This newsletter has been supported by ListedReserve, a fund manager focused on digital assets. While we do not focus on this space, we strongly appreciate the insights of a manager immersed in the area, and thoroughly enjoy reading their newsletter. Key team members have recently graduated university and begun...

Company in Focus: Allegiance Coal (AHQ:ASX) We would like to apologise for the late newsletter. On a personal note, all of our team have now achieved the milestone of completing undergraduate engineering degrees. How this will correlate to improved stock picking remains to be seen. The top contributor during...

Performance Figures The portfolio rose +16.46% over the third quarter of the Australian financial year, outperforming the ASX200 performance of +4.20% by +12.26%. This takes our financial year to date performance to +52.69%. The top contributor during the quarter was Smartpay (SMP:ASX). The largest detractor during the quarter was...

Company in Focus: Earlypay (EPY:ASX) Our first newsletter was sent on 8 May 2019 to 31 close friends and family. This quarter’s newsletter was sent to nearly 2000 people. Thank you for your continued support. Since 1 July 2019, our portfolio has outperformed the ASX200 (including dividends) by 4.9...

Happy New Year to our much appreciated subscribers. 2020 was a devastating year that we will all be happy to put behind us. The terrible events of the year, which continue to take the lives of the world’s most vulnerable, truly remind us of the relative unimportance of strong...

Welcome to our first end of financial year newsletter.  We are very proud to have completed our first full year of operations, achieving significant outperformance (+24.96% vs ASX300 performance of -10.81%). The structure of this newsletter will be:  Thank You Performance Figures Quarterly Portfolio Changes (including our favourite new...

This, Too, Shall Pass… Performance Figures The portfolio fell -41.4% over the March quarter, underperforming the ASX300 performance of -24.3% by -17.1%. We are very disappointed but always endeavour to allocate capital (according to our Ground Rules) to avoid underperformance during the 81% of years that markets rise. The...

Performance Figures The portfolio rose +9.67% over January, outperforming the ASX300 performance of +4.89% by +4.78%. We were very pleased with the result – a great start to the decade. Such strong index performance is incredibly hard to keep up with (let alone, outperform) when holding any cash or...

Happy Holidays to all our subscribers. Thank you for your support throughout our first half year – we greatly appreciate it and wish you many happy returns in the New Year. Hopefully we can help with some of those financial goals (but keeping the New Year gym membership resolution...

Welcome to the first monthly newsletter for “Insufficient Capital”, the name applied to a long-only equities portfolio. The name applied to the fund is a self-deprecating jab at the fund’s relatively small pool of capital. The newsletters aim to analyse the portfolio as well as general market/economic conditions. About...

Insufficient Capital fell 5.67% over April, compared to the ASX300 gain of 1.18%. The top contributor was Stanmore Coal, while the largest detractor was Aurelia Metals. On a rolling 12-month basis, Insufficient Capital has significantly outperformed the ASX300. Acrow Formwork and Scaffolding (ACF:ASX) During May, Insufficient Capital entered a...

A Change in Our Reporting Going forward, we will only report performance when we deem it to be significant to the fund. We will report industry weightings quarterly. At the end of the June quarter, our portfolio was most heavily weighted to Australia’s energy industry (particularly towards coal and...