TAMIM Fund Australia Small Cap Income

Investor Summary

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.

Fund Strategy

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.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11.27%	-	-

Executive Summary

TAMIM Australia Small Cap Income Fund declined 8.41% in March 2026, outperforming the Small Ords which fell 10.96%. The decline was driven by geopolitical tensions from the Iran war, which triggered an energy shock and pushed oil prices higher, causing the ASX200's second worst March decline in history. The manager views this as an event-driven sell-off similar to 2022's Russia-Ukraine crisis, which historically present the best buying opportunities. The fund is cautiously buying oversold positions and has identified several new attractive investments. Most portfolio holdings have unchanged fundamentals, significant net cash positions, and are trading at the lowest valuations seen in some time. The manager expects a recovery pattern similar to post-2022, when the fund annualized nearly 18% over three years. With markets already showing recovery signs as the war winds down and oil prices retreat, the fund is positioned to outperform as conditions stabilize.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 5 2026	2026 Q1	HUM.AX, MVF.AX	Australia, Geopolitical, oil, small caps, value, volatility	MVF.AX HUM.AX	Iran war triggered oil shock causing Australian small caps to sell off sharply, but manager sees this as classic event-driven opportunity similar to 2022. Fund buying quality companies at heavily discounted valuations with strong balance sheets. Historical precedent suggests strong recovery ahead as geopolitical tensions ease and oil prices normalize.
Jan 28 2026	2025 Q4	CAF.AX, CCG.AX, CCL.AX, EDU.AX, HUM.AX, PGC.AX, SYL.AX	Australia, earnings, interest rates, M&A, small caps, technology	CAF AU CCG AU CCL AU EDU AU HUM AU PGC AU SYL AU	TAMIM's Australian small cap fund delivered 22.97% returns in 2025 despite technology sector headwinds from rising rate expectations. Multiple portfolio companies executed strategic acquisitions and upgrades. Manager expects continued small cap outperformance driven by superior earnings growth prospects and takeover activity, with portfolio well-positioned for 2026 despite expected volatility.
Oct 21 2025	2025 Q3	BVS.AX, EHL.AX, SYL.AX	AI, Australia, Bull Market, interest rates, Outperformance, small caps	-	Australian small caps are in a generational bull market with 20% upside potential as they catch up to large caps after three years of underperformance. AI innovation, declining rates, and fourth-year bull market dynamics support continued outperformance. Portfolio positioned with 98% equity exposure across quality founder-led businesses trading at attractive valuations.
Aug 28 2025	2025 Q2	AHC.AX, EGG.AX, HUM.AX, JLG.AX	Australia, healthcare, small caps, takeovers, value	AHC AU EGG AU HUM AU AHC.AX EGG.AX HUM.AX JLG.AX	TAMIM Australia Small Cap delivered +6.40% in July versus Small Ords +2.82%, driven by strong trading updates and takeover activity. The fund targets undervalued Australian small caps with founder-led management and solid fundamentals. Multiple M&A transactions at material premiums validate the investment approach, with more activity expected ahead.
Jun 30 2024	2024 Q2	CAF.AX, MCP.AX, SRG.AX	Australia, dividends, growth, M&A, small caps, undervalued, value	SRG.AX CAF.AX MCP.AX	TAMIM Small Cap Fund delivered 19.53% net returns in FY24 by targeting undervalued Australian small caps with strong fundamentals and founder-led management. Multiple takeovers validated their approach. Current holdings like SRG, CAF, and MCP trade at attractive valuations with strong dividend yields. Manager expects continued M&A activity and strong August reporting catalysts.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 5 2026

2026 Q1

HUM.AX, MVF.AX

Australia, Geopolitical, oil, small caps, value, volatility

MVF.AX
HUM.AX

Iran war triggered oil shock causing Australian small caps to sell off sharply, but manager sees this as classic event-driven opportunity similar to 2022. Fund buying quality companies at heavily discounted valuations with strong balance sheets. Historical precedent suggests strong recovery ahead as geopolitical tensions ease and oil prices normalize.

