Last unit price date


Entry Price
This price includes the buy spread


Exit Price
This price includes the sell spread

Returns as at 31 May 2024
1 month 0.4%
3 Month -2.4%
6 Month 17.2%
1 Year* 25.4%
3 Year* 8.9%
5 Year* 9.0%
7 Year* 11.8%
10 Year* 12.2%
20 Year* 13.4%
Since Inception (31/10/2000)* 13.4%
*Returns annualised.
Returns calculated after all fees and expenses and based on exit price and reinvestment of distributions. Past performance is not a reliable guide as to future performance. Returns are not guaranteed.

SIF IS A CONCENTRATED, INDEX UNAWARE AUSTRALIAN SMALLER COMPANY FOCUSSED FUND. IT TYPICALLY invests in 20-35 highER quality smaller companies. SIF is predominantly long ONLY but can effectively short when suitable opportunities are found.


Investment Objective

Smallco aims to provide good long term returns in SIF through actively looking for high quality, smaller companies whose share price is significantly less than what Smallco considers to be the true long term underlying value of the shares.


Investment Style

Smallco's philosophy is that it is better to have a small number of good investments rather than a large number of mediocre investments. Accordingly, SIF will usually be relatively concentrated, generally invested in between 20 and 35 securities. It will hold cash when opportunities are scarce.

SIF is managed with a "growth at a reasonable price" bias employing a bottom up approach with a strong focus on earnings direction and risks. We are strong believers that earnings are the key driver of shares prices and that more accurate forecasting of earnings will drive greater and more consistent outperformance.

Smallco  believes that higher returns are available from smaller companies as these companies are generally not as well followed by the market. Smallco actively looks for high quality smaller companies whose current share price is significantly less than what is considers to be the true long term underlying value of the shares. Particular focus is placed upon identifying new opportunities in companies with a market capitalisation of sub $500m. SIF has the flexibility to continue to hold these companies in the portfolio if they grow successfully and move into the ASX 100.

Some characteristics of high quality, smaller companies that Smallco seeks to identify include: strong competitive position, good management, attractive and predictable earnings outlook, high returns on funds employed and strong cash generation.

Stock weightings within SIF are determined by the assessment of the quality of the stock, the likely investment outcome, liquidity and the risk of sustained capital loss.


Investment Universe

Smallco typically invests in higher quality, smaller Australian listed companies. It may invest up to 20% of the fund at time of purchase in larger Australian listed companies within the ASX 100. SIF does not invest in mining stocks and is extremely cautious with respect to loss making companies including biotechs.


Research Ratings


Lonsec   Zenith Investment Partners


RG240 Update