Quarterly Update September 2025

Welcome to the Quarterly Investor Update for the September 2025 quarter. For this update, Ethan Gill joins Jonathan Pearce to provide you with an update on the 248 Emerging Companies Fund (Fund I) and the 248 Emerging Companies Fund II (Fund II). 

During the quarter, investor sentiment continued to strengthen with the S&P/ASX Small Ordinaries Index rising approximately 26% over the six months to September. This rebound reflected renewed investor appetite for smaller, high-growth companies expected to benefit from easing funding costs and improving economic conditions.

While IPO activity remained relatively subdued, a number of high-profile listings - including the relisting of Virgin Australia and the expanded float of GemLife - signalled early signs of a reopening in the equity capital markets.

During the quarter, we received the FY2025 financial accounts for portfolio companies across both funds. Commentary on each company’s performance can be found in the accompanying downloadable reports and in our video update.

We value your support and welcome your feedback, so please do not hesitate to contact one of the team if you have any questions or concerns.

Also, don't forget you can stay up to date with the latest news from us and our portfolio companies by following us on LinkedIn. We have also commenced a series of interviews with industry specialists; founders and the 248 Growth Partners team called 248 Talks. Details of how to access the first of these with CEO and co-founder of Automotive Superstore, Babak Sanayei, can be found below. 

Click here to watch Portfolio Manager, Jonathan Pearce and Investment Analyst, Ethan Gill, discuss the quarter that was.