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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Auscap's High Conviction and Ex-20 funds significantly outperformed their respective benchmarks in November 2025, with High Conviction down only 0.3% (vs -2.5% for index) and Ex-20 up 0.5% (vs -0.7% for index)."
In November 2025, the Auscap High Conviction Australian Equities Fund returned negative 0.3% net of fees, outperforming the All Ordinaries Accumulation Index which returned negative 2.5%. Materials, industrials, and healthcare sectors were the primary positive contributors, while consumer discretionary, financials, and communication services detracted. Over the same period, the Auscap Ex-20 Australian Equities Fund returned 0.5% net of fees, outperforming its benchmark, the S&P/ASX 300 Ex S&P/ASX 20 Index, which fell 0.7%. Both funds remained highly invested with 97% equity exposure and 3% cash.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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