Jan 28 2026

2025 Q4

CAF.AX, CCG.AX, CCL.AX, EDU.AX, HUM.AX, PGC.AX, SYL.AX

Australia, earnings, interest rates, M&A, small caps, technology

CAF AU
CCG AU
CCL AU
EDU AU
HUM AU
PGC AU
SYL AU

TAMIM's Australian small cap fund delivered 22.97% returns in 2025 despite technology sector headwinds from rising rate expectations. Multiple portfolio companies executed strategic acquisitions and upgrades. Manager expects continued small cap outperformance driven by superior earnings growth prospects and takeover activity, with portfolio well-positioned for 2026 despite expected volatility.

Oct 21 2025

2025 Q3

BVS.AX, EHL.AX, SYL.AX

AI, Australia, Bull Market, interest rates, Outperformance, small caps

Australian small caps are in a generational bull market with 20% upside potential as they catch up to large caps after three years of underperformance. AI innovation, declining rates, and fourth-year bull market dynamics support continued outperformance. Portfolio positioned with 98% equity exposure across quality founder-led businesses trading at attractive valuations.

Aug 28 2025

2025 Q2

AHC.AX, EGG.AX, HUM.AX, JLG.AX

Australia, healthcare, small caps, takeovers, value

AHC AU
EGG AU
HUM AU
AHC.AX
EGG.AX
HUM.AX
JLG.AX

TAMIM Australia Small Cap delivered +6.40% in July versus Small Ords +2.82%, driven by strong trading updates and takeover activity. The fund targets undervalued Australian small caps with founder-led management and solid fundamentals. Multiple M&A transactions at material premiums validate the investment approach, with more activity expected ahead.

Jun 30 2024

2024 Q2

CAF.AX, MCP.AX, SRG.AX

Australia, dividends, growth, M&A, small caps, undervalued, value

SRG.AX
CAF.AX
MCP.AX

TAMIM Small Cap Fund delivered 19.53% net returns in FY24 by targeting undervalued Australian small caps with strong fundamentals and founder-led management. Multiple takeovers validated their approach. Current holdings like SRG, CAF, and MCP trade at attractive valuations with strong dividend yields. Manager expects continued M&A activity and strong August reporting catalysts.

QUARTER	THEMES	TAGS
2026 Q1	Oil War in Iran has triggered an energy shock, disrupting oil supply chains and pushing energy prices higher. This echoes 2022 when Russia's invasion of Ukraine caused similar market disruption. Historical data shows S&P 500 has averaged +24% in 12 months after oil shocks of 20%+.	Energy Geopolitical Supply Chain Volatility Recovery
	Small Caps Fund focuses on Australian small cap companies with 20-40 holdings. Current conditions are creating attractive opportunities to acquire high-quality profitable growth companies at heavily discounted prices. Manager is cautiously buying oversold positions and has identified several new exciting positions.	Value Opportunities Discounted Quality Growth
	Volatility Equity markets experienced heightened volatility driven by macroeconomic and geopolitical pressures. ASX200 had its second worst March decline in history. Event-driven sell-offs are typically short-lived and often present the best buying opportunities.	Market Decline Opportunity Recovery History
2025 Q4	AI Manager believes market's assessment of AI risk differs from their own, with approximately 60% of relative underperformance attributed to positions where market deemed companies AI-losers. Portfolio includes 42% in companies like Gartner, CoStar, Clearwater Analytics that declined 15% despite 10% revenue growth and 15% EPS growth. Manager remains optimistic these companies have vast addressable markets and sustainable competitive advantages.	Artificial Intelligence Disruption Valuation Software Analytics
	Quality Fund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable secular tailwinds. Manager notes their practice of investing in high-quality businesses has been primary driver of favorable long-term results, exceeding benchmark by 354 basis points annually since inception. Strategy was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks.	High Quality Competitive Advantages Barriers to Entry Secular Tailwinds Sustainable
	Small Caps Strategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks. Portfolio valuation is particularly compelling given significant divergence between consistent earnings growth and recent performance.	Small Cap Medium Sized Growth Valuation Performance
	Financials Financials represent 62.1% of net assets with mixed performance during the quarter. Arch Capital contributed positively with strong earnings and active capital management, while Kinsale Capital declined due to concerns about moderating growth amid cyclical slowdown for property and casualty insurance industry. MSCI and FactSet also contributed positively.	Insurance Capital Management Specialty Finance Data Services Analytics
2025 Q3	Small Caps Small and mid caps continue to play catchup and are outperforming large caps. For small caps to catchup to their historical relative performance, there's another 20% of upside to play out next 12 months. Small caps have underperformed large caps since 2022 and are now in a fierce catchup rally.	Small Cap Mid Cap Outperformance Catchup Relative Performance
	AI AI investment and innovation is set to continue and drive significant economic growth in the next few years. The AI tech revolution has only just begun and is resembling the early 1990s bull market driven by the internet which drove a 12 year mega bull market.	Artificial Intelligence Innovation Economic Growth Tech Revolution
	Rates Interest rates will continue their downtrend trajectory as central banks are no longer hampered by rising inflation and instead turn their focus on maintaining the jobs market. This provides tailwinds for smaller companies as these businesses are more sensitive to interest rate movements.	Interest Rates Central Banks Inflation Jobs Market Rate Sensitivity
2025 Q2	Small Caps The fund focuses exclusively on Australian small cap equities with 20-40 holdings targeting companies with market caps typically under $100 million. The manager sees significant opportunity in this space with strong performance expectations.	Small Cap Australian Equities Market Cap Outperformance
2024 Q2	Small Caps Fund focuses on profitable and growing small/mid cap stocks that are significantly undervalued or overlooked by the market for non-fundamental reasons. These companies typically have leading strategic positions, founder-led management with significant shareholding, and strong fundamentals backed by profits and balance sheet strength.	Small Cap Undervalued Growth Profitable Overlooked
	Value Portfolio companies are trading at attractive valuations despite strong fundamentals. Examples include SRG trading at 4x EV/EBITDA and PE of 12x, CAF at 7x EBITDA, and MCP at 3.5x EV/EBIT, all representing significant value opportunities.	Undervalued EV/EBITDA PE Ratio Attractive Valuations Value Investing
	Dividends Strong dividend yields across portfolio holdings with SRG offering 4.5% dividend yield, CAF providing 9.5% gross dividend yield, and MCP potentially offering 10% dividend yield if current dividend is maintained.	Dividend Yield Income Distribution Shareholder Returns Cash Flow

