30 Sep 2026Smallco Investment ManagerZIPHeldSmallco Investment Manager continues to hold Zip Co because it believes the market is overly concerned about the first-quarter bad debt outcome. Zip delivered cash EBTDA ahead of expectations and guided FY27 earnings at least 5% above consensus, initially rising 18% on the day before falling 33% from that peak. Smallco acknowledges Zip's exposure to the health of the US consumer but notes the buy now, pay later provider continues to grow strongly and, at this stage, should be able to absorb higher funding costs resulting from rising interest rates.
30 Sep 2026Smallco Investment ManagerPNIHeldSmallco Investment Manager continues to hold Pinnacle Investment Management because it believes the growth outlook and valuation, even excluding Metrics Credit, are as attractive as ever. Pinnacle fell 21% in the quarter despite a solid FY26 result and funds under management update ahead of expectations, with the stock falling 34% from August highs on concerns about its 35% stake in Metrics Credit. Metrics wrote down some commercial real estate assets, delaying its audited accounts. Smallco notes Metrics was forecast to contribute only around 12% of Pinnacle's FY27 earnings, yet the share price fell nearly three times that, and expects other affiliates' flows to remain strong.
Smallco Investment Manager is one of Australia's longest-running dedicated small-cap equities boutiques, led by founder Rob Hopkins, focused exclusively on ASX-listed companies outside the largest 100 stocks. Smallco applies a disciplined, research-intensive fundamental approach, seeking well-managed businesses with strong growth prospects and reasonable valuations within the small and micro-cap universe. The firm has built a long-term track record managing concentrated portfolios for wholesale and retail investors, with an emphasis on direct company visits and management engagement to build conviction. Smallco's longevity in the specialist small-cap space reflects a consistent, repeatable investment process maintained over multiple market cycles.
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.
30 Sep 2026Smallco Investment ManagerZIPHeldSmallco Investment Manager continues to hold Zip Co because it believes the market is overly concerned about the first-quarter bad debt outcome. Zip delivered cash EBTDA ahead of expectations and guided FY27 earnings at least 5% above consensus, initially rising 18% on the day before falling 33% from that peak. Smallco acknowledges Zip's exposure to the health of the US consumer but notes the buy now, pay later provider continues to grow strongly and, at this stage, should be able to absorb higher funding costs resulting from rising interest rates.
30 Sep 2026Smallco Investment ManagerPNIHeldSmallco Investment Manager continues to hold Pinnacle Investment Management because it believes the growth outlook and valuation, even excluding Metrics Credit, are as attractive as ever. Pinnacle fell 21% in the quarter despite a solid FY26 result and funds under management update ahead of expectations, with the stock falling 34% from August highs on concerns about its 35% stake in Metrics Credit. Metrics wrote down some commercial real estate assets, delaying its audited accounts. Smallco notes Metrics was forecast to contribute only around 12% of Pinnacle's FY27 earnings, yet the share price fell nearly three times that, and expects other affiliates' flows to remain strong.
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