About Us

Spheria Asset Management is a fundamental-based investment manager with a bottom-up focus specialising in small and microcap companies. Our mission is to achieve strong investment returns for our clients with an emphasis on risk management. Keeping an open mind to potential investments is critical to our process and expanding our horizons to consider global influences gives us a powerful edge.

Investment Team

Spheria’s co-founders, Marcus Burns, Matthew Booker and Adam Lund have more than 50 years combined experience in the investment management industry.

Since Spheria’s launch in 2016 the team has grown to nine highly skilled investment professionals, providing clients with an unsurpassed level of expertise in small and microcap investing.

Portfolio Manager

Marcus Burns

Marcus is a co-founder of Spheria and has been a Portfolio Manager since Spheria's inception in April 2016. He has managed Australian, European and global equity portfolios out of Australia and London through volatile market cycles for over 20 years. Marcus has an established track record generating strong investment portfolio returns for investors. He worked alongside his Co-Portfolio Manager Matthