SGH Opportunities Fund January Recap: Small Cap Winners & Macro Shifts
The SGH Opportunities Fund delivered an exceptional performance in January 2025, significantly outperforming its benchmark, the S&P/ASX Small Ordinaries Accumulation Index. The fund posted a total net return of +9.55% for the month, nearly double the index’s return of +4.59%, reflecting strong stock selection and strategic positioning. Over the past 12 months, the fund has delivered an impressive total net return of +27.08%, substantially outperforming the index return of +12.32%. This strong result underscores the fund’s ability to identify high-growth opportunities in a dynamic market environment.
The fund’s recent success has been driven by strength across multiple sectors, particularly in resources, investment platforms, and biotechnology. The standout performer for the month was gold, as the All Ordinaries Gold Index surged +15.19%, benefiting from a record-breaking gold price above US$2,800 per ounce. Critical minerals also played a pivotal role, with top holdings Almonty Industries (+40.6%) and Larvotto Resources (+36.4%) delivering substantial gains amid tightening global supply chains.
Meanwhile, investment platform stocks like Hub24, NetWealth, and Praemium all released quarterlies that exceeded market expectations, driving strong returns across these holdings.
Beyond sector tailwinds, the fund benefited from broad-based portfolio strength, with 79% of holdings delivering positive returns—a significant shift from prior years when stocks with limited news flow weighed on performance. With inflation data surprising to the downside and the RBA now expected to cut rates, the macro backdrop is increasingly supportive, positioning the fund well for continued outperformance.
For a detailed analysis please tune in to the below episode of SGH Fund Updates:
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Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for “the Fund” mentioned in this recording. Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).
This update has been prepared by SG Hiscock and Company Limited to provide you with general information only. In preparing this update we did not take into account the investment objectives, financial situation or particular needs of any particular person and is not investment advice. Neither SG Hiscock and Company Limited, Equity Trustees nor any of its related parties, their employees or directors, provide and warranty the accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance is not an indicator of future performance.
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