31 Jul 2026Lennox Capital PartnersIREHeldLennox Capital Partners continues to hold Iress because the stock rose approximately 10% during the month, making it one of the stronger performers among ASX technology names at a time when the broader technology sector fell almost 5%. Lennox notes that the market's rotation away from speculative AI-related exposures favoured businesses with dependable recurring revenue streams. The manager believes Iress's entrenched position across financial markets software and wealth management platforms allowed the stock to stand apart from the broader technology sell-off, reflecting the defensive characteristics of its recurring revenue base relative to more speculative, growth-oriented technology peers during a period of heightened market volatility.
31 Jul 2026Lennox Capital PartnersVEAHeldLennox Capital Partners does not hold Viva Energy and continues to avoid the position because its earnings are driven primarily by commodity prices, a characteristic the fund's discipline excludes. Lennox notes Viva Energy rose 38% during the month to be the best performer in the ASX200 and the fund's largest single detractor from relative returns, as the renewed Middle East conflict drove Brent crude up 24% to around US$90 per barrel, compounding a strong June quarter refining margin tailwind that saw the company guide to first-half EBITDA around 10% ahead of consensus on strong fuel volumes. The manager accepts such relative underperformance as the cost of avoiding commodity-price-driven earnings, valuing the predictability this discipline brings to the portfolio over time.
Lennox Capital Partners is a Sydney-based boutique fund manager founded in 2017 by James Dougherty and Liam Donohue, previously long-standing managers of Macquarie's Australian small companies and micro-cap funds. Distributed through the Fidante Partners platform, Lennox runs Australian Small Companies and Microcap funds built on the belief that structural, cyclical and company-specific change is mispriced by the market in the short term, and that independently forecasting company earnings can exploit that mispricing over a medium-term horizon. The firm builds concentrated portfolios of 20-40 high-quality small and micro-cap industrial companies with predictable, sustainable earnings, typically maintaining an ex-resources bias given commodity-price volatility. Lennox's principals are majority owners of the firm and co-invest alongside clients, and its funds have earned strong ratings from Zenith and Lonsec since launch.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
31 Jul 2026Lennox Capital PartnersIREHeldLennox Capital Partners continues to hold Iress because the stock rose approximately 10% during the month, making it one of the stronger performers among ASX technology names at a time when the broader technology sector fell almost 5%. Lennox notes that the market's rotation away from speculative AI-related exposures favoured businesses with dependable recurring revenue streams. The manager believes Iress's entrenched position across financial markets software and wealth management platforms allowed the stock to stand apart from the broader technology sell-off, reflecting the defensive characteristics of its recurring revenue base relative to more speculative, growth-oriented technology peers during a period of heightened market volatility.
31 Jul 2026Lennox Capital PartnersVEAHeldLennox Capital Partners does not hold Viva Energy and continues to avoid the position because its earnings are driven primarily by commodity prices, a characteristic the fund's discipline excludes. Lennox notes Viva Energy rose 38% during the month to be the best performer in the ASX200 and the fund's largest single detractor from relative returns, as the renewed Middle East conflict drove Brent crude up 24% to around US$90 per barrel, compounding a strong June quarter refining margin tailwind that saw the company guide to first-half EBITDA around 10% ahead of consensus on strong fuel volumes. The manager accepts such relative underperformance as the cost of avoiding commodity-price-driven earnings, valuing the predictability this discipline brings to the portfolio over time.
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