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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling founders and rotate commodity profits into high-conviction software compounders."
Ganes Focused Value Fund experienced a weak December 2025 quarter, declining 6.7% (compared to a 0.9% fall for the ASX 300) and bringing 1-year returns to 4.7%. Performance was dragged down by significant corrections in top holdings Lovisa (-21%), Eagers Automotive (-16%), and ARB Corporation (-18%). Despite the quarterly drop, Eagers Automotive was the top calendar-year contributor, almost doubling in price. Ganes capitalized on Eagers' volatility by participating in its $500m capital raising while trimming some shares at peak levels to fund the outlay. Ganes also exited its position in New Hope Coal, rotating the proceeds into software firm Bravura Solutions, which became a new top 10 position. In other portfolio news, PWR Holdings announced a CEO transition to CFO Sharyn Williams, and AUB Group saw a $45.00/share private equity bid terminated. The manager reiterates a steadfast commitment to the long-term compounding philosophy, specifically emphasizing the wisdom of 'the founders that never sold' and maintaining high conviction in the fund's asset base.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
Growth Outlook
Market outlook remains moderate conviction: Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
Risk Appetite
Risk appetite posture is above average conviction: Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
Forward Guidance
Forward guidance signal: Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
Language Signal
Tone analysis indicates above average conviction language: Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
Time Horizon
Investment time horizon reflects a high conviction orientation. Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling found...
