Market Insights - Centennial Asset Management

March 2026 Newsletter

Fri, 10 Apr 2026 04:49:23 GMT

The Level 18 Fund decreased by -6.6 per cent net of fees for the month.

Commentary

The Level 18 Fund decreased by -6.6 per cent net of fees for the month. For the 12 months to March 31, 2026, the Fund increased by +10.9 per cent.

In the US, the S&P 500 and the Nasdaq Composite Index finished the month down -5.1 per cent and -4.8 per cent respectively. The Russell 2000 (US small caps) was down -5.2 per cent.

During March, headlines associated with the latest conflict in the Middle East dominated global equity markets. The biggest impact was the rapid rise in oil prices which increased by approximately 50 per cent since the conflict began. In addition, US 10-year bond yields rose sharply during the month and finished at 4.32 per cent compared to 3.96 per cent at the end of February.

March was a negative month for global equities as investors lowered risk and allocated capital to defensive exposures. US and European equity markets were relatively resilient during the month in contrast to Asian markets where energy import dependence is significantly higher. Global defence, aerospace, energy and commodity sectors outperformed while airline, travel, and consumer discretionary sectors underperformed. Towards the end of the month as headlines emerged regarding a potential ceasefire, oil prices declined and global markets delivered a modest relief rally.

The war in Iran is set to deliver elevated energy costs, inflation risks and constraints on global economic growth for a period. The ultimate impact is dependant on the length of the conflict and how long shipping traffic in the Strait of Hormuz is restricted. As a result, stock positioning within the Centennial Level 18 portfolio has changed to protect capital and optimise performance.

The fund carried structurally higher levels of cash during the month. Exposure to interest rate sensitive (property trusts, debt providers & banks) and consumer discretionary (retail) sectors were lowered and companies with lower-risk capex exposed earnings growth (mining services, engineering contractors and data centres) were prioritised.

In Australia, March was a negative month for both large and small caps. The large cap market delivered its largest drawdown since June 2022. The All-Ordinaries Accumulation Index and the S&P/ASX Small Ordinaries Accumulation Index declined by -7.3 per cent and -11.0 per cent respectively. In contrast to the previous month, Small cap resources underperformed in March with the sector down -15.4 per cent for the month. Small cap industrials were down -9.3 per cent.

The March sell-off was dominated by growth stocks (Wisetech Global & Goodman Group) as inflation risks delivered higher bond yields (10-year peaking at +5.0 per cent) and investors de-risked equity exposures.

Consumer discretionary, Information technology and Materials made the largest negative contributions to the small cap sector. While Energy, Communication services and Consumer Staples made positive contributions.

During the month the RBA elected to increase interest rates by 25 bps to 4.10 per cent. The move higher for the second straight meeting in response rising inflation which risks being exacerbated by the increased energy costs associated with the conflict in the Middle East. Inflation currently sits at 3.8 per cent, above the target range of 2 to 3 per cent. The RBA noted that, “higher prices and prolonged uncertainty may cause growth to be lower in Australia’s major trading partners and also in Australia.”

As widely expected, the US Fed kept rates on hold primarily because policymakers are facing conflicting economic signals and high levels of uncertainty regarding the outlook for the US economy.

Positive contributors to the Fund’s performance in March include telecommunication and internet service provider Superloop (SLC), supermarket retail store group Woolworths (WOW), wireless technology & communication group Etherstack (ESK) and petroleum product and retail convenience company Ampol (ALD).

Power distribution and industrial communications group IPD Group (IPG), civil, resource and infrastructure services group NRW Holdings (NWH) and maintenance & construction group Monadelphous (MND) made negative contributions to performance in the month.

The Level 18 Fund Information Memorandum (IM) and application form are available on the Centennial Asset Management website. Please note existing unit holders are only required to compete a one-page additional application form. The following link ( https://www.centennialfunds.com.au/ ) provides access to the IM and application documents.

Thank you as always for your continued support and please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 2 8071-9215 ) if you would like any further details.

The Centennial Team

Monthly Net Returns Since Inception

About Centennial Asset Management

Centennial Asset Management is an independent Australian asset management business, and the manager of the Level 18 Fund , an index unaware fund, with asset allocation flexibility and a concentration of small capitalised companies. Further information on Centennial is available on our website - www.centennialfunds.com.au

Disclaimer
Strictly confidential: This report has been prepared by Centennial Asset Management ACN 605 827 745 & AFSL No. 515887 for Wholesale Clients only as an indicative record of the performance of an investment in the Level 18 Fund. No recommendation is made or advice given in respect of any entity in which the Level 18 Fund has, is or may in the future be, invested. The contents of this report are confidential, and the client may only disclose such contents to its officers, employees or advisers on a need to know basis, or with the prior written consent of Centennial Asset Management. Centennial Asset Management does not guarantee the performance of the Level 18 Fund or the return of any investor's capital in the Level 18 Fund. This investment report contains historical information, and does not imply any indication of future performance, recommendation or advice. Past performance is not a reliable indicator of future performance. Any investment needs to be made in accordance with and after reading any relevant offer document. This material has been prepared based on information believed to be accurate at the time of publication. Assumptions and estimates may have been made which may prove not to be accurate. Centennial Asset Management accepts no responsibility to correct any such inaccuracy. Subsequent changes in circumstances may occur at any time and may impact the accuracy of the information. To the full extent permitted by law, none of Centennial Asset Management, or any related body corporate or any officer or employee of any of them makes any warranty as to the accuracy or completeness of the information in this report and disclaims all liability that may arise due to any information contained in this newsletter being inaccurate, unreliable or incomplete. *Prior to launch of the Level 18 Fund on 1 September 2014, Centennial Asset Management had established a separately managed account (“SMA”) and performance prior to 1 September 2014 is illustrated on a gross pro-forma basis, that invests with the same mandate as the Level 18 Fund and is included in the tables above, for comparative purposes only. The returns assume reinvestment of distributions.

February 2026 Newsletter

Mon, 09 Mar 2026 22:29:30 GMT

The Level 18 Fund decreased by -0.1 per cent net of fees for the month.

Commentary

The Level 18 Fund decreased by -0.1 per cent net of fees for the month. For the 12 months to February 28, 2026, the Fund increased by +16.1 per cent.

February was a mixed month across global equities as investors balanced the risks associated with inflation, corporate earnings and shifting central bank policy. The potential for further geopolitical instability in the Middle East also weighed on investor sentiment. Post the month end, the US and Israel launched strikes on Iran following the breakdown of nuclear negotiations.

