After-tax dividend yield, 1 yr
6.7%
v 4.4%
As at 30 September 2026.
Figures assume a 0% tax rate (a tax-exempt investor), and are after management costs and performance fees, including franking credits, with distributions reinvested. Yield and total return are annualised since Fund inception, 9 September 2022. Past performance is not a reliable indicator of future performance.
The Fund invests in ASX listed shares and adopts the same evidence-based, systematic investment strategy as the S&P Dow Jones Indices calculated Hamilton12 Australian Diversified Yield Index (H12ADYI). The portfolio aims to generate long-term after-tax returns in excess of the Benchmark after fees, including an annual gross dividend yield that exceeds the gross dividend yield of the Benchmark.
1. Performance figures include franking credits, are calculated after management fees and performance fees but before Investor Expenses (applicable to Class B units only), and assume reinvestment of distributions. Capital gains tax is excluded for tax-exempt and superannuation investors and applied at 30% for company investors. Returns longer than one year are annualised. Past performance is not indicative of future performance.
^ Since inception assumes first investment on 9 September 2022 for the H12 Australian Shares Income Fund and 8 September 2000 for the Hamilton12 Australian Diversified Yield Index and the S&P/ASX 200.
Source: Performance data as at 30 September 2026. Fund performance is calculated by Hamilton12 using NAVs from Apex Group Ltd. Index data is provided by S&P Dow Jones Indices and Refinitiv (LSEG Data & Analytics).
Trailing 12 months, cash dividend plus franking credit, by investor tax rate. Fund v S&P/ASX 200.
2. After-tax dividend yield includes accrued but undistributed income and reflects dividend yield plus net tax benefits over the trailing 12 months. The one-year projected yield is based on analyst dividend forecasts, assuming a buy-and-hold approach, approximately 50% intra-year portfolio rebalancing, and 95% franking. Projected yields are estimates only, are not guaranteed and may not be achieved, and actual yields may differ materially. Past performance is not a reliable indicator of future performance.
The Fund's systematic approach prioritises highly franked dividend yields and broad industry sector diversification. This naturally produces a value orientation without explicitly targeting it. Historically, the strategy has cushioned losses during market downturns and recovered faster than the benchmark, as shown in the Risk section below. We believe investors remain well positioned for future market movements.
Our monthly commentary highlights consecutive periods of performance. In the month ending September 2026 the Fund outperformed the S&P/ASX 200. Value stocks outperformed growth stocks during the month, with the MSCI Australia Value Index earning a pre-tax return of 0.1% against -4.4% for the MSCI Australia Growth Index, a difference of 4.5% in favour of value. The Fund typically earns above-benchmark returns when value stocks outperform growth stocks, and September followed that pattern.
The ICB Supersectors contributing most to relative performance were Banks (+0.6%) and Technology (+0.4%). The Banks result came from not holding Commonwealth Bank (down 6%, +0.5% contribution). In Technology, the Fund held none of Xero, NextDC, WiseTech Global, Car Group or Technology One, which fell by between 11% and 31% and together contributed +0.4%. At the stock level, Commonwealth Bank was followed by the overweight position in Suncorp (up 6%, +0.2%) and by not holding Block (down 9%, +0.2%).
The ICB Supersectors that detracted from relative performance were Real Estate (-0.1%) and Health Care (-0.1%). In Real Estate, the overweight position in REA Group (down 11%) contributed -0.1%. In Health Care, not holding CSL (up 9%) contributed -0.3%, partly offset by the overweight position in Ramsay Health Care (up 10%, +0.2%). At the stock level, BHP (down 6%, -0.3%) and Seek (down 16%, -0.2%) were the other main detractors.
The fund's after-tax dividend yield remained well above the S&P/ASX 200 across all investor tax rates.
While short-term attribution provides insight into monthly movements, the strategy remains focused on its core objective: delivering a consistently higher yield than the benchmark without compromising total returns over the medium to long term. This continues to support stronger after-tax outcomes for investors.
Attribution: contribution to relative performance over the month ending September 2026.
