Australian Quality Equities Portfolio

Holdings

A concentrated book of listed Australian businesses, selected on durable earnings and balance sheet strength. Established 2023.

Limits

Single positions are capped at 3 per cent of the book. There are no margin facilities and no borrowings against the portfolio.

Selection

A holding must be describable in one paragraph and produce visible cash flow. The balance sheet must fund the business without recourse to capital markets.

A purchase requires the price to sit below the office's estimate of intrinsic value.

Review

Each position carries a written thesis, reviewed at least annually. The test is whether the facts the thesis depended on are still true.

Risks

The Australian index is weighted towards banks and materials. The book does not mirror index weights, so it will not move with them.

Elsewhere in the Portfolio

Other work in the portfolio

Two further positions that illustrate how the office allocates capital across asset classes.

Real Assets

Melbourne Inner-East Office Portfolio

Four commercial properties across Camberwell, Hawthorn and Kew, anchored by long-standing professional services tenants.

Acquired 2023–2024View →

Private

Family-Business Partnership

A direct partnership with a Melbourne family manufacturer, structured for continuity rather than for exit.

Established 2024View →

Position Facts

The position at a glance

Single position cap

Nil

Margin or borrowings

12+

Months of liquidity held

Annual

Thesis review

Questions on This Position

Questions about this position

Questions asked about this position.

How many positions does the book hold?

Fewer than an index fund. Every holding must clear the same cash flow and valuation tests; capital stays in cash rather than funding a name that cannot be described in a paragraph.

The number of holdings is determined by how many businesses clear the screen, not by a diversification target.

How do you size a position?

Size reflects the durability of cash flows and the gap between price and estimated value, capped at 3% of the book.

The cap applies regardless of the size of the opportunity.

Do you trade around positions?

No. There is no tactical overlay, no hedging and no trading around core holdings. Turnover happens when a thesis fails, when price moves far beyond our estimate of value, or when a better-understood opportunity requires the capital.

Transaction costs and tax are measured over the intended holding period.

Positions are reviewed annually against the thesis recorded at purchase.

Discuss a Position

Ask about the equity book

Researchers, advisers and analysts sometimes want to understand how the screen is applied. A written note describing what you are working on is how these conversations start.

Substantive enquiries are answered within two business days.
Commercial information is treated as confidential.