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Welcome to the December 2025 Quarterly Investor Update for the 248 Emerging Companies Fund (Fund I) and the 248 Emerging Companies Fund II (Fund II).
During the quarter, consumer sentiment and interest rates were a key topic of conversation at the macro level. At the smaller companies end of the market, the S&P/ASX Small Ordinaries Index ended flat for the quarter with volatility returning after some strong gains in the September quarter. IPO performance, a good barometer of investor sentiment, was mixed with a number of listings declining in value since their floating. There are a number of IPOs slated for 2026 and we are optimistic that the quality offerings will be supported.
Overall, both funds closed out the calendar year well, with performance across all 16 portfolio companies in line with, or better than, our expectations. In Fund I, Bellroy continued the trend of positive momentum and growth in their luggage category, Moneytech had a stellar first half, a record for the business, and Studiosity completed its acquisition of Norvalid. In Fund II, Automotive Superstore closed out the year with a huge December quarter, Cloudwerx celebrated record revenue and Boost Media closed out the December quarter with profit well in excess of the prior year and a strong pipeline of business coming in 2026. There were also some notable positive revaluations in the portfolio of Fund II, notably in the fund's holding in Cloudwerx, Moneytech and Monoova.
As always, we welcome your feedback and support. If you have any questions, please do not hesitate to reach out to one of the team, we would be more than pleased to assist you.
Click here to watch Portfolio Managers, Jonathan Pearce and Christian Jensen, discuss the quarter that was.