Spheria Australian Microcap S - Managed Fund

Fund Objective

Spheria is a fundamental based investment manager with a bottom-up focus, specialising in smaller companies. Spheria’s investment philosophy is to purchase securities where the present value of future free cash flows can be reasonably ascertained, and the security is trading at a discount to the calculated intrinsic value, subject to certain risk criteria.

Fund Strategy

Fund Performance Comparison

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Peers

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The performance of the peers is calculated as the total of the performance for each time period for all the funds in the peer group, divided by the number of funds in the peer group.

Fees Comparison

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NOTE: Fee data has been provided by Morningstar, it may not include all costs being charged on your investment such as platform and adviser fees. You should check your fund manager or adviser statements to find out the exact fees you are being charged. Peers are funds that use the same benchmark in the Morningstar database.

Fund performance

	1M	3M	6M	1Y p.a.	2Y p.a.	3Y p.a.	5Y p.a.	10Y p.a.
Total return	-2.12%	-4.09%	9.82%	12.59%	13.6%	14.63%	-%	-%
Growth return	-1.66%	0.48%	19.3%	9.46%	7.64%	11.28%	-%	-%
Income return	-0.46%	-4.57%	-9.48%	3.13%	5.96%	3.35%	-%	-%
Market index (S&P/ASX Small Ordinaries TR AUD)
Total return	2.74%	2.65%	17.3%	22.76%	17.42%	12.08%	7.49%	9.51%

As at 31 Jan 2026. Returns for periods greater than 1 year are annualised. All figures are percentages.

Asset Allocation

Spheria Australian Microcap S

Australian Equities: 90.86%

International Equities: 3.56%

Cash: 5.58%

Property & Infrastructure: 0%

Fixed Interest: 0%

Alternatives: 0%

Average Allocation of Peers

Australian Equities: 91.42%

International Equities: 3.56%

Cash: 4.18%

Property & Infrastructure: 0.24%

Fixed Interest: 0%

Alternatives: 0.60%

General Information

Fund Details

Type	Description
Fund Name	Spheria Australian Microcap S
Responsible Entity	Spheria Asset Management Pty Limited
APIR Code	WHT1287AU
Sector/Asset Class	Equity Australia Mid/Small Blend
Morningstar Rating	(as at 31 Dec 2025)
Legal Structure	Investment Fund
Fund Inception	30 Sep 2022
Fund Size	$337378164 million (as at 31 Dec 2025)
Entry Price	$1.4077 (as at 29 Jan 2026)
Exit Price	$1.3937 (as at 29 Jan 2026)
Fund Status	Open

Offer information

Type	Description
MER	2.82% (as at 30 May 2025)
Indirect Cost Ratio (ICR)	1.62% (as at 30 Jun 2025)
Performance fee (not included in ICR)	0.47
Minimum initial investment	$500,000
Minimum additional investments	$5,000.00
Savings plan comments
Redemption comments

Top 10 holdings (as at 31 Dec 2025)

Holding (as at 31 Dec 2025)	Type	% of Portfolio
Coast Entertainment Holdings Ltd		4.68%
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FAQs about the Spheria Australian Microcap S

What is the objective of the Spheria Australian Microcap S managed fund?

The objective of the Spheria Australian Microcap S managed fund is Spheria is a fundamental based investment manager with a bottom-up focus, specialising in smaller companies. Spheria’s investment philosophy is to purchase securities where the present value of future free cash flows can be reasonably ascertained, and the security is trading at a discount to the calculated intrinsic value, subject to certain risk criteria.

What is the strategy for the Spheria Australian Microcap S managed fund?

The strategy of the Spheria Australian Microcap S managed fund is Spheria is a fundamental based investment manager with a bottom-up focus, specialising in smaller companies. Spheria’s investment philosophy is to purchase securities where the present value of future free cash flows can be reasonably ascertained, and the security is trading at a discount to the calculated intrinsic value, subject to certain risk criteria.

What is the APIR code of the Spheria Australian Microcap S managed fund?

The APIR code of the Spheria Australian Microcap S managed fund is WHT1287AU.

What was Spheria Australian Microcap S’s total return last month?

Spheria Australian Microcap S’s total return last month was -2.12%. This was made up of a growth return of -1.66% and an income return of -0.46%. These returns were calculated as at 31 Jan 2026.

What was Spheria Australian Microcap S’s total return for the last three months?

Spheria Australian Microcap S’s total return for the last three months was -4.09%. This was made up of a growth return of 0.48% and an income return of -4.57%%. These returns were calculated as at 31 Jan 2026.

What is Spheria Australian Microcap S’s one-year total return?

Spheria Australian Microcap S’s one-year total return is 12.59%. This was made up of a growth return of 9.46% and an income return of 3.13%. These returns were calculated as at 31 Jan 2026.

What is Spheria Australian Microcap S’s three-year total return?

Spheria Australian Microcap S’s one-year total return is 14.63%. This was made up of a growth return of 11.28% and an income return of 3.35%. These returns were calculated as at 31 Jan 2026.

What is the asset allocation of the Spheria Australian Microcap S managed fund?

The asset allocation of the Spheria Australian Microcap S managed fund is :

Australian Equities: 90.86%

International Equities: 3.56%

Cash: 5.58%

Property & Infrastructure: 0%

Fixed Interest: 0%

Alternatives: 0%

Who is the responsible Entity of the Spheria Australian Microcap S managed fund?

The Responsible Entity for the Spheria Australian Microcap S managed fund is Spheria Asset Management Pty Limited.

What sector/asset class does the Spheria Australian Microcap S managed fund belong to?

The Spheria Australian Microcap S managed fund belongs to the Equity Australia Mid/Small Blend sector/asset class.

What is the size of the Spheria Australian Microcap S managed fund?

As at 31 Dec 2025, the size of the Spheria Australian Microcap S managed fund was $337378164 million.

What is the inception date of the Spheria Australian Microcap S managed fund?

The Spheria Australian Microcap S managed fund has an inception date of 30 Sep 2022.

What is the current entry price of the Spheria Australian Microcap S managed fund?

The current entry price of the Spheria Australian Microcap S managed fund is $1.4077 per unit and the current exit price is $1.3937 per unit (as at 29 Jan 2026).

What is the current exit price of the Spheria Australian Microcap S managed fund?

The current exit price of the Spheria Australian Microcap S managed fund is $1.3937 per unit and the current entry price is $1.4077 per unit (as at 29 Jan 2026).

What is the minimum investment amount for the Spheria Australian Microcap S managed fund?

The minimum initial investment amount for the Spheria Australian Microcap S managed fund is $500,000. Minimum additional investment is $5000.

Fund data sourced from Morningstar. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). Data and content is provided for personal use only. Whilst every care has been taken in producing these numbers, neither Morningstar nor InvestSMART can make any guarantees around the complete accuracy of these figures. Should you decide to change investments, please read all relevant disclosure documents including the Product Disclosure Statements and if required, you may consider speaking to a financial professional for further guidance. A tax event may be realised as a result of switching investments. Past performance is not a reliable indicator of future performance.

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