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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Airlie Australian Share Fund | 1.4% | - | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | Australia, banks, equities, gold, real estate, value, volatility | Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year-to-date. Historical correlation with US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks accelerating reserve diversification away from USD. | View | |
| 2024 Q3 | Sep 30, 2024 | Devon Alpha Fund | 7.2% | - | AIA.NZ, BHP, CEN.NZ, CSL.AX, FBU.NZ, GMG.AX, GNE.NZ, IFT.AX, MCY.NZ, MEL.NZ, MQG.AX, ORA.AX, POT.NZ, RIO, SEK.AX, SFR.AX, SKC.NZ, SPK.NZ | Australia, China, Data centers, dividends, Mining, New Zealand, rates | Mining sector recovered strongly during September with Chinese authorities announcing fiscal and monetary policy measures to support the economy. BHP rallied 15.5%, Rio Tinto gained 15.8%, and Sandfire Resources jumped 25.6% on strong free-cashflow generation expectations and copper price rally. | View | |
| 2024 Q2 | Jul 11, 2024 | Highwood Value Partners | - | - | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | Australia, banks, gold, value, volatility | Gold outperformed the S&P 500 by 30% year-to-date, with the price rising 16% in the quarter. The historical correlation between gold and US real yields has broken down, coinciding with the Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks are accelerating reserve diversification away from the US dollar. | SOL.AX |
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| 2025 Q2 | Jun 30, 2025 | Auscap Asset Management | - | 12.5% | 360.AX, ALQ.AX, AMC.AX, APE.AX, ARB.AX, AUB.AX, BRG.AX, BXB.AX, CAR.AX, CQR.AX, CSL.AX, GMD.AX, HDN.AX, MQG.AX, NCK.AX, NHF.AX, NST.AX, ORG.AX, QUB.AX, REA.AX, REH.AX, RMD.AX, RWC.AX, SHL.AX, SIG.AX, WTC.AX | Australia, equities, Performance, portfolio | View | ||
| 2025 Q2 | Jun 30, 2025 | Devon Alpha Fund | 6.0% | - | BHP.AX, CAR.AX, CSL.AX, CWY.AX, GMG.AX, JHX.AX, MFT.NZ, MQG.AX, MTS.AX, NEM, NPH.NZ, ORI.AX, POT.NZ, SCL.NZ, SKT.NZ, SPK.NZ, VUL.NZ, WES.AX, WOW.AX | Australia, dividends, equities, infrastructure, New Zealand, technology | Goodman Group continues to execute on their 5GW global data centre pipeline with expectations to commence development of new powered shells and fully fitted projects by June 2026, reflecting approximately 0.5 GW of power with an estimated end value exceeding $10 billion. | View | |
| 2025 Q2 | Jun 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 9.9% | 5.9% | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | active management, Australia, banks, gold, Valuations, volatility | Gold price outperformed S&P 500 by 30% year-to-date, only happening twice before in history during major market stress periods. Historical correlation between gold price and US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds as central banks accelerate reserve diversification away from USD. | SOL.AX |
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| 2024 Q2 | Jun 30, 2024 | Devon Alpha Fund | -3.7% | - | AUB.AX, CEN.NZ, CHI.NZ, HSO.AX, IFT.NZ, JHX.AX, LNW, MCY.NZ, MET.NZ, MEZ.NZ, MQG.AX, NAB.AX, OML.AX, RIO.AX, RMD, SKC.NZ, SKI.AX, SUN.AX, TLS.AX, VGH.NZ, WEB.AX, WOW.AX | AI, Australia, Banking, dividends, infrastructure, insurance, New Zealand, technology | AI has been a dominant theme this year and has arguably driven the Fed to the back seat of investor considerations. US equity markets continued their bull run led by technology sector and AI-related names, with Nvidia surpassing US$3 trillion in market cap. Infratil performed well after raising capital to support investment in data centre operator CDC, with shift to cloud computing and artificial intelligence as key drivers to demand. | View | |
| 2023 Q2 | Jun 30, 2023 | PM Capital Global Companies Fund | 5.1% | - | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | active management, Australian Equities, banks, Concentrated Portfolio, gold, Valuations, volatility | Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year to date. Historical correlation with US real yields has broken down since Russia-Ukraine war. Central banks accelerating reserve diversification away from USD, but manager questions sustainability of current gold price momentum. | SOL.AX |
