Ellerston Asia Growth Fund Complex ETF (EAFZ) — Review & Analysis

EAFZ is Ellerston Capital's actively managed Asia growth strategy delivered as a Quoted Managed Hedge Fund — a concentrated portfolio of 20-50 high-quality, high-growth large-cap Asian companies. AUM is $41.98 million as at May 2026 with a 0.75% p.a. management fee, plus the standard performance fee structure of a quoted managed hedge fund. Compare EAFZ across the active Asia cohort on our Asia ETF page or use the Compare ETFs tool to put it side-by-side with PAXX or FASI.

The competitive positioning sits between the bigger active funds. PAXX (Platinum Asia, 1.10%) is bigger and contrarian/value-tilted; FASI (Fidelity Asia, 1.15%) is Fidelity's quality-growth approach. EAFZ targets the growth end specifically and uses a more concentrated portfolio than either. EAFZ delivered +33.9% over the past year to May 2026 — competitive with PAXX's +37.9% and well ahead of FASI's +11.9%, while charging the lowest base management fee of the three actives.

Structurally, EAFZ is a Quoted Managed Hedge Fund — meaning it can short-sell, hold cash, and is not constrained to a benchmark. The 20-50 stock target produces high active share and concentrated single-stock risk. Ellerston's Asia team has a long track record in the unlisted fund world; the ETF wrapper makes that strategy available without the typical minimum investment hurdles of wholesale funds.

For investors wanting concentrated growth-focused active Asia exposure at the lowest base fee in the active cohort, EAFZ is worth a closer look. Read our active vs passive ETF guide for the broader question of whether active managers add value over passive benchmarks in Asia.