active investing

Microcap Fund Review FY18

Mark Tobin

FY18 was a strong year for both microcap and small caps indexes. Once again, microcaps significantly outperformed large caps. The S&P/ASX All Ordinaries Accumulation Index returned 13.7% for FY18 a healthy return. In contrast, the S&P/ASX Emerging Companies Index posted a stellar return of 23.2% for FY18. Leading to an... Show More

3 Microcaps Stock to Watch

Mark Tobin

Silex Systems (SLX: ASX) a long time listed uranium play is cutting a forlorn figure these days on the ASX boards. SLX recently announced that it had failed to resolve all the due diligence issues with regards to its purchase of 76% of is GLE joint venture from its JV... Show More

Four more microcap stocks to watch

Mark Tobin

This month we outline four microcaps to watch, and discuss some research from Goldman Sachs on coverage at the small end of the market. We also talk to a high performing microcap fund, and discuss one of the more interesting stocks from their portfolio. Show More

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Energy Action A Microcap Stock Redeemed?

Mark Tobin

Energy Action (EAX: ASX) has had a very chequered past in recent times. Following a successful IPO and relatively successful early days post IPO the performance under the tenure of the previous CEO Scott Woodridge was a torrid affair from a shareholders point of view. The share price fell from... Show More

Book Number 3 - Margin of Safety by Seth Klarman (Revised May 18)

Lachlan Hughes

Seth Klarman is widely recognised as one of the greatest value investors of all time. He is CEO and Portfolio Manager of the Baupost Group, a hedge fund managing over US$31 billion. His book, Margin of Safety is a value investors’ classic. Klarman practically explains the philosophy of value investing... Show More

Book Number 4 – The Most Important Thing by Howard Marks (Revised May 18)

Lachlan Hughes

Howard Marks is the Chairman and Founder of Oaktree Capital Management, an investment firm managing over $120B. This is not a how to invest book and you will not find any step by step instruction. When it comes to investing, Marks believes there is no sure-fire recipe for success. This... Show More

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Book Number 6 – The Little Book of Value Investing by Christopher Browne (Revised May 18)

Lachlan Hughes

Today I review the investment classic authored by Christopher Browne, ‘The Little Book of Value Investing’. Browne was a partner at Tweedy, Browne Company – the oldest value investing house on Wall Street. Again, I recommend reading the book in its entirety. However, here are my favourite chapters. Show More

Book Number 7 – The Great Crash 1929 by John K. Galbraith (Revised May 18)

Lachlan Hughes

Originally published in 1955, The Great Crash 1929, provides a timeless reminder of the economic consequences of financial speculation, excess leverage, and herding. Many parallels can be drawn between The Great Crash of 1929 and the Global Financial Crisis of 2008. There are moments in this book where you may... Show More

Microcap Managers continue to outperform ETF’s

Mark Tobin

We are on the home stretch of FY18 and microcap and small caps indexes have continued to demonstrate strength. Once again, microcaps significantly outperformed large caps. The S&P/ASX All Ordinaries Accumulation Index returned a -3.69% for the Q3FY18. In contrast, the S&P/ASX Emerging Companies Index posted a -1.85% return in... Show More

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IIR March 18 Microcap Monthly Newsletter

Mark Tobin

Veris Limited (VRS: ASX announced another acquisition in its continuing strategy to rollup firms in the surveying and urban/regional planning business. Veris decided to wind down its old OTOC construction business over last 18 months to focus on its surveying and planning strategy. The new acquisition was well received with... Show More

Does Kip McGrath Education Get an A

Mark Tobin

Kip McGrath Education Centres Limited (KME: ASX) has been a long-standing microcap on the ASX. The company provides private tuition for students through a network of franchise tutors. The company has been overhauling its business model and systems in the last few years in order to improve profitability and capture... Show More

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Consolidated Operations Group are the cogs starting to turn?

Mark Tobin

Consolidated Operations Group (COG:ASX) is the new incarnation of the old Armidale Investment Corporation (AIK:ASX). COG has been slowly transitioning itself from the old LIC structure to a proper operating business structure over the last two years. COG is now pursuing two main lines of business: Show More