QUARTER

THEMES

Oil

War in Iran has triggered an energy shock, disrupting oil supply chains and pushing energy prices higher. This echoes 2022 when Russia's invasion of Ukraine caused similar market disruption. Historical data shows S&P 500 has averaged +24% in 12 months after oil shocks of 20%+.

Energy Geopolitical Supply Chain Volatility Recovery

Small Caps

Fund focuses on Australian small cap companies with 20-40 holdings. Current conditions are creating attractive opportunities to acquire high-quality profitable growth companies at heavily discounted prices. Manager is cautiously buying oversold positions and has identified several new exciting positions.

Value Opportunities Discounted Quality Growth

Volatility

Equity markets experienced heightened volatility driven by macroeconomic and geopolitical pressures. ASX200 had its second worst March decline in history. Event-driven sell-offs are typically short-lived and often present the best buying opportunities.

Market Decline Opportunity Recovery History

2025 Q4

AI

Manager believes market's assessment of AI risk differs from their own, with approximately 60% of relative underperformance attributed to positions where market deemed companies AI-losers. Portfolio includes 42% in companies like Gartner, CoStar, Clearwater Analytics that declined 15% despite 10% revenue growth and 15% EPS growth. Manager remains optimistic these companies have vast addressable markets and sustainable competitive advantages.

Artificial Intelligence Disruption Valuation Software Analytics

Quality

Fund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable secular tailwinds. Manager notes their practice of investing in high-quality businesses has been primary driver of favorable long-term results, exceeding benchmark by 354 basis points annually since inception. Strategy was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks.

High Quality Competitive Advantages Barriers to Entry Secular Tailwinds Sustainable

Small Caps

Strategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks. Portfolio valuation is particularly compelling given significant divergence between consistent earnings growth and recent performance.

Small Cap Medium Sized Growth Valuation Performance

Financials

Financials represent 62.1% of net assets with mixed performance during the quarter. Arch Capital contributed positively with strong earnings and active capital management, while Kinsale Capital declined due to concerns about moderating growth amid cyclical slowdown for property and casualty insurance industry. MSCI and FactSet also contributed positively.

