Of seven ASX-listed fund managers, only one has reported positive gains since the start of the year with four experiencing double-digit declines.
Since the start of 2025, six Australian fund managers have reported losses in their share price and only one has reported a gain.
Over the same period, the ASX 200 has gained 5.1 per cent.
Platinum Investment Management – now known as L1 Group – was the only firm to report a gain with its share price rising 47 per cent. During the year, it merged with long-short fund manager L1 Group which caused a 62 per cent rise for the firm in October when the deal was completed.
While the share price has risen, funds under management have declined at L1 Group from $15.1 billion at the start of 2024 to $7.5 billion as of September 2025.
However, the newly-merged firm has unveiled a strategy to stem outflows through improved client support and fund performance. It has also appointed Julian Russell to take over from Jeff Peters as its chief executive.
On the other hand, Pengana Capital Group reported the biggest loss with its share price falling 29 per cent. Among reasons for this is underperformance of its funds and the shareholder rejection of a plan for its listed investment company Pengana International Equities to invest in private credit.
| Firm | Share price change YTD |
| L1 Group | 47% |
| Australian Ethical | -1% |
| Perpetual | -3% |
| GQG Partners | -12% |
| Magellan Financial Group | -14% |
| Pinnacle | -26% |
| Pengana Capital | -29% |
Source: ASX, 22 December
Completing the rest of the managers, Australian Ethical saw a small decline of 1 per cent and Perpetual lost 3 per cent.
But there were four fund managers which saw double-digit declines; GQG Partners which lost 12 per cent, Magellan which lost 14 per cent, Pinnacle Investment Management which lost 26 per cent and Pengana which lost 29 per cent.
GQG Partners, which is headquartered in the US, has been hurt by fund underperformance and investment outflows as the firm takes a contrary negative stance towards AI. It has warned OpenAI faces unsustainable economics, citing soaring costs, weak moats and intensifying competition across the AI market.
With this approach leading to underperformance, it has meant multiple months this year have seen outflows of more than US$1 billion although FUM has still risen from US$160 billion at the start of 2025 to US$166 billion at the end of November.
