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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Brown Capital Management International All Company Fund | 5.2% | 6.5% | 3064.T, MBLY, MELI, MNDY, NVO, REA.AX | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology | MercadoLibre operates the leading e-commerce platform in Latin America with low penetration compared to developed markets. MonotaRO is a Japan-based e-commerce platform for MRO products with 80% of orders still processed offline. Both companies demonstrate significant growth opportunities in their respective markets. | MONOTARO.T MELI NVO MNDY REA.AX |
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| 2023 Q3 | Sep 30, 2023 | Brown Capital Management International All Company Fund | 5.2% | 6.5% | 3064.T, MBLY, MELI, MNDY, NVO, REA.AX | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology | The fund holds significant positions in e-commerce platforms including MercadoLibre, the leading Latin American platform with low penetration rates providing growth runway, and MonotaRO, a Japanese MRO e-commerce platform targeting the largely offline Japanese market estimated at $70 billion. | MBLY AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT 3064.T ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2025 Q2 | Jul 27, 2025 | Lakehouse Small Companies Fund | - | - | AD8.AX, ARB.AX, BAP.AX, CAT.AX, DHG.AX, FDV.AX, NAN.AX, OBJ.AX, PME.AX, PNI.AX, REA.AX, REX.AX, SDR.AX, TNE.AX, TYR.AX, XRO.AX | Australia, Compounding, healthcare, long-term, small caps, technology | The fund holds multiple technology companies including Catapult (sports technology), Pro Medicus (radiology imaging), Audinate (digital audio), and SiteMinder (hotel technology). These businesses demonstrate strong recurring revenue models, high retention rates, and significant growth runways in their respective markets. | RDX AU AD8 AU PME AU PNI AU CAT AU TNE AU ARB AU |
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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 | Brown Capital Management International All Company Fund | 13.5% | 11.7% | AJB.L, AUTO.OL, ICLR, MELI, REA.AX | Automation, E-Commerce, growth, international, marketplaces, technology | The fund focuses on marketplace model companies that provide digital or physical spaces for buyers and sellers to transact. These companies exhibit network effects, defensible market positions, and high profitability with operating margins averaging 25%. The fund owns three marketplace models: REA Group (Australia real estate), MercadoLibre (Latin America e-commerce), and Vend Marketplaces (Nordic classifieds). | VEND.OL AUTO.OL ICLR AJB.L MELI REA.AX |
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| 2024 Q2 | Jun 30, 2024 | Brown Capital Management International All Company Fund | -1.9% | 1.2% | AFX.L, ASML, AUTO.OL, CAMT, DSG.TO, MNDY, NVO, REA.AX, XERO.AX | Automation, growth, healthcare, international, small caps, technology | Novo Nordisk leads the GLP-1 market with 55% share through Wegovy and Ozempic, which now represent 57% of company revenue. The obesity market reached $24 billion in 2023 and is forecasted to reach $131 billion by 2028. Studies show significant health benefits including 14.9% weight loss and 20% reduction in cardiovascular events. | CAMT AUTO.OL AFX.DE AJB.L NVO |
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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 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 Q1 | Apr 12, 2024 | Firebird US Value Fund | - | - | 004800.KS, 028260.KS, 090430.KS, 267250.KS, 4527.T, 9301.T, CDI.PA, CHRY.L, CORD.L, DIE.BR, ENT.L, GXI.DE, HVPE.L, J36.SI, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2023 Q4 | Mar 31, 2023 | Caledonia Investment | - | - | 004020.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C011.HK, CDI.PA, ENT.L, GXI.DE, MC.PA, NWSA, REA.AX, VIV.PA | discount, Governance, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2023 Q1 | Mar 31, 2023 | Airlie Australian Share Fund | 3.5% | 3.5% | 000660.KS, 004800.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, G.DE, LVMH.PA, NWSA, REA.AX, VIV.PA | Discounts, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2023 Q4 | Feb 12, 2024 | Hinde Group | 13.6% | 48.4% | 000660.KS, 002790.KS, 004020.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C8H.L, CORD.L, DIE.BR, ENT.L, HVPE.L, J36.SI, LVMH.PA, MC.PA, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, global, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA IBKR |
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| 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 Q3 | Oct 6, 2023 | Ennismore Global Equity Fund | 8.3% | 10.9% | 9404.T, ADEV.OL, ADM.L, ATLC, AUTO.L, BAX, BSX, BZU.MI, CAR.AX, CUERVO.MX, DIE.BR, GOOGL, IDS.L, IRTC, MRO.L, PHIA.AS, REA.AX, RMV.L, SCHIBSTED-B.OL, STRX.L, TCX | Classifieds, European Equities, healthcare, Long/Short, Medical Devices, technology, value | The fund has significant exposure to online classifieds businesses through Schibsted and Adevinta, which operate property, car, and job listing platforms across Europe. These businesses have strong market positions but have been under-monetized due to poor operational management and fragmented technology platforms. New management teams are implementing verticalisation strategies and tech stack simplification to improve margins and monetization. | View | |
| 2023 Q3 | Oct 31, 2023 | Starboard Value | 0.0% | 0.0% | AQN, BLMN, CRM, DRI, FTRE, GDDY, ICLR, IQV, NWSA, NYT, REA.AX, SPLK, TXRH, VRT, WIX | activism, Media, Operational, Restaurants, technology, Utilities, value | Starboard focuses on identifying undervalued companies with operational improvement opportunities. The firm targets companies trading at discounts to peers due to execution issues or temporary challenges, believing these can be addressed through better management and strategic changes. | 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 | |
| 2025 Q4 | Jan 31, 2026 | Montaka Global Investments | 0.0% | 0.0% | 0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V | AI, Cloud, geopolitics, Lithium, software, technology, value | AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses. | KKR BX NOW FND ALB |
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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 19, 2026 | Forager International Shares Fund | -2.0% | 15.0% | AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L | AI, global, Quality, small caps, technology, Travel, value | AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating. | ARX AU ZEG LN NXT NUTX FISV |
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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 1, 2024 | Provident Financial Articles | - | - | 004800.KS, 005930.KS, 009540.KS, 090430.KS, CDI.PA, NWSA, REA.AX, VI.PA | asset value, discount, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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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 | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | REA Group | Communication Services | Interactive Media & Services | Bull | ASX | Australia, Equity, marketplace, network effects, online portal, Real Estate | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | REA Group Limited | Communication Services | Interactive Media & Services | Bull | ASX | Australia, Digital Marketplace, market leader, network effects, Real Estate Portal, technology platform | View Pitch |
| 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. | ||||||||