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Fund size
$216.9M
OCT 2026
Total cost ratio
0.28%
per year
Distributions
Semi-Annually
Since inception
13.1 yrs
OCT 2013
The Fund gives investors access to a portfolio of the largest and most liquid ASX-listed banks that generate revenues from the Australian banking sector.
US equity 0.00%Non-US equity 100.00%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 100.00 | 100.00 | 0.00 |
| Bond | 0.00 | 0.00 | 0.00 |
| Cash | 0.00 | 0.00 | 0.00 |
| Other | 0.00 | 0.00 | 0.00 |
Cyclical 100.00%Sensitive 0.00%Defensive 0.00%
Developed markets 100.00%Emerging markets 0.00%
Size score
316
Value-growth score
106
Economic moat
Wide 81%Narrow 17%None 2%
Giant 98%Mid 2%
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| ANZ Group Holdings Ltd ANZ | 20.63 | JAN 2023 | 61.0M | AUD | 1.6M | Financial Services | Australia | |
| National Australia Bank Ltd NAB | 20.27 | NOV 2013 | 59.9M | AUD | 1.5M | Financial Services | Australia | |
| Westpac Banking Corp WBC | 20.20 | NOV 2013 | 59.7M | AUD | 1.7M | Financial Services | Australia | |
| Commonwealth Bank of Australia CBA | 19.27 | NOV 2013 | 56.9M | AUD | 377,121 | Financial Services | Australia | |
| Macquarie Group Ltd MQG | 17.39 | FEB 2014 | 51.4M | AUD | 208,860 | Financial Services | Australia | |
| Bendigo and Adelaide Bank Ltd BEN | 1.30 | NOV 2013 | 3.8M | AUD | 371,301 | Financial Services | Australia | |
| Bank of Queensland Ltd BOQ | 0.94 | NOV 2013 | 2.8M | AUD | 422,287 | Financial Services | Australia | |
| Other/Cash | -0.01 | — | -27,125 | — | 1 | — | — |
Fund (NAV) Market price
1M
-3.2
3M
1.0
6M
3.7
YTD
7.5
1Y
8.0
3Y
22.8
5Y
11.0
10Y
9.4
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -3.20 | -3.56 | -3.17 | — |
| 3 months | 1.04 | 1.35 | 1.11 | — |
| 6 months | 3.71 | 3.48 | 3.86 | — |
| Year to date | 7.52 | 7.54 | 7.75 | — |
| 1 year | 8.02 | 8.24 | 8.33 | — |
| 3 years p.a. | 22.78 | 22.87 | 23.13 | — |
| 5 years p.a. | 11.03 | 11.14 | 11.34 | — |
| 10 years p.a. | 9.45 | 9.44 | 9.75 | — |
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Total Capital
2016
10.6
2017
2.9
2018
-6.1
2019
10.7
2020
-3.6
2021
30.7
2022
-0.7
2023
14.5
2024
30.7
2025
16.8
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 16.78 | 10.68 | — |
| 2024 | 30.74 | 25.16 | — |
| 2023 | 14.49 | 4.51 | — |
| 2022 | -0.65 | -3.16 | — |
| 2021 | 30.67 | 24.82 | — |
| 2020 | -3.64 | -6.11 | — |
| 2019 | 10.74 | 3.38 | — |
| 2018 | -6.11 | -8.87 | — |
| 2017 | 2.92 | -1.07 | — |
| 2016 | 10.65 | 3.51 | — |
| 2015 | 8.03 | 2.08 | — |
FY17
21.6
FY18
6.0
FY19
8.1
FY20
-23.7
FY21
49.7
FY22
-6.4
FY23
11.6
FY24
31.8
FY25
23.3
FY26
8.0
| Financial year | Total % |
|---|---|
| Financial year to date | 0.61 |
| Year to 30 JUN 2026 | 8.03 |
| Year to 30 JUN 2025 | 23.28 |
| Year to 30 JUN 2024 | 31.79 |
| Year to 30 JUN 2023 | 11.63 |
| Year to 30 JUN 2022 | -6.44 |
| Year to 30 JUN 2021 | 49.67 |
| Year to 30 JUN 2020 | -23.66 |
| Year to 30 JUN 2019 | 8.12 |
| Year to 30 JUN 2018 | 5.98 |
| Year to 30 JUN 2017 | 21.56 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | 1.35 | 6.29 | 3.39 | 0.59 |
| Beta | 1.38 | 1.22 | 1.27 | 1.25 |
| R-squared | 58.24 | 67.02 | 73.55 | 73.42 |
| Standard deviation | 24.26 | 20.88 | 25.02 | 24.68 |
| Sharpe ratio | 0.05 | 1.00 | 0.57 | 0.55 |
| Sortino ratio | -0.10 | 1.58 | 0.71 | 0.60 |
| Tracking error | 12.60 | 9.34 | 9.98 | 10.41 |
| Information ratio | 0.02 | 0.92 | 0.42 | 0.14 |
| Upside capture % | 121.18 | 140.45 | 139.18 | 122.87 |
| Downside capture % | 123.05 | 112.00 | 130.89 | 126.66 |
| Maximum drawdown % | -8.44 | -9.95 | -16.13 | -36.23 |
Measured against S&P/ASX 200 TR AUD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 30 SEP 2026. Maximum drawdown is on gross returns at the latest quarter end.