Insurance Capital Management Specialty Finance Data Services Analytics

2025 Q3

Small Caps

Small and mid caps continue to play catchup and are outperforming large caps. For small caps to catchup to their historical relative performance, there's another 20% of upside to play out next 12 months. Small caps have underperformed large caps since 2022 and are now in a fierce catchup rally.

Small Cap Mid Cap Outperformance Catchup Relative Performance

AI

AI investment and innovation is set to continue and drive significant economic growth in the next few years. The AI tech revolution has only just begun and is resembling the early 1990s bull market driven by the internet which drove a 12 year mega bull market.

Artificial Intelligence Innovation Economic Growth Tech Revolution

Rates

Interest rates will continue their downtrend trajectory as central banks are no longer hampered by rising inflation and instead turn their focus on maintaining the jobs market. This provides tailwinds for smaller companies as these businesses are more sensitive to interest rate movements.

Interest Rates Central Banks Inflation Jobs Market Rate Sensitivity

2025 Q2

Small Caps

The fund focuses exclusively on Australian small cap equities with 20-40 holdings targeting companies with market caps typically under $100 million. The manager sees significant opportunity in this space with strong performance expectations.

Small Cap Australian Equities Market Cap Outperformance

2024 Q2

Small Caps

Fund focuses on profitable and growing small/mid cap stocks that are significantly undervalued or overlooked by the market for non-fundamental reasons. These companies typically have leading strategic positions, founder-led management with significant shareholding, and strong fundamentals backed by profits and balance sheet strength.

Small Cap Undervalued Growth Profitable Overlooked

Value

Portfolio companies are trading at attractive valuations despite strong fundamentals. Examples include SRG trading at 4x EV/EBITDA and PE of 12x, CAF at 7x EBITDA, and MCP at 3.5x EV/EBIT, all representing significant value opportunities.

Undervalued EV/EBITDA PE Ratio Attractive Valuations Value Investing

Dividends

Strong dividend yields across portfolio holdings with SRG offering 4.5% dividend yield, CAF providing 9.5% gross dividend yield, and MCP potentially offering 10% dividend yield if current dividend is maintained.