3. Performance commentary focuses on consecutive periods of over- or underperformance. Industry classifications follow FTSE Russell’s ICB framework (11 Industries, 20 Supersectors, 45 Sectors and 173 Subsectors).
| Company | Fund | S&P/ASX 200 |
|---|---|---|
BHP Group |
14.7% | 9.8% |
Westpac Banking |
9.1% | 4.8% |
National Australia Bank |
7.2% | 4.5% |
ANZ Group Holdings |
4.7% | 4.1% |
Woodside Energy Group |
4.1% | 1.8% |
Rio Tinto |
3.6% | 2.1% |
Suncorp Group |
3.3% | 0.7% |
Ramsay Health Care |
2.1% | 0.2% |
Telstra Group |
2.1% | 2.0% |
Medibank Private |
2.0% | 0.4% |
| Top 10 | 52.9% | 30.5% |
| Stock Active Share | 58.8% | |
4. The table is based upon average weights in the Hamilton12 Australian Shares Income Fund at the end of each month for the 12 months at the end of the period, and the corresponding relative market capitalisation of stocks in the S&P/ASX 200. Active share is the sum of absolute differences between Hamilton12 Australian Shares Income Fund weight and S&P/ASX 200 weight, averaged across the six rebalancing dates.
H12 Australian Diversified Yield Index Super v S&P/ASX 200 Super, including franking.
Rolling 12-month returns to 30 September each year, superannuation basis, including franking. Long-run average lines: H12 Index 12.0% p.a., ASX 200 8.8% p.a. (full-period annualised, super basis).
Rolling 12-month historical performance of the Hamilton12 Australian Diversified Yield Index shows returns above that of the S&P/ASX 200 for relatively low incremental risk along with below-average downside risk.
Returns, risk and capture ratios include franking credits.
The Performance Fee is 15%, exclusive of GST, of the amount by which the after-tax returns of the Fund exceed the after-tax returns of the Benchmark on a quarterly basis.
5. The franking percentage indicates the proportion of franking credits received from dividends over the last 12 months for a tax-exempt investor.
6. Next distribution date for payment or reinvestment is subject to change.
Established in 2017, Hamilton12 is an active systematic investment manager designing evidence-based strategies to deliver low-cost, positive risk-adjusted returns. Prioritising after-tax returns, fee minimisation, and tax efficiency, we leverage academic research and advanced financial methods to provide innovative, robust, and transparent solutions. Our disciplined, rule-based approach removes emotional biases, ensuring consistent, rational decisions grounded in modern finance principles to achieve above-benchmark performance.
^ Since inception assumes first investment on 9 September 2022 for the H12 Australian Shares Income Fund and 8 September 2000 for the Hamilton12 Australian Diversified Yield Index and the S&P/ASX 200.
Source: Performance data as at 30 September 2026. Fund performance is calculated by Hamilton12 using NAVs from Apex Group Ltd. Index data is provided by S&P Dow Jones Indices and Refinitiv (LSEG Data & Analytics).
The Hamilton12 Australian Shares Income Fund (Fund) is issued by K2 Asset Management Ltd (K2) ABN 95 085 445 094, AFSL 244393. Hamilton12 Pty Ltd (ABN 72 626 045 412) (Hamilton12), AFSL Representative No. 001298730, is a Corporate Authorised Representative of K2. This material is for Wholesale Clients only. The Fund is available only to investors who qualify as Wholesale Clients under section 761G of the Corporations Act 2001 (Cth) or to persons who are otherwise not required to be given a regulated disclosure document under the Corporations Act. This information is general information only, does not take into account your objectives, financial situation or needs, and you should consider obtaining professional advice before making any investment decision.
Any opinions expressed in this report are genuinely held by Hamilton12 as at the date of publication. Any opinions, estimates or projections are based on reasonable grounds but involve assumptions and uncertainties, are not guarantees of future performance, and may change without notice. Actual outcomes may differ materially. The information contained in this fact sheet has been prepared in good faith for information purposes only. It does not constitute an offer, invitation or recommendation by K2 or Hamilton12 and may be subject to change without notice. While care has been taken in preparing the information, neither K2 nor Hamilton12 makes any representation or warranty as to its accuracy or completeness and they accept no liability for any loss arising from reliance on it. The information memorandum for the Fund can be obtained by contacting K2 or Hamilton12. Investors should consider the information memorandum before deciding whether to acquire an interest in the Fund.
Past performance is not a reliable indicator of future performance. Any index performance shown prior to its launch date is hypothetical back-tested performance, not actual results, and reflects the application of the index methodology with the benefit of hindsight. Back-tested results may reflect survivorship or look-ahead bias and actual results may differ materially.
The Hamilton12 Australian Diversified Yield Index (Index) is the property of Hamilton12 Pty Ltd, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index. The Index is not sponsored, endorsed or promoted by S&P Dow Jones Indices or its affiliates. S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Index. “Calculated by S&P Dow Jones Indices” and related stylised marks are service marks of S&P Dow Jones Indices and have been licensed for use by Hamilton12 Pty Ltd. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. © Hamilton12 Pty Ltd (ABN 72 626 045 412). All rights reserved.