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| 2025 Q1 | Apr 8, 2025 | Auscap Asset Management | - | - | APX.AX, ARB.AX, AUB.AX, BHP.AX, BRG.AX, CAR.AX, CQR.AX, CSL.AX, DEG.AX, HDN.AX, JHX.AX, MQG.AX, NCK.AX, NHF.AX, QUB.AX, REA.AX, REH.AX, RGN.AX, RMD.AX, SHL.AX | Australia, equities, financials, healthcare, industrials, materials, technology | View | ||
| 2026 Q1 | Apr 30, 2026 | Auscap Asset Management | -14.6% | -14.6% | 360.AX, ARB.AX, CAR.AX, GMD.AX, HDN.AX, IEL.AX, MQG.AX, NCK.AX, NST.AX, REC.AX, RMD.AX, SHL.AX | active management, AI, Australia, Banking, inflation, small caps, technology, value | 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 | |
| 2026 Q1 | Apr 13, 2026 | Devon Alpha Fund | 8.7% | 8.7% | AIA.NZ, COL.AX, CSTCF, FRE.NZ, GMG.AX, IFT NZ, JHX.AX, MQG.AX, NAB.AX, ORI.AX, SLC.AX, STO.AX, SUM.NZ, TRA.NZ, VSL.NZ | AI, Australia, Data centers, energy, Geopolitical, New Zealand, technology | View | ||
| 2023 Q1 | Mar 31, 2023 | Devon Alpha Fund | 4.7% | 4.7% | ALL.AX, ANZ.AX, BHP.AX, BXB.AX, CEN.NZ, CWY.AX, HSO.AX, JHX.AX, MET.NZ, MPL.AX, MQG.AX, NAB.AX, NCM.AX, OML.AX, RMD, SIQ.AX, SUN.AX, TLS.AX, VGL.NZ, WFD.AX, WOW.AX | Australia, Banking, dividends, Mining, New Zealand, Telecommunications, value | Mining sector showed strength during March as China looks to stimulate their economy more aggressively while putting Covid behind them. BHP was added to portfolios as valuation became more attractive following price weakness. Economic data from China continues to be positive as they exit their Covid impacted period, with growth in steel production expected this year and a supportive iron ore price environment. | 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 | |
| 2024 Q3 | Oct 9, 2024 | Mountain Vista Wealth Management | - | - | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | Australia, banks, concentrated, equities, gold, real estate, value | Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year to date. Historical correlation with US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks accelerating reserve diversification away from US dollar. | SOL.AX |
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| 2025 Q3 | Oct 7, 2025 | Devon Alpha Fund | 3.0% | - | ABB.AX, AMC.AX, CAR.AX, CCS.TO, CNU.AX, EBO.AX, FRE.AX, GMG.AX, GPT.AX, IFT.NZ, MQG.AX, NEM, ORI.AX, POT.NZ, RIO.AX, SCL.NZ, VSL.AX, WTC.AX | APAC, Copper, energy, gold, infrastructure, Mining, Utilities | Electricity demand is rising rapidly driven by surging data centre expansions and AI adoption. Data centres now responsible for up to 4% of US electricity consumption and expected to double to 8% by 2035 due to AI workloads. | 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 Q3 | Oct 10, 2025 | Auscap Asset Management | - | - | 360.AX, AMC.AX, APE.AX, ARB.AX, AUB.AX, BRG.AX, CAR.AX, CQR.AX, CSL.AX, GMD.AX, HDN.AX, IEL.AX, MQG.AX, NCK.AX, NHF.AX, NST.AX, ORG.AX, PLS.AX, QUB.AX, REA.AX, REH.AX, RMD.AX, SHL.AX, WTC.AX | Australia, consumer, equities, healthcare, materials, real estate | View | ||
| 2025 Q4 | Jan 6, 2026 | Auscap Asset Management | 0.0% | 17.8% | 360.AX, APE.AX, ARB.AX, BRG.AX, CAR.AX, CQR.AX, DXS.AX, GMD.AX, HMC.AX, IEL.AX, MQG.AX, NCK.AX, NHF.AX, NST.AX, PLS.AX, QUB.AX, REA.AX, REH.AX, RMD.AX, RMX.AX, SDF.AX, SHL.AX, WTC.AX | Australia, equities, healthcare, industrials, materials, Mining | Materials sector was one of the largest positive contributors to returns during November. The Fund's exposures to materials companies like PLS Group, Genesis Minerals, and Northern Star were among the largest contributors to performance. Healthcare sector contributed positively to returns during November. Sonic Healthcare was specifically mentioned as one of the largest positive contributors to performance across both funds. Industrials sector was a significant positive contributor to returns during November. Companies like Reece and Qube Holdings were among the largest positive contributors to performance. | View | |
| 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. | ||||||||