Barwon Retains Zenith ‘Recommended’ Rating

Barwon Retains Zenith ‘Recommended’ Rating

We’re pleased to announce that Zenith has retained its ‘Recommended’ rating for the Barwon Global Listed Private Equity Fund AF in its latest review of the Alternatives – Private Equity sector.

This rating has been held for three years.

Managed by Sydney-based Barwon Investment Partners, the Fund aims to provide investors with a high performing portfolio of private equity investments in a fee efficient manner while offering daily liquidity.

Key takeouts from the report

  • Zenith notes that Barwon offers a “differentiated exposure” to its peers.
  • Zenith believes Barwon’s ability to capture a “private market premium” across a mix of standalone companies and listed funds is a key competitive advantage.
  • Zenith has a very positive view of the investment team: it notes that Sam Armstrong, Head of Private Equity is considered to be a high-quality private equity specialist, and Lead Portfolio Manager Bob Liu is held in high regard, owing to his bottom-up research capabilities. Zenith also believes the broader team has the necessary skills and experience to support the management of the strategy.
  • In Zenith’s opinion, Barwon’s ability to identify mispricing opportunities across a heterogeneous universe is a key competitive advantage.
  • Zenith notes Barwon’s ability to “invest across a wide spectrum of securities, including actual PE managers, listed funds trading at deep discounts and listed companies that are controlled by PE sponsors”. In Zenith’s opinion, “the breadth of the opportunity set promotes a high level of vintage diversification, which is expected to contribute to smooth risk-adjusted returns over the medium-term.”
  • In describing the Fund, Zenith explains it “offers daily liquidity and a low minimum investment, which Zenith believes is advantageous when compared to traditional Private Equity investing, managed under more illiquid fixed-term structures and requiring larger initial investments.”
  • Zenith believes that the “Fund may be used to complement and diversify an Alternatives portfolio, particularly where daily liquidity is prioritised”.

The Fund is available on a growing number of platforms:

  • AMP North
  • Asgard
  • BT Panorama
  • Colonial FirstWrap
  • HUB24
  • Macquarie Wrap
  • Netwealth
  • Powerwrap
  • Praemium


Important information

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned February 2021) referred to in this document 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 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



The following information has been prepared by PAN-Tribal Asset Management for use by Sophisticated Investors / Wholesale Clients and Investment Professionals only. No account has been taken of the investment objectives, financial situation or particular needs of any particular person. Information is provided for general information purposes only and does not contain investment recommendations nor provide investment advice, nor is it intended to take the place of professional advice. Investors should not take action in reliance on information contained on this website.


Past performance information provided on this website is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. None of PAN-Tribal, its related bodies or associates, nor any other person, guarantees the repayment of capital or the performance of the Fund(s) or any particular returns from the Fund(s). No representation or warranty is made concerning the accuracy of any data contained on this website.


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