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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, Ganes Focused Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Ganes Focused Value Fund returned 6.1% in Q2 2026, outperforming the market's 4.1%, but lagged over the full year. The concentrated portfolio of founder-led Australian businesses delivered mixed results with Dicker Data rising 45% on data centre and AI demand while ARB Corporation fell 40% on its first profit downgrade in 25 years."
The Ganes Focused Value Fund delivered a 6.1% return for the June 2026 quarter, outperforming the ASX300 benchmark which rose 4.1%. However, the fund underperformed over the full year with a 0.7% return versus the market's 6.2%. Since inception in 2002, the fund has generated 10.4% per annum, outperforming the benchmark by 1.3% annually after all fees. The financial year was uneven, with strong performance in the first and June quarters offset by declines in December and March. Key contributors included Dicker Data, which rose 45% on strong data centre and AI-related demand, AUB Group, and Redox which gained 85% for the year. Major detractors were ARB Corporation, down over 40% following its first profit downgrade in 25 years due to currency pressures and changing 4WD market dynamics, and Cochlear which fell 28% in the quarter. The fund maintains a concentrated portfolio of 10 core holdings with 7% cash and continues to focus on founder-led businesses with strong competitive positions despite near-term headwinds in select holdings.
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