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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 16, 2026 | LHC Capital | -23.8% | -23.8% | 360.AX, HUB.AX, PME.AX, REA.AX, WTC.AX | AI, Australia, conviction, software, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | Auscap Asset Management | 0.0% | 0.0% | APE.AX, ARB.AX, BRG.AX, CAR.AX, CQR.AX, HDN.AX, HMC.AX, HUB.AX, JHX.AX, MIN.AX, MQG.AX, NCK.AX, NHF.AX, PLS.AX, PSI.AX, PWH.AX, REA.AX, REH.AX, RMD.AX, SHL.AX | Australia, Economy, Housing, inflation, rates, RBA | Australian inflation remains at 3.4%, above the RBA's 2-3% target band, with services inflation particularly problematic at 4.2% and rising. Housing inflation at 4.6% is driven by tight rental markets and record population growth, while wage growth continues without signs of abating. | View | |
| 2024 Q3 | Oct 23, 2024 | Auscap Asset Management | 0.0% | 0.0% | APE.AX, ARB.AX, BRG.AX, CAR.AX, CQR.AX, CSL.AX, HDN.AX, HMC.AX, HUB.AX, JHX.AX, MQG.AX, MRL.AX, NCK.AX, NHF.AX, NWL.AX, PWH.AX, QUB.AX, REA.AX, REH.AX, RMD.AX, SIG.AX | Australia, Building Materials, Expansion, growth, infrastructure, Logistics, Manufacturing, retail | James Hardie dominates fibre cement with 90% US market share, consistently taking share from vinyl, brick and wood due to superior aesthetics and resistance properties. The company has demonstrated strong earnings growth at high returns on capital with structural growth opportunities ahead. | QUB.AX PWH.AX NCK.AX JHX.AX |
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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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| 2025 Q4 | Jan 14, 2026 | Brown Capital Management International All Company Fund | -6.5% | 0.0% | ASML, FLTR.L, HUB.AX, REA.AX, SHOP.TO, XRO.AX | AI, EGCs, growth, international, long-term, Quality, technology, underperformance | About one-quarter of underperformance came from market distinctions between AI winners and losers. Companies viewed as AI enablers like ASML and Camtek benefited, while businesses perceived to have AI disruption risk like online classifieds and software companies experienced valuation pressure. The firm assessed AI impact using four factors: data defensibility, workflow stickiness, substitution risk, and adaptation ability. Shopify was highlighted as a leading global commerce platform serving as the operating system for modern commerce. The company showed accelerating growth with 32% revenue growth and strong international expansion. Online pharmacy Apotea was added as a new position, benefiting from the structural shift toward online channels in Sweden's pharmacy market. REA Group operates Australia's leading online property marketplace with substantial scale advantages and network effects. The company was impacted by AI-related sentiment despite solid fundamentals and operational execution. The firm remains confident in marketplace platforms that sit at the center of high-value transactions with trusted, market-leading positions. The firm focuses on Exceptional Growth Companies (EGCs) with mission-critical products, durable competitive advantages, and ability to compound value over decades. 2025 was difficult for quality growth attributes as capital flowed toward more cyclical, capital-intensive businesses. The portfolio comprises growing, profitable companies providing mission-critical products that are difficult to replace. Temenos provides core banking software with cloud-native platforms managing banks' critical systems. The company showed strong operating performance despite leadership transition, with accelerating subscription revenue and expanding margins. Xero offers cloud-based accounting software with high-recurring subscription model and broad ecosystem integrations. | TECN SW AUTO NO TEMN SW HUB AU XRO AU SHOP FLTR LN REA AU |
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| 2023 Q4 | Jan 23, 2024 | Auscap Asset Management | 0.0% | 0.0% | APE.AX, ARB.AX, BRG.AX, CAR.AX, HDN.AX, HMC.AX, HUB.AX, JBH.AX, LOV.AX, MIN.AX, MQG.AX, NCK.AX, NHF.AX, PLS.AX, PSI.AX, REA.AX, REH.AX, RMD.AX, RWC.AX, SHL.AX | Australia, earnings, Long/Short, mid cap, Quality, value | The manager emphasizes that earnings are the ultimate driver of long-term stock price performance. They focus on finding businesses that can sustainably grow their earnings per share over time, as this is what determines total return for investors. The fund targets companies with growing earnings rather than those with flat earnings like the major Australian banks. | View |
| 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. | ||||||||