Aura Core Income Fund

The Fund offers attractive and reliable monthly income from a large diversified portfolio of small to medium enterprise loans. Minimum initial investment: $25,000.



The Aura Core Income Fund (the Fund) aims to preserve capital and provide a stable monthly income through exposure to a diversified pool of Australian private debt assets, predominantly made up of small to medium enterprise loans. The net asset values of the Fund will be determined monthly, and the Fund intends to distribute net income to investors each month.

The Fund aims to achieve a target return of 3.5%–5.5% per annum above the Reserve Bank of Australia (RBA) Cash Rate, net of fees and costs, through the economic cycle. As of 2 May 2023, the RBA Cash Rate is 3.85%, equating to a current target return of 7.35%-9.35%[1] per annum net of fees and costs. The Fund’s total return may rise, or fall based on, amongst other things, performance in the underlying loan assets and on movements in the RBA Cash Rate. The Fund’s target return is only a target, and the actual return of the Fund may differ from the Fund’s target return.

The Fund aims to invest in a diversified pool of Australian private debt investments. Investments will be made via warehouse securitisation deals, notes or other instruments for business and consumer loans, as well as direct lending to businesses. The Fund provides loan finance to platforms that lend small amounts, typically over the short term to thousands of Australian SMEs across Australia. The Fund may invest in high-quality asset-backed SME loans, consumer loans via warehouse securitisation vehicles, mortgage-backed loans, and senior loans, secured against a loan portfolio that provides regular income.

By carefully analysing the merits of businesses requiring short-term loans, deep due diligence can reduce risk while offering an attractive income yield.

[1] The target net return is not guaranteed.

Why Invest

  • Aims to deliver stable and consistent monthly income.
  • Aims to perform through the economic cycle. The Aura SME High Yield Fund has demonstrated that the SME loan asset class can deliver reliable income to investors through disruptive market conditions.
  • Returns are earned from interest generally charged at a floating rate above the RBA Cash Rate.
  • Low volatility and little correlation to public markets.
  • Exposure to the private debt asset class, that individual retail investors cannot easily access on their own.
  • Access to the investment expertise behind the highly successful wholesale-only Aura High Yield SME Fund (currently available to wholesale clients only).
  • A diversified portfolio of credit exposures across industries and geographies.

Fund Profile

Style Income
Benchmark RBA Cash Rate plus 3.5% - 5.5% per annum
Fund fact sheet Download
Target Market Determination (TMD) Download

Montgomery Investment Management has a Distribution Partnership with Aura Credit Holdings Pty Ltd, a subsidiary of Aura Group.

Investment Manager

Investment Manager: Aura Credit Holdings

Brett Craig is both Portfolio Manager and Managing Director of Aura Credit Holdings Pty Ltd.

Founded in Australia in 2009, Aura Group has more than 1 billion under advice and management as of 31 March 2023, employs over 100 staff across the Asia-Pacific region and is privately owned by staff members and strategic investors.

Continuous Disclosure Notice 

From 1 April 2023, Aura Core Income Fund, has over 100 unitholders and is therefore a ‘disclosing entity’ for the purposes of the Corporations Act 2001.


In this webinar recording Brett Craig introduced private credit as an asset class for investors seeking income. Brett and his team have a proven track record in SME debt strategies, even throughout periods of asset price volatility, preserving investor capital and delivering on the strategy’s monthly income objective. This highlights the key role private credit can play in an investor’s portfolio during uncertain times. You can watch the recording here.

About the fund See all videos


Introducing private credit with Brett Craig


The impact of inflation and rising interest rates

Product Disclosure Statement (PDS)
Target Market Determination (TMD)
Platform Availability
Investment Reports
Research Reports
Very strong Complex
Foresight Analytics


Comparative Returns Since Inception to 30/04/2023 (After all fees)

[["Date","Aura Core Income Fund Reinvested","Aura Core Income Fund Cash Distribution","RBA Cash"],["Sep-22",100000,100000,100000],["Oct-22",100440,100440,100220],["Nov-22",100972.33,100970,100450.51],["Dec-22",101507.49,101500,100711.68],["Jan-23",102096.23,102080,100973.53],["Feb-23",102606.71,102580,101236.06],["Mar-23",103171,103130,101550],["Apr-23",103738.49,103680,101864.7],["",null,null,null]]

Most Recent Unit Price*

  Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun
2022/23        1.00  1.00  1.00  1.00  1.00  1.00 1.00     

Source: Aura Core Income Fund. The Fund’s inception date is October 2022. Past performance is not a reliable indicator of future performance.

