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For wholesale investors looking for long term capital growth

GBST case study (Investee company in the Deep Value Fund)

Thanks for watching the case study. GBST is a investee company in the Deep Value Fund.

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Total Return since inception in 2009


3 Year Compound Return per annum


5 Year Compound Return per annum


7 Year Compound Return per annum


10 Year Compound Return per annum


Compound pa since inception in 2009


* as at 31/01/2022



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Deep Value Fund





All Ords Accumulation Index

Small Ords Accumulation Index




✓ Invests in a concentrated portfolio of 15-40 hand picked highly undervalued and profitable ASX listed Smallcaps and Microcaps.

✓ Monthly liquidity; no gearing or derivatives (cash & long equities only).

✓ Microequities’ shareholders and staff members, including the investment team, own over 20% of total FUM across all investment funds.

✓ For wholesale and sophisticated investors only as defined by the Corporations Act 2001.


Minimum Investment
Applications & Redemptions
Compound p.a. since inception in 2009
Total Return since inception in 2009


10 Year
7 Year
5 Year
3 Year
1 Year
Total since inception**
Deep Value Fund

 (*) Data as at 31/01/2022.  (**) Fund inception on 6 March, 2009
Year returns are calculated as compound per annum. Returns are calculated after all fees and expenses and reinvestment of distributions. Please note that past performance is not indicative of future performance. Investing in Microcaps has unique/ elevated risks.




Carlos Gil

CEO & Chief Investment Officer

Carlos is the founder and current CEO of Microequities. He has worked in stockbroking, funds management, and investment research for over 20 years, and has been an individual investor in Australian Microcaps since he was 18 years old.

Carlos has held various senior management positions in Europe, including roles as Head of International Securities at BM Securities, and at Banesto Bank (Santander Group). Carlos has been investing in Australian industrial Microcaps since he was a teenager. Upon his return to Australia he founded Microequities with a long-term vision of creating a value driven specialist Microcap and Smallcap Fund Manager.

Carlos holds a Bachelor of Economics from Sydney University, a Graduate Diploma in Applied Finance and Investment Analysis from the Australian Securities Institute and a Master in Applied Finance and Investment Analysis from the Financial Services Institute of Australia.

Shuo Yang

Portfolio Manager

Shuo is currently responsible for identifying and providing research coverage on undervalued microcap industrial companies. Since starting investing at the age of 16, he has developed a fundamental approach to his analysis of companies in the market and is always on the lookout for new investment ideas.

Shuo holds a Bachelor of Commerce and Economics degree at the University of New South Wales (UNSW) and is a CFA Level II holder.

Sam Gutman

Executive Director & Company Secretary

Sam brings a wealth of invaluable pragmatic business experience to the management team, obtained through a successful career in the IT industry. Sam has been a long time personal investor in the Microcap asset class, and adamantly shares the investment philosophy of the Microequities team.

Sam has B.A with major in economics and has a Graduate Diploma of Applied Finance & Investments from FINSIA.

Declan McLenaghan

Investment Analyst

Declan provides research coverage on listed Australian Microcap companies. He previously worked as an analyst at Millinium Capital Managers, where he performed fundamental research on companies in the ASX 200. He has also worked for MF Holdings and Atlantic Pacific Securities.

Declan holds a Bachelor of Business (Finance) from the University of Technology Sydney (UTS) and is a CFA® charterholder.