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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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This document could not be analyzed due to severe OCR failure. The extracted text is entirely illegible, consisting of corrupted characters, repeated placeholder text, and unreadable fragments. No investment thesis, portfolio positioning, performance data, or market commentary could be identified. The only recoverable elements are the firm name TAMIM and a period reference to June 2008 or Q2 2026, which are inconsistent. Without readable content, no assessment of holdings, risk positioning, sentiment, or forward outlook is possible. The document requires re-scanning with higher quality OCR processing or provision of the original source file to enable meaningful extraction and analysis.
As of Aug 11, 2026
Ron Shamgar serves as Head of Australian Equities at TAMIM Asset Management with over 21 years of experience in active ASX investing and a passion for value investing. He joined TAMIM in December 2018 and previously co-founded TBF Investment Management where he managed the TBF Small Cap Value Growth Fund from 2013-2018. Shamgar emphasizes the critical importance of management quality in small-cap investments, stating that the real key in smaller companies is the people running the businesses since they are not yet at mature stages where management doesn't matter. His pragmatic approach includes willingness to exit positions that don't perform as expected rather than fighting market trends.
The TAMIM Australia Small Cap Income Fund employs a dual-component investment strategy targeting Australian small-cap companies with both value and growth characteristics. The Value Component focuses on companies with at least 4% gross dividend yield, dividend payment history in 3 of the last 5 years, and trading at minimum 20% discount to intrinsic value. The Growth Component targets companies with forecasted 15%+ earnings growth per annum over two years and minimum 1% gross dividend yield. The strategy emphasizes fundamental bottom-up research, multiple valuation techniques, management engagement, and identification of near-term catalysts for share price appreciation while maintaining downside protection through option overlays and cash preservation when suitable opportunities are scarce.
Lead Portfolio Manager
High Conviction Bearish
Market Conviction
Cannot be assessed. No portfolio holdings, position sizing, thesis specificity, or decisiveness can be evaluated due to complete OCR failure. The document contains no readable investment content. Assigning 0.00 as conviction cannot be determined from illegible text.
Growth Outlook
Market outlook remains above average conviction: The TAMIM Small Cap Income Fund delivered a strong +22.97% return in CY2025, navigating substantial IT sector headwinds. The manager remains constructive on the small and mid-cap s...
Risk Appetite
Risk appetite posture is above average conviction: The TAMIM Small Cap Income Fund delivered a strong +22.97% return in CY2025, navigating substantial IT sector headwinds. The manager remains constructive on the small and mid-cap s...
Capital Deployment
Cannot be assessed. No cash level data, position additions, reductions, or deployment activity is extractable from the corrupted document. Assigning neutral 0.00 due to absence of any readable deployment information.
Forward Guidance
Forward guidance signal: The TAMIM Small Cap Income Fund delivered a strong +22.97% return in CY2025, navigating substantial IT sector headwinds. The manager remains constructive on the small and mid-cap s...
Language Signal
Cannot be assessed. The text consists entirely of OCR artifacts and corrupted characters with no readable directional language, bullish or bearish terms, or coherent sentences. Assigning neutral 0.00.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The TAMIM Small Cap Income Fund delivered a strong +22.97% return in CY2025, navigating substantial IT sector headwinds. The manager remains constructive on the small and mid-cap s...
Opportunity Density
Cannot be assessed. No commentary on opportunity set breadth, idea generation, or market attractiveness is readable. Assigning default 0.40 as opportunity density cannot be determined.
Time Horizon
Cannot be assessed. No discussion of investment timeframes, catalyst timing, or holding period expectations is extractable from the corrupted document. Assigning default 0.55 as time horizon cannot be evaluated.
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