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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 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 | 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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| 2024 Q1 | Mar 31, 2024 | Devon Alpha Fund | 5.4% | 5.4% | CEN.AX, CNU.NZ, CSL.AX, FRE.NZ, GMG.AX, NEM, NZX.NZ, QBE.AX, RMD, SEK.AX, SFR.AX, SKC.NZ, SPK.NZ, STO.AX, VGL.NZ, WEB.AX, WOW.AX | Australia, energy, New Zealand, Resources, technology, Travel | Contact Energy's Tauhara geothermal development represents decarbonization efforts with 152MW capacity expected online in Q3 2024. The company is working to decarbonise their generation portfolio whilst rewarding shareholders with improved margins and returns. | 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 | Devon Alpha Fund | 0.4% | - | AIA.NZ, ALL.AX, ANZ.AX, BXB.AX, CAR.AX, CEN.AX, CWY.AX, GMG.AX, HSO.AX, MCY.NZ, MET.NZ, MFT.NZ, MWE.NZ, NPH.NZ, OML.AX, POT.NZ, RMD, SEK.AX, SPI.AX, VGL.NZ, WOW.AX | Australia, dividends, gaming, infrastructure, Logistics, New Zealand | Multiple infrastructure assets featured prominently including Contact Energy benefiting from new geothermal capacity commissioning, Port of Tauranga positioned for recovery in export shipments, and Auckland International Airport removing overhang through council stake sale. | 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 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 | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | AMP, AXON, COH, CRWD, DOXY, DPZ, ENTG, FICO, GWW, HWM, IDXX, IT, MPWR, ODFL, PLTR, RMD, TDG, TTD, VST, WFRD | AI, growth, healthcare, industrials, Mid-cap, technology, Utilities | The fund discusses AI's impact across multiple sectors, particularly noting Palantir's Artificial Intelligence Platform offering driving strong growth. The manager anticipates AI-related movement expanding across mid-caps beyond current concentration in industrials and utilities. AI-capable data centers are expected to drive demand for industrial companies. | 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 | Jun 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST | AI, growth, healthcare, industrials, Mid-cap, technology, value | The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Auscap Asset Management | ResMed Inc. | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | CPAP, founder-led, Healthcare Technology, market leader, Medical devices, sleep apnea, Underdiagnosed Market, Value | 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. | ||||||||