Centennial Asset Management

What Centennial Asset Management does

Centennial Asset Management Pty Ltd is an independent, Sydney-based boutique Australian investment manager (ABN 38 605 827 745, AFSL 515887) that operates a single product — The Level 18 Fund, a long/short equity fund with a benchmark-unconstrained mandate focused on small and mid-cap Australian companies. Founded in 2013 by Matthew Kidman, Gary Joffe, and Michael Carmody — all former senior investment professionals at Wilson Asset Management, Ellerston Capital, Citigroup, Merrill Lynch, and Morgan Stanley — the firm runs a concentrated portfolio of 40-45 stocks using a fundamental, research-driven approach. The fund has delivered +12.6% p.a. net since inception (August 2012) versus +9.7% for the All Ordinaries and +6.6% for the Small Ordinaries, with FY26 returns of +13.8% and downside capture of roughly 31% of market falls.

The business generates revenue primarily through management fees (and potentially performance fees) on approximately $260-270M of funds under management as of mid-2026, with the strategy being deliberately capped near $300M to preserve performance and liquidity. Distribution is exclusively wholesale: the fund is accessible to wholesale investors (under s761G/s761GA of the Corporations Act 2001) through four major Australian platforms — Hub24, Netwealth, Macquarie, and Powerwrap/Praemium — under APIR code CAP1398AU, plus a direct self-serve application channel via OLIVIA123 and direct relationships with family offices, foundations, private wealth groups, and individual wholesale investors. Institutional investors are explicitly excluded.

The five-person team is co-located at Level 19, 25 Bligh Street, Sydney, and the principals hold approximately 20% of invested capital alongside clients, materially aligning manager and investor economics. Marketing is relationship-driven — monthly newsletters, quarterly video updates, Livewire articles, and podcast appearances — rather than scaled paid acquisition. There is no proprietary technology stack, no disclosed AI/ML tooling, and no second product or international expansion signaled; the firm is a tightly focused, founder-led boutique operating within deliberate constraints.

Name

Centennial Asset Management

Legal name

Centennial Asset Management Pty Ltd

Website

https://centennialfunds.com.au

Company type

Private

Founded year

2013

Operating status

Operating

Short description

Centennial Asset Management is an independent Sydney-based boutique investment manager running The Level 18 Fund, a benchmark-unconstrained long/short equity strategy focused on 40-45 Australian small and mid-cap companies for wholesale investors, with approximately $260-270M under management and a deliberate $300M capacity cap.

Ownership category

akta.pro rank

Product category

Australian Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Small-Cap Equity (Active) (FSAAAIAC)

akta.pro secondary industry

Mid-Cap Equity (Active) (FSAAAIAB)

Keywords

• Long-short equity fund
• Australian small-cap equities
• Boutique asset management
• Fund management services
• Wholesale investor funds

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: Centennial Asset Management generates revenue through management fees and potentially performance fees as the fund manager and trustee of The Level 18 Fund. The specific fee structure is not publicly disclosed in the available materials.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Centennial Asset Management is an independent Australian investment manager that exclusively manages The Level 18 Fund, a long/short equity fund focused on small and mid-cap Australian listed companies. The fund holds a concentrated portfolio of 40-45 stocks under a flexible, benchmark-unconstrained mandate with approximately $260-275M FUM and a $300M capacity cap. The offering is restricted to wholesale investors (s761G/s761GA Corporations Act 2001) and excludes institutional investors.

Product overview

Centennial Asset Management offers a single core product: The Level 18 Fund. This is a long/short equity fund focused on Australian small and mid-cap companies with a benchmark-unconstrained mandate that allows flexible capital allocation without reference to index or sector weightings. The fund typically holds 40-45 stocks and has delivered consistent long-term outperformance since inception in August 2012.

Differentiator

Problem solved

Functional benefit

Products and services

• The Level 18 Fund A long/short equity fund with a bias towards investing in smaller capitalised listed Australian companies, holding a concentrated portfolio of 40-45 Australian small and mid-cap companies with a flexible, benchmark-unconstrained mandate focused on capital protection and downside risk management. Available exclusively to wholesale investors (under s761G or s761GA Corporations Act 2001), with approximately $260-275M FUM and a $300M capacity cap.