February was a positive month for large cap equities in Australia where the All-Ordinaries Accumulation Index increased by +3.3 per cent. In contrast, the S&P/ASX Small Ordinaries Accumulation Index declined by -2.6 per cent. Small cap resources again outperformed in February with the sector up +0.8 per cent for the month. Small cap industrials were down -4.8 per cent.

In Australia, the Banking sector made the largest contribution to the market’s positive performance. Mining was the next largest contributor. Health was the worst sector due to disappointing results and moderating growth. Specifically, Banks and Mining were up +13.5 per cent and +9.4 per cent respectively. Healthcare was down -13 per cent in the month. Large Caps dominated the month with Commonwealth Bank (CBA) up +18 per cent and BHP Group (BHP) up +17 per cent respectively.

The US market was slightly negative in February. Investors rotated capital away from AI-related and growth exposed sectors and into Industrials, Financials, Energy and Consumer Staples.

The S&P 500 and the Nasdaq Composite Index finished the month down -0.9 per cent and -3.4 per cent respectively. The Russell 2000 (US small caps) continued to outperform in the month, up +0.7 per cent.

Portfolio holding Clearview Wealth (CVW) performed well in February. The company entered into a scheme implementation deed with Zurich Financial to acquire 100% of CVW. Under the scheme, CVW shareholders will receive $0.65 per share. The company Directors have recommended the transaction in the absence of a superior offer. The consideration represents a 21.5 per cent premium to the CVW closing price on Feb 23, 2026.

The Australian 1H FY26 reporting season delivered significant share price volatility. Company earnings and outlook statements that missed expectations were sold aggressively. However, across the market company results were genuinally solid. According to Macquarie research, 32 per cent of company’s ‘beat’ consensus expectations and 20 per cent ‘missed’.

History has taught us that the share price increases associated with strong results tend to continue over several months post the initial outperformance. As a result, we have taken the opportunity to selectively add to portfolio positions where results were better-than-expected. For example, Superloop (SLC) has recently been added to the portfolio following a good result.

The company delivered strong subscriber growth that drove revenues up +23 per cent and underlying EBITDA up +46 per cent. The company delivered operating margin expansion and scale benefits during the period. Importantly, cash conversion was also strong.

Post the result, underlying EBITDA guidance for FY26 was increased and we see the FY26 earnings target as being conservative.

SLC’s announced acquisition of Lightning Broadband is expected to strengthen the company’s market position in the “Fibre-To-The-Premises” market and accelerates its growth within the company’s “Smart Communities” division.

Positive contributors to the Fund’s performance in February include civil, resource and infrastructure services group NRW Holdings (NWH), construction materials and building product producer Wagners Holding (WGN), power distribution and industrial communications group IPD Group (IPG) and life insurance product provider Clearview Wealth (CVW).

Household furniture retailing group Nick Scali (NCK), equipment financing and broking business COG Financial Services (COG) and Integrated retirement village service provider Summerset Group (SUM) made negative contributions to performance in the month.

Thank you as always for your continued support and please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 2 8071-9215 ) if you would like any further details.

The Centennial Team

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About Centennial Asset Management

January 2026 Newsletter

Mon, 09 Feb 2026 01:33:04 GMT

The Level 18 Fund increased by +0.1 per cent net of fees for the month.

Commentary

The Level 18 Fund increased by +0.1 per cent net of fees for the month. For the 12 months to January 31, 2025, the Fund increased by +13.0 per cent.

January was a positive month for equities in Australia where the S&P/ASX Small Ordinaries Accumulation Index and the All-Ordinaries Accumulation Index increased by +2.7 per cent and +1.6 per cent in the month respectively.

The Materials sector led the way in January rising +10 per cent on the back of strong commodity prices. In contrast, the Technology and Real Estate sectors moved lower as investors priced interest rate and valuation risks. Excluding the Materials sector, the market declined by -1.0 per cent in the month.

The US market was also positive in January, reversing the small negative performance in December. Investors regained some confidence in the mega-cap tech sector as quarterly results broadly met or exceeded market expectations. The US quarterly reporting season has been positive with approximately 76 per cent of companies delivering results ahead of consensus expectations. Significant AI-driven capital expenditure continues to exceed expectations from the US Mega-cap stocks.

The S&P 500 and the Nasdaq Composite Index finished the month up +1.4 per cent and flat respectively for the period. The Russell 2000 (US small caps) continued to outperform in the month, up +5.3 per cent.

During the month, the US Federal Reserve decided to leave interest rates on hold. The US market is now pricing two 25bp rate cuts during 2026. The recent ‘soft’ labour market data continues to support the consensus view that interest rates move lower through this year.

In Australia, core inflation slowed to 0.9 per cent from 1.0 per cent in the quarter. However, annual inflation increased to 3.4 per cent from 3.3 per cent in the previous quarter. Post the CPI result, the RBA elected to increase interest rates by 25 bps to 3.85 per cent. The RBA board, “judged that inflation is likely to remain above target for some time and it was appropriate to increase the cash target rate.”

Small cap resources performed well in January with the sector up +12.5 per cent for the month. In contrast, Small cap industrials were down -2.0 per cent. We expect the rally to increase exploration and production demand within the resources sector over the next 12 to 24 months. Several Level 18 Fund holdings within the engineering and maintenance services sector are likely to benefit from the increase in capital expenditure.

Monadelphous (MND) and NRW Holdings (NWH) both won additional contracts in January. Monadelphous announced it had been awarded a major long-term maintenance services contract with Rio Tinto valued at approximately $300M in aggregate over five years and NRW Holdings announced a mining services agreement with TEC Coal in Queensland’s Burnett Region.

We believe other portfolio holdings, ALS Limited (ALQ), SRG Global (SRG), Lycopodium (LYL) and Emeco Holdings (EHL) are also well positioned to benefit from the forecast lift in expenditure within the sector.

Reporting season has become increasingly volatile in the last decade, and we expect the 1H FY26 period to be no exception. Given the strong market performance over the last three years, investors are likely to have little tolerance for company earnings or outlook statements that miss market expectations. The reporting cycle is a good opportunity to review the operating environment for portfolio holdings and to identify new investment opportunities for the Fund. As is normal practice, we have built cash levels within the portfolio to take advantage of investment new ideas.

Positive contributors to the Fund’s performance in January include engineering, maintenance & construction group Monadelphous (MND), global metal recycling group Sims (SGM), c onstruction and maintenance group GenusPlus (GNP) and engineering & project delivery services group Lycopodium (LYL).

Banking, superannuation & advice services group AMP (AMP), c onstruction contracting, equipment hire and civil remediation services provider Symal (SYL) and gaming, wagering and entertainment group Tabcorp (TAH) made negative contributions to performance in the month.

Thank you as always for your continued support and please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 2 8071-9215 ) if you would like any further details.

