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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 21, 2026
The Airlie Small Companies Fund returned 6.7% in Q2 2026 versus the benchmark's 3.3%, driven by strong performance from Guzman y Gomez, Dicker Data, and Data#3. For the full FY26, the Fund returned -6.0% versus the benchmark's 8.1%, with underperformance primarily attributable to the Fund's systematic avoidance of small cap resources, which returned 30.8% and drove the entire Small Ords Index return. The manager maintains conviction in this approach, noting that small cap resources have generated only 6% average ROE over 25 years with negative cumulative free cash flow. Stock-specific detractors included Gentrack, down 73% on product development issues, and EBOS, down 52% on contract losses and cost pressures. The Fund's performance relative to the Small Industrials Index has been solid since inception. The portfolio remains concentrated in quality businesses with competitive advantages, including distribution oligopolies like Dicker Data and founder-led companies like Guzman y Gomez, many trading at material discounts to intrinsic value. The manager remains optimistic about prospects given the rich opportunity set in mispriced small cap industrials.
The Fund invests in a concentrated portfolio of 20-40 quality Australian small companies with advantaged competitive positions and long runways to deploy capital, purchased at steep discounts to intrinsic value, while systematically avoiding small cap resources due to their poor long-term fundamentals and boom-bust cyclicality.
Looking to the future, we remain optimistic about the Fund's prospects. We own a concentrated portfolio of competitively advantaged businesses with long runways to deploy capital – many of which we believe are materially undervalued. The small cap universe is rich with mispriced securities, and we have an established process of identifying those opportunities.
Moderate Conviction Bullish
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Top Conviction Themes
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