By looking beyond Australia’s largest companies, the Auscap Ex-20 Australian Equities Fund captured a number of compelling opportunities in 2025. In this investor letter, Chief Investment Officer Tim Carleton reflects on the stocks and sectors that shaped performance and outlines how Auscap continues to navigate the Ex-20 universe with a disciplined focus on quality, valuation and long-term growth.

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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.