Monthly Reports

In the DMXASF update, we discuss how we are thinking about portfolio positioning and risk management.

In the DMXASF update, we discuss some disappointments and bright spots from the half year reports.

In the DMXASF update, we discuss some of the portfolio management activity undertaken during January.

In the DMXASF report, we comment on some of our larger key holdings and how they are positively positioned heading into 2024.

This month’s report we comment on key holdings Medadvisor and Smartpay, following their recent market updates.

This month’s report includes a profile a new holding of the fund - Fiducian Group

This month’s reports include commentary on several portfolio positions subject to takeover interest.

This month’s report includes an update on EML Payments, which has been a challenging investment for us this far, but has reported encouraging progress.

This month’s report includes commentary on two holdings that provided encouraging full year guidance - Shriro and Michael Hill.

This month’s report includes commentary on three holdings that provided updates to the market during the month: Sequoia, DDH1 and Kip McGrath.

This month’s report includes an overview and update on NZ-listed General Capital, to which we've recently added.

This month’s report includes updates on Michael Hill and Smartpay, both key holdings for the fund, and each with interesting developments.

This month’s report includes our thoughts on the education sector and commentary on each of our two holdings in the space: Academies Australia, and EDU Holdings.

Cash in the fund inched up as we received proceeds from previously-announced takeovers, and we’re taking a conservative and cautious approach to topping up existing holdings considering some recent negative newsflow and heightened uncertainty.

This month’s report provides updates on two key holdings: Frontier Digital Ventures and Michael Hill.

This month’s report notes some of the rotation activity occurring within the portfolio, as we realise proceeds from takeover targets and add to favoured holdings.

This month’s report profiles our holding in Gentrack, which is beginning to execute on its strategy with investors acknowledging its strong fundamentals and increasingly positive outlook.

This month’s report discusses some of the frustrations and challenges of having to contend with private equity rummaging through the market and picking out the eyes. Both our funds have short-term benefited from takeover offers for a number of holdings. But we consider any enthusiasm for these to be short-sighted from the perspective of long-term investors.

This month’s report highlights some of the recent buybacks being implemented by a number of our portfolio companies, and the value this is adding for long-term investors.

This month’s report highlights the recent takeover offers for $NEA and $PTB

This month’s report highlights the deal flow we’re able to access investors through our network of brokers, including the opportunity to be a sub-underwriter for MedAdvisor’s current rights issue – a company owned across both DMXCP and DMXASF.

This month’s report highlights some of the loss-generating holdings and how we’ve responded opportunistically in response to some of these. Both funds continue to chip away building holdings in quality smaller companies at attractive pricing and taking advantage of the compelling opportunities that we are currently seeing.

This month’s report includes commentary on AFT Pharmaceuticals and Smartpay, each of which reported positive results with strong outlooks.

This month’s report includes commentary on EML Payments, Frontier Digital Ventures, and Michael Hill; as well as highlighting both a risk & opportunity with the shifting sentiment toward interesting small software businesses.

This month’s report includes commentary on recently exited MMA Offshore, and FSA Group which has commenced its share buy-back programme.

This month’s report includes commentary on Michael Hill, Frontier Digital and Nearmap.

This month’s report includes commentary on new holdings in EML Payments and Nearmap.

In this month's update, we provide a portfolio update and discuss digital disrupters in the portfolio including Credit Clear and Xref

This month’s report includes commentary on FSA following a recent management meeting and its AGM.

This month’s report includes an update following a recent management meeting with Garry Crole of Sequoia, a key holding of both DMXASF and DMXCP

This month’s report includes updates on Cryosite, Easton Investments, and Frontier Digital Ventures following management meetings with each of these.

In this month’s report highlights the strong recent results of SDI and our hope they can utilise their over-capitalised balance sheet to make a step-change acquisition or return meaningful funds to shareholders.