The Centennial Team

Monthly Net Returns Since Inception

About Centennial Asset Management

December 2025 Quarter - Video update

Fri, 16 Jan 2026 04:33:07 GMT

We expect small cap outperformance to continue over the next 12-24 months. Our ‘Bullish’ view regarding the performance outlook for small caps is unchanged.

Post the recent AGM season, we have added several new exposures that look well positioned to deliver a recovery in earning growth over the next 12-24 months. We continue to identify a number of investment opportunities at attractive valuations.

The economy is expected to grow at a similar rate to last year. The labour market should remain robust, particularly given the backdrop of improving global growth. However, given the uncertainty regarding the interest rate outlook, some risks remain regarding consumer sentiment and discretionary spending.

Business investment should grow in 2026 on the back of forecast spending for the Brisbane Olympics, defence-related infrastructure, data centre construction, mining expansion and energy transmission projects. Importantly, corporate earnings are expected trend higher in the year 12 months. Commodity and Capex investment trends continue to support positive earnings upgrades for the market. Morgan Stanley estimates that aggregate consensus earnings growth in FY26 now sits at +7.0 per cent vs the long-term trend of +4.0 per cent. While valuations are somewhat elevated, the risk of a market multiple de-rate is low in an environment where earnings growth is forecast to be above the long-term trend.

The domestic Housing & Defence sectors are expected to make a strong contribution to the portfolio’s performance over the next 12-24 months.

Our quarterly video below provides investors with additional detail regarding our equity positioning and a number of stock specific ideas.

November 2025 Newsletter

Thu, 08 Jan 2026 05:32:37 GMT

The Level 18 Fund increased by +0.2 per cent net of fees for the month.

Commentary

The Level 18 Fund increased by +0.2 per cent net of fees for the month.

November was a tough month for global equities as investors broadly took profits and equity valuations declined. In Australia, the S&P/ASX Small Ordinaries Accumulation Index and the All-Ordinaries Accumulation Index decreased by -1.5 per cent and -2.5 per cent respectively.

The Level 18 Fund outperformed during the month. Stock positioning protected the portfolio and avoided the market sell-off that occurred in November.

In the US the first five trading days delivered the worst start to a month since 2008. Selling pressure on AI-exposed stocks led the decline. Investors worried about valuations and the sustainability of forecast AI expenditure. Investors were also nervous that further interest rate cuts were going to be potentially delayed until 2026. At one point in November, Nasdaq was down nearly 8% from the October close. However, the final week of the month delivered a strong rally. The S&P 500 and the Nasdaq Composite Index finished the month up +0.1 per cent and down -1.5 per cent respectively.

A higher-than-expected inflation result for October created valuation pressure for the Australian market. In October, the adjusted headline CPI rose to 3.8 per cent year on year. While monthly data can be volatile, the RBA is likely to focus on the potential for upside risks in inflation. Another interest rate cut in December is now unlikely with some commentators suggesting the next move in rates may be up in 2026.

The local economy has started to see some benefits of the interest rate cuts that have been delivered to date. House prices, clearance rates and loan growth rates have all increased this year. In addition, Black Friday-Cyber Monday retail sales are forecast to deliver solid growth this year. The RBA’s commentary post the meeting in December will be important to gauge any change regarding the outlook for interest rates.

In a positive for US equities, weak employment data has increased the likelihood the Federal Reserve will cut interest rates by 25bps at its December meeting.

During the month, many of the portfolio’s exposures delivered AGM updates and YTD trading commentary. This year most of the outlook commentary has been positive. During the month additional contract wins were confirmed for SRG Global (SRG) and SKS Technologies (SKS). Monadelphous (MND) delivered an earnings upgrade and Symal (SYL), NRW Holdings (NWH), Cedar Woods Properties (CWP) and Wagners (WGN) provided investors with strong FY26 earnings guidance.

Markets never go up in a straight line and post the strong rally that started in mid-2025 we suspect the market decline in November represents a short-term consolidation. Small cap valuations remain attractive and continue to trade at a discount to large caps. The 12 month forward small cap PER multiple is currently 15.0x versus large caps at 18.5x. Our bullish 12-to-18-month outlook is unchanged.

Since inception (2012), the Fund has delivered a +13.1 per cent net return per annum versus the All-Ordinaries Accumulation Index at +10.0 per cent and the S&P/ASX Small Ordinaries Accumulation Index at +7.4 per cent. The Fund’s flexible mandate has been designed to protect capital in correcting markets and deliver performance in rising markets.

Positive contributors to the Fund’s performance in November include construction materials and building product producer Wagners Holding (WGN), mining services group Macmahon Holdings (MAH), engineering, maintenance & construction group Monadelphous (MND) and equipment hire and civil remediation services provider Symal (SYL).

International motor vehicle dealership group Eagers Automotive (APE), Online employment marketplace services provider Seek (SEK), equipment financing and broking business COG Financial Services (COG) made negative contributions to performance in the month.

Thank you as always for your continued support and please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 2 8071-9215 ) if you would like any further details.

The Centennial Team

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About Centennial Asset Management

December 2025 Newsletter

Thu, 08 Jan 2026 05:20:15 GMT

The Level 18 Fund decreased by -0.5 per cent net of fees for the month.

Commentary

The Level 18 Fund deccreased by -0.5 per cent net of fees for the month.

US stocks lost ground towards the end of December delivering a small negative performance for the month. However, the stocks linked to the growth in artificial intelligence (AI), communication-services and technology drove a strong US equity performance in 2025. The S&P 500 and the Nasdaq Composite Index finished the year to December 31 up +16.4 per cent and 20.4% per cent respectively. Also contributing to the US market performance was the decision by the US Federal Reserve to cut interest rates by 0.25 per cent.

In Australia, the S&P/ASX Small Ordinaries Accumulation Index and the All-Ordinaries Accumulation Index increased by +1.4 per cent and +1.3 per cent in the month respectively.

During the year, the small cap sector outperformed large caps. Specifically, the S&P/ASX Small Ordinaries Accumulation Index and the All-Ordinaries Accumulation Index increased by +25.0 per cent and +10.6 per cent respectively.

Only 3 out of 11 Australian sectors were positive in the month. Materials and Financials were the strongest contributors. In December, the small cap resources sector was up +8.8 per cent versus the small cap industrial sector which was down -2.3 per cent. The Fund’s underweight exposure to resources (primarily gold) contributed to the underperformance versus the small cap index in the month.

December delivered a recovery for Australian equities following a negative performance in November. The turnaround was broadly led by Mining and Financials. The Industrial sector was flat in the month. Technology was the worst performing sector.