Risk score
111.8
Morningstar Portfolio Risk Score at 30 SEP 2026.
2024
1.9
2023
1.9
2022
1.9
2021
1.2
2020
1.4
2019
0.5
2018
2.1
2017
0.6
2016
1.5
2015
1.4
| Year | Per unit ($) |
|---|---|
| 2024 | 1.9000 |
| 2023 | 1.8700 |
| 2022 | 1.9000 |
| 2021 | 1.2400 |
| 2020 | 1.3700 |
| 2019 | 0.5000 |
| 2018 | 2.0900 |
| 2017 | 0.6000 |
| 2016 | 1.5290 |
| 2015 | 1.3645 |
| Ex Date | Per unit ($) |
|---|---|
| 3 AUG 2026 | 0.5000 |
| 1 JUL 2026 | 0.1500 |
| 1 APR 2026 | 0.3500 |
| 1 DEC 2025 | 0.8800 |
| 1 AUG 2025 | 0.5600 |
| 1 JUL 2025 | 0.4000 |
| 1 APR 2025 | 0.0600 |
| 2 DEC 2024 | 0.7900 |
| 1 AUG 2024 | 0.4800 |
| 1 JUL 2024 | 0.1100 |
| 2 APR 2024 | 0.4900 |
| 1 DEC 2023 | 0.8400 |
High
ESG risk score
17.34
Category average 22.16
0.00% of assets are in companies with high or severe controversies.
Carbon risk score
7.18
Category average 11.57
Announcements
No announcements stored for this company yet.
We looked at the MVB last week, but it was hard to pass over today being the purest ETF play on Australia’s banks, with around 82% directly invested in NAB, CBA, ANZ and Westpac, alongside smaller positions in Macquarie, Bendigo & Adelaide Bank and Bank of Queensland.
The VanEck Australian Banks ETF (MVB) provides simple concentrated exposure to Australia’s major banks, with performance dictating the largest weightings: ANZ (21%), NAB (21%), CBA (19%), and Westpac (19%) - in other words, the ETF reweights into strength. This is a simple and reasonably cheap (0.28% pa fees) way to get exposure to the big banks, with the ETF ~4% mostly franked yield.
The VanEck Australian Banks ETF (MVB) provides simple concentrated exposure to Australia’s major banks, although Macquarie Group (ASX:MQG) is the largest position at 20.9%. The “Big Four” plus Macquarie make up more than 97% of the ETF making it a simple beast. With a management fee of ~0.28%, MVB offers a straightforward way to gain income-focused exposure to the sector, which may feel soft today but its still up +6.4% year-to-date.
The MVB ETF seeks to track the return of the MVIS Australia Banks Index before costs. Of the nine stocks held, the five largest positions are ANZ Group (ANZ) 20.1%, Westpac Bank (WBC) 19.9%, Commonwealth Bank (CBA) 19.8%, National Bank (NAB) 19.7%, and Macquarie Group (MQG) 17.6%, before 1-2% holdings in the regionals.
MM is cautiously bullish towards the banks
MM is cautiously bullish towards the MVB ETF around $42.00
MM is cautiously bullish towards the Australian banks into 2027
MM is neutral towards the MVB ETF around $41.50
MM is cautious towards the Australian banks through 2026/7
MM can see US banks continuing to outperform ASX names into Christmas
MM is cautiously bullish towards the MVB ETF $41.50
MM is cautiously bullish towards the MVB ETF $44.50
MM is bullish towards the Australian Banks
MM is neutral towards the Australian banks
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