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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Sandon Capital's concentrated Australian small-cap activist fund returned -6.1% in June, underperforming benchmarks as QPM Energy entered administration and will be written to zero. Southern Cross Media downgraded guidance while Fleetwood restructures operations."
Sandon Capital Activist Fund returned -6.1% in June 2026, underperforming the S&P/ASX 200 Accumulation Index (+0.7%) and bringing annualized returns since inception to 8.5%. The fund operates at 100% net exposure with 0% cash across 23 long positions and 2 short positions, maintaining a concentrated activist strategy in Australian small-cap equities. Positive contributions from BCI Minerals (+1.3%) and Magellan Financial Group (+1.2%) were offset by QPM Energy (-2.3%), COG Financial Services (-2.0%), Southern Cross Media (-1.9%), and Karoon Energy (-1.8%). After month end, QPM entered administration, prompting an expected full write-down of the 3.2% position. Magellan completed its merger with Barrenjoey Capital Partners following ACCC approval. Southern Cross Media downgraded FY26 revenue and EBITDA guidance but announced an expanded cost reduction program. Fleetwood is streamlining operations by exiting RV Solutions and closing its Smithfield facility, with the manager supporting these decisions as positioning the company for improved profitability. The fund's top five positions are COG Financial Services (22%), Fleetwood (16%), BCI Minerals (12%), Magellan (10%), and Southern Cross Media (9%).
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