANZ OA Inv Pfolio Onepath Blue Chip Imputation EF | 60.4 | 1.24 | 7.42 | 10.67 | 11.32 | 11.52 | -9.88 | 0.67 | 08/08/1995 | 0.80 | Other Offshore Funds |
| ETL0148AU | Armytage Australian Equity Income | 37.6 | 1.43 | 5.97 | 11.61 | 11.27 | 11.81 | -8.87 | 0.65 | 13/07/2007 | 6.47 | Offshore Regulated |
| AFM0010AU | Aurora Dividend Income Trust | 13.3 | 0.91 | -5.30 | -19.55 | -11.89 | 26.24 | -66.74 | -0.59 | 17/11/2005 | 6.96 | Offshore Regulated |
| AAP3656AU | Ausbil Active Dividend Income | 1029.2 | 0.85 | 7.03 | 12.07 | 11.31 | 11.81 | -11.52 | 0.65 | 30/06/2018 | 5.34 | Offshore Regulated |
| BetaShares Australian Dividend Harvester | 275.4 | 0.65 | 6.76 | 13.44 | 9.07 | 10.9 | -12.38 | 0.5 | 29/10/2014 | 5.65 | Exchange Traded Funds | |
| BetaShares Australian Top 20 Equities Yield Maximiser Complex ETF | 609.8 | 0.59 | 4.73 | 11.84 | 10.82 | 10.0 | -9.17 | 0.72 | 22/11/2012 | 7.78 | Exchange Traded Funds | |
| BlackRock iShares S&P/ASX Dividend Opportunities ETF | 350.4 | 0.23 | 15.02 | 15.47 | 12.62 | 12.38 | -11.09 | 0.73 | 06/12/2010 | 4.18 | Exchange Traded Funds | |
| FSF0709AU | CFS CFS FC-Merlon Australian Share Income | 21.1 | 1.17 | 3.29 | 9.56 | 10.56 | 9.36 | -7.50 | 0.74 | 19/05/2008 | 11.21 | Other Offshore Funds |
| SSB0072AU | ClearBridge ClearBridge Equity Income M | 132.1 | 0.68 | 11.04 | 12.59 | 11.64 | 11.44 | -11.46 | 0.7 | 08/12/2016 | 11.65 | Offshore Regulated |
| SSB4946AU | ClearBridge ClearBridge Ethical Income A A | 42.8 | 0.85 | 13.64 | 15.03 | 13.42 | 12.2 | -12.12 | 0.8 | 24/07/2017 | 7.56 | Offshore Regulated |
| SSB0064AU | ClearBridge ClearBridge Ethical Values with Income A | 113.6 | 0.85 | 13.80 | 14.04 | 12.98 | 12.11 | -12.01 | 0.77 | 09/12/2015 | 7.88 | Offshore Regulated |
| PIM8302AU | DNR Capital Australian Equities Income | 185.1 | 0.90 | -0.65 | 7.32 | 10.62 | 12.36 | -8.21 | 0.57 | 31/03/2020 | 2.26 | Offshore Regulated |
| Global X S&P/ASX 200 High Dividend ETF | 87.5 | 0.24 | 10.95 | 12.39 | 6.64 | 13.5 | -20.75 | 0.23 | 09/06/2015 | 4.36 | Exchange Traded Funds | |
| GYC6212AU | Gyrostat Absolute Return Income Equity Class A | 1.00 | 7.55 | 7.23 | 6.34 | 7.2 | -9.18 | 0.38 | 10/12/2010 | 12.99 | Offshore Regulated | |
| CIS3754AU | Gyrostat Leveraged Absolute Return Income Equity Class B | 8.34 | 8.84 | 13/04/2021 | 21.70 | Offshore Regulated | ||||||
| IML0005AU | IML Equity Income | 471.4 | 0.99 | 7.00 | 10.92 | 12.19 | 8.87 | -7.52 | 0.97 | 03/05/2004 | 5.87 | Offshore Regulated |
| LAZ6779AU | Lazard Defensive Australian Equity S Dis AUD | 111.6 | 0.60 | 6.59 | 30/05/2024 | 3.38 | Offshore Regulated | |||||