Following a decision from German lawmakers to approve a US$60B defence budget to improve national security capabilities, European defence stocks rallied during the month. Since the start of the year, the Stoxx Europe Aerospace and Defence index has increased by more than 50%.

In Australia, the RBA elected to leave interest rates at 3.6 per cent post the December board meeting. The October monthly inflation data was higher than expected and, as a result, some commentators are suggesting the next move in rates may be up in 2026. The December quarterly inflation data is due to be released in late January, ahead of the next RBA meeting in early February 2026. Our base case assumption is for interest rates to be unchanged for most of the next year.

We continue to have a ‘bullish’ outlook for Australian equities in 2026. The economy is expected to grow at a similar rate to last year. The labour market should remain robust, particularly given the backdrop of improving global growth. However, given the uncertainty regarding the interest rate outlook, some risks remain regarding consumer sentiment and discretionary spending.

Small cap valuations remain attractive and continue to trade at a discount to large caps. The 12 month forward small cap PER multiple is currently 15.0x versus large caps at 18.5x.

Since inception (2012), the Fund has delivered a +13.0 per cent net return per annum versus the All-Ordinaries Accumulation Index at +10.0 per cent and the S&P/ASX Small Ordinaries Accumulation Index at +7.5 per cent. The Fund’s flexible mandate has been designed to protect capital in correcting markets and deliver performance in rising markets.

Positive contributors to the Fund’s performance in December include specialty asset maintenance engineering group SRG Global (SRG), c onstruction contracting, equipment hire and civil remediation services provider Symal (SYL), asset management, lending, advisory and equities group MA Financial (MAF) and banking, superannuation & advice services group AMP (AMP).

Investment bond and annuity product provider, Generation Development Group (GDG), non-bank lender and asset finance group Pepper Money (PPM) and motor vehicle retailing & services group Autosports Group (ASG) made negative contributions to performance in the month.

The following link ( https://www.livewiremarkets.com/wires/matthew-kidman-the-two-best-times-to-make-money-in-markets-are-coming ) to a recent interview with Matthew Kidman on the Livewire platform provides readers with additional detail regarding our ‘bullish’ outlook for Australian small cap equities.

Thank you as always for your continued support and please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 2 8071-9215 ) if you would like any further details.

The Centennial Team

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About Centennial Asset Management

October 2025 Newsletter

Tue, 11 Nov 2025 04:13:25 GMT

The Level 18 Fund increased by +3.0 per cent net of fees for the month.

Commentary

The Level 18 Fund increased by +3.0 per cent net of fees for the month.

During October the S&P/ASX Small Ordinaries Accumulation Index and the All Ordinaries Accumulation Index increased by +1.9 per cent and +0.5 per cent respectively.

The Level 18 Fund outperformed during the month primarily due to the portfolio’s exposure to the Housing, Defence and Financial services sectors.

Following a higher-than-expected underlying inflation result in the September quarter, the Reserve Bank of Australia (RBA) elected to hold official interest rates steady at 3.6 per cent at its November meeting. Post the meeting, RBA Governor Michelle Bullock said that the central bank was still “confident” inflation was coming down. The RBA’s policy statement noted that “some of the increase in underlying inflation in the September quarter was due to temporary factors.”

The RBA has now cut interest rates three times, and the benefits have started to become evident in the broader economy. House prices, clearance rates and loan growth rates have all increased this year. We expect lower interest rates, moderating inflation and a proportionally higher exposure to domestic demand to benefit the Level 18 Fund’s exposure to small caps.

Australian small cap caps continued to outperform large caps during October.

US equities performed well in October as AI exposed companies reported strong earnings growth. Specifically, the S&P 500 and the Nasdaq Composite Index finished the month up +2.3 per cent and +4.7 per cent respectively.

During the month, the US Federal Reserve cut rates by 25bps. This is the second US cut this year. Post the decision, FED Chair Jerome Powell suggested another cut in December was not a certainty.

Portfolio holding Eagers Automotive (APE) performed well in October. The company expanded its business internationally into the Canadian market via an investment in CanadaOne. APE has taken a majority position (65%) in CanadaOne for A$1.043B with the founder retaining the remaining 35%. Associated with the transaction was an entitlement offer at $21 a share that raised $452M.

The transaction provides APE with access to a significantly larger market and the potential for further growth. The CanadaOne acquisition significantly increases APE’s scale and global footprint. The deal is expected to be immediately earnings accretive. The APE share price has performed well post the deal announcement. The stock is currently trading at $31.83 a share.

Equity markets have delivered a strong start to FY26. While valuations are not cheap, history tells us that some of the best periods for the stock market returns come towards the end of bull markets. We remain bullish on the outlook for equities in the next 12-24 months.

The Centennial Level 18 Fund recently reached its 13 ^th year milestone. The Fund’s flexible mandate protects capital in bad markets and delivers performance in rising markets. Since inception (2012), the Fund has delivered a +13.2 per cent net return per annum versus the All-Ordinaries Accumulation Index at +10.3 per cent and the S&P/ASX Small Ordinaries Accumulation Index at +7.6 per cent.

Positive contributors to the Fund’s performance in October include specialty asset maintenance engineering group SRG Global (SRG), c onstruction contracting, equipment hire and civil remediation services provider Symal (SYL), motor vehicle retailing & services group Autosports Group (ASG) and electrical and telecommunications infrastructure product & services group Mayfield Group (MYG).

Online employment marketplace services provider Seek (SEK), diagnostic imaging services group Integral (IDX) and mortgage broking business Australian Finance Group (AFG) made negative contributions to performance in the month.

Thank you as always for your continued support and please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 2 8071-9215 ) if you would like any further details.

The Centennial Team

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About Centennial Asset Management

6 big questions and one clear message for investors - stay long

Wed, 22 Oct 2025 22:27:51 GMT

Will AI save us from a bear market? Where are we in the cycle? Are there lessons in history? Answers to those questions and a few more...

Centennial Asset Management's Matthew Kidman answers six important questions for investors regarding the outlook for equity markets and what history can teach us about the current cycle.

Markets are at all-time highs. Digital currencies and precious metals are running hard. Central banks have started to cut rates. As always, there is a lot of conflicting information for investors to think about in this market.

We thought it would be useful to discuss several important questions and to provide some commentary regarding how to position for this equity market.

#1 - Can AI save us from a bear market?

AI will contribute to the market machinations over the next little while, but it won't stop a bear market unfolding. AI is the theme that allows everybody to say, "It's different this time". That said, I think it's only just started, by the way. It's not hard to see two years, maybe three years of AI frenzy. If you go back to 1997/98 and the emergence of the internet, everyone at the time said technology was changing everything we do. And it did.

It changed virtually every aspect of our commercial lives and our private lives. But we went through a boom, a bust, a clean out, and eventually the winners emerged years and years later.

