2025 was a strong year for the Auscap High Conviction Australian Equities Fund, marked by benchmark outperformance and disciplined portfolio execution. In this investor letter, Chief Investment Officer Tim Carleton unpacks the investments that mattered, the lessons learned, and where the team sees opportunity as valuations normalise and long-term fundamentals come back into focus.

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Tim Carleton

Tim Carleton founded Auscap Asset Management in 2012. He has over 20 years’ experience in the financial services industry. From 2007 to 2011 he was an Executive Director at Goldman Sachs where he was responsible for managing an Australian equities portfolio using proprietary funds. Prior to 2007 he worked at Macquarie Bank within the Investment Banking Group. Tim has a Bachelor of Laws (Hons) and a Bachelor of Commerce from the University of Sydney and is a CFA charterholder, a CMT charterholder, a Senior Associate of FINSIA and a Graduate of the Australian Institute of Company Directors (GAICD). 

Information provided is general information and is for educational purposes only, and does not include, or constitute as, financial product advice.