Category Archives: "Letter to Investors"

In this month’s Letter to Investors we describe the market segment that our Global Opportunities Fund invests into and explain the forces that have been driving recent underperformance. We also outline some modest changes we have made to portfolio positioning given a slowing global growth landscape.

In this month’s Letter to Investors we focus on the recent underperformance of the Ophir funds and look back to late 2016 and early 2017 when our funds experienced similar levels of underperformance. We also discuss the recent yield curve inversion in the US and what this could mean for the global economy and share market returns.

In our February 2022 Letter to Investors we check in on the ‘big picture’ factors of inflation, interest rates, and now the Russia-Ukraine war, and how they are driving share markets at present. We also take a look at February reporting season here in Australia and what our outlook is across our Funds.

In our January 2022 Letter to Investors we discuss the macroeconomic factors that have impacted the short term performance of the Ophir funds and why most importantly in the long run it is the ability of our portfolio companies to grow earnings through time.

In our November 2021 letter to investors we take a look at the Fed’s pivot to likely removing the monetary punchbowl earlier, the emergence of the new Omicron strain and the recent meltdown in smaller non-profitable tech companies.

In our October 2021 Letter to Investors we take a deep dive into the topic of “portfolio turnover” at Ophir. That is, the how, what, when and why of the changing, or turning over of, positions in our funds.

In our September 2021 Letter to Investors we take a look at why the equity markets took a rare pull back recently during the month and what sectors and styles of investing are likely to do well if bond yields keep heading higher.

In our August Letter to Investors we take a look at the recent Australian reporting season and examine the four key themes that emerged, as well as asking is this “As Good as It Gets?” this market cycle.

In our July 2021 Letter to Investors we share with you some of the most frequently asked questions (and our answers) from conversations we have had with our fellow investors recently.

In our June Letter to Investors we explore some key issues — including the delta Covid-19 variant, the outlook for rate rises, and the commodities cycle — that will help determine if the new financial year will be just as strong for markets as FY21.