I don't think that would be too far from where this AI-lead market could land.

#2 - Does this market remind you of any time in history?

Markets rhyme, but they're not exactly the same. There are a lot of differences about today versus any time that I can remember. One of them is the size of government debts. Another one, which I haven't experienced because there hasn't been a cold war since I've been in markets, but defence spending is accelerating at a rapid rate. And now, where it is similar, is the enormous investment in technology.

So, it reminds me of the late 1990s. Back then, things were being floated on big valuations. So this market is different, but there is definitely a similar boom going on.

The market tends to, over time, get more and more excited about some theme. Things don't go up in a straight line, but it does feel like the late 90s.

#3 - Where are we in the bull market - the beginning or the end?

I think we're right at the end. However, I believe it has a while to run yet.

The next year or two should be rewarding for investors. We are probably at the back end of an enormous run over the last couple of years. Now is normally a good time to make money.

#4 - What can we expect from central banks - the RBA and Fed - from here?

In brief, the market is saying you could get between two and four further cuts in the US, which will be good for valuations.

In Australia, I think we're a fair way through the rate-cutting cycle.

I thought originally we would get more rate cuts. However, employment is not too bad. It's not booming, but I think maybe one or two further cuts over the next year.

#5 - Are markets expensive today?

They are at the expensive end. Traditionally, the Australian market trades in the 14x to 15x PER range. However, value does depend on where interest rates are sitting. Today, interest rates are historically low, particularly for people who have lived over the last 40 to 50 years.

#6 - Why is it important to stay long towards the end of a bull market?

History tells us that investors tend to receive significant returns towards the end of a bull market.

Staying long now is important. In the US, when we had the tech boom in the 90s, you saw the NASDAQ double in a period of six months before it fell over. Again, the market rally accelerated in the four years leading up to the GFC.

That's one of the things I would say, as markets get more volatile, they are preparing for a change in direction. To date, volatility has been very low. So, we are not there yet. Stay long.

Sept 2025 Quarter - Video update

Mon, 20 Oct 2025 06:37:50 GMT

We expect small cap outperformance to continue over the next 12-24 months. Our ‘Bullish’ view regarding the performance outlook for the Centennial Level 18 Fund is unchanged.

Post the reporting season, we have added several new exposures that look well positioned to deliver a recovery in earning growth over the next 12-24 months. We continue to identify a number of investment opportunities at attractive valuations.

The domestic Housing & Defence sectors are expected to make a strong contribution to the portfolio’s performance over the next 12-24 months.

Our quarterly video below provides investors with additional detail regarding our equity positioning and a number of stock specific ideas.

Sept '25 Quarter - Video Update

Mon, 20 Oct 2025 06:24:49 GMT

We expect small cap outperformance to continue over the next 12-24 months for several reasons. Our ‘Bullish’ view regarding the performance outlook for the Centennial Level 18 Fund is unchanged.

The domestic Housing & Defence sectors are expected to make a strong contribution to the portfolio’s performance over the next 12-24 months.

Our quarterly video below provides investors with additional detail regarding our equity positioning and a number of stock specific ideas.

New Paragraph

The two best times to make money in markets are coming.

Tue, 14 Oct 2025 03:25:38 GMT

Matthew Kidman says we’re in one of the two best times to make money in markets — and he’s backing small caps to lead the charge.

When Centennial Asset Management’s Matthew Kidman presented at Livewire Live in 2024, he argued that markets were deep into a structural bull run. A year later, he’s standing by that call – and he’s still bullish.

In this conversation, Kidman explains why he believes we’re in one of the best times to make money in markets, what could bring the rally undone, and how he’s positioning Centennial’s Level 18 Fund to stay nimble. He also shares the story behind his first 10-bagger and the standout management teams on the ASX he’s backing to keep delivering.

“The first six months of a recovery after a huge fall is better than the last six months of a bull market. They’re the two best times to make money – the top and the tail.”

Why the bull market still has legs

Kidman has looked closely at the history of markets to understand how long major uptrends typically last. His analysis shows that structural bull markets tend to run for around 14 to 15 years on average. With this one now well past that mark, he believes we’re in the late innings – but not at the end just yet.

“Equity markets are exploding all over the world,” he says. “The NASDAQ’s up 24%, the small ordinaries are up 20%, Europe’s even stronger, and Japan’s in the high teens. That’s what happens at the back end of a bull market.”

He points out that exuberance isn’t limited to equities. Gold and crypto are both rallying as investors chase momentum rather than fundamentals.

“People are not buying gold on fundamentals, they’re buying it because they think it’s going to go up,” he says. “That’s classic bull market stuff.”

Kidman sees the key ingredients of a bull market still firmly in place: falling rates, steady government spending, and a powerful thematic to drive investment – this time, the AI boom.

“You always need a story where people say it’s different this time,” he says. “AI has accelerated activity and driven a global CapEx boom, especially in data centres.”

Governments are helping too. “Everyone talks about restraint, but very few are doing it,” he says. “There are billions and trillions more being spent. That’s all positive, and the next couple of years look very, very good for equities.”

He concedes valuations are stretched but says they rarely matter at this stage of a cycle. “Valuations only really matter after the fall,” he says. “They’ll keep you out of the market when it’s still running.”

Kidman believes we’ve entered what he calls “party mode.” Investors should enjoy it – but know it won’t last forever.

From 90% cash to fully invested

In the Level 18 Fund, Kidman has the flexibility to move up and down the market-cap spectrum, hold cash and go short. That agility is central to how he manages risk and opportunity.

“In 2021 and 2022, when rates went through the roof and small caps got belted, we migrated into larger caps,” he says. “Now it’s the opposite. It’s a risk-on market, so we’re back into mid and small caps.”

He’s especially focused on sectors benefiting from domestic spending: defence, energy transition, and infrastructure in the lead-up to the Brisbane Olympics. "Now, people underplay the Olympics because it’s not in their face yet, but as of the middle of next year, contracts are going to be handed out.”

Kidman also sees signs that housing has quietly stabilised. “There’s a housing shortage, and the cost pressures that made development unprofitable are slowly easing,” he says. “That’s another reason to like the domestic economy – and small caps are the best way to get exposure.”

During COVID, the fund was almost entirely in cash. Today, it’s nearly the reverse.

“We were the equivalent of 90% cash,” he says. “Now we’re about 90% invested. In bull markets, we’ll run 90–95% long with very few shorts.”

He’s also watching the IPO market start to stir. “We think there are five or six lined up before Christmas, maybe more,” he says. “As prices rise, sellers reappear.”

Kidman’s first 10-bagger

Every investor remembers their first big winner, and for Kidman, it came from an unexpected corner of the market.

