| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 15.6% | - | 29.4% |
| 2025 |
|---|
| 29.4% |
The 1851 Emerging Companies Fund returned 20.8% in the December half, outperforming the Small Ordinaries Accumulation Index by 3.4%. The Fund's traditional hunting ground of Small Industrials was less buoyant with only 6.7% returns, while gold's best annual performance since 1979 drove Small Resources to 45.3% gains. Key contributors included Cobram Estate's transformative US acquisition, MA Financial Group benefiting from non-bank lending momentum, and Flight Centre rallying amid competitor challenges. Detractors included Collins Foods despite solid results due to inflation concerns, and IRESS on no specific news. Looking ahead to 2026, competing forces include expected US Fed rate cuts and potential RBA tightening, with gold entering bubble territory. The Fund remains positioned to capitalize on volatility while maintaining favorable portfolio metrics. With 11% cash weighting and focus on undervalued industrials, the strategy emphasizes patient capital deployment in quality small-cap opportunities across the Australian market.
The Fund focuses on small-cap Australian companies, particularly industrials, seeking to capitalize on market volatility while maintaining superior valuation and risk metrics compared to benchmarks.
2026 sees a host of competing forces potentially influencing the direction of the Australian market, with the Fund positioned to capitalize on volatility while maintaining favorable valuation and risk metrics compared to the market.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2025 | 2025 Q4 | ABB.AX, CKF.AX, COB.AX, COG.AX, FLT.AX, IRE.AX, MAF.AX, MAH.AX, PFP.AX | Australia, gold, industrials, Resources, small caps, value | - | Gold experienced its best annual return since 1979 driven by seemingly insatiable appetite, entering bubble territory. The precious metal drove the Small Resources index to a 45.3% increase in the December half. Mining contractor Macmahon Holdings renewed a key Queensland resources contract whilst announcing new wins in iron ore and renewables markets, contributing positively to performance. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand |
Mining ServicesMining contractor Macmahon Holdings renewed a key Queensland resources contract whilst announcing new wins in iron ore and renewables markets, contributing positively to performance. |
Mining Contractors Iron Ore Renewables |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| CKF.AX | KFC franchisee Collins Foods -11% declined despite a solid interim result and upgraded outlook, with market concerns focusing on renewed inflation pressures |
| COB.AX | olive oil producer Cobram Estate +30% announced the game-changing acquisition of leading US producer Californian Olive Ranch for US$173.5m, driving ~10% upgrades to analyst forecasts |
| COG.AX | These were offset by COG Financial Services Ltd (COG) (-0.7%) |
| FLT.AX | travel business Flight Centre +11% rallied post the emergence of significant challenges with a major competitor |
| IRE.AX | financial software provider IRESS -9% softened despite no news flow |
| MAF.AX | diversified financial services company MA Financial Group +13% strengthened post the release of industry statistics showing strong momentum in non-bank lending |
| MAH.AX | mining contractor Macmahon Holdings +15% renewed a key Queensland resources contract whilst also announcing new wins in iron ore and renewables markets |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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| Industry | Prev Quarter % | Current Quarter % | Change |
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