| ETL0323AU | Lincoln Australian Income Retail | 384.0 | 1.75 | 8.02 | 7.35 | 3.53 | 11.18 | -19.31 | -0.01 | 02/04/2012 | 5.22 | Offshore Regulated |
| ETL0324AU | Lincoln Australian Income Wholesale | 384.0 | 0.95 | 8.94 | 8.23 | 4.37 | 11.18 | -18.82 | 0.07 | 02/04/2012 | 6.06 | Offshore Regulated |
| HOW5941AU | Merlon Australian Share Income Class P | 442.4 | 0.67 | 3.95 | 10.32 | 9.54 | -7.38 | 05/10/2020 | 4.33 | Offshore Regulated | ||
| MIC0002AU | Microequities High Income Value Microcap Ordinary | 59.9 | 1.00 | 4.63 | 8.51 | 10.8 | 12.51 | -15.55 | 0.58 | 01/03/2012 | 5.13 | Offshore Regulated |
| PIM9091AU | Microequities Value Income Ordinary | 1.30 | 6.20 | 10.23 | 13.04 | 11.75 | -12.89 | 0.8 | 31/01/2019 | 3.50 | Offshore Regulated | |
| MLC0097AU | MLC MK Unit Trust IncomeBuilder | 282.6 | 1.49 | 6.99 | 12.71 | 13.82 | 11.78 | -9.37 | 0.87 | 31/07/1995 | 10.92 | Offshore Regulated |
| MLC0264AU | MLC Wholesale IncomeBuilderTM | 333.7 | 0.72 | 7.79 | 13.54 | 14.71 | 11.61 | -8.88 | 0.96 | 22/01/1998 | 15.70 | Offshore Regulated |
| MMF0012AU | OnePath OA Inv Pfolio Onepath Blue Chip Imputation EF | 36.6 | 1.24 | 7.46 | 10.70 | 11.35 | 11.51 | -9.83 | 0.67 | 01/04/1988 | 0.80 | Other Offshore Funds |
| WPC3022AU | Perennial Perennial Income Generator | 28.1 | 0.65 | -0.94 | 9.82 | 10.87 | 11.82 | -10.50 | 0.62 | 04/05/2018 | 5.55 | Exchange Traded Funds |
| WHT0039AU | Plato Australian Shares Income A | 3204.7 | 0.90 | 11.91 | 13.63 | 11.46 | 11.57 | -11.67 | 0.68 | 09/09/2011 | 4.76 | Offshore Regulated |
| Russell High Dividend Australian Shares ETF | 304.4 | 0.34 | 14.67 | 14.64 | 13.38 | 14.06 | -14.61 | 0.7 | 11/05/2010 | 3.98 | Exchange Traded Funds | |
| WHT2589AU | Solaris Australian Equity Income | 89.6 | 0.90 | 11.26 | 15.27 | 12.5 | 12.29 | -11.73 | 0.72 | 12/12/2016 | 4.88 | Offshore Regulated |
| SSgA SPDR® MSCI Australia Select High Dividend Yield ETF | 544.7 | 0.20 | 14.82 | 13.84 | 14.21 | 13.39 | -11.24 | 0.79 | 30/09/2010 | 12.47 | Exchange Traded Funds | |
| TYN0038AU | Tyndall Australian Share Income | 133.7 | 0.85 | 10.92 | 12.39 | 13.05 | 11.6 | -9.76 | 0.81 | 14/11/2008 | 3.04 | Offshore Regulated |
| VanEck Morningstar Australian Moat Income ETF | 36.1 | 0.35 | 3.44 | 8.81 | 7.57 | 12.85 | -13.97 | 0.31 | 07/09/2020 | 3.52 | Exchange Traded Funds | |
| VAN0104AU | Vanguard Australian Shares High Yield | 7445.9 | 0.35 | 12.43 | 15.97 | 15.98 | 12.25 | -10.22 | 1.01 | 14/06/2000 | 8.33 | Offshore Regulated |
| OPS1827AU | Vertium Equity Income | 65.8 | 0.97 | 1.90 | 8.47 | 8.75 | 8.76 | -7.38 | 0.59 | 01/05/2017 | 6.15 | Offshore Regulated |
Please note: Historic yield figures will only be provided for funds with at least 12 months