Market Observations In Turbulent Times

December 2018 Newsletter | A cocktail of events has led to a reasonably large liquidation of positions in the Australian market. The selling has been unusually indiscriminate. Expensive stocks have been sold down. But so have shares in companies we ... Read more

Portfolio Update & Opportunities From Volatility

November 2018 Newsletter | In this newsletter we discuss the performance of the portfolio over the last three months. In our experience, negative markets tend to drag down most stock prices, in the short term, somewhat irrespective of the underlying ... Read more

The Shareholder Conundrum – Agency Risk

October 2018 Newsletter | The agency dilemma is the risk that management of a company, consciously or subconsciously, uses its position to benefit itself rather than the shareholder base. In this edition we discuss this risk in detail, and why the ... Read more

Auscap Fund rated ‘Recommended’ by Lonsec

The Auscap Long Short Australian Equities Fund has been assessed by Lonsec again and retained its 'Recommended' rating. The full Lonsec report can be accessed here. Lonsec Product Rating: Recommended ... Read more

Why Considering ESG Factors Makes Good Investment Sense

September 2018 Newsletter | Having sound standards and practices in relation to environmental, social and governance (“ESG”) issues is not just imperative from a moral perspective, it is critical in creating long term value for the shareholders of ... Read more

Analysing FY18 Fund Returns

August 2018 Newsletter | The Fund delivered 12.71% net to investors during FY18.  In this edition we discuss the performance of the Fund during FY18 just as we do every year; taking a close look at the attribution data from a single stock as well as ... Read more

Will The Royal Commission End The Leverage Obsession?

July 2018 Newsletter | Australians appear to be addicted to leverage. Specifically, housing leverage. In 23 of the last 25 years, Australian household leverage has increased. That is, the average household has borrowed more money for the same dollar ... Read more