Solaris Australian Equity Income Plus Limited is an Australian public company incorporated on 13 February 2026 for the purpose of conducting the Offer. Following completion of the Offer, it is proposed that the Company be listed on the ASX as a listed investment company (LIC). SET will be invested in a diversified Portfolio of ASX listed equity securities that is actively managed by Solaris Investment Management with the aim of generating regular distributable income inclusive of franking credits.
Solaris Australian Equity Income Plus Ltd (ASX:SET)
Get SET for monthly franked income, plus long-term growth
Solaris Australian Equity Income Plus Ltd (ASX:SET)
Get SET for monthly franked income, plus long-term growth
Income objective
Investing to deliver higher franked income than the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt) (Benchmark).
Total return objective
Investing to generate total return broadly in line with, or exceeding, the Benchmark.
Monthly Franked Income
An Australian Equity LIC designed to deliver monthly franked income.*
*The Company intends to commence monthly dividend payments in August 2026.
Strategy Track Record
Net Performance - Solaris Australian Equity Income Fund (Unlisted Fund)*
This is historical performance data. It should be noted investment values can rise and fall and past performance is not indicative of future performance. Figures may not add up due to rounding. All p.a. returns are annualised.
* There are differences between the Unlisted Fund and SET. Refer to the ‘Company Facts’ section below for more details about the differences.
1 Inception date is 12 December 2016.
# Fund Total Return refers to the Unlisted Fund’s portfolio return grossed up for franking credits after management fees and operating costs, excluding taxation.
+ Franking Return is the performance attributable to the benefit of franking credits generated within the Unlisted Fund. Franking credits are included on the dividend ex-date, which is in line with the calculation methodology of the benchmark. Where the Unlisted Fund does not subsequently satisfy the relevant holding period rules, which may be up to 45 days after the dividend ex-date, any associated franking credits will be reversed on the date the relevant holding period rules are not satisfied. This may result in the Franking Return being negatively impacted.
^ Benchmark Return refers to the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt).
Total Return Performance - Solaris Australian Equity Income Fund*
$100K Investment - Unlisted Fund Return Components (Net of fees)1
* There are differences between the Unlisted Fund and SET. Refer to the ‘Company Facts’ section below for more details about the differences.
1 The above chart breaks down the Solaris Australian Equity Income Fund total return (fund return grossed up for franking credits after the fund’s management fees and operating costs, excluding taxation) into the return components (Net of Fees): a) Capital b) Cash Yield: income generated by cash dividends. c) Franking Yield: value of franking credits (valued from the perspective of a tax exempt investor). The income distributed by the Solaris Australian Equity Income Fund and the Benchmark includes the value of franking credits as well as the value of cash. The above chart reflects the accumulated investment return of $100,000 invested in the Solaris Australian Equity Income Fund assuming the funds were invested on inception at 12 December 2016 and distributions were reinvested. The inception date is 12 December 2016. Past performance is not a reliable indicator of future performance. The performance of the Company’s Portfolio (over a 12 month period and over a 3 to 5 year period) could be significantly different to the performance of the Solaris Australian Equity Income Fund over the period from 12 December 2016 to 31 January 2026. The relative returns identified above are not intended to be an indication of the future performance of the Company, the Portfolio or the market.
Past performance is not a reliable indicator of future performance. The returns identified above are not intended to be an indication of the future performance of the Company, the Solaris Australian Equity Income Fund or the market.
Income (Cash Distribution & Franking) Performance - Solaris Australian Equity Income Fund
Unlisted Fund Income* vs Benchmark Income
*There are differences between the Unlisted Fund and SET. Refer to the ‘Company Facts’ section below for more details about the differences.
As at 31 January 2026. This is historical performance data. It should be noted the value of an investment can rise and fall and past performance is not indicative of future performance. Figures may not add up due to rounding.
Fund Income and Franking is the income of the Solaris Australian Equity Income Fund (after fees) compared to the income of the Benchmark, and in each case annualised over 1 year, 3 years, 5 years and 7 years to 31 January 2026.
Company Facts
| Company Name | Solaris Australian Equity Income Plus Ltd |
| Investment Manager | Solaris Investment Management |
| ASX Code | SET |
| Expected Listing Date | 17 April 2026 |
| Underlying Portfolio | Diversified portfolio of 40-70 ASX listed securities |
| Distribution Frequency | Monthly |
| Franking | Intended to be 100% |
| Same investment strategy as the Unlisted Fund |
SET will seek to achieve its investment objectives using the same Investment Strategy and processes that it will employ as the Company’s Manager as it has been in managing the Solaris Australian Equity Income Fund since December 2016. SET’s performance is expected to closely track that of the Unlisted Fund, but will not be identical. Performance may vary for a number of reasons including: (1) Different management fees (2) Different costs (3) Difference distribution policy (4) Structural differences (5) Differences in tax treatment |
| Benchmark | S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt) |
| NTA Discount Closing Mechanism |
• On-market buyback • Off-market buyback |
| Management Fee |
0.85% (plus GST) per annum No performance fee |
Any statements and forecasts are indicative and reflect the judgment and assumptions of Solaris and its representatives on the basis of information available as at the date of publication and may later change without notice.
