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Lachlan Hughes

Lachlan is the founder and CIO of Swell Asset Management, a boutique investment manager specialising in global equities.

Bank Hybrids: The devil is in the detail.

Lachlan Hughes
Lachlan Hughes Swell Asset Management

We are often surprised that retail investors with whom we speak, are blissfully unaware of the risks involved in owning hybrids. ASIC and the banks have done a great job disclosing the risks, however, the message does not seem to be relayed effectively by financial intermediaries. We hope this note... Show More

Alphabet, just another internet stock? Think again.

Lachlan Hughes
Lachlan Hughes Swell Asset Management

The ‘Dotcom’ crash of 2001 was a good old fashioned bubble. Many people were swept up in the euphoria as their expectations about future profits turned out to be nothing more than unfounded hope. For many Australians, it is a case of once bitten, twice shy. Roll forward 17 years,... Show More

Clear Sky ahead for Catapult

Lachlan Hughes
Lachlan Hughes Swell Asset Management

Just a sensor stitched into a shirt? Well, not quite. Catapult provides sophisticated analysis to help understand player load with a view to preventing soft tissue injury. The technology also assists team management understand their players bio-mechanics in an objective way. The real smarts are in the algorithms that process... Show More

Australia in Transition

Lachlan Hughes
Lachlan Hughes Swell Asset Management

Over the next few years we expect a transitory period where the economy rebalances and new industries take up the slack from the subsiding mining boom. Government can assist this transition a little, and they can damage this transition a little – however the primary driver will be the ingenuity... Show More

Praemium - A Technology Company poised for growth

Lachlan Hughes
Lachlan Hughes Swell Asset Management

We like companies where the numbers obscure the underlying value. This is the case with Praemium. At a headline level, Praemium looks to have delivered A$2.2m in EBITDA in FY15. On further inspection, you would uncover a business that is making A$8.2m EBITDA in Australia (net of corporate overheads). So... Show More

Empired: Winning in the New World

Lachlan Hughes
Lachlan Hughes Swell Asset Management

Coming off a record FY15 result Empired (ASX:EPD) carries solid earnings momentum into FY16. On the back of several acquisitions it is now positioned as one of Australia’s leading providers of IT services and infrastructure. Sustainability of its earnings have improved dramatically through diversification of operations both geographically and by... Show More

RedHill Positioned for Growth

Lachlan Hughes
Lachlan Hughes Swell Asset Management

RedHill (ASX:RDH) operates a number of specialist businesses in the private tertiary education market in Australia. It delivers vocational and higher education courses in English language, creative digital technologies, and interior design to over 4,000 domestic and international students each year. Show More

Join the conversation

@Adrian Thanks for your question Adrian. You raise an important point. Best practice is to accrue the performance fee daily, crystallise annually (subject to beating index) and apply a high water mark. The accrual ensures new investors aren’t being penalised for prior performance. This is important. However, it doesn’t help existing unit holders, who would have still paid a fee in my example.

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