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Fund Overview
A portfolio of 20-50 sufficiently liquid, small and mid-cap ASX-listed companies, with a preference for high quality, profitable and growth focused businesses. The fund is long-only, will not utilise any derivatives or leverage and will be able to hold up to 50% cash at the discretion of the manager.
Minimum initial investment: $100,000
Key Features
- Asset Class: Australian Equities - Small / Mid Cap
- Investment Universe: Typically outside the ASX 100
- Investment Style: Long-only, unconstrained
- Management Fee: 0.00% p.a.
- Performance Fee: 20% (subject to high watermark)
- Structure: Wholesale unit trust
- Availability: Wholesale Investors only
Investment Objective
The Fund aims to outperform the benchmark S&P/ASX Small Ordinaries (Total Return) Index by +3% on an annual basis.
Investment Approach
The Fund is managed using a bottom-up, research-driven approach, informed by:
- Business quality and earnings sustainability
- Balance sheet strength and financial discipline
- Valuation relative to growth and risk
- Liquidity management and position sizing
- Ongoing monitoring as company fundamentals evolve
Given the nature of small companies investing, portfolio construction incorporates heightened risk and liquidity awareness.
Role in a Portfolio
The Fund is designed to:
- Provide dedicated exposure to Australian small companies
- Complement core Australian equity allocations
- Add growth potential within a diversified portfolio
Due to the characteristics of small-cap investing, the Fund may exhibit higher volatility than large-cap equity strategies.
Investor Eligibility
The Fund is available to Wholesale Investors only, as defined under the Corporations Act. Wholesale Investors generally include individuals who:
- Have net assets of at least $2.5 million, or
- Have earned a gross income of at least $250,000 per year for the past two financial years
Further information is available on the Australian Government’s MoneySmart website: https://moneysmart.gov.au/glossary/sophisticated-investor
Important Information
Small-capitalisation investing can involve higher volatility and liquidity risk than investing in larger, more established companies. The value of investments can rise or fall, and past performance is not a reliable indicator of future performance.
Performance
As at
30 April 2026
•
Inception Date:
04/10/2023
Performance
1 month
3 months
6 months
1 year (ann.)
2 years (ann.)
3 years (ann.)
Incep. (ann.)
Incep. (cum.)
Seneca Australian Small Companies Fund
+6.06%
-12.61%
-8.34%
+13.69%
+20.79%
-
+20.86%
+63.05%
Benchmark
+3.33%
-10.35%
-7.98%
+15.32%
+9.37%
-
+12.44%
+35.34%
Relative Return
+2.73%
-2.26%
-0.36%
-1.63%
+11.42%
-
+8.42%
+27.71%
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Cumulative returns (since inception)
Portfolio Managers
Luke and Ben are responsible for research, security selection, portfolio construction, and ongoing management of the Fund.
Next Steps
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