Cross-asset research, and managed accounts run to your mandate.
Macro, Australian and global equities, managed funds, ETFs, hybrids and listed property, all written in-house and published to a schedule you can plan around. The same research runs the portfolios, on the platforms you already use.
Cross-asset research and discretionary portfolios.
What research clients get is what the portfolios are built on, so the note you read and the position we hold say the same thing.
Independent research, to a schedule you can plan around
A full cross-asset suite, written in-house by the people who run our own portfolios. Judged on whether the call was right, not on whether the note read well. No paid ratings, no coverage fees, no trading desk.
- Australian and global equity focus lists, plus the multi-strategy allocation list
- Equity, ETF and managed fund notes, at least twice a year on every name and again when the facts change
- Morning report before the open, intraday updates as things move
- Weekly valuations on ASX hybrids, A-REITs and listed investment companies
- Monthly market wrap, a newsletter written for your clients, and the Investment Series webinar
- Quarterly macro review and asset allocation
- Authored, dated and version-controlled in a secure portal
- $300 + GST per adviser per month. One tier, the whole suite.
Discretionary portfolios, run to your mandate
We build and run the whole portfolio to your brief through SMAs and IMAs on your platform. You keep authority and custody throughout. Benchmarks do not set the positions. Your mandate does.
- We build and run the whole portfolio, from asset allocation down to the positions
- Held as an SMA across a book, or an IMA written for one portfolio
- Active models or ETF-only, whichever the mandate calls for
- Universe, risk limits, liquidity floors and rebalancing rules written down before any trade
- Monthly attribution, quarterly review, every decision on the record
- Implemented on HUB24, Netwealth, Macquarie Wrap, MLC, Praemium, Dash and Powerwrap, or yours
- 0.25% of funds under management. No performance fee.
Six principles.
Each one rules something out. A principle that costs nothing is a preference.
Compounding first
A 40% loss needs a 67% gain to get back to even. Avoiding the large loss does more for the end number than catching the large gain.
Non-binary portfolios
Position size reflects what we can establish rather than how strongly we feel about it. Diversification where conviction isn't earned. Concentration where it is.
Barbell construction
A core we expect to hold for years, and a smaller set of less-covered ideas sized to matter. The middle is deliberately thin, and that is where most active money sits.
Unconstrained
Ideas come from equities, listed credit, funds, ETFs or hybrids. The work decides, not the label on the sleeve.
Benchmark-unaware
Most active managers stay near the index because being wrong on your own costs more than being wrong with everyone else. We take that risk instead, and it shows up in the tracking error.
Downside awareness
Markets correct three to five times a decade and nobody calls the timing. What matters is whether the portfolio can sit through one without selling.
A decade of live money.
Returns since each strategy started, through the COVID shock, the 2022 rate cycle and the recovery. Live money throughout, and each of the four beat its market proxy on less volatility than the proxy carried.
+1.4% excess return over the proxy since inception.
+1.2% excess return over the proxy since inception.
+1.2% excess return, with three points less volatility in the part of the market where volatility is highest.
+1.5% excess return over the proxy since inception.
Important disclosures The four equity strategies shown are four of eighteen strategies we run across four families. Returns across the full set range from 4.2% to 16.6% per annum since their respective inceptions, and the complete table is available on request. Returns and volatility sourced from PORT Bloomberg, total return, as at 31 October 2025, since strategy inception. [GROSS OR NET OF THE 0.25% MANAGEMENT FEE — TO BE CONFIRMED BEFORE PUBLICATION.] Volatility is standard deviation since inception. Market proxy is the most relevant ASX-listed ETF, shown for illustrative comparison. Excess return is the difference between the strategy return and the proxy return and is not risk-adjusted alpha. Inception dates differ by strategy, so returns are not directly comparable with each other. Past performance is not a reliable indicator of future performance. This information is general in nature and is provided to wholesale and professional investors only.
The person who answers is the person who decided.
Three investment managers who founded the firm in 2015 and still run it. Decisions are made together and written down, so nobody has to go away and find out why a position is on.
Portfolio management, global equities and mandate governance. Previously fund manager on the Australian small-cap portfolio and head of the Australian trading desk at Aberdeen Asset Management. Earlier, REITs investment banking at Morgan Stanley. Admitted solicitor of the Supreme Court of New South Wales.
Investment research, equity coverage and hybrid securities. Previously lead analyst for Australian equities and ASX-listed hybrids at Insignia Financial. Earlier, equity research at RBC Capital Markets. MBA in Finance from MGSM and a Masters of Commerce with Honours from UNSW.
Equity research, financial modelling and manager due diligence. Previously a financial accountant inside an operating company, preparing statements and presenting quarterly to senior management. Earlier, financial modelling and derivative hedging at a stockbroking firm. CFA Charterholder.
Every piece says what would change our mind.
Eleven Months of Risk Reports on One Profitable Client
One prime brokerage left an unusually detailed internal record: limits, stress tests, margin calculations, and the decisions made as a concentrated client's exposure kept growing.
The Paycheque That Buys the Market
The superannuation contribution file arrives overnight and looks more like plumbing than finance. It is also the steadiest bid in Australian equities, and it is about to change shape.
Where the Liquidity Promise Is Actually Written
Private credit funds describe redemption terms in marketing language and in constituent documents. The two do not always agree, and only one of them binds.
Tell us what you're trying to solve.
Then we'll tell you whether we're the right firm for it. If we're not, you'll hear it on the first call rather than the third.