A growth stock we are excited about is Xenith IP (XIP), which is a newly listed small-cap stock with a market cap of approximately $130 million. Xenith IP is an intellectual property firm specialising in the filing and prosecuting of patents and trademarks in Australia on behalf of both international and domestic clients. XIP also has a legal services division to assist clients with legal matters such as patent disputes. The industry has historically grown at rates slightly better than GDP and provides XIP with reliable, recurring income from its client base over many years after an original filing. The growth opportunity for XIP is to make acquisitions domestically of similar sized IP companies to expand market share and grow their earnings base. Any acquisition will be highly EPS accretive and will enable margin expansion over time. XIP has a strong balance sheet and excellent cash flow that will help the company support its growth ambitions. If XIP is successful in demonstrating strong growth in future periods, we would expect the market to reflect this in the price.