Evergreen Ratings has rated the Ellerston Global Mid Small Cap Fund - Class A, as "Commended", citing three-year returns that were "best in class".
The fund invests in a concentrated portfolio of 20 to 40 global mid to small cap companies that are in a period of "price discovery".
"We agree with the manager's view that global mid small cap companies offer an overlooked investment opportunity and that the diversity of industries and countries in this sector provides additional diversification benefits for Australian investors," Evergreen founder and chief executive officer, Angela Ashton, says.
Evergreen says the fund has succeeded in outperforming its benchmark - the MSCI World Mid Cap Index (AUD) - by close to 5 per cent a year since inception.
Ashton says that with portfolio position sizes mostly below 5 per cent of funds under management, performance is clearly not from one pick and nor has performance been driven by sector, factor or geographic bets.
"This provides confidence that the performance is driven by skill, rather than one-off lucky portfolio positioning," she says.
Ellerston Capital is the asset manager originally set up by the Packer family and is named after the Packer family estate Ellerston in the Upper Hunter.