Dividend Yield Income Distribution Shareholder Returns Cash Flow

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
May 5, 2026	Fund Letters	TAMIM Fund Australia Small Cap Income	MVF.AX	Monash IVF	Diagnostics & Research	Health Care Services	Bull	Australian Securities Exchange	Australia, dividend, Fertility Services, healthcare, M&A, takeover target, turnaround, Value	Login
May 5, 2026	Fund Letters	TAMIM Fund Australia Small Cap Income	HUM.AX	Humm Group	Credit Services	Consumer Finance	Bull	Australian Securities Exchange	activist campaign, Australia, BNPL, consumer finance, Corporate Governance, Event-driven, M&A, takeover target	Login
Jan 28, 2026	Fund Letters	Ron Shamgar	CAF AU	Centrepoint Alliance Limited	Financials	Investment Banking & Brokerage	Bull	New York Stock Exchange	Advisers, operating leverage, platform, Regulation, wealth management	Login
Jan 28, 2026	Fund Letters	Ron Shamgar	CCG AU	Comms Group Limited	Communication Services	Telecommunications Services	Bull	New York Stock Exchange	Acquisitions, balance sheet, Integration, Refinancing, Telecom	Login
Jan 28, 2026	Fund Letters	Ron Shamgar	CCL AU	Cuscal Limited	Financials	Transaction & Payment Processing Services	Bull	New York Stock Exchange	Eps accretion, Fintech, infrastructure, Payments, synergies	Login
Jan 28, 2026	Fund Letters	Ron Shamgar	EDU AU	EDU Holdings Limited	Consumer Discretionary	Education Services	Bull	New York Stock Exchange	buybacks, Education, Enrolments, operating leverage, turnaround	Login
Jan 28, 2026	Fund Letters	Ron Shamgar	HUM AU	Humm Group Ltd	Financials	Consumer Finance	Bull	New York Stock Exchange	Activism, consumer finance, Governance, Special situations, takeover	Login
Jan 28, 2026	Fund Letters	Ron Shamgar	PGC AU	Paragon Care Limited	Health Care	Health Care Distributors	Bull	New York Stock Exchange	Acquisitions, Asia expansion, Earnings Accretion, healthcare, Medical devices	Login
Jan 28, 2026	Fund Letters	Ron Shamgar	SYL AU	Symal Group Limited	Industrials	Construction & Engineering	Bull	New York Stock Exchange	Acquisitions, balance sheet, construction, EBITDA growth, infrastructure	Login
Aug 28, 2025	Fund Letters	Ron Shamgar	AHC AU	Austco Healthcare Limited	Health Care	Health Care Technology	Bull	New York Stock Exchange	Acquisitions, cashflow, Communications, guidance, healthcare, Margins, Orderbook, Software	Login
Aug 28, 2025	Fund Letters	Ron Shamgar	EGG AU	Enero Group Limited	Communication Services	Advertising	Bull	New York Stock Exchange	advertising, Agencies, buybacks, divestment, Netcash, restructuring, Takeovers, valuation	Login
Aug 28, 2025	Fund Letters	Ron Shamgar	HUM AU	Humm Group Limited	Financials	Consumer Finance	Bull	New York Stock Exchange	Catalyst, Consumerfinance, Control, Duediligence, Eventdriven, premium, takeover	Login
Jul 31, 2025	Fund Letters	TAMIM Fund Australia Small Cap Income	JLG.AX	Johns Lyng Group	Industrials	Construction & Engineering	Bull	ASX	Australia, Building Restoration, Construction services, cyclical business, founder-led, Insurance Restoration, Private Equity Takeover, value investing	Login
Jul 31, 2025	Fund Letters	TAMIM Fund Australia Small Cap Income	HUM.AX	Humm Group Limited	Financials	Consumer Finance	Bull	ASX	Australia, buy now pay later, consumer finance, Controlling Shareholder, financial services, Scheme Implementation, Takeover Arbitrage	Login
Jul 31, 2025	Fund Letters	TAMIM Fund Australia Small Cap Income	AHC.AX	Austco Healthcare Limited	Health Care	Health Care Technology	Bull	ASX	acquisition integration, Australia, EBITDA growth, Healthcare Technology, medical equipment, Nurse Call Systems, order book, small-cap	Login
Jul 31, 2025	Fund Letters	TAMIM Fund Australia Small Cap Income	EGG.AX	Enero Group Limited	Communication Services	Advertising	Bull	ASX	Advertising Agency, Asset Divestiture, Australia, capital management, Communications, Marketing Services, net cash, takeover target	Login
Jun 30, 2024	Fund Letters	TAMIM Fund Australia Small Cap Income	CAF.AX	Centrepoint Alliance	Financials	Capital Markets	Bull	ASX	consolidation, dividend, Financial Advice, financial services, Licensee, M&A Target, technology, Value	Login
Jun 30, 2024	Fund Letters	TAMIM Fund Australia Small Cap Income	SRG.AX	SRG Global	Industrials	Construction & Engineering	Bull	ASX	construction, dividend, engineering, Facades, infrastructure, recurring revenue, renewable energy, Resources, Value	Login
Jun 30, 2024	Fund Letters	TAMIM Fund Australia Small Cap Income	MCP.AX	Mcpherson's Ltd	Consumer Staples	Personal Products	Bull	ASX	Beauty, brand portfolio, Consumer products, dividend, Health, M&A Target, margin expansion, turnaround, Value, Wellness	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

May 5, 2026

Fund Letters

TAMIM Fund Australia Small Cap Income

MVF.AX

Monash IVF

Diagnostics & Research

Health Care Services

Bull

Australian Securities Exchange

Australia, dividend, Fertility Services, healthcare, M&A, takeover target, turnaround, Value

May 5, 2026

Fund Letters

TAMIM Fund Australia Small Cap Income

HUM.AX

Humm Group

Credit Services

Consumer Finance

Bull

Australian Securities Exchange

activist campaign, Australia, BNPL, consumer finance, Corporate Governance, Event-driven, M&A, takeover target

