QVG Capital is a Sydney-based boutique Australian equities fund manager co-founded by Chris Prunty and Tony Waters, both experienced small and mid-cap investors. QVG runs a concentrated, high-conviction long-only Australian equities strategy, focusing on small to mid-cap companies with quality management, strong balance sheets and identifiable growth catalysts. The firm's process combines rigorous fundamental research with direct engagement with company management, aiming to capture value before broader institutional recognition. QVG has built a strong reputation among wholesale and adviser-distributed investors for consistent process discipline and transparent communication about its portfolio positioning and investment rationale.