Inception Date 4 October 2022
Investment Manager Aura Funds Management Pty Ltd
Objective The Aura Core Income Fund (the Fund) aims to preserve capital and provide a stable monthly income through exposure to a diversified pool of Australian private debt assets, predominantly made up of small to medium enterprise loans. 
Benchmark Reserve Bank of Australia cash rate + 3.5-5.5% 
Fund Construction PDS
Recommended Investment Timeframe 2-5 years
Minimum Investment A$25,000
Minimum Additional Investment A$1,000
Frequency of Pricing The Fund is priced monthly
Entry Fee Nil
Exit Fee Nil
Buy/Sell Spread Nil
Management Fee 0.69% per annum
Performance Fee Nil

  Aura Core Income Fund RBA cash
1 month 0.55% 0.30%
3 months 1.61% 0.86%
6 months 3.28% 1.63%
12 months - -
Since Inception 3.74% 1.85%
Compounded Annual Return - -

Note: Performance net of fees and expenses. Returns assume reinvestment of all distributions. Past performance is not an indicator of future performance.
The cumulative return is the total return since inception and assumes reinvestment of all distributions.
1. Inception date: 4 October 2022.

Aura Funds Management has distributed the following income since inception:

  Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun
2022/23       0.44%   0.53%  0.53%  0.58% 0.50%   0.55% 0.55%    

Aura Funds Management may also notify investors from time to time that investors may participate in an arrangement to re-invest their distributions into new Units of the Fund. There may be periods when net income could be negative, and no distribution is made. 

The Aura Core Income Fund (ARSN 658 462 652)(Fund) is issued by One Managed Investment Funds Limited (ACN 117 400 987 | AFSL 297042) (OMIFL) as responsible entity for the Fund. Aura Credit Holdings Pty Ltd (ACN 656 261 200) (ACH) is the investment manager of the Fund and operates as a Corporate Authorised Representative (CAR 1297296) of Aura Capital Pty Ltd (ACN 143 700 887 | AFSL 366230). Montgomery Investment Management Pty Ltd (ACN 139 161 701| AFSL 354564) (Montgomery) is the authorised distributor of the Fund. As authorised distributor, Montgomery is entitled to earn distribution fees paid by the investment manager and, subject to certain conditions being met, may be issued equity in the investment manager or entities associated with the investment manager.  

You should obtain and carefully consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the Fund before making any decision about whether to acquire, or continue to hold, an interest in the Fund. Applications for units in the Fund can only be made through a valid paper or online application form accompanying the PDS. The PDS, TMD, continuous disclosure notices and relevant application form are available to download from this page or from the responsible entity: One Managed Investment Funds Limited

Any financial product advice given is of a general nature only. The information has been provided without taking into account the investment objectives, financial situation or needs of any particular investor. Therefore, before acting on the information contained in this report you should seek professional advice and consider whether the information is appropriate in light of your objectives, financial situation and needs.  

ACH, Montgomery and OMIFL do not guarantee the performance of the Fund, the repayment of any capital or any rate of return. Investing in any financial product is subject to investment risk including possible loss. Past performance is not a reliable indicator of future performance. Information in this report may be based on information provided by third parties that may not have been verified.

Where information provided by Brett Craig, Portfolio Manager of the Fund, consists of General Advice, this is provided as an Authorised Representative (AR No. 001298683) of Montgomery. 

Distribution Team Request a Meeting

Scott Phillips
Head of Distribution
scott phillips
David Denby
National Account Manager
david denby
Michael Gollagher
National Account Manager
michael gollagher thumbnail v2
Dean Curnow
National Account Manager
dean curnow

Subscribe to receive monthly updates from Montgomery on fund performance and insights.

Subscribe to insights

May 5, 2023

Aura Private Credit: Letter to investors 05 May 2023

By Brett Craig

Tuesday 02 May saw the Reserve Bank of Australia (RBA) announce a 25-basis point increase to the Cash Rate, bringing the rate to 3. 85 per cent. This caught the market and mortgage borrowers off guard, which had priced in no further increase. However, it remained consistent with commentary released by the RBA Governor, Phillip Lowe, in April.
April 28, 2023

Aura Private Credit: Letter to investors 28 April 2023

By Brett Craig

The Australian Bureau of Statistics (ABS) released the Quarterly Consumer Price Index this week, which confirmed a second consecutive quarterly slow down. The Reserve Bank of Australia (RBA) will be closely assessing this data in preparation for next weeks’ monetary policy decision meeting. ​ Consumer Price Index, March 2023  The ​1.
April 14, 2023

Aura Private Credit: Letter to investors 14 April 2023

By Brett Craig

Often, Private Credit investors ask, “are businesses debt serviceability prospects hampered by inflation, relating to good and service production inputs and increasing costs of debt capital?” This week the Aura Private Credit investment team explore research produced by the Reserve Bank of Australia which may help provide clarity.
March 31, 2023

Aura Private Credit: Letter to investors 31 March 2023

By Brett Craig

This week saw the release of two key economic indicators; the monthly indicator of the Consumer Price Index and Job Vacancies data. Both are displaying a slight softening in the economy, perhaps an early indication of the contractionary monetary policies explored last week, increases to the cash rate and quantitative tightening, beginning to take their intended effect.


View all funds