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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Devon Alpha Fund | -3.2% | - | AIA.NZ, ATM.NZ, BHP.AX, CEN.NZ, CSL.AX, EBO.AX, FBU.NZ, GMG.AX, IFT.NZ, JHX.AX, RIO.AX, SUN.AX, THL.NZ, TLS.AX | Australia, Energy Transition, Mining, Multi-Asset, New Zealand, real estate, Tourism | Resource companies in Western Australia are experiencing stubbornly high cost pressures from tight labor markets, high energy prices, and machinery costs. The Chinese property market continues to weaken, and the steel industry has yet to see material production cuts, prompting profit-taking in the sector. | View | |
| 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 | |
| 2025 Q1 | Mar 31, 2025 | Devon Alpha Fund | -6.3% | -6.3% | AIA.NZ, BHP.AX, CAR.AX, CEN.AX, CNU.AX, CWY.AX, HSO.AX, MET.NZ, MFT.NZ, NPH.NZ, NST.AX, OML.AX, ORI.AX, RHC.AX, RIO.AX, SEK.AX, SFI.AX, TLS.AX, VGL.AX, WFD.AX | Australia, China, commodities, equities, gold, New Zealand, tariffs, Trade Policy | Trump's escalating tariff regime dominated March markets, with 25% tariffs on Canada/Mexico briefly implemented, 20% tariffs on China maintained, and reciprocal tariffs on 180+ countries announced. The administration views tariffs as deficit reduction and debt payoff tools, though demand destruction and broader economic impacts remain uncertain. | View | |
| 2025 Q4 | Feb 5, 2026 | Richie Capital Group | 0.0% | 0.0% | 7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX | AI, earnings, equities, fixed income, Global Markets, inflation, rates | AI stocks showed mixed performance with investor worries about high valuations offset by stellar quarterly earnings from AI-linked companies including Alphabet, NVIDIA and Microsoft. Semiconductor giants SK Hynix and TSMC posted record-high profits driven by accelerating AI adoption. However, concerns about an AI bubble created drag on global tech stocks in early December. The Fed cut interest rates at October and December meetings, bringing total reductions to three in 2025 and lowering the target range to 3.50%-3.75%. The Bank of Japan raised its key rate to a 30-year high at 0.75%. The ECB held rates steady despite elevated eurozone inflation remaining above the 2% target. U.S. inflation slowed to 2.7% in November from 3% in September. Eurozone inflation rose to 2.2% in November, remaining above the ECB's 2% target for three consecutive months. Japan's core inflation rose 3.0% in November, well above the central bank's 2% target. | View | |
| 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 | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital International | 0.0% | 41.5% | 005930.KS, 066570.KS, 1024.HK, 2319.HK, 2618.HK, 267270.KS, 601600.SS, 6594.T, 9618.HK, AEM, AUTO.L, BATS.L, CX, FMX, GIB.TO, MC.PA, RHHBY, RIO.AX | cash flow, fundamentals, international, Quality, valuation, value | U.S. equities are historically expensive by any measure and at a valuation level that has typically been associated with much more subdued future returns. The S&P 500 is near record multiples and trading at concerningly rich valuations primarily due to a short list of very large and expensive stocks. International stocks look very appealing even after significant outperformance in 2025. International stocks significantly outperformed their domestic counterparts in 2025, and the less expensive portions of the market did particularly well. International companies offer an important counterbalance to the richness of the broader U.S. market when selectively chosen and are beneficial from a diversification perspective. The strategy systematically filters out highly levered or fundamentally less stable companies and focuses on cash flow stability and low indebtedness thresholds. Quality metrics include fundamental stability scores and leverage ratios that differentiate the portfolio from broader market benchmarks. | 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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| 2023 Q2 | Jul 15, 2023 | Sandon Capital | 0.0% | 0.0% | A2B.AX, BCI.AX, COG.AX, CVY.AX, FWD.AX, IDT.AX, MFG.AX, RIO.AX | Activist, Australia, Mining, Pharmaceuticals, small caps, value | Fund launched new activist campaign targeting Magellan Financial Group with five specific recommendations including returning excess capital, prioritizing existing business, reviewing cost base, providing SPP relief, and accelerating board renewal. Manager believes activist approach can unlock significant value in undervalued companies. | IDT.AX BCI.AX FWD.AX MFG.AX |
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| 2023 Q1 | May 19, 2023 | Sohra Peak Capital Partners | 2.2% | -3.0% | AAPL, BHP.AX, DUR.AX, MLD.AX, MSFT, NVDA, RIO.AX | Australia, defense, infrastructure, Mining, Remediation, small cap, value | Manager extensively discusses Duratec's infrastructure remediation business, highlighting strong growth in Department of Defense contracts (+104% YoY) and the AUKUS military alliance guaranteeing $8B of maintenance spend. The Australian government has budgeted sustainment spend to almost double over this decade, creating a multi-year tailwind for infrastructure remediation services. | 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 |
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| No investor data available. | ||||||||