“ SKS Technologies ( ASX: SKS ) was a little commercial electrical company out of Melbourne,” he recalls. “They’d never really made any money. Then we realised data centres require a lot of electrical work.”

After meeting CEO Matthew Jinks and his team, Kidman saw a clean balance sheet, improving cash flow, and a structural tailwind few were paying attention to. Centennial backed them early, and the stock went from a $35 million microcap to roughly ten times that size. “I’ve never had a 10-bagger,” he laughs. “SKS is as close as I’ve come. They’ve done a fantastic job.”

He says that kind of execution – disciplined, adaptable management – is what defines the best small caps. Among the teams that stand out to him:

SRG Global ( ASX: SRG ) – “They’ve done a great job transforming from a cyclical contractor to a recurring-revenue business.”
ZIP ( ASX: ZIP ) – “Cynthia Scott rebuilt the business after a near-death experience and executed brilliantly.”
Codan ( ASX: CDA ) – “They’ve worked their balance sheet hard and evolved into a stronger industrial tech story.”
Generation Development Group ( ASX: GDG ) – “Grant Hackett and his team have evolved that business and continue to innovate.”
Pinnacle ( ASX: PNI ) – “Ian Macoun has built a distribution powerhouse in one of the toughest environments for active managers.”

Kidman says this recent period has produced an unusually strong crop of small-cap leaders — management teams that execute well, adapt quickly, and ultimately drive the kind of performance that makes small caps such fertile ground for stock pickers.

Stay bullish but stay close to markets

Kidman’s optimism doesn’t mean complacency. He’s quick to remind investors that markets can turn faster than they expect. “The first six months of a recovery after a huge fall are better than the last six months of a bull,” he says. “But it happens overnight – you’ve got to stay close to the market.”

That flexibility is built into his process. “We can go big cap, defensive, to cash, or even short,” he says. “Our analysis shows we only capture about 31% of the downside in a fall. That’s the benefit of being nimble.”

The bigger risk, he warns, is complacency about central banks.

“Most people now think there’s a backstop – that they’ll step in whenever things get shaky,” he says. “That kind of thinking breeds complacency.”

While Kidman agrees that liquidity has softened market cycles, he doubts it will last forever. “If there’s a misstep, things could go very wrong,” he says. “The trigger might be government debt, leverage, something else – you never know. But there’s always something.”

For now, Kidman is happy to stay invested, but he’s keeping a watchful eye. “I’m bullish,” he says.

“History says this phase can run longer. But when it turns, it can last a long time. Stay long, stay close, and be ready.”

September 2025 Newsletter

Fri, 10 Oct 2025 00:22:53 GMT

The Level 18 Fund increased by +1.3 per cent net of fees for the month.

Commentary

The Level 18 Fund increased by +1.3 per cent net of fees for the month.

September is traditionally a poor month for global equities. That proved to be the case for the Australian large cap sector. The All Ordinaries Accumulation Index was down -0.5 per cent in the month. In contrast, the US market delivered its best September in 27 years on the back of ongoing investor enthusiasm for AI/semiconductor exposed stocks. The S&P 500 and the Nasdaq Composite Index finished the month up +3.5 per cent and +5.7 per cent respectively.

Like the previous month, the small cap sector outperformed large caps. Specifically, the S&P/ASX Small Ordinaries Accumulation Index increased by +3.4 per cent compared to the All Ordinaries Accumulation Index which was down -0.5 per cent.

The small cap outperformance was driven by a number of Macro and stock-specific issues.

On the Macro front, the three RBA (Reserve Bank of Australia) interest rate cuts are starting to deliver benefits for the economy. Lower rates, moderating inflation and a proportionally higher exposure to domestic demand tend to benefit small caps versus large caps.

On the stock specific front, disappointing FY25 earnings and guidance from a number of companies including CSL, Reece, James Hardie, Dominos, Woolworths and Sonic Healthcare dragged on the large cap sector.

The Centennial Level 18 Fund recently reached its 13 ^th year milestone. The Fund’s flexible mandate protects capital in bad markets and delivers performance in rising markets. Since inception (2012), the Fund has delivered a +13 per cent net return per annum versus the All-Ordinaries Accumulation Index at +10.3 per cent and the S&P/ASX Small Ordinaries Accumulation Index at +7.5 per cent.

We expect small cap outperformance to continue over the next 12-24 months for several reasons.

1. Valuations - Small cap valuations remain attractive. Small caps continue to trade at a discount to large caps. The 12 month forward small cap PER multiple is currently 15.4x versus large caps at 19.8x.

2. Earnings growth - The earning growth outlook for small caps is superior to large caps. Consensus one year forward forecasts expect earnings growth of +13.2 per cent for small caps vs large caps at +2.8 per cent.

3. Exposure to structural growth thematics - We continue to expect small caps to benefit from an expose to several structurally growing sectoral thematics such as data centre expansion, housing price & construction growth and increased defence spending.

In September, following a 25bp cut in August, the RBA elected to leave rates unchanged. It is important to note the Governor’s commentary post the meeting regarding the economic outlook. She specifically observed that GDP has been stronger-than-expected, the labour market resilient and the rising risk of service price inflation. Our base case expectations are unchanged. We expect two further 25bp rate cuts during the next year.

During the month, Level 18 Fund holding, Service Stream (SSM) secured a significant Base Service Contract with the Department of Defence during the month. The company has been appointed to provide Property and Asset Services for 113 Defence sites in SA and the NT. Commencing on the 1 Feb 2026, the Contract will operate for an initial 6-year term, with the option to a maximum term of 10-years. The combined value of the work is approximately $1.6 billion over the initial term. The stock was up +11 per cent in the month.

Positive contributors to the Fund in September include Audio-visual & electrical contractor SKS Technologies (SKS), equipment financing and broking business COG Financial Services (COG) , mining software solutions group RPM Global (RUL), specialist alternative investment manager Regal Partners (RPL) and c onstruction and maintenance group GenusPlus (GNP).

Residential aged care home provider Regis Healthcare (REG), Construction contracting, equipment hire and civil remediation services provider Symal (SYL) and online automotive, motorcycle and marine classified business CAR Group (CAR) made negative contributions to the performance in the month.

Thank you as always for your continued support and please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 2 8071-9215 ) if you would like any further details.

The Centennial Team

Monthly Net Returns Since Inception

About Centennial Asset Management

AMP - turnaround underway

Wed, 08 Oct 2025 03:10:08 GMT

AMP - we believe the turnaround strategy at AMP continues to deliver tangible progress (Livewire).

AMP has been written off by many investors since the Banking Royal Commission in 2019, but I believe the company is finally delivering a credible turnaround.

