Investment research and managed accounts.
We publish cross-asset research and run discretionary portfolios to agreed mandates. The research and investment decisions are made in-house, and the firm is owned by the people doing the work.
Two services.
Our research drives what we hold in the portfolios we manage. Each is available on its own..
Macro, Australian and global equities, hybrids, listed property, managed funds and ETFs. Daily market work through quarterly macro and asset allocation, with company and fund notes as the facts change. No manager or issuer pays us for coverage.
- Coverage: 120 to 150 Australian and 30 to 50 global companies, 60 to 90 funds
- Cadence: Daily to quarterly, plus updates as markets move
- Fee: $300 + GST per adviser per month. One tier, the whole suite.
Discretionary portfolios across Australian equities, global equities and multi-asset, held as SMA models across a client book or an IMA written for one portfolio. We work inside limits agreed with you at the outset; custody and administration stay with the platform.
- Structures: SMA and IMA · eighteen strategies across four families.
- Platforms: HUB24, Netwealth, Macquarie Wrap, MLC, Praemium, Powerwrap, Dash and others.
- Free: 0.25% of FUM. No performance fee. Platform costs are separate.
Three investment managers, together since 2015.
Chhai Ung, Zach Riaz and Gaurav Singla founded Banyantree in 2015 and still make every research and portfolio decision themselves. Decisions are taken together and written down, so a question about a position gets answered on the call rather than after one.
Portfolio management, global equities and mandate governance. Previously an investment analyst and fund manager at Aberdeen Asset Management, where he ran the Australian small-cap portfolio, covered global equities and headed the Australian trading desk. Earlier, REIT investment banking at Morgan Stanley. Admitted solicitor of the Supreme Court of New South Wales, which is where the mandate documentation gets read as closely as the model.
Investment research, Australian equities and hybrid securities. Previously lead analyst for Australian equities and strategy at Insignia Financial across a A$2.5bn book, and lead analyst on ASX-listed hybrids including the internal process for new issues. Earlier, equity research at RBC Capital Markets, and adviser to the Hon. Nick Greiner on financial performance, strategy and M&A.
Equity research, financial modelling and manager due diligence. Previously a financial accountant inside an operating company, preparing the statements and presenting quarterly to senior management. That is an uncommon route into institutional investment, and it shows in where he looks first in a set of accounts. Earlier, financial modelling and derivative hedging at a stockbroking firm. CFA Charterholder.
A decade of live money.
Twelve of our eighteen strategies now carry eight or more years of live data, through the COVID shock, the 2022 rate cycle and the recovery. Client capital throughout. The four shown below are the four where a listed market proxy makes the comparison meaningful, and each beat its proxy while carrying less volatility. More than 100 adviser groups and professional investors across five states hold a mandate with us or license the research.
+1.4% excess return over the proxy since inception.
+1.2% excess return over the proxy since inception.
+1.2% excess return, carrying three points less volatility than the proxy in the part of the market where volatility is highest.
+1.5% excess return over the proxy since inception.
Important disclosures The four equity strategies shown are four of eighteen strategies we run across four families. Twelve of the eighteen have a performance history since inception, and the 4.2% to 16.6% per annum range refers to those twelve. The complete table is available on request. Returns and volatility sourced from PORT Bloomberg, total return, as at 31 October 2025, since strategy inception. Volatility is standard deviation since inception. Market proxy is the most relevant ASX-listed ETF, shown for illustrative comparison. Excess return is the difference between the strategy return and the proxy return and is not risk-adjusted alpha. Inception dates differ by strategy, so returns are not directly comparable with each other. Past performance is not a reliable indicator of future performance. This information is general in nature and is provided to wholesale and professional investors only.
Six principles.
A connected set of commitments. Each principle reinforces the others. Each constrains the firm's behaviour. Together they describe how we think.
Compounding first
The base that compounds is whatever survives the drawdown, so the depth of a loss matters more than the speed of the recovery. A portfolio that is never a forced seller can buy from the ones that are, and a fair share of long-run return is made in exactly those windows.
Non-binary portfolios
A view can be right and still deserve a small position. Size reflects what we can establish, what it costs us if we are wrong, and the liquidity available if we change our minds. No single forecast sets the shape of the portfolio.
Barbell construction
A core of businesses we expect to hold for years, and a smaller set of less-covered ideas sized to move the outcome. Between the two sits the crowded middle, where positions are big enough to carry fees and generic enough to leave the return where it was.
Unconstrained
Within the mandate, a view can be expressed through equities, listed credit, managed funds, ETFs or hybrids. The instrument follows the work, and each candidate is tested against the next best way of holding the same exposure.
Benchmark-unaware
Index weights are information. Most active managers stay close to them because being wrong on your own costs a manager more than being wrong alongside everybody else, and we carry that cost instead. It shows up as tracking error, and occasionally as a year that takes explaining.
Downside awareness
Markets correct three to five times a decade and nobody calls the timing. Liquidity, concentration and days-to-exit are settled before the position size is set, so a redemption or a rebalance never forces a sale in the week it hurts most.
Across the equity and unconstrained strategies we target 8 to 12% a year through the cycle, on a five to seven year horizon. The multi-asset strategies carry explicit return targets set by risk profile.
What we think, see, hear, and publish elsewhere.
Eleven Months of Risk Reports on One Profitable Client
One prime brokerage left an unusually detailed internal record: limits, stress tests, margin calculations, and the decisions made as a concentrated client's exposure kept growing.
The Paycheque That Buys the Market
The superannuation contribution file arrives overnight and looks more like plumbing than finance. It is also the steadiest bid in Australian equities, and it is about to change shape.
Where the Liquidity Promise Is Actually Written
Private credit funds describe redemption terms in marketing language and in constituent documents. The two do not always agree, and only one of them binds.
Tell us what you're looking for.
Cross-asset research, discretionary portfolio management, or both. Tell us enough about what you're trying to do to make the first conversation useful, and we'll tell you whether Banyantree is the right firm for it. If we're not, you'll hear it on the first call rather than the third.