Lachlan Hughes

Lachlan
Hughes

Portfolio Manager
Swell Asset Management

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

Expertise

No areas of expertise

Starbucks China - The Opportunity

Lachlan Hughes

Starbucks is an American coffee company founded in Seattle in 1971. The company operates 27,339 locations across the world. Starbucks serves an assortment of hot and cold beverages, pre-packaged food, and snacks. Following a sustained period of above average growth, Starbucks is experiencing a slow down in comparable store sales... Show More

China coffee Starbucks SBUX thematic investing

Bank Hybrids: The devil is in the detail.

Lachlan Hughes

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

australian banks bank hybrids

The dirty secrets fund managers don’t want you to know!

Lachlan Hughes

I hope to enlighten potential investors about the tricks used by fund managers to ‘window dress’ their performance. Some of these tricks can be backed out and where possible I have provided the math below. Show More

funds management Passive investing active investing fees

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Alphabet, just another internet stock? Think again.

Lachlan Hughes

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

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

australian equities micro cap ASX:CAT

Australia in Transition

Lachlan Hughes

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

australian economy austraila standard of living

Praemium - A Technology Company poised for growth

Lachlan Hughes

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

australian equities microcap ASX:PPS Praemium

Empired: Winning in the New World

Lachlan Hughes

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

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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