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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Australian small-cap fund down 3.4% in July on AI unwind and Middle East tensions, with strong performance from financial software and energy holdings offset by building materials weakness. Domestic economy softening and housing under pressure, but inflation easing strengthens case against further rate hikes."
The 1851 Emerging Companies Fund declined 3.4% in July 2026, broadly in line with the Small Ordinaries Index (-3.2%), as markets faced pressure from a global AI trade unwind and Middle East tensions. Key contributors included Bravura Solutions (+26%) on strong earnings guidance, IRESS (+10%) rallying with global software stocks, Viva Energy (+38%) on robust refining margins, and Coast Entertainment (+16%) on development approval news. The main detractor was Wagners (-15%) despite solid infrastructure indicators. The domestic economy continues to soften with weak trading updates across sectors, while the housing market faces pressure from higher rates and tax changes, with prices falling over 10% annualized. However, softer inflation readings strengthen the case against further rate hikes. With Small Industrials down over 20% since October 2025, the manager sees valuations at their most attractive levels in several years despite expecting near-term volatility and downbeat reporting season newsflow. The fund maintains 13% cash.
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