Eiger Australian Small Companies is an Managed Funds investment product that is benchmarked against ASX Index Small Ordinaries Index and sits inside the Domestic Equity - Micro Cap Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Eiger Australian Small Companies has Assets Under Management of 21.38 M with a management fee of 1%, a performance fee of 1.20% and a buy/sell spread fee of 0.81%.
The S&P/ASX Small Ordinaries Index (XSO) decreased by 1.3% during the month. The Small Industrials decreased by 1.5%, while the Small Resources decreased by 0.9%. The XSO finished the month on a 2yr forecast P/E ratio of 17.1x which is 0.3% above its 5-year average. This valuation is a 9.6% premium to the ASX200.
The best performing sectors for the month were Wholesale, Distribution & Manufacturing (+11.7%), Retail (+9.2%), Automotive (+8.4%), and Precious Metals (+7.1%). The worst performing sectors were Biotechnology (-11.1%), Critical Minerals (-9.7%), Industrial Technology (-9.3%), and Base & Industrial Metals (-9.2%).
The best performing stocks within the XSO Index were Audinate (AD8 +48.3%), Deep Yellow (DYL +37.2%), Red 5 (RED +36.1%), and Baby Bunting (BBN +35.2%). Audinate’s FY23 results showed strong revenue growth and good cost control. Deep Yellow benefited from a stronger uranium price. Red 5 reported a strong profit result and Baby Bunting has had a better than expected start to FY24.
The worst performing stocks in the XSO index were Mesoblast (MSB -55.5%), Chalice Mining (CHN -39.6%), IRESS (IRE -38.3%), and Core Lithium (CXO -38.3%). Mesoblast failed again to convince the FDA to approve its first of a kind remestemcel-L biologic. Chalice released their Gonneville scoping study that contained a much higher capex estimate than expected and somewhat optimistic commodity price assumptions. IRESS reported its first operating result post its recent investor day and disappointed on almost every expected metric. Core Lithium continued to disappoint operationally requiring a further capital raise.
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