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Ron Shamgar

Ron Shamgar is the Chief Investment Officer and Co-founder of TBF Investment Management and has been the Portfolio Manager of the TBF Small Cap Value Growth Fund since 2013. Ron has joint responsibility for research, company analysis, portfolio construction and marketing the Fund. Ron has a passion for value investing and believes in a systematic approach to researching and evaluating businesses with a strong bias on assessing management teams. He has been investing actively in the small cap sector for over 14 years. Ron holds a Bachelor of Manufacturing and Management Engineering from the University of New South Wales.

Pepper Group Looking Hot

Ron Shamgar
Ron Shamgar TBF Small Cap Value Growth Fund

Pepper Group (PEP) is the leading non-bank mortgage lender in the country and a global consumer finance company with operations spanning Europe, South Korea and Hong Kong. TBF Small Cap Value Growth Fund took a position in PEP approximately 4 months ago below $2.80. Our thesis for investing in PEP... Show More

A Small Cap That Pays You To Wait

Ron Shamgar
Ron Shamgar TBF Small Cap Value Growth Fund

One of our largest holdings in the TBF Small Cap Value Growth Fund is a company with a market cap of $170M that reported a profit of $27M in CY2016 and paid a dividend of $18M. The business does not have a lot of debt on the balance sheet and... Show More

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When You See Value It Smacks You Right In The Face

Ron Shamgar
Ron Shamgar TBF Small Cap Value Growth Fund

In the wonderful world of value investing, we sometimes come across businesses with incredible economics. As we dig further and read through the financial reports of these companies, we sometimes feel as if value emerges from the pages and smacks us right in the face. In this article we will... Show More

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A Profitable Small Cap on the Verge of Global Success

Ron Shamgar
Ron Shamgar TBF Small Cap Value Growth Fund

In the search for value, we are always on the lookout for companies that are either undiscovered, overlooked or just misunderstood by the market. Over the last few months we shared with Livewire readers our investment thesis in Freedom Insurance Group (FIG) and Mcpherson's Limited (MCP). Another core holding in... Show More

The first upgrade is never the last

Ron Shamgar
Ron Shamgar TBF Small Cap Value Growth Fund

Three weeks ago, we profiled our investment in Freedom Insurance group (FIG) and explained the business model and its clear path to profitable growth over the coming years. Today the company reported its 1HFY17 results with net revenue up 116% to $25.7M, EBITDA up 546% to $11.1M and NPAT up... Show More

Freedom Insurance Group (FIG) – Free To Prosper

Ron Shamgar
Ron Shamgar TBF Small Cap Value Growth Fund

FIG’s business model is to design, distribute and administer a simple range of life insurance products through direct and general advice distribution channels. FIG does not take-on any underwriting risk. The company was founded in 2009 and has since grown organically to capture close to 10% of the direct life... Show More

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Hi Michael, appreciate your comment and skepticism. Maybe you haven't followed out fund over the last 4 years, but we share our investment ideas and the thesis behind them on a monthly basis for over 4 years now. Livewire is another channel for us to share these ideas and you can choose to do whatever you like with the information presented to you. All the best to you. Cheers

On When You See Value It Smacks You Right In The Face -

Hi Trooki, As we explained in the above article, FIG reports both reported earnings and cash earnings. The difference is the adjustment to the fair value increase in the trail asset book of FIG. As FIG is growing fast, the gap between reported and cash earnings is large. Over time as the business matures and growth tapers somewhat, the difference will be minimal. Prior to this year, FIG was building its scale to the point where from now onwards, operating cash flows will follow cash earnings quite closely. As can be seen from the recent upgrade to prospectus forecasts, any increase in sales can have a material positive effect on the cash earnings of the business as the operating leverage kicks in. Therefore we expect net operating cash flows to be quite strong this year after accounting for the one off IPO costs. Hope that helps. Cheers

On Freedom Insurance Group (FIG) – Free To Prosper -