Category: 2019

Happy Holidays to all our subscribers. Thank you for your support throughout our first half year – we greatly appreciate it and wish you many happy returns in the New Year. Hopefully we can help with some of those financial goals (but keeping the New Year gym membership resolution...

Welcome to the first monthly newsletter for “Insufficient Capital”, the name applied to a long-only equities portfolio. The name applied to the fund is a self-deprecating jab at the fund’s relatively small pool of capital. The newsletters aim to analyse the portfolio as well as general market/economic conditions. About...

Insufficient Capital fell 5.67% over April, compared to the ASX300 gain of 1.18%. The top contributor was Stanmore Coal, while the largest detractor was Aurelia Metals. On a rolling 12-month basis, Insufficient Capital has significantly outperformed the ASX300. Acrow Formwork and Scaffolding (ACF:ASX) During May, Insufficient Capital entered a...

A Change in Our Reporting Going forward, we will only report performance when we deem it to be significant to the fund. We will report industry weightings quarterly. At the end of the June quarter, our portfolio was most heavily weighted to Australia’s energy industry (particularly towards coal and...

The fund rose +3.73% over the August reporting period, compared to the ASX300 performance of -2.97% (+6.7% outperformance). At August end, the fund held 27% cash. The top contributor was Afterpay, while the largest detractor was Acrow Formwork. Positioning Changes We recently exited a long-term core position in natural...

At the end of the September quarter, the fund was most heavily weighted to our ‘Net Cash Miners’ strategy: The portfolio rose +9.25% over the quarter, strongly outperforming the ASX300 performance of +1.24% by +8.01%. We were very pleased to record outperformance over each month, most notably in August...