Download the PDF update (August 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 | 157.69% |
| Compound p.a. since inception | 9.20% |
| 10 Year Compound Annual | 9.86% |
| 7 Year Compound Annual | 10.64% |
| 5 Year Compound Annual | 4.61% |
| 3 Year Compound Annual | 9.87% |
| 1 Year | 3.21% |
| 1 Month | 4.17% |
Past performance is not indicative of future performance.
Market update and commentary
As we noted last month, we believed there was upside risk to inflationary pressures in Australia. That risk materialised in the latest CPI data, with trimmed mean inflation remaining elevated at 3.6%, driven partly by housing costs, which have increased by 5.0% over the past 12 months. The trimmed mean, the RBA’s preferred measure of underlying inflation, remains well above the midpoint of its 2 to 3% target range. This latest reading makes a further interest rate increase highly likely.
The US economy is also confronting persistent inflationary pressures, with headline inflation reaching 3.4% and the PCE price index rising to 3.7%. These readings have renewed pressure on the Federal Reserve to take more decisive action. Federal Reserve Chair Kevin Warsh acknowledged that inflation had exceeded the Fed’s 2% target for 65 consecutive months and signalled that, without imminent progress, the Fed would need to raise interest rates.
Microequities Global Value Microcap Fund returned 4.17% in August; this brings the total return net of fees to 157.69% for the Fund since inception in December 2015.
Japanese cybersecurity software developer Hennge K.K (TYO:4475) published its 3Q26 financial results. The company continued its growth momentum with a +17.1% increase in sales, whilst an improved gross margin saw it deliver a 28.7% in NPAT. The company has increased contracted users by +16.5% in the last 12 months and counts 3,881 (+18% YoY) corporations as clients, providing a highly diversified revenue base. The Microequities investment management team caught up with the Hengge K.K CFO in Sydney with the meeting confirming the positive trajectory of the business.
UK-based automotive dealership group Vertu Motors Plc (LON:VTU) provided a positive trading update late in the month. The company reported strong sales across both new and used vehicles while successfully managing cost pressures. As a result of this robust trading performance, Vertu advised the market that it expects its full year results to exceed current market expectations.
The investment management team has made good progress in building its stake in a European animal-health pharmaceutical company, with the new investment now representing more than 2% of the Fund’s NTA. The position has been accumulated at highly attractive prices, and the team is confident in the potential for strong long term returns.
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.