Founded in 2016 by Marcus Burns, Matthew Booker, and Adam Lund, Spheria Asset Management operates as a majority employee-owned firm with nine investment professionals. Marcus Burns brings over 20 years of portfolio management experience, having previously managed Australian, European, and global equity strategies at Schroders, including their Smaller Companies & Microcap Funds. Matthew Booker contributes over 25 years of financial market experience and also managed Schroders' Smaller Companies & Microcap Funds, specializing in navigating small company portfolios through volatile market conditions. Adam Lund focuses on trading and portfolio construction, bringing expertise in equities and derivatives trading. The broader investment team includes portfolio managers Daniel Peters, Kyle Macintyre, and Damian Rawle, supported by analyst Wes Campbell. The firm operates under the support of Pinnacle Investment Management for distribution, compliance, and risk management functions. This experienced team structure provides depth and continuity for the fund's investment operations, with the founding partners maintaining significant involvement in day-to-day portfolio management.

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Spheria's investment philosophy centers on purchasing securities where the present value of future free cash flows can be reasonably ascertained, with the security trading at a discount to calculated intrinsic value, subject to specific risk criteria. The firm applies disciplined fundamental, bottom-up analysis to build portfolios of exceptional microcap and small cap businesses, utilizing a tried-and-tested investment process that places cash flow at its core. The investment approach emphasizes preferring profitable companies with sound balance sheets and observable free cash flow rather than speculative, cash-burning businesses. Risk management remains paramount, with preference given to companies with low or manageable gearing and explicit risk controls that ensure debt levels remain sustainable through free cash flow generation. The firm focuses on businesses with observable track records of generating cash flow and sound balance sheets, which tilts the long-term odds in investors' favour. Spheria actively incorporates responsible investing and ESG factors into its investment process, integrating ESG considerations as part of comprehensive company analysis. Over half the portfolio consists of companies with net cash balance sheets, emphasizing financial strength and stability.

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