30 Jun 2026Spheria Asset ManagementIMDHeldSpheria continues to hold Imdex because, as a fund historically underweight the resources sector, it prefers gaining exposure through quality mining services names such as Imdex and Mader rather than direct commodity exposure. Spheria notes this positioning was not enough to fully offset the strong returns delivered by the broader materials sector over the financial year, reflecting the manager's preference for services providers with more predictable earnings streams tied to mining activity levels rather than commodity prices themselves.
30 Jun 2026Spheria Asset ManagementLYLHeldSpheria continues to hold Lycopodium because shares rose 22% during the month on the back of two contract wins, including an approximately A$196m EPCM contract for Resolute Mining's Doropo Gold Project in Côte d'Ivoire and a further ~$6m early works agreement for the Katanning Gold Project. Spheria notes these wins add meaningfully to work-in-hand of $415m and a $1.3bn opportunity pipeline, while the diversified mining contractor's net cash balance sheet and 11x FY27 EV/EBIT, though re-rated from 6.5x, still screens cheaply relative to peers given its exposure to the commodity capex cycle without direct mining risk.
Spheria Asset Management is a Sydney-based boutique fund manager specializing in Australian small and micro-cap equities, founded by a team of experienced small-cap investors including former Perpetual portfolio managers. The firm applies a valuation-driven, benchmark-unaware approach, seeking overlooked and under-researched companies trading well below their assessed intrinsic worth. Spheria's flagship Australian Smaller Companies Fund targets long-term capital growth by taking concentrated positions in a select group of businesses across the micro and small-cap end of the ASX. The team's investment philosophy emphasizes patience, rigorous balance-sheet analysis and a willingness to hold significant cash when few compelling opportunities are available.
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 Jun 2026Spheria Asset ManagementIMDHeldSpheria continues to hold Imdex because, as a fund historically underweight the resources sector, it prefers gaining exposure through quality mining services names such as Imdex and Mader rather than direct commodity exposure. Spheria notes this positioning was not enough to fully offset the strong returns delivered by the broader materials sector over the financial year, reflecting the manager's preference for services providers with more predictable earnings streams tied to mining activity levels rather than commodity prices themselves.
30 Jun 2026Spheria Asset ManagementLYLHeldSpheria continues to hold Lycopodium because shares rose 22% during the month on the back of two contract wins, including an approximately A$196m EPCM contract for Resolute Mining's Doropo Gold Project in Côte d'Ivoire and a further ~$6m early works agreement for the Katanning Gold Project. Spheria notes these wins add meaningfully to work-in-hand of $415m and a $1.3bn opportunity pipeline, while the diversified mining contractor's net cash balance sheet and 11x FY27 EV/EBIT, though re-rated from 6.5x, still screens cheaply relative to peers given its exposure to the commodity capex cycle without direct mining risk.
Thesis Tracker