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For the financial year ending 30 June 2026, Lanyon Investment Fund (LNY) posted a 23.8% return, outperforming the S&P/ASX300 Accumulation Index by 17.6 percentage points. Since its inception in September 2019, the Sydney-based fund has generated cumulative returns of 203.2%. Management has increased exposure to resource and international equities, identifying significant value in mining assets and property platforms currently challenged by market conditions.
Key Points
- Established in September 2019, Lanyon Investment Fund (LNY) provides investors access to a diversified portfolio of ASX-listed and international equities.
- The fund achieved a net return of 23.8% for the year ending 30 June 2026, surpassing the S&P/ASX300 Accumulation Index return of 6.2% and the MSCI All Country World Index return of 17.0%.
- Since inception, LNY has delivered cumulative net returns of 203.2% (17.6% annualised), outperforming the ASX300’s 68.9% cumulative return (8.0% annualised) over the same timeframe.
- Major holdings include Mineral Resources Limited (MIN), Jupiter Mines Limited (JMS), and UK-listed Rightmove plc (RMV), reflecting strong conviction in undervalued asset bases.
- As of 30 June 2026, the fund managed $147.0 million in assets and remains open to new investor capital.
- Annual investor presentations are planned for Adelaide on 10 September and Sydney on 17 September, with fund manager David Prescott presenting at the SOHN London conference on 18 November.
Robust Returns Driven by Contrarian Investment in Sector-Specific Opportunities
Lanyon Investment Fund’s 23.8% return for the year ending 30 June 2026 highlights a disciplined strategy focused on identifying securities trading below their intrinsic value. This performance outpaced the S&P/ASX300 Accumulation Index’s 6.2% return and the MSCI All Country World Index’s 17.0%, showcasing the effectiveness of LNY’s concentrated portfolio across Australian and international equities.
Since launching in September 2019, the fund has achieved cumulative net returns of 203.2%, annualised at 17.6%, significantly outperforming major equity benchmarks. This reflects a philosophy of investing in undervalued opportunities with strong structural quality and sustainable competitive advantages that the broader market has temporarily overlooked.
Mineral Resources Remains Largest Conviction Holding Amid Market Turbulence
Mineral Resources Limited (ASX:MIN) is Lanyon’s largest position, comprising 10.8% of the portfolio. The fund acquired shares during a period of intense short selling and negative sentiment, when market pricing implied minimal economic value for MIN’s iron ore, lithium, and gas assets. Management viewed this valuation as disconnected from the company’s operational strength and cash flow potential.
The investment thesis is supported by MIN’s proven operational performance and governance improvements. The fund believes the market underestimates MIN’s earnings potential in both the short and medium term, maintaining conviction that the company’s asset quality and execution will ultimately be rewarded with higher valuations aligned with comparable resource peers.
Jupiter Mines and Tshipi Manganese Mine Offer Long-Term Commodity Cash Flows
Lanyon holds a 1.4% stake in Jupiter Mines Limited (ASX:JMS), which owns 49.9% of the Tshipi manganese mine—one of the largest and lowest-cost manganese producers globally. The fund’s rationale focuses on the durability and quality of cash flows from this asset, expected to sustain production capacity for over 100 years based on current resource and output profiles.
Management believes JMS’s current market valuation does not fully capture the strength and longevity of its cash flow or the potential premium from change-of-control scenarios. Jupiter Mines offers attractive risk-adjusted returns through commodity exposure, operational efficiency, and cash generation inherent in the Tshipi asset, which remains undervalued by equity markets.
International Exposure Enhanced by Investment in UK Property Portal Rightmove
The fund acquired a 3.7% position in Rightmove plc (LSE:RMV), a leading UK property portal, following a notable share price decline amid concerns over AI-related disruption. Rightmove dominates the UK market with over 80% share and benefits from recurring subscription revenues that provide predictable, contracted cash flows.
Lanyon’s thesis emphasizes Rightmove’s structural competitive advantages, including high barriers to entry, pricing power, and customer switching costs that create durable moats. Management views current valuations as overly pessimistic and inconsistent with the company’s fundamentals. This investment adds geographic and sector diversification while maintaining exposure to a business with strong recurring revenues and cash conversion.
Fund Size and Capital Capacity Support Future Growth
As of 30 June 2026, Lanyon Investment Fund managed $147.0 million in assets with a unit price of $1.911. The fund remains open to new capital inflows, reflecting management’s confidence in deploying funds across undervalued opportunities without compromising portfolio flexibility.
The fund’s current scale and openness to additional investment indicate ongoing potential to identify high-quality undervalued assets. This capacity, combined with a strong track record, positions Lanyon to attract investors seeking concentrated exposure to high-conviction Australian and international equities.
Upcoming Investor Presentations in Adelaide and Sydney
Management will host annual investor presentations in Adelaide on 10 September 2026 and Sydney on 17 September 2026, both from 4:00 pm to 7:00 pm. These events offer investors detailed insights into portfolio positioning, investment philosophy, and performance drivers, as well as opportunities for direct engagement with fund managers.
The sessions underscore Lanyon’s commitment to transparency and communication, providing forums to discuss investment processes, conviction levels, and macroeconomic and sector factors influencing portfolio construction. Investors are encouraged to reserve their preferred location, with further details to be provided.
David Prescott to Present at SOHN London Investment Conference
Fund manager David Prescott will present an investment thesis at the SOHN London conference on 18 November 2026. This prestigious event allows professional managers to share detailed investment ideas with institutional and sophisticated investors. Prescott’s participation highlights Lanyon’s engagement with the global investment community.
All net proceeds from the conference support paediatric cancer research and treatment. Interested parties wishing to attend are invited to contact Lanyon management. The presentation will detail the fund’s investment rationale and portfolio construction methodology.
Investment Philosophy Drives Consistent Medium-Term Outperformance
Lanyon Investment Fund focuses on identifying securities where market prices diverge significantly from fundamental value. This contrarian strategy has delivered returns well above major equity indices across multiple periods, demonstrating the benefits of disciplined, patient capital allocation to undervalued assets.
Since inception, the fund’s cumulative net return of 203.2% outpaces the S&P/ASX300 Accumulation Index’s 68.9% and the MSCI All Country World Index’s 135.1%. This consistent outperformance reflects the robustness of the fund’s investment process and the quality of its capital allocation decisions, particularly its focus on undervalued resource stocks and leading international equities.
Active Risk Management and Concentrated Portfolio Require Investor Awareness
Lanyon’s concentrated portfolio, with significant positions such as Mineral Resources at 10.8%, entails inherent concentration risk. This exposes the fund to company-specific and sector-related volatility, requiring investors to acknowledge potential performance fluctuations driven by individual holdings or commodity price shifts.
The fund’s reliance on management’s valuation assessments means performance depends on the accuracy and timing of these judgments. Market sentiment changes, operational surprises, or structural market shifts could prolong undervaluation or cause further downside. Prospective investors should conduct thorough due diligence and seek personalised financial advice to ensure alignment with their risk tolerance and portfolio objectives.