The findings of the Royal Commission caused significant reputational damage. The business lost clients, suffered outflows, and was forced to pay remediation. Investors deserted the stock.

But since 2021, under a new leadership team, AMP has been executing a focused turnaround strategy. The company has sold underperforming assets, returned capital to shareholders, and refocused on its core operations.

The key drivers of revenue growth and profitability have turned and are set to improve further over the next 12–24 months. The most recent result showed accelerating inflow growth within the platform business. Costs are coming down as management executes a cost-out program, and underlying profitability is increasing.

The jewel in AMP’s crown is its North platform, which represents around 44% of group NPAT. I believe this division is undervalued by the market. It delivered +7.4% underlying growth in 1H FY25 versus 1H FY24, with a particularly strong June quarter underpinning momentum into the second half.

With its differentiated retirement products, I expect the platform to win new advisers, take market share, and drive better-than-expected inflows over the next 12–18 months. As a result, the share price should re-rate.

Investors should monitor inflow momentum across the Platform and Superannuation & Investments divisions, as well as the company’s ability to deliver on guidance.

At present, AMP trades on ~14.5x forward P/E, a 28% discount to the ASX 100. That discount won’t persist if the turnaround continues to gain traction.

You’re fired! 6 ASX stocks to fire, 6 to hire

Mon, 08 Sep 2025 06:35:30 GMT

Small-caps are rallying, but not all will thrive. One to hire & One to fire. Michael Carmody

STOCK TO FIRE - Guzman Y Gomez (ASX: GYG)

Guzman Y Gomez delivered an FY25 result that was below market expectations.

Lower share-based payments improved the headline number but diluted the quality of the result. However, investors remain primarily focussed on the growth outlook for the stock. On that front, the store roll-out target was in-line but the YTD trading update and the FY26 margin guidance was softer than expected.

YTD growth in the Australian business has had a slower start to the next year. Like for like (LFL) sales growth was well below the FY25 level and market forecasts for the full year. In the absence of an acceleration in top line growth, the business risks falling short of sales and earnings expectations in FY26.

The investment and valuation risks at GYG appear to be increasing. The competitive environment in the US and Australia continues to increase and aspirational store count and margin targets are looking challenging.

Post the result, the market has revised down GYG’s profitability and valuation. It’s rare for a company to only miss once. The GYG valuation at 31x EV/EBITDA leaves little room for error. Expensive. Sell.

STOCK TO HIRE - WAGNERS (ASX: WGN)

Wagners is a company that is exposed to the forecast improvement in the housing and infrastructure construction cycle in southeast Queensland.

The founder led company is a producer of construction materials including cement, concrete, aggregates and reinforcing steel. The company is leveraged to the facility building growth associated with the 2032 Brisbane Olympic games.

In recent FY25 result, the business exceeded market forecasts and delivered margin expansion. Pricing increases, volume growth and operational improvements contributed to the performance.

The business delivered robust growth in two core segments, Construction Materials and Composite Fibre Technologies. During the year, the company reinvested in its concrete production facilities and retired debt.

Management outlook commentary was strong, in line with forecast growth for the housing construction market. Ongoing RBA interest rate cuts in 2026 are expected to boost growing domestic housing demand.

Over the next year, revenue growth will be delivered by further quarry volume growth and ongoing margin expansion.

We see upside risk to consensus earnings and believe the stock at 11.9x EV/EBIT in FY26 is compelling value at current levels.

August 2025 Newsletter

Sun, 07 Sep 2025 23:36:26 GMT

The Level 18 Fund increased by +3.9 per cent net of fees for the month.

Commentary

The Level 18 Fund increased by +3.9 per cent net of fees for the month.

During the month the S&P/ASX Small Ordinaries Accumulation Index and the All Ordinaries Accumulation Index increased by +8.4 per cent and +3.2 per cent respectively.

Since inception (2012), the Level 18 Fund has delivered a +13.0 per cent net return per annum versus the All Ordinaries Accumulation Index at +10.4 per cent.

The small cap resource sector was very strong during August delivering a return of +13.5 per cent in the month, outperforming small cap industrials at +6.1 per cent. Multi-year gold price highs and commodity exposures to lithium, copper & rare earths drove the resource sector’s performance.

A volatile FY25 reporting season delivered a mixed set of earnings results. Notwithstanding several high profile ‘misses’, companies broadly ‘beat’ market earnings expectations. Domestic companies outperformed their global peers, delivering consistent operating margins and cash flow. Specifically, small cap industrials provided upside earnings surprise while global cyclicals were impacted by tariff headwinds, FX and a weak US housing market.

Management outlook commentary was predictably cautious, but the reporting season delivered evidence that the domestic economy and consumer demand is set to grow over the next 12-24 months.

Despite the focus on the share price falls and earnings downgrades across several large cap companies (JHX, CSL & DMP), the market traded at all time highs. Investors continue to price expectations of further RBA interest rate cuts and an improving GDP outlook.

The US equity market underperformed the Australian market in August, the S&P 500 index was up +2.0 per cent despite softer than expected Macro data (non-farm payroll revisions) during the month. A broadly positive quarterly reporting season where approximately 75 per cent of the S&P 500 index beat consensus estimates contributed to the rally. Like Australia, small caps also outperformed large caps.

Importantly, late in the month at the Jackson Hole Federal Reserve meeting, the Fed chair Jerome Powell suggested that the balance of economic risks had shifted, potentially warranting an adjustment to the Fed’s monetary policy stance. The majority of US investors now expect a rate cut in September.

In Australia, the RBA (Reserve Bank of Australia) cut interest rates by 25bp to 3.6 percent. The decision was widely anticipated given the pause at the previous meeting and easing inflation in the June quarter (2.7 per cent vs 2.9 per cent in the March quarter). The RBA has now cut interest rates three times. The next RBA meeting is in late September. Economists currently forecast a low probability of a further cut at the next meeting. We continue to expect several additional cut rates over the next 12 to 24 months.

During the month, Tuas (TUA) announced the acquisition of competitor and digital communications network operator M1. TUA undertook a capital raising to partly fund the transaction. The transaction is expected to generate material synergies and increased scale across the business leading to significant operational efficiencies. Given the management team’s well-established track record for acquisition execution, the transaction was well received by the market. The fresh capital was raised at $5.24 a share. The stock is currently trading at $7.55 a share.

Positive contributors to the Fund in August include payments and finance provider Zip Co (ZIP), motor vehicle retailing & services group Autosports Group (ASG), global FMCG rice food brand Ricegrowers (SGLLV) and Singapore mobile telecommunications service provider Tuas (TUA).

