The Ethical Partners fund manager has shrugged off the market uncertainty and has his eyes on Australian Clinical Labs’ bid for Healius.
Fund manager Nathan Parkin is so bullish on small caps that he has allocated almost a third of the Ethical Partners’ $2 billion Australian share fund to the asset class.
Much like the fund’s high weighting in small caps, Parkin says they are happy to ride the volatility in a share price, as long as the companies they own still meet their original investment thesis and “disciplined” valuation criteria. Since then, he’s been hooked on how every day is different in the stockmarket. “It’s an amazing job – you get to look at both economics and politics, and realise that the markets affect everything that we do.”
Wilson, his co-manager on the fund, adds that having constraints around the way Ethical Partners is managed also allows them “to be opportunistic when they want to be”.Financial ReviewLife insurer NobleOak is a small-cap stock the fund has owned for about two years, which Parkin readily admits has “gone nowhere”. Year to date, the stock has fallen 19 per cent, and they own 13.6 per cent of the company.
“As the bid unravelled, we bought more of that stock, and then we bought more shares when Malaysia unravelled and then the market started to focus on month-to-month trading updates for a multi-generational asset, which didn’t make sense to us, but that has definitely stopped.Wilson also says he wouldn’t be surprised if there was “some revisited interest” in the company for a takeover.
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