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We invest in a portfolio of global small and mid cap international companies.
Taking a bottom-up approach to investing we undertake deep fundamental research of both the quantitative and qualitative aspects of investee companies.
Our strategy is benchmark unaware because we believe this unconstrained approach allows maximum flexibility to pursue attractive risk-adjusted investments.
Our intention is to hold high-quality businesses that generate attractive returns on capital employed through a full market cycle, with low levels of debt, managed by highly competent and aligned executive teams.
We aim to achieve annualised returns, in excess of the MSCI World SMID Index (after all fees and expenses) measured over a market cycle, which we consider to be seven years.
Number of Stocks
30–40
Market Capitalisation
US$500m – $40bn
Style
Long-only quality
Objective
Benchmark +3% (estimated 8–12% p.a. through the cycle)
Benchmark
MSCI World SMID AUD (Net)
Responsible Entity
The Trust Company (RE Services) Limited part of the Perpetual Group
Administrator
Apex Fund Services
Auditor
Ernst & Young
Fairlight’s investment strategy is executed with an ethical mindset.
We use hard exclusion screens to eliminate harmful industries, such as tobacco, armaments, gambling, alcohol and mining.
Each of the companies we research is also scored across a range of environmental, social and governance (ESG) metrics. These generate a cost of capital charge that is an input into a company’s valuation. Companies with relatively poor ESG practices incur a larger discount rate than those that are best practice.
We practice active ownership by engaging with companies on ESG issues (including disclosure) and voting our proxy rights.
Stock Profiles
The 2026 Q1 earnings season has now concluded. The great majority of portfolio companies reported EPS growth in line with or above market expectations, with every management team maintaining or upgrading annual guidance. In this report, we discuss some of the results and a new portfolio addition.
Media
Fairlight invests in 30 - 40 of the world's highest-quality small and mid cap businesses - companies that are often overlooked by mainstream investors, yet built to compound wealth over the long term. Discover where the team is finding opportunity across global markets today.
Stock Profiles
The 2026 Q1 earnings season is underway, and the Fairlight portfolio is off to a strong start. Portfolio companies have broadly beaten expectations, with robust revenue and EPS growth across the board, reinforcing the 13% EPS growth forecast we have for the portfolio in 2026.