Online software accounting and business solution group Xero (XRO), s pecialist alternative investment manager Regal Partners (RPL) and residential aged care home provider Regis Healthcare (REG) made negative contributions to the performance in the month.

Thank you as always for your continued support and please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 2 8071-9215 ) if you would like any further details.

The Centennial Team

Monthly Net Returns Since Inception

About Centennial Asset Management

July 2025 Newsletter

Mon, 11 Aug 2025 23:42:11 GMT

The Level 18 Fund increased by +3.5 per cent net of fees for July 31, 2025.

Housing & Defence are set to make a strong contribution in FY26.

Tue, 05 Aug 2025 00:24:27 GMT

Post the close of the June 2025 quarter, we have recorded a short video presentation regarding the Level 18 Fund’s performance during the period.

June 2025 Quarter - Update

Mon, 21 Jul 2025 01:04:13 GMT

Post the close of the June 2025 quarter, we have recorded a short video presentation regarding the Level 18 Fund’s performance during the period.

June 2025 Newsletter

Tue, 08 Jul 2025 00:15:36 GMT

The Level 18 Fund increased by +14.8 per cent net of fees for the year to June 30, 2025.

May 2025 Newsletter

Tue, 10 Jun 2025 07:44:24 GMT

The Level 18 Fund increased by +2.3 per cent net of fees for the month.

This fundie is buying these ASX stocks ahead of ‘several’ rate cuts - Michael Carmody

Tue, 10 Jun 2025 02:38:50 GMT

"We have a bullish outlook for the market, particularly for small caps. We expect the RBA to cut rates several more times in the next year." - Michael Carmody

3 ASX stocks that highlight how active investing delivers outperformance

Tue, 10 Jun 2025 02:31:46 GMT

Centennial Asset Management's Matt Kidman says an 'active' investment strategy will continue to beat the market.

April 2025 Newsletter

Sat, 10 May 2025 07:34:32 GMT

The Level 18 Fund increased by +1.3 per cent net of fees for the month.

Matthew Kidman says the US is "a dangerous place to be operating."

Tue, 06 May 2025 04:14:33 GMT

Post a volatile month in equity markets, where to now...

March 2025 Quarter - Update

Wed, 23 Apr 2025 06:02:07 GMT

Post the March 2025 quarter, we have recorded a short video presentation regarding the Level 18 Fund’s performance during the period.

February 2025 Newsletter

Wed, 16 Apr 2025 08:10:59 GMT

The Level 18 Fund decreased by -2.8 per cent net of fees for the month.

March 2025 Newsletter

Thu, 10 Apr 2025 07:34:31 GMT

The Level 18 Fund decreased by -2.3 per cent net of fees for the month.

January 2024 Newsletter

Mon, 10 Feb 2025 21:51:58 GMT

The Level 18 Fund increased by +3.0 per cent net of fees for the month.

December 2024 Quarter - Update

Mon, 20 Jan 2025 03:07:51 GMT

Post the December 2024 quarter, we have recorded a short video presentation regarding the Level 18 Fund’s performance during the period.

5 ASX stocks to own as the market keeps rallying

Tue, 14 Jan 2025 22:52:02 GMT

We highlight five stocks we think are worth owning as the bull run continues into 2025.

December 2024 Newsletter

Thu, 09 Jan 2025 04:45:02 GMT

The Level 18 Fund decreased by -1.5 per cent net of fees for the month.

November 2024 Newsletter

Mon, 16 Dec 2024 03:55:51 GMT

The Level 18 Fund increased by +2.7 per cent net of fees for the month.

October 2024 Newsletter

Mon, 11 Nov 2024 03:48:17 GMT

The Level 18 Fund increased by +1.8 per cent net of fees for the month.

Don't let all time highs stop you buying this "bull" market

Thu, 31 Oct 2024 00:36:43 GMT

Three investments the Centennial Asset Management team believe will outperform - Judo Capital (JDO), Credit Clear (CCR) and Austal (ASB)

2024 September Quarter Update

Tue, 22 Oct 2024 05:12:44 GMT

Post the September 2024 quarter, we have recorded a short video presentation regarding the Level 18 Fund’s performance during the period.

September 2024 Newsletter

Wed, 09 Oct 2024 23:19:38 GMT

The Level 18 Fund increased by +2.0 per cent net of fees for the month.

August 2024 Newsletter

Tue, 10 Sep 2024 05:17:19 GMT

The Level 18 Fund increased by +1.5 per cent net of fees for the month.

July 2024 Newsletter

Mon, 12 Aug 2024 05:15:22 GMT

The Level 18 Fund increased by +3.5 per cent net of fees for the month.

May 2024 Newsletter

Wed, 12 Jun 2024 05:28:12 GMT

The Level 18 Fund increased by +1.4 per cent gross in May and +1.1 per cent net of fees for the month.

Why we're still bullish on the ASX (and 2 stocks we've been buying)

Tue, 11 Jun 2024 05:12:45 GMT

The Australian market may experience a rally over the next 12-24 months. Several factors could contribute to this potential increase.

Fear & Greed Podcast

Thu, 16 May 2024 05:16:25 GMT

The below link will take you to Fear and Greed website (fearandgreed.com.au), which is a third-party website, owned and operated by Fear and Greed. Your use of their website will be at your own risk and shall be subject to the terms of Fear and Greed’s website including those relating to confidentiality, data privacy and security, details of which can be found on their website.

April 2024 Newsletter

Fri, 10 May 2024 05:49:15 GMT

The Level 18 Fund decreased by -1.1 per cent gross in April and -0.9 per cent net of fees for the month.

2024 March Quarter Update

Fri, 19 Apr 2024 05:57:57 GMT

Post the March 2024 quarter, we have recorded a short video presentation regarding the Level 18 Fund’s performance during the period.

From Bullish Bets to AI Impact

mkidman@centennialfunds.com.au (Matthew Kidman) — Fri, 19 Apr 2024 05:22:50 GMT

Matthew Kidman, a 25-year veteran of the Australian stock market and co-founder of Centennial Asset Management, where we delve deep into the strategies and insights driving successful investment in the ASX small cap sector. In this exclusive interview, Matthew shares his transformation from a cautious observer to a bullish market participant, revealing his top strategies for generating alpha and his long-term outlook on US shares.

March 2024 Newsletter

Wed, 10 Apr 2024 06:46:47 GMT

The Level 18 Fund increased by +3.9 per cent gross in March and +3.1 per cent net of fees for the month.

February 2024 Newsletter

Mon, 11 Mar 2024 05:48:11 GMT

The Level 18 Fund increased by +3.4 per cent gross in February and +2.7 per cent net of fees for the month.

January 2024 Newsletter

Fri, 09 Feb 2024 05:49:18 GMT