Quantifiable outcome

• +12.6% net return per annum since inception (Aug 2012) vs +9.7% for All Ordinaries Accumulation Index
• +3 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• OLIVIA123coreTechnology or IntegrationOLIVIA123 is a cloud-based online application platform adopted by Centennial Asset Management to facilitate the investment application process for The Level 18 Fund. It provides secure digital application processing for prospective investors.
• Hub24coreChannel Partner/ Reseller/ DistributorHub24 is a wealth management platform through which The Level 18 Fund is available for investment (APIR Code: CAP1398AU).
• NetwealthcoreChannel Partner/ Reseller/ DistributorNetwealth is a wealth management platform through which The Level 18 Fund is available for investment (APIR Code: CAP1398AU).
• MacquariecoreChannel Partner/ Reseller/ DistributorMacquarie is a financial services platform through which The Level 18 Fund is available for investment (APIR Code: CAP1398AU).
• Powerwrap/PraemiumcoreChannel Partner/ Reseller/ DistributorPowerwrap/Praemium is a platform through which The Level 18 Fund is available for investment (APIR Code: CAP1398AU).
• Livewire MarketsminorGTM or Marketing PartnerLivewire Markets is a financial media platform where Centennial Asset Management publishes market commentary, stock analyses, and interviews as part of their content marketing and thought leadership strategy.
• Fear & Greed PodcastminorGTM or Marketing PartnerFear & Greed is a prominent Australian business and markets podcast where Matthew Kidman appears as a guest to discuss investment strategy and market outlook.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Wilson Asset Management: Sydney-based boutique manager founded by Christopher Kelaher, focused on ASX-listed equities across small and mid caps with multiple listed investment companies (LICs). Directly comparable to Centennial: long-only active Australian equity boutique with concentrated portfolios, founded by ex-WAM talent. Matthew Kidman built his 18% p.a. track record here before founding Centennial.
• Ellerston Capital: Sydney-based boutique active manager offering both long-only and long/short Australian equity strategies (e.g., Ellerston Australian Small/Mid Cap). Directly comparable — co-founder Gary Joffe spent a decade (2001-2011) here at the investment team. Same boutique model, same wholesale/distribution orientation.
• Tribeca Investment Partners: Sydney-based boutique active manager focused on Australian and global equities, including small-cap strategies. Comparable boutique active equity firm with multi-strategy coverage, LP/UCITS structures, and a similarly experienced team of sell-side alumni.
• Cooper Investors: Melbourne-based boutique active manager running concentrated Australian and global equity strategies with a long-term absolute-return mindset. Comparable boutique DNA, concentrated portfolios, and benchmark-unconstrained mandate targeting long-term capital preservation.
• Airlie Funds Management: Sydney-based boutique active manager known for high-conviction Australian equity strategies. Directly comparable boutique with concentrated portfolios, founder-led research culture, and a long-standing track record selling through adviser channels and platform partners.
• L1 Capital: Melbourne-based boutique active manager running Australian and global long/short equity strategies with strong long-term performance. Comparable Australian boutique active equity manager with concentrated portfolios and a track record of outperforming benchmarks.
• Cobalt Funds Management: Sydney-based boutique active manager running long/short Australian small-cap strategies. Direct comparable on strategy, mandate (benchmark-unconstrained, small-cap focus) and wholesale distribution model.
• Investors Mutual: Sydney-based boutique active manager specialising in Australian small and mid-cap equities with value-tilted strategies. Directly comparable boutique with similar end investor base, small/mid-cap focus, and long-standing fund track record.

Broad incumbents

• Magellan Asset Management: Large, ASX-listed Australian active asset manager best known for global equities, but operates across Australian strategies including some small/mid-cap exposure. Broader incumbent with overlapping active equity capabilities, distribution scale, and a much larger FUM base than Centennial.
• Perpetual Investments: Large ASX-listed Australian asset manager running a range of active Australian and global equity strategies including small/mid-cap offerings. Broader incumbent with multi-product distribution and institutional access that Centennial deliberately does not target.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/leveleighteen

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Centennial Asset Management