Jan 28, 2026

Fund Letters

Ron Shamgar

CAF AU

Centrepoint Alliance Limited

Financials

Investment Banking & Brokerage

Bull

New York Stock Exchange

Advisers, operating leverage, platform, Regulation, wealth management

Jan 28, 2026

Fund Letters

Ron Shamgar

CCG AU

Comms Group Limited

Communication Services

Telecommunications Services

Bull

New York Stock Exchange

Acquisitions, balance sheet, Integration, Refinancing, Telecom

Jan 28, 2026

Fund Letters

Ron Shamgar

CCL AU

Cuscal Limited

Financials

Transaction & Payment Processing Services

Bull

New York Stock Exchange

Eps accretion, Fintech, infrastructure, Payments, synergies

Jan 28, 2026

Fund Letters

Ron Shamgar

EDU AU

EDU Holdings Limited

Consumer Discretionary

Education Services

Bull

New York Stock Exchange

buybacks, Education, Enrolments, operating leverage, turnaround

Jan 28, 2026

Fund Letters

Ron Shamgar

HUM AU

Humm Group Ltd

Financials

Consumer Finance

Bull

New York Stock Exchange

Activism, consumer finance, Governance, Special situations, takeover

Jan 28, 2026

Fund Letters

Ron Shamgar

PGC AU

Paragon Care Limited

Health Care

Health Care Distributors

Bull

New York Stock Exchange

Acquisitions, Asia expansion, Earnings Accretion, healthcare, Medical devices

Jan 28, 2026

Fund Letters

Ron Shamgar

SYL AU

Symal Group Limited

Industrials

Construction & Engineering

Bull

New York Stock Exchange

Acquisitions, balance sheet, construction, EBITDA growth, infrastructure

Aug 28, 2025

Fund Letters

Ron Shamgar

AHC AU

Austco Healthcare Limited

Health Care

Health Care Technology

Bull

New York Stock Exchange

Acquisitions, cashflow, Communications, guidance, healthcare, Margins, Orderbook, Software

Aug 28, 2025

Fund Letters

Ron Shamgar

EGG AU

Enero Group Limited

Communication Services

Advertising

Bull

New York Stock Exchange

advertising, Agencies, buybacks, divestment, Netcash, restructuring, Takeovers, valuation

Aug 28, 2025

Fund Letters

Ron Shamgar

HUM AU

Humm Group Limited

Financials

Consumer Finance

Bull

New York Stock Exchange

Catalyst, Consumerfinance, Control, Duediligence, Eventdriven, premium, takeover

Jul 31, 2025

Fund Letters

TAMIM Fund Australia Small Cap Income

JLG.AX

Johns Lyng Group

Industrials

Construction & Engineering

Bull

ASX

Australia, Building Restoration, Construction services, cyclical business, founder-led, Insurance Restoration, Private Equity Takeover, value investing

Jul 31, 2025

Fund Letters

TAMIM Fund Australia Small Cap Income

HUM.AX

Humm Group Limited

Financials

Consumer Finance

Bull

ASX

Australia, buy now pay later, consumer finance, Controlling Shareholder, financial services, Scheme Implementation, Takeover Arbitrage

Jul 31, 2025

Fund Letters

TAMIM Fund Australia Small Cap Income

AHC.AX

Austco Healthcare Limited

Health Care

Health Care Technology

Bull

ASX

acquisition integration, Australia, EBITDA growth, Healthcare Technology, medical equipment, Nurse Call Systems, order book, small-cap

Jul 31, 2025

Fund Letters

TAMIM Fund Australia Small Cap Income

EGG.AX

Enero Group Limited

Communication Services

Advertising

Bull

ASX

Advertising Agency, Asset Divestiture, Australia, capital management, Communications, Marketing Services, net cash, takeover target

Jun 30, 2024

Fund Letters

TAMIM Fund Australia Small Cap Income

CAF.AX

Centrepoint Alliance

Financials

Capital Markets

Bull

ASX

consolidation, dividend, Financial Advice, financial services, Licensee, M&A Target, technology, Value

Jun 30, 2024

Fund Letters

TAMIM Fund Australia Small Cap Income

SRG.AX

SRG Global

Industrials

Construction & Engineering

Bull

ASX

construction, dividend, engineering, Facades, infrastructure, recurring revenue, renewable energy, Resources, Value

