Merewether Capital is a small, Sydney-based Australian equities fund manager founded by Luke Winchester after he left Oracle Investment Management, where he ran an emerging-companies portfolio. The firm specializes in ASX small and micro-cap stocks, applying a research-intensive, bottom-up approach that emphasises managing downside risk while retaining exposure to upside. It was incubated with backing from Arc Funds, a listed vehicle set up by Harley Grosser's Capital H Management, which took an equity stake and provided operational infrastructure to accelerate the fund's launch. Winchester's investing style focuses on identifying under-researched, growth-oriented micro-cap companies, often in niche or emerging industries, before they attract broader institutional attention.