The Fifth Estate Small Companies Fund (Fund) is Fifth Estate’s first fund dedicated to listed equities. 

The Fund invests in a portfolio of predominantly ASX-listed small and micro-cap companies and aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over rolling 5-year periods. 

The Fund will generally hold between 25 and 75 positions, with the flexibility to maintain higher cash levels during times of market volatility or when attractive investment opportunities are limited. The Fund is sector agnostic, with the ability to invest across resources and industrial sectors.

We take a fundamental, bottom-up approach to stock selection, focused on earnings growth, cashflow, management quality, balance sheet strength, return on capital and valuation. We also look to take advantage of market inefficiencies, including mispriced stocks, special situations and flow-driven anomalies. 

Our approach is catalyst driven, and every investment must have an identified catalyst or inflection point before we commit capital. 

Consistent with our philosophy of maintaining smaller, capacity constrained funds to help maximise performance, the initial capital raising will be capped at $250 million.