| Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | FY 26 | |
|---|---|---|---|---|---|
| Investius PB Micro Cap1 | 35.95% | 8.40% | 11.67% | 6.77% | 75.72% |
| Benchmark2 | 28.69% | 8.18% | −7.03% | −0.66% | 28.57% |
| Difference | 7.26% | 0.22% | 18.70% | 7.44% | 47.14% |
The Fund returned +6.77% net of fees for the June quarter and closed FY2026 up +75.72% net, outperforming the S&P Emerging Companies Index by 47.14%.
The result came from stock selection, not from a view on where markets were heading. We do not forecast interest rates, commodity cycles or index levels.
Gains were spread across the book rather than carried by one or two holdings, with contribution from both the resources and technology sides of the portfolio. The positions discussed below were among the larger movers, but none of them accounts for the year on its own.
Each of those positions had to clear the same three tests before we bought it: an outstanding project or business model, a quality board and management team, and a value proposition. FY26 is best read as those tests doing their work, companies bought on their own merits, a number of which the wider market came around to during the year.
A significant share of our time goes into supporting the companies we already own rather than into finding new ones: strategy, capital structure, investor relations, board structuring and so on. We are active investors but not activists. At this end of the market the ability to fund the next stage properly is often what separates a good asset from a good investment, and that work is part of the return.
A year of this magnitude reflects a number of holdings re-rating at once, and we would not want it read as a run rate. The discipline is the constant; the outcome will vary.
The Investius PB Microcap Fund returned +8.4% (after fees) for the quarter ending December 31, 2025, outperforming the S&P/ASX Emerging Companies Accumulation Index by 0.22% (after fees).
EchoIQ was a leading contributor over the quarter. The AI cardiac-diagnostics company continued to build institutional credibility with a strategic investment from ASX-listed imaging leader Pro Medicus, a wellsupported institutional placement that materially strengthened its balance sheet, and further progress on its US FDA pathway and commercial partnerships, including access to a large real-world echocardiogram dataset. We retain strong conviction in the multi-year opportunity.
Nordic Resources contributed strongly, re-rating on a run of drilling results from its Finnish projects. Highgrade gold intercepts at Kopsa extended by step-out drilling beyond the current resource, together with gold and copper-silver mineralisation confirmed at Angesneva, reinforced the scale potential of the ground. Continued drill news flow remains the key near-term catalyst.
Zinc of Ireland was another positive contributor as it moved to reposition itself. During the quarter the company acquired Meclex (Metallon Clean Extractions BV), a Netherlands-based clean metals-extraction technology business, funded via a $5.5m placement, a deliberate pivot toward cleaner, lower-cost metals processing and the green-metals supply chain. It is early days, but should Meclex gain commercial traction the technology could prove a genuinely significant driver of value; we view the acquisition as a potentially transformational step for the company and are watching adoption closely.
HeraMED was the quarter’s main detractor, giving back part of an exceptionally strong financial year. Encouragingly, its commercial story continued to build, with new US partnerships including with Philips and Lee Health extending the reach of its digital-maternity platform. We retain conviction on that momentum.
You can now apply online to the Investius PB Micro Cap Fund or request for a paper based application and Information Memorandum.
Please feel free to contact us should you have any enquiries regarding the Investius PB Micro Cap Fund or have an investment opportunity you would like us to review.
