Airlie Funds Management isn’t budging on its underweight holding in Commonwealth Bank, despite it punching a hole in the performance of its flagship $981 million fund for a second year running.

The Australian share fund returned 10.3 per cent for the 2025 financial year, underperforming the S&P/ASX 200 benchmark by 3.5 per cent, dragged lower by its smaller position in Australia’s largest bank compared to the broader index. The same thing happened in 2024.