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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Auscap Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.
"Auscap delivered 7.8% in June despite YTD headwinds from consumer discretionary volatility. On-the-ground UK research increased conviction in Nick Scali (32% like-for-like growth, 60+ store potential) and Lovisa (benefiting from Claire's 590-store closure)."
Auscap's core thesis centers on time horizon arbitrage—buying high-quality, growing businesses at attractive through-the-cycle valuations when short-term concerns create market dislocations. The fund returned 7.8% in June 2026 versus 0.4% for the All Ordinaries, though YTD performance remains negative at -9.4% due to consumer discretionary volatility driven by AI employment concerns, Middle East tensions, and budget impacts on consumer confidence. The manager conducted extensive on-the-ground research in the UK, visiting Nick Scali and Lovisa retail operations. Nick Scali's UK expansion shows early traction with 32% like-for-like sales growth in rebranded stores, with potential to expand from 19 to 60+ locations. Lovisa benefits from competitor Claire's bankruptcy, which closed 590 stores across the US and UK, creating market share opportunity in fast-fashion jewelry across under-penetrated North American and European markets. The manager emphasizes that management teams control business outcomes more than macro factors, maintaining conviction in portfolio holdings. With 42 positions and 98% equity exposure, the fund focuses on companies with international growth runways and strong unit economics.
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