News

What to do in this market sell-off?

February 2018 Newsletter | In the long run what is being weighed by the market are earnings, because ultimately earnings drive share prices. Earnings are what we focus on as long term investors in the businesses we own. In this edition we discuss the ... Read more

Delineating Diversification From Deworsification

January 2018 Newsletter | Corporate diversification is a strategy involving entering a new market, industry, geography or product category that the business does not operate in. Deworsification might be defined as the process of a business acquiring ... Read more

All I Want For Christmas Is A Dividend Or Two

December 2017 Newsletter | As our regular readers would know, we like to invest in companies that generate lots of cash. And because they generate lots of cash after all business operating expenditures, they pay us healthy dividends. Most of the ... Read more

Is effort correlated with investment performance?

November 2017 Newsletter | The Auscap Fund has experienced a surprisingly strong last quarter. In the three months to 31 October, the Fund has delivered a compound return of 12.7% net of fees to investors. It should be added that this comes after a ... Read more

Are There Opportunities For An Active Manager In An Efficient Market?

October 2017 Newsletter | In this edition we discuss the circumstances under which we typically find compelling value-based opportunities for investment. ... Read more

Analysing FY17 Fund Returns

September 2017 Newsletter | In this edition we analyse the returns delivered by the Fund in FY17 in terms of single stock and sector contributions.     ... Read more

Taking advantage of time horizon arbitrage

August 2017 Newsletter | In this edition we discuss opportunities that can be taken advantage of by having a longer time horizon than the typical market participant. ... Read more