Quarterly Update June 2025

Welcome to the Quarterly Investor Update for the June 2025 quarter.

The first six months of 2025 presented a dynamic and, at times, paradoxical investment landscape. Despite a backdrop of global uncertainty marked by geopolitical tensions and ongoing discussions around tariffs, over the past three months to 30 June, we have seen resilience and growth in global indices.

Some of the key themes that impacted markets included:

• Conflict in the Middle East
• Robust IPO activity
• Global indices on the rise
• Strong financial year finish for portfolio companies
• Increasing M&A interest

Whilst all of these themes have specific reference for our portfolio companies, ongoing global volatility is not having a material impact on any of our investments as they generally all have a domestic focus. Separately, supportive markets with increased IPOs, general stock market growth and increased M&A, all assist with current and future liquidity for portfolio companies held across both funds.

‍

Fund Highlights

Fund I:

• Cleanspace (ASX:CSX): preannounced they had achieved their full year revenue target, delivering a second straight year of 25%+ revenue growth. The new chair and chief executive have done an excellent job stabilising the business and reorienting it back to growth sustainably.
• Deep Blue Company: after making multiple year significant investments in product enhancement and automation, and some setbacks, they have delivered a strong profit year and look to consolidate their strong strategic position in the conveyancing market in the coming year.
• Monoova: delivered a record year of revenue and profitability.

Fund II:

• Automotive Superstore: +30% growth year, taking revenue from ~$10m when we invested to $36m in financial year 2025 and reaching profitability in the second half.
• Cloudwerx: record revenue and profit year.
• Deep Blue Company: after making multiple year significant investments in product enhancement and automation, and some setbacks, they delivered a strong profit year. They look to consolidate their strong strategic position in the conveyancing market in the coming year.
• Monoova: delivered a record year of revenue and profitability.
• Future Group: announced a very strong performance to the end of March, with record revenues and profits. We’re expecting to see continued strong performance when they release the full year result.

We note the capital raising by Future Super and welcome a number of new investors to the register. We also anticipate the completion of the BirdDog buyback in the upcoming September quarter.

Click here to watch while Portfolio Managers, Jonathan Pearce and Christian Jensen, walk you through the quarter that was.