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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 12, 2024 | Lexington Wealth Management | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, KKR, LLOY.L, MIN.AX, MSCI, NEE, NEM, NEX.PA, NST.AX, QUB.AX, SPEC.L, TECK, VK.PA, WYNN | Banking, commodities, Copper, cyclicals, Europe, gold, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg mine accident significantly reduced output and shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2025 Q2 | Jun 30, 2025 | City Different Investments – Multi-Cap Core | 12.3% | 8.1% | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, MSCI, NEE, NEM, NEX.PA, NST.AX, QUB.AX, SXS.L, TECK, WYNN | Banking, Casinos, commodities, Copper, global, gold, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Grasberg mine accident significantly reduced output and shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2024 Q1 | Apr 8, 2024 | TEAM Asset Management | - | - | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, FDV.AX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | banks, Copper, defense, Europe, global, infrastructure, tariffs, valuation | Tariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending. | 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 | |
| 2023 Q1 | Apr 12, 2023 | Sandhill Investment Management | - | 9.4% | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, QUB.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | banks, Buybacks, Copper, defense, Europe, infrastructure, tariffs, valuation | Tariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending. | View | |
| 2025 Q1 | Mar 31, 2025 | L1 Capital Long Short Fund | 1.3% | 1.3% | BSL.AX, FLTR.L, FRA.DE, IMD.AX, JD.L, JHX.AX, LLOY.L, MIN.AX, RMV.L, VEA.AX | Australia, Europe, gold, infrastructure, Long/Short, Trade Policy, value, volatility | Gold sector rallied during the quarter as gold prices moved up ~19% amidst market and economic instability. The fund sees a favourable outlook for gold in the medium term supported by central bank buying and elevated macro and geopolitical risks. Gold equities continue to trade at exceptionally low valuations despite gold price increases. | View | |
| 2025 Q1 | Mar 31, 2025 | PM Capital Enhanced Yield Fund | 1.1% | 1.1% | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, GMEXICOB.MX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | Coal, Copper, European Banks, Global Equities, infrastructure, tariffs, Valuations | President Trump's tariff policies created uncertainty and market correction, with direct impacts on European holdings and second-order effects on consumer discretionary companies. Tariffs ranging from 10% to almost 50% across all US trading partners were announced in early April. | View | |
| 2024 Q4 | Dec 31, 2024 | Auscap Asset Management | - | 6.9% | ANZ.AX, APE.AX, ARB.AX, AUB.AX, BHP.AX, BRG.AX, CAR.AX, CBA.AX, CQR.AX, CSL.AX, HMC.AX, JHX.AX, MIN.AX, MQG.AX, NAB.AX, NCK.AX, NHF.AX, QUB.AX, REA.AX, WBC.AX | Australia, banks, private markets, risk, value, volatility | Auscap discusses the significant increase in private credit funds and warns about their short operating history and limited experience with defaults. They note these funds have operated during relative calm with consistently rising property prices. | View | |
| 2023 Q4 | Dec 31, 2023 | Devon Alpha Fund | 6.1% | - | AIA.NZ, AUB.AX, CEN.NZ, CSL.AX, GMG.AX, GPT.AX, JHX.AX, LNW, MIN.AX, PCT.NZ, RHC.AX, SEK.AX, SFR.AX, SGP.AX, SUN.AX, THL.NZ, VGL.NZ | Australia, dividends, Mining, New Zealand, real estate, technology, Tourism | Real estate holdings provided strong contributions across multiple funds, with Goodman Group, GPT Group, Stockland, and Precinct Properties all posting significant gains. Falling bond yields provided valuation support for the real estate sector rally. | View | |
| 2024 Q3 | Oct 9, 2024 | TEAM Asset Management | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS.AX, EDV.AX, EGLE, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | Banking, commodities, Copper, cyclicals, Europe, gold, Macau, value | Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper fundamentals. | View | |
| 2025 Q3 | Oct 6, 2025 | Brummer Multi-Strategy Fund | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZN.AX, CABK.MC, CIP.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, NEM, NST.AX, QUB.AX, SXS.L, TECK, WYNN | Banking, commodities, Copper, cyclicals, Europe, gold, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2025 Q3 | Oct 20, 2025 | L1 Capital Long Short Fund | 13.3% | - | CNU.AX, CRH, FRA.DE, HBM.TO, IMD.AX, LSF.AX, MIN.AX, NXE.TO, STO.AX, WGX.AX | AI, Australia, Copper, gold, Long/Short, Mining, uranium, value | Nuclear energy is experiencing a resurgence driven by AI data center power demands and policy support from governments and hyperscalers. Uranium markets face structural deficits as production has lagged consumption for decades while new nuclear capacity targets require 3-4x increases. Supply is concentrated in geopolitically sensitive regions with limited Western alternatives. | WTG AU MIN HBM NXE CN WTG AU MIN HBM NXE CN |
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| 2025 Q3 | Oct 20, 2025 | PM Capital Enhanced Yield Fund | 1.3% | - | 1928.HK, 2282.HK, AIR.PA, AZJ.AX, CABK.MC, CNI.AX, COL.AX, CS.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, NEM, NST.AX, QUB.AX, TECK, WYNN | AI, Banking, commodities, Copper, global, gold, Onshoring, value | Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year including challenges at other major mines. | View | |
| 2023 Q3 | Oct 20, 2023 | Auscap Asset Management | 0.0% | 0.0% | CAR.AX, MIN.AX, RWC.AX | Australia, growth, infrastructure, Lithium, Manufacturing, Mining, technology | MIN's lithium business represents the most attractive part of their investment proposition given strong global momentum behind electric vehicle transition. Wodgina mine is ramping production with fresh ore available from December leading to step-change in production, while processing improvements should enable 1,000,000t/year potential production across three trains. | View | |
| 2023 Q3 | Oct 1, 2023 | Lexington Wealth Management | - | - | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, NEE, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | Copper, European Banks, global, infrastructure, tariffs, valuation | Tariffs have become the primary market driver, creating uncertainty across global markets. The fund analyzes both direct impacts on holdings and second-order effects including consumer sentiment, inflation, and corporate capital expenditure decisions. | View | |
| 2025 Q4 | Jan 6, 2026 | Airlie Australian Share Fund | 0.0% | 0.0% | ALL.AX, APZ.AX, CBA.AX, CSL.AX, GMG.AX, IEL.AX, MIN.AX, RMD, SIG.AX, SVW.AX, WBC.AX | Australia, Banking, Concentration, Quality, underperformance, value | Airlie defines their investment style as focusing on undervalued quality businesses that generate high returns on capital with opportunities to grow at attractive rates on incremental capital. They believe the market regularly misprices quality businesses, creating opportunities to buy at discounted valuations. The fund seeks instances where quality businesses are trading at attractive prices relative to their intrinsic value. They believe purchasing companies at material discounts to intrinsic value drives investment returns through both earnings growth and multiple expansion over the long term. | View | |
| 2025 Q4 | Jan 6, 2026 | Airlie Small Companies Fund | - | - | ALL.AX, APZ.AX, CBA.AX, CSL.AX, GMG.AX, IEL.AX, MIN.AX, RMD, SIG.AX, SVW.AX, WBC.AX | Australia, Banking, Concentration, Quality, underperformance, value | Airlie defines their investment style as focusing on undervalued quality businesses that generate high returns on capital with opportunities to grow at attractive rates on incremental capital. They believe the market regularly misprices quality businesses, creating opportunities to buy quality companies at discounted valuations where investment returns are driven by both compounding earnings growth and multiple expansion. The fund looks for instances where quality businesses are trading at attractive prices and believes they purchased their companies at material discounts to intrinsic value. They focus on buying and holding quality companies at discounted valuations, with the beauty being that investment returns can be driven by both compounding earnings growth and multiple expansion over the long term. | View | |
| 2025 Q4 | Jan 15, 2026 | L1 Capital Long Short Fund | 14.1% | 46.8% | ALL.AX, AZJ.AX, BSL.AX, CRH, CTD.AX, FLT.AX, FTT.AX, JHX.AX, LLOY.L, LNW.AX, LSF.AX, MIN.AX, STLD, WGX.AX | Australia, gold, infrastructure, Long/Short, Steel, Travel, value | Gold price continued to rally, up 12% for the quarter and 65% for 2025, driven by large U.S. federal fiscal deficits, dollar devaluation, emerging market central bank accumulation, and global interest rate cutting cycle. Westgold Resources performed strongly with the company releasing a positive 3-year outlook demonstrating transformation into material scale producer. BlueScope Steel received multiple takeover proposals from Steel Dynamics, validating the strategic value of North American steel assets. Trump administration increased steel tariffs to 50% with no exemptions, materially improving profitability and resilience of U.S. steel producers. Steel market has become highly consolidated with competitive tension for independent assets. Aurizon benefited from proposed 10-year extension to regulatory arrangements for Queensland rail network access, enhancing long-term earnings certainty. Above-rail performance supported by robust coal volumes and BHP copper railings. Infrastructure remains a key portfolio exposure with positive outlook on U.S. economic growth and AI capital expenditure spending. Flight Centre shares rallied 30% on earnings-accretive acquisition of Iglu cruise agency and benefited from competitor issues. Travel sentiment and outbound travel from Australia to Europe and United States continues to improve, providing tailwinds to performance. Uranium continues to be a key portfolio exposure alongside infrastructure, gold, and U.S. cyclicals. The manager believes uranium provides some of the best opportunities globally as part of their quality value investment approach. Following significant outperformance of high P/E stocks over the past decade, the manager is finding more attractive opportunities in Value stocks. They believe low P/E stocks are well positioned to strongly outperform high P/E stocks over the coming 1-2 years, with portfolio having stronger than usual Value skew. Continued acceleration in AI-related capital expenditure attracted increased investor attention during the quarter. Estimated cumulative hyperscaler capex between 2025-2028 is substantial, expected to be double their available cash flows, necessitating increased debt funding. This heightened focus contributed to de-rating of speculative AI-exposed stocks. Mineral Resources benefited from lithium spodumene prices moving 92% higher during the quarter, recovering sharply due to upgraded demand outlook from stationary storage batteries and ongoing supply uncertainty from major Chinese operations. Company announced sale of 30% interest in lithium assets to POSCO for A$1.2b at 45% premium to consensus NAV. | FLT AU LLOY LN JHX AU LNW AU FTT CN AZJ AU MIN AU WGX AU BSL AU |
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| 2024 Q3 | Sep 30, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | BKR, CBA.AX, CNU.TO, CRH, CVE.TO, FLTR.L, FRA.DE, HAL, MEG.TO, MIN.AX, NWG.L, NXE.TO, OXY, QAN.AX, REA.AX, RMV.L, TSCO.L, WOR.AX, WOW.AX, XOM | Australia, Banking, energy, gold, Long/Short, Travel, United Kingdom, value | The fund continues to focus on quality, lower P/E stocks with strong cash flow generation and solid earnings growth outlooks. They see extreme crowding and overvaluation in domestic banks and several ASX20 stocks, while many cyclical stocks trade at both depressed P/E multiples and depressed earnings bases, providing opportunity for large, medium-term upside for patient investors. | View | |
| 2024 Q2 | Jul 18, 2022 | Auscap Asset Management | 0.0% | 0.0% | AAPL, AMZN, ANZ.AX, BHP.AX, CBA.AX, COL.AX, CSL.AX, FMG.AX, GOOGL, META, MIN.AX, MSFT, NAB.AX, NVDA, RIO.AX, RMD, STO.AX, WBC.AX, WDS.AX, WOW.AX | active management, Australia, banks, China, Iron Ore, mid cap, Passive investing, Sleep Apnea | China's steel consumption peaked in 2020 and is expected to decline to levels similar to other developed countries. With China accounting for 53.9% of world steel production and 50.8% of consumption, declining demand combined with new supply from Mineral Resources (50mtpa) and Simandou deposits (120mtpa) suggests a recipe for lower iron ore prices and declining earnings for the majors. | RMD |
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| 2024 Q2 | Jul 15, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | 000660.KS, AAPL, AGL.AX, AMZN, CBA.AX, CRH, CVE.TO, GOOGL, HBM, MEG.TO, META, MIN.AX, MSFT, NEM, NVDA, NXE.TO, QAN.AX, TESCO.L, TSLA, TSM | AI, Australia, Banking, Copper, energy, gold, Long/Short, value | The fund is positioned in AI supply chain companies including Taiwan Semiconductor and SK Hynix. Meetings indicate companies are in early stages of AI investment with capital expenditure on AI computing hardware expected to increase from 5% to 14.5% of IT budgets over three years. The fund sees continued strong growth for key AI positions. | View | |
| 2023 Q4 | May 2, 2024 | Massif Capital | 2.4% | 12.0% | AKE.AX, ALB, GM, LAAC, LAC, LIT, LTHM, LTR.AX, MIN.AX, PLL, PLS.AX, SGML, SQM | Electric Vehicles, Energy Transition, Geopolitical, Lithium, Mining, Shorts | Manager maintains concentrated positions in Lithium Argentina and Lithium America despite 75-80% spot price decline in 2023. Views current market as creating compelling value opportunities with supply-demand fundamentals supporting medium-term outlook. Expects Chinese lepidolite production challenges and African logistics issues to constrain supply growth. | KLAC LAAC |
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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. | ||||||||