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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 19, 2026
The LHC Capital High Conviction Fund returned -11.2% net of fees for the quarter ended September 2026 (the first quarter of fiscal year 2027), bringing calendar year-to-date net returns to -29.1%. Performance lagged both the S&P/ASX 200 Accumulation Index (+1.3%) and the S&P/ASX Small Ordinaries Accumulation Index (-0.5%). The managers attribute the quarter's underperformance to market dislocation and macroeconomic pressures rather than deteriorating business fundamentals across their core holdings, noting that underlying revenue, profit, and cash flow growth continued robustly. Macroeconomic headwinds were dominated by a sharp rise in sovereign bond yields, with US and Australian ten-year yields climbing to 5.28% and 5.35% respectively, driving asset repricing. Heightened geopolitical conflict in the Middle East and Ukraine pushed crude oil futures from US$60.50 to US$90.42, stoking inflationary concerns. Equity markets exhibited extreme concentration, with headline indices supported almost entirely by artificial intelligence trades while 85% of S&P 500 constituents traded at least 10% below peak levels. Portfolio detraction was led by long holdings in Life360, Pro Medicus, MA Financial, and HUB24. Despite share price declines, the managers reaffirmed strong conviction in these businesses, highlighting contract wins and AI monetization pathways at Pro Medicus, pricing power and user growth at Life360, diversified advisory and lending momentum at MA Financial, and continued platform market share gains at HUB24.
High-conviction investing focused on fundamentally superior businesses with expanding earnings and pricing power, which will ultimately re-rate as macroeconomic sentiment normalizes.
With portfolio companies continuing to grow earnings while share prices decline, prospective fund returns have improved considerably despite ongoing near-term macroeconomic uncertainty.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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