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News & Insights

Letter to Investors – May
June 17, 2024

During this month’s Letter to Investors we’ll explore the theme of earnings being almost all that matters for share prices in the long term, but not necessarily in the short term. We delve into this topic using a core stock holding, Zeta, as an example of a stock where the share price is finally catching up with stellar growth in fundamentals (revenues/ cash flows).

By Andrew Mitchell & Steven Ng
Co-founders and Senior Portfolio Managers

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LIC/LIT big discounts – permanent purgatory or rate cut relief ahead?
June 17, 2024

In this month’s Investment Strategy Note we outline why we believe the current historically large discounts of listed investment vehicles can be explained by higher interest rates and how interest rate cuts are likely to be a catalyst for listed investment vehicle discounts to shrink in general and premiums to widen.

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Letter to Investors – April
May 15, 2024

In this month’s Letter to Investors we take a step back and examine a vital principle: the importance of focusing on ‘process’ and not ‘outcomes’. We look at how this principle applies to the investment process that has successfully guided us as professional investors for around two decades each; but also explore how it applies to individual stock holdings including our recent painful example of Australian software company, Altium.

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Letter to Investors – March
April 17, 2024

The most common question we get from investors is “what is the catalyst for small caps to start outperforming large caps?” In this month’s Letter to Investors we explain why we believe it is simply lower interest rates.
We also analyse what makes us confident to continue to invest personally into our global small / mid cap fund even if we don’t have a soft landing and U.S. recession fears become a reality.

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