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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Mar 31, 2025 | Forager Australian Shares Fund | -0.9% | -0.9% | 2121.T, BBT.AX, BTH.AX, CAT.AX, DBI.AX, EML.AX, EQT.AX, EXP.AX, HPG.AX, MTO.AX, NAN.AX, NZX.AX, PBH.AX, PPS.AX, SMP.AX, TAH.AX, TYR.AX | Australia, healthcare, payments, Recurring Revenue, small caps, software, sports betting, takeovers | The fund holds significant positions in payment companies including Tyro, which is bidding for Smartpay to consolidate its terminal market position. The payments sector offers synergy opportunities and scale benefits, with Tyro positioned to benefit from cost savings and operational efficiencies through acquisitions. | CAT NAN NUTX |
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| 2025 Q4 | Jan 23, 2026 | LHC Capital | 0.0% | 3.1% | DBI.AX, HUB.AX, LIFE.AX, MAF.AX, NWL.AX, PME.AX, REA.AX, WTC.AX | AI, Australia, Concentration, Financial Services, Long/Short, Quality, technology, Wealth management | The fund discusses concerns around agentic artificial intelligence including circular financing structures, uncertainty regarding returns on increasing capital expenditure budgets, and fears that AI may commoditize large segments of software-as-a-service businesses. However, they believe AI will enhance rather than replace diagnostic imaging viewers, positioning Pro Medicus favorably as AI adoption accelerates across medical imaging. The fund highlights the structural growth in wealth advisory despite declining numbers of financial advisers. Next generation wealth platform providers like HUB24 and Netwealth are capturing over 90% of incremental industry flows by offering modern platforms that enhance adviser efficiency and scalability, while incumbent providers have underinvested in systems. MA Financial is viewed as an alternative asset manager experiencing strong momentum across its platform, particularly in Asset Management which drives long-term shareholder value. The company has invested ahead of the curve to build scalable operating platforms, with operating leverage becoming evident as revenues scale over a largely fixed cost base. | DBI AU PME AU HUB AU MAF AU |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||