Jun 30, 2024

Fund Letters

TAMIM Fund Australia Small Cap Income

MCP.AX

Mcpherson's Ltd

Consumer Staples

Personal Products

Bull

ASX

Beauty, brand portfolio, Consumer products, dividend, Health, M&A Target, margin expansion, turnaround, Value, Wellness

TICKER	COMMENTARY
MVF.AX	Monash IVF (ASX: MVF) is the second largest premium fertility provider in Australia with circa 20% market share. Recent highly publicized lab incidents damaged brand trust, causing modest revenue decline (~1.8%) in recent 1H26 result but a larger EBITDA hit due to elevated costs and legal expenses. Performance is regionally mixed, Victoria and NSW hit hardest, while Asia and some Australian states remain resilient. Management prioritises stabilising new patient registrations, improving conversion times, and extracting 5% EBITDA margin improvement through procurement, labor and operational efficiencies. Strategy focuses on doctor engagement via aligned incentives, balance-sheet readiness for regulatory-driven consolidation/M&A, and disciplined organic growth while finalizing incident settlements and filling key finance leadership roles. We initiated a position in the company at circa 64 cents as the company is trading at historically low valuation of 12x PE and 5x EV/Ebitda. The company is also paying a small dividend of 3% yield. Genesis Private Equity and Soul Patts have previously bid 80c cash but were denied due diligence access. With 19% holding and a history of improving bids (Pacific Smiles PSQ.ASX takeover) - we believe an improved takeover is only a matter of time.
HUM.AX	Humm Group (ASX: HUM) has seen continued newsflow in relation to its takeover proposal from Credit Corp (CCp) and the activist campaign to remove the current board and controlling shareholder and founder. During the month the Takeover Panel ruled against the incumbent board handling of the CCP proposal and has enforced the company to engage and allow Due Diligence. In addition, the court found the founders purchase of additional 3% of the company was not acceptable and an undertaking to dispose of those shares has been ordered. The EGM vote is now scheduled for May 1 and we expect a favorable outcome with the current board removed and further engagement from CCP. We see the end game as a takeover by CCP around 80 cents, although it won't be without further distraction from the founder and their 26% shareholding.

TICKER

COMMENTARY

MVF.AX

Monash IVF (ASX: MVF) is the second largest premium fertility provider in Australia with circa 20% market share. Recent highly publicized lab incidents damaged brand trust, causing modest revenue decline (~1.8%) in recent 1H26 result but a larger EBITDA hit due to elevated costs and legal expenses. Performance is regionally mixed, Victoria and NSW hit hardest, while Asia and some Australian states remain resilient. Management prioritises stabilising new patient registrations, improving conversion times, and extracting 5% EBITDA margin improvement through procurement, labor and operational efficiencies. Strategy focuses on doctor engagement via aligned incentives, balance-sheet readiness for regulatory-driven consolidation/M&A, and disciplined organic growth while finalizing incident settlements and filling key finance leadership roles. We initiated a position in the company at circa 64 cents as the company is trading at historically low valuation of 12x PE and 5x EV/Ebitda. The company is also paying a small dividend of 3% yield. Genesis Private Equity and Soul Patts have previously bid 80c cash but were denied due diligence access. With 19% holding and a history of improving bids (Pacific Smiles PSQ.ASX takeover) - we believe an improved takeover is only a matter of time.

HUM.AX

Humm Group (ASX: HUM) has seen continued newsflow in relation to its takeover proposal from Credit Corp (CCp) and the activist campaign to remove the current board and controlling shareholder and founder. During the month the Takeover Panel ruled against the incumbent board handling of the CCP proposal and has enforced the company to engage and allow Due Diligence. In addition, the court found the founders purchase of additional 3% of the company was not acceptable and an undertaking to dispose of those shares has been ordered. The EGM vote is now scheduled for May 1 and we expect a favorable outcome with the current board removed and further engagement from CCP. We see the end game as a takeover by CCP around 80 cents, although it won't be without further distraction from the founder and their 26% shareholding.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Oil

Small Caps

Volatility

AI

Quality

Small Caps

Financials

Small Caps

AI

Rates

Small Caps

Small Caps

Value

Dividends

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Ron Shamgar Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On:

Subscribe to receive email notification and updates for:

TAMIM Fund Australia Small Cap Income