Insufficient Capital June Update

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...
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Insufficient Capital March Update

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...
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Insufficient Capital January Update

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...
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End of Year Update

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...
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Insufficient Capital September Update

At the end of the September quarter, the fund was most heavily weighted to our ‘Net Cash Miners’ strategy: The portfolio rose +9.25% over the quarter, strongly outperforming the ASX300 performance of +1.24% by +8.01%. We were very pleased to record outperformance over each month, most notably in August...
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Insufficient Capital August Update

The fund rose +3.73% over the August reporting period, compared to the ASX300 performance of -2.97% (+6.7% outperformance). At August end, the fund held 27% cash. The top contributor was Afterpay, while the largest detractor was Acrow Formwork. Positioning ChangesWe recently exited a long-term core position in natural gas...
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Insufficient Capital June Update

A Change in Our ReportingGoing forward, we will only report quarterly. At the end of the June quarter, our portfolio was most heavily weighted to Australia’s energy industry (particularly towards coal and natural gas): On a quarterly basis, we will report net equities exposure, the largest contributor, the largest...
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Insufficient Capital May Update

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...
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Insufficient Capital April Update

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...
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