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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Investigator Trust returned 11.1% for the financial year, outperforming the Australian market but trailing the World Index. The manager warns that world markets are extremely expensive, with the S&P 500 trading at a record 42x cyclically adjusted P/E, matched only by the Dotcom bubble. The AI boom shows echoes of prior technology manias, with American tech giants spending nearly a trillion dollars annually on infrastructure while fierce Chinese competition emerges with comparable models priced 60% cheaper. The manager maintains a defensive posture with 51% in equities and 49% in short-dated government bonds. Approximately a quarter of the fund is invested in energy, primarily oil and gas, with holdings like CNOOC and Petrobras trading at five times earnings with 8-10% yields. The manager recently added to offshore drillers following industry consolidation and also holds 4% in uranium through NexGen Energy. Asian investments, particularly Chinese technology stocks, comprise 14% of the fund. Russian oil and gas holdings represent 7% at a 55% discount to Moscow Exchange prices. Despite expensive markets, the manager remains excited about specific portfolio holdings and believes the cash position provides protection if markets fall.
World markets are extremely expensive and in precarious times, with the S&P 500 trading at record valuations matched only by the Dotcom bubble, while the AI boom shows strong echoes of prior technology manias with fierce Chinese competition emerging and potential labor market disruption ahead.
The manager maintains a defensive posture given extreme market valuations comparable to the Dotcom bubble, with the S&P 500 trading at a record 42x cyclically adjusted P/E. Despite markets being expensive, the manager remains excited about their specific holdings in energy, Chinese technology, and other value opportunities, believing they will generate good returns. The cash holdings position the fund well if markets fall. The tone is cautious on broad markets but constructive on specific portfolio positions, particularly in energy where the manager sees compelling valuations and structural tailwinds from AI-driven electricity demand and energy security concerns.
As of Jul 6, 2026
Founded in 1993 by Willy Packer, the Investigator Trust has established itself as a leading Australian alternative investment fund with approximately $2.1 billion in assets under management. The fund has delivered consistent long-term performance with an 11.7% annualized return over 25 years and achieved its best-ever performance in 2025 with a 21.5% return. The management team combines extensive experience with a disciplined investment approach, maintaining low volatility with a beta of only 0.2 relative to the ASX200 Index since 2001. The fund has demonstrated resilience through various market cycles, posting only two negative calendar years since 1997 while maintaining a focus on capital preservation and risk management.
Packer & Co
Chief Investment Officer
Moderate Conviction Bullish
Market Conviction
High-conviction positioning: Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Growth Outlook
Market outlook remains high conviction: Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Risk Appetite
Risk appetite posture is high conviction: Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Forward Guidance
Forward guidance signal: Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Language Signal
Tone analysis indicates high conviction language: Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concent...
Top Conviction Themes
Key Catalysts
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