Performance Update - December 2023

The Australian strategy delivered a positive return of 3.16% in the month of December 2023, below the benchmark return of 7.44%. The monthly performance of the Australian strategy’s strong performers were as follows: Lovisa (27.5%), Block Inc (21.07%), Seven Group (14.81%), Mineral Resources (14.4%) and Pinnacle Investment Management (14.16%). The monthly performance of the Australian strategy’s lagging performers were as follows: Cettire Ltd (-6.15%), Megaport (-5.45%), Life 360 (-1.95%). The Australian and global strategies have outperformed their respective benchmarks since inception by an average of 11% and 4% respectively.

We are more than ever confident going into 2024 in owning founder led listed companies, with sustainable competitive advantage business models with stable and well incentivised management teams.