TOL - 6th May, 2023
Is this the least crowded opportunity in the market today?
Fifth Estate Asset Management are launching a fund because they believe it is
In the world of investing, listed markets dominate the airwaves due to their ease of access, broker coverage and liquidity. For that reason, unlisted shares can often take a back seat.
But companies aren’t born on the listed markets. Many of the best opportunities exist in the unlisted, pre-IPO space.
Today’s guest on The Rules of Investing is Dane Roberts – a portfolio manager at Fifth Estate Asset Management. Fifth Estate invest in pre-IPO, IPO, unlisted and listed microcap and small cap companies. Its first fund was launched in 2021 and it has delivered 13.29% since then – impressive considering the extreme volatility of that period. That fund’s closed to new investment, but they’re about launch their second fund with much the same strategy.
In today’s episode, we discuss:
- what it takes to invest in unlisted companies;
- how they compare to their listed peers;
- the outlook for unlisted stocks;
- and why now could be the perfect time to invest at the pre-IPO stage.
Note: This interview was recorded on Friday May 5, 2023.
- 1:49 - Birds-eye view of pre-IPO and IPO
- 4:00 - Liquidity in unlisted markets
- 6:00 - Debt vs equity
- 10:30 - The perfect time to put money to work
- 12:45 - Finding and filtering unlisted companies
- 15:30 - How unlisted assets are priced
- 18:40 - When should a company list?
- 22:20 - A company storming towards IPO
- 27:20 - Fund 2
- 30:24 - In it for the long haul
- 33:00 - Monetary policy on the street
- 35:40 - The comeback kid (ASX: NXT)
- 38:45 - An infrastructure company surrounded by moats
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The Rules of Investing is one of Australia's top investing podcasts. We interview the leading investment minds from Australia and overseas to better understand their processes and philosophy. After launching in October 2017, there have been over 150 episodes published - you can access all content on Livewire Markets, Spotify and Apple Podcasts.
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More from The Rules of Investing
To catch-up on previous episodes of the Rules of Investing, click here.
- Christopher Joye: No margin for error for risk junkies craving rate cuts
- Why Ben Clark is taking profits on growth stocks (and where he's putting that money to work)
- The next 10 years in ETF growth could be dominated by this asset class
- Warryn Robertson's guide to picking the best infrastructure stocks on the ASX and abroad
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1 stock mentioned
Livewire Markets
The Rules of Investing is one of Australia's top investing podcasts. We interview the leading investment minds from Australia and overseas to better understand their processes and philosophy. After launching in October 2017, there have been over...
Livewire Markets
The Rules of Investing is one of Australia's top investing podcasts. We interview the leading investment minds from Australia and overseas to better understand their processes and philosophy. After launching in October 2017, there have been over...
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