Ophir Global Opportunities Fund: Adviser Resources

The Fund holds a concentrated portfolio of 20 to 50 global small and mid-cap companies, typically between A$500 million and A$15 billion in market capitalisation. It invests in cash-generative businesses positioned for structural growth that are under-researched, attractively valued and led by high-calibre management. The objective is to outperform the MSCI World SMID Index (Net) in Australian dollars, after fees, over the long term of five years or more.

Ophir is a “growth at a reasonable price” manager. The team applies a bottom-up, fundamental process, seeking companies growing revenue and earnings faster than the broader market without overpaying for that growth. Companies are valued on their ability to generate cash: returns are earned where a business generates more cash than the market expects and that cash generation proves sustainable. This is the same process Ophir has applied to Australian small and mid-caps since 2012, now implemented globally.

Ophir believes global small and mid-cap investing requires proximity to the companies it researches. The firm’s Global Investment Office is staffed full-time in the United States, the Fund’s largest market at around 60% of the benchmark, with further team members in Australia. This supports direct company engagement rather than research conducted remotely from another market.

The Fund is managed by Ophir’s investment team of 13, led by founders and Senior Portfolio Managers Andrew Mitchell and Steven Ng, with Tim Masters heading the Global Investment Office. The entire investment team is invested in the Ophir funds, and only the Ophir funds. Personal account trading and the ownership of external managed funds are not permitted. Collectively, Ophir staff are the second-largest investor in the funds.

Since inception in October 2018, the Fund has returned 19.8% p.a. net of fees to June 2026, and is the number one performing global small cap fund available in Australia over that period. Performance has been broad-based across companies, sectors and geographies. Past performance is not a reliable indicator of future performance.

Risk is managed at both the stock and portfolio level. The portfolio is concentrated but diversified across 20 to 50 positions, with a typical holding period of one to three years. Ophir maintains an active sell discipline: positions are exited where the cash-flow trajectory falters, valuations become stretched, the original investment thesis does not play out, or a more attractive opportunity is identified.

Ophir believes capacity discipline is essential to sustaining outperformance in small and mid-caps, and intends to soft-close the Fund to new investors once it reaches a certain size. This reflects the firm’s view that a fund which grows too large becomes materially harder to manage against its benchmark. Advisers should be aware that availability may become limited over time.

The management cost is 1.20% p.a., plus estimated ordinary expenses of 0.20% p.a. A performance fee of 20% applies to returns above the MSCI World SMID Index Total Return, after fees, and is subject to recouping any prior underperformance. The buy and sell spread is 0.35% on application and 0.35% on redemption. Full details are set out in the Product Disclosure Statement.

Three unit classes are offered: Class A (unhedged, monthly pricing, APIR OPH2093AU); Class B (unhedged, daily pricing, APIR PIM7560AU); and Class H (AUD-hedged, monthly pricing, APIR PIM6235AU). Distributions are paid annually. Each class is available on most major platforms, with Class A and Class H also available directly via Automic.

The Fund is available on most major platforms, including HUB24, Netwealth, Macquarie Wrap, North, CFS Edge, Mason Stevens, PowerWrap and Praemium, along with Acclaim and Dash, and in New Zealand via Adminis, Consilium and NZX Wealth Technologies. For current platform availability, see ophiram.com.au/platforms.

The minimum initial investment is $25,000 when investing direct via a financial adviser, with a minimum additional investment of $25,000. Minimums are generally waived when investing through a platform. Direct applications are completed online through Automic, the Fund’s unit registry, with payment by BPAY or EFT. Step-by-step instructions, including adviser and investor portal setup, are provided in the Application Guide.