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Highlights
- Ophir fund delivers 39.6% annual return
- Outperforms ASX small-cap benchmark by wide margin
- Leads across all major timeframes
In a standout year for performance, Ophir Asset Management’s flagship Opportunities Fund has earned the title of Australia’s top-performing small-cap fund, returning a remarkable 39.6% before fees over the 12 months to March. This result significantly outpaced the S&P/ASX Small Ordinaries Index, which recorded a modest decline of 1.3% during the same period.
The fund, managed by Ophir founders Andrew Mitchell and Steven Ng, has consistently outperformed across various timeframes, ranking number one over two, three, five, seven, and ten years. Over the past decade, the fund has delivered an impressive annualised return of 23.5%, cementing its position as a consistent leader in the Australian small-cap investment space.
A key to the fund's success lies in its high-conviction investment strategy, which focuses on identifying high-quality, fast-growing businesses in the earlier stages of their growth cycles. While many investors often look toward larger, well-established companies in the ASX200, this performance highlights the potential value within Australia’s small-cap sector.
Among the companies contributing to the fund’s success in the past year were several standout performers in the tech and consumer sectors. For instance, cloud accounting software provider Xero (ASX:XRO) has continued to benefit from expanding international markets and a growing subscriber base. Meanwhile, logistics tech company WiseTech Global (ASX:WTC) posted strong growth, riding the wave of global supply chain digitisation.
Another contributor was Carsales.com (ASX:CAR), which strengthened its position with strategic acquisitions and international expansion, particularly in North America. Similarly, JB Hi-Fi (ASX:JBH), one of Australia's leading electronics retailers, saw solid performance driven by resilient consumer spending and efficient cost management.
Though the focus is often on capital appreciation in growth-oriented small-cap strategies, it’s worth noting that some investors diversify into ASX dividend stocks for more income-focused exposure. However, the Ophir Opportunities Fund shows that even in a volatile environment, targeted small-cap investments can generate standout total returns.
With this level of sustained outperformance across market cycles, Ophir’s approach offers insight into the opportunities that lie beyond the headline names of the ASX200. It underscores the potential of identifying emerging leaders early, especially when guided by disciplined research and conviction.
