Download the PDF update (July 2026)
About the fund
Fund Manager: Carlos Gil (CIO) The Global Value Microcap Fund is a wholesale fund investing in a selection of undervalued, profitable and growing companies listed in predominantly advanced economies around the world.
Performance
| Period | Fund |
|---|---|
| Total since inception | 147.37% |
| Compound p.a. since inception | 8.86% |
| 10 Year Compound Annual | 9.60% |
| 7 Year Compound Annual | 9.39% |
| 5 Year Compound Annual | 4.54% |
| 3 Year Compound Annual | 8.55% |
| 1 Year | -0.37% |
| 1 Month | 0.25% |
Past performance is not indicative of future performance.
Market update and commentary
A softer than expected Australian CPI print of 3.8% has increased expectations that the Reserve Bank of Australia (RBA) has reached the end of its tightening cycle. Trimmed mean inflation, the RBA's preferred measure of underlying inflation, eased to 3.6%. However, we continue to view the inflation outlook as mixed. Tight labour markets, constrained supply, and persistent housing shortages continue to present upside risks to inflation. In the near term, the more likely outcome is that the RBA holds the cash rate steady at its upcoming August Board meeting. Beyond that, however, the balance of risks continues to lean towards further policy tightening. Across global financial markets, attention remains firmly focused on geopolitical developments, particularly the conflict between the United States and Iran. As we noted last month, the ceasefire appeared fragile, subsequent events have reinforced that assessment, with hostilities resuming in recent weeks. The US faces a complicated exit pathway as Iran insists on taking navigational authority over the Hormuz straight and is asserting operational control through military means. If the US were to concede operational control of the straight to Iran, it would effectively provide Iran with a tangible strategic victory in the conflict, an unpalatable outcome for the US.
Microequities Global Value Microcap Fund returned 0.25% in July; this brings the total return net of fees to 147.37% for the Fund since inception in December 2015.
The Global Value Microcap Fund's largest cybersecurity software investment reported an excellent set of results during July, delivering revenue growth of 26% while GAAP earnings per share increased 44%. The business continues to generate exceptional operating margins and free cash flow, with AI proving to be a meaningful tailwind as customers increase spending on network security, data protection and edge security. Importantly, the company complements its software platform with proprietary hardware, providing a differentiated competitive advantage. The Investment Management team also initiated a position in a new industrial company that designs and manufactures specialised piping systems used across a range of end markets, including oil and gas, water infrastructure, desalination and data centres. We believe the business is well positioned to benefit from the rapid expansion of AI-driven data centre infrastructure, while continued investment in infrastructure across many of its geographic markets provides an additional long-term growth tailwind. Importantly, the company reports its order backlog, providing us with valuable visibility into near-term revenue and earnings momentum.
Portfolio breakdown
Sector breakdown
Market capitalisation
Country breakdown
Percentages are of fund net asset value and may not sum to exactly 100% due to rounding.
Portfolio
Important information: This information is not intended to be financial advice. Past performance is not indicative of future performance. Microequities Asset Management Pty Ltd is a corporate authorised representative, number 462438, as appointed by Microequities Asset Management Group Limited holder of AFSL number 287526. Application for units in the Fund is limited to investors that are wholesale or sophisticated investors within the meaning of Section 761G(7) and 761GA(7) of the Corporations Act 2001.