Our Research

Unlisted Managed Investment

Unlisted Managed Investments – IIR provides research on unlisted managed investments across a range of asset classes for both retail and wholesale investors. Coverage includes an Initiation Report and annual reviews.

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May 9, 2017

CBG Australian Equities Fund – ASX 100 Stocks – Benchmark Unaware, Style Neutral Approach To Investing

Prior to 2016 the Manager had a solid track-record of generating alpha. However, 2016 was a poor year for the Fund, materially under-performing the benchmark....
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February 26, 2017

Forager International Shares Fund – Long-Only, High Conviction International Equities

The Fund’s level of historic beta and correlation to the index has been surprisingly high but, by the Manager’s own statement, we expect the high conviction nature of the portfolio to only increase over time and performance to be largely driven at the stock level. The approach to risk is capital preservation, rather than a concern over shorter term price volatility....
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February 19, 2017

Australian Property Opportunities Fund

The Australian Property Opportunities Fund I (the Fund or APOF I) is an unlisted property fund that provides exposure to small-to-mid-value ($15-$50M) commercial property in east coast Australia. Since raising $160.7M in July 2013, the Fund has acquired six properties, five being neighbourhood shopping centres, the other an office building, for a current value of $286M....
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February 19, 2017

Australian Property Opportunities Fund II

The Fund is managed by Fort Street Real Estate Capital (the Manager), a JV between Dixon Advisory (of which Walsh & Company is a wholly owned subsidiary) and Fort Street Advisers....
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February 19, 2017

URF Notes III

The URF Notes III (the Notes) are unsecured debt obligations of the US Masters Residential Property Fund (the Fund or URF), which is managed by URF Investment Management Pty Ltd (the Manager). They are the third such series to be issued by Walsh & Company Investments Limited (the RE) and are expected to commence trading on the ASX on 23 February 2017....
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November 28, 2016

New Energy Solar Fund – Electricity Contracts – Long Term – Stable/ High Income

The Fund is Australia’s first solar-focused fund and offers investors the opportunity to earn a relatively high and stable level of income underpinned by long-dated assets with long-dated electricity contracts....
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November 10, 2016

Dalton Street Capital Absolute Return Fund – Quantitative Based Absolute Returns Strategy – Performance Track-Record is Strong

The purpose of this portfolio is to 1) to deliver long-term capital appreciation and a relatively stable income, 2) when combined with the futures trading strategy, deliver consistent positive returns year in year out, and 3) provide the collateral for the index futures, providing the Manager ‘free’ leverage....
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October 24, 2016

Atlantic Pacific Australian Equity Fund – Long-Short, Absolute Returns, High Conviction – 3 Year Track Record Indicating Solid Performance

This fund generates alpha superior to risk-adjusted returns over the medium and long term...
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October 18, 2016

Flinders Emerging Companies Trust – Aust. Equities Small Cap – Fundamentally Based, Long-Only, High Conviction

First 12-months of performance has been encouraging, the with the Manager achieving its objective and alpha coming from a broad range of stocks. The overall fee level is on the high side, on account of the 20% performance fee, but nevertheless well structured. Overall, IIR rates the Flinders Emerging Companies Trust RECOMMENDED....
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