Ratings
SET has received a ‘Recommended’ rating from Zenith Investment Partners1. Further information on our Ratings can be found in the Disclaimer section.
Latest Updates
Introducing Solaris Australian Equity Income Plus Limited
Board Governance
Board of Directors
B.Com
Neil has played a significant role in the Australian superannuation industry for over 36 years. He has held many senior executive and non-executive positions in the industry including Chairman of Aware Super, Australia’s third largest super fund; Chairman of Commonwealth Bank Group Super; Chairman of the Fund Executives Association; CEO of Rest Super and Deputy CEO and Global Head of Business Development at Colonial First State Global Asset Management. He is currently investment advisor to Team Super and a board member of Huntingtower School.
He is an executive coach and has also held a number of senior advisory roles where he was able to lend his experience and perspective to regulators, government and the super industry.
Neil was a past Board member of the Association of Superannuation Funds Australia (ASFA); Chair, Superannuation Complaints Tribunal Advisory Council and a board member of the Huntingtower Foundation.
B.Sc, Graduate Diploma in Applied Finance and Investments, GAICD
Gemma Dooley is an experienced non-executive director with more than a decade of governance expertise across Boards and committees. Her governance career follows 30 years in the financial services industry, spanning asset consulting, investment management and superannuation. She has held senior roles at Russell Investments, BT Financial Group and Perpetual Investments, and was Chief Investment Officer of an industry superannuation fund.
Gemma has been a non-executive director of Prime Super since 2023, and is a member of its Investment Committee as well as Governance, Remuneration and Culture Committee.
Gemma holds a Bachelor of Science, a postgraduate qualification in Applied Finance and Investment, and is a graduate of the Australian Institute of Company Directors.
B.Sc (Honours), CFA
Chris Meyer has been a non-executive Director of ASX Listed Investment Company Plato Income Maximiser Limited (ASX: PL8) and an Alternate non-executive Director of ASX Listed Investment Company Spheria Emerging Companies Limited (ASX: SEC), both since February 2022. He is also Director, Listed Products at Pinnacle Investment Management Group Limited (ASX: PNI), where he is responsible for Pinnacle’s listed products business, including oversight of the business division that includes five listed investment companies/listed investment trusts and ten active ETFs. Together this business unit has in excess of $10 billion of listed/CHESS FUM. In addition to his role at PL8 and SEC, Chris also served on the Australian Listed Investment Companies and Trusts Association (LICAT) between 2018 and 2023.
Chris has more than 25 years of global financial markets experience, spanning asset management, equity research, brokerage and investment platform development. Prior to joining Pinnacle in 2018, he was Chief Executive Officer of RMI Investment Managers, where he built a multi boutique asset management platform by partnering with independent investment managers in South Africa. Earlier in his career, Chris was the founder and Chief Executive Officer of RMB Morgan Stanley, which under his leadership became the leading institutional equities business in South Africa.
Chris is a Chartered Financial Analyst (CFA) Charterholder and holds a Business Science (Honours) degree from the University of Cape Town.
B.Bus, Graduate Diploma in Applied Finance and Investments
Michael has over 30 years experience in the investment management and financial services fields.
He was a Founder of Solaris Investment Management in 2008 and was appointed Chief Investment Officer in May 2018. Prior to establishing Solaris Investment Management, Michael was a member of Suncorp’s nine-person investment team from 1997 to 2007, responsible for managing equity investments in excess of $5.5 billion.
Michael has a Bachelor of Business – Accountancy from the Queensland University of Technology and a Graduate Diploma in Applied Finance through the Securities Institute of Australia.
Corporate Governance
Key Documents
Unlisted Solaris Australian Equity Income Fund Monthly Report
IMPORTANT NOTICE
This webpage has been prepared by Solaris Investment Management Limited (‘Solaris’) ACN 128 512 621 AFSL 330505. Solaris is the manager for Solaris Australian Equity Income Plus Ltd (‘SET’ or ‘Company’), the issuer of the Shares.
None of Morgans Financial Limited, Taylor Collison Limited, Ord Minnett Limited, Commonwealth Securities Limited, Canaccord Genuity (Australia) Limited and Shaw and Partners Limited (‘Joint Lead Managers’), nor any of their respective associates, affiliates, related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth) (“Corporations Act”)) or advisers, nor any of their respective directors, employees, officers, representatives, agents, partners, contractors, consultants or advisers (each a “Limited Party” and together, the “Limited Parties”) have any authority whatsoever to give any information or make any representation or warranty, express or implied, on behalf of Solaris or the Company.
In particular, the opinions, estimates, forecasts and projections expressed in this webpage are entirely those of Solaris and are not given by any other person as an agent of Solaris, and specifically are not given by the Representatives or any of their respective Limited Parties. None of the Representatives nor any of their respective Limited Parties have authorised, permitted or caused the issue, submission, despatch or provision of this webpage and there is no statement in this webpage which is based on any statement made by them or by any of their respective Limited Parties.
NOT FINANCIAL PRODUCT ADVICE
This webpage (whether considered separately or as a whole) is for information purposes only and is not, nor does it contain all the information which would be required under Australian law (or any other law) to be disclosed in, a prospectus, product disclosure statement or other disclosure document for the purposes of Chapter 6D or Part 7.9 of the Corporations Act or other offer document under Australian law or the law of any other jurisdiction.
The information in this webpage is not financial product advice and has been prepared without taking into account the objectives, financial situation or needs of any particular person. The information is general only and does not constitute financial product or investment advice (or taxation or legal advice). Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of any advice.
This webpage is not and should not be considered, and does not contain or purport to contain, an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any Shares in the Company or any other securities in Australia or any other jurisdiction. This webpage does not constitute an advertisement for an offer or proposed offer of Shares in the Company. Neither this webpage nor anything contained in it will form the basis of any contract or commitment and it is not intended to induce or solicit any person to engage in, or refrain from engaging in, any transaction nor is it intended to be used as the basis for making an investment decision.
Investors will only be able to subscribe for Shares in the Company by following the application procedures in the Supplementary Prospectus issued on or about 30 March 2026 (‘Supplementary Prospectus’) and by completing the application form in or accompanying the Supplementary Prospectus containing the Offer. The Supplementary Prospectus is available via the Joint Lead Managers. Investors should consider the Supplementary Prospectus in deciding whether to acquire the Shares.
CONFIDENTIALITY
The information is not intended for any general distribution or publication and must be retained in a confidential manner. Information contained herein consists of confidential proprietary information constituting the sole property of Solaris and respecting Solaris and its investment activities; its use is restricted accordingly. All such information should be maintained in a strictly confidential manner. Recipients undertake not to reproduce in whole, or in part, any of the information contained in this webpage without the express prior written consent of Solaris, PFSL and the Representatives.
NO REPRESENTATIONS OR WARRANTIES
This webpage does not purport to contain all of the information that may be required to evaluate Solaris or the Company and the Recipient should conduct their own independent review, investigations and analysis of Solaris and the Company and of the information contained or referred to in this webpage. Any reliance you place on the information in this webpage, and any use of such information, is solely at your risk. An investor must not act on the basis of any matter contained in this webpage and must make its own assessment of the Company and conduct its own investigation and analysis.
FORWARD-LOOKING STATEMENTS
This webpage contains forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking words such as “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “goals”, “aims”, “target” and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial performance are also forward-looking statements. Although forward-looking statements contained in this webpage are based upon what Solaris believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Although forward-looking statements contained in this webpage are based upon what Solaris believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors, both known and unknown, could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, and many of these factors are beyond Solaris’ control. As such, no undue reliance should be placed on any forward-looking statement. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. Any forward-looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Past performance is not necessarily a guide to future performance, and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this webpage or any other information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Unlisted Fund. None of the forward-looking information contained in this webpage has been subject to any review or audit process. Forward-looking statements speak only as at the date of this webpage.
LIMITATION OF LIABILITY
To the maximum extent permitted by law, none of Solaris, the Companyor any of their respective affiliates, related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) (Act), directors, officers, employees, partners, agents or advisers nor any other person accepts any liability whatsoever for any loss, however arising, from any use of this document or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of Solaris or the Company.
None of the Limited Parties make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information contained in this webpage or subsequently provided to the Recipient or its advisers by any of the Limited Parties, including, without limitation, any historical financial information, the estimates and projections and any other financial information derived therefrom, and nothing contained in this webpage is, or shall be relied upon, as a promise or representation, whether as to the past or the future. Past performance is not a reliable indicator of future performance. The information in this webpage has not been the subject of complete due diligence nor has all such information been the subject of proper verification by the Limited Parties.
Except insofar as liability under any law cannot be excluded, the Limited Parties shall have no responsibility arising in respect of the information contained in this webpage or subsequently provided by them or in any other way for errors or omissions (including responsibility to any person by reason of negligence).
1The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (March 2025) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines
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Solaris respects and acknowledges the Traditional Owners and Custodians of Country. We recognise their continuous connection to the lands, waters and skies across Australia and express our sincere gratitude to the peoples on whose land we work.
© Solaris Investment Management
ACN 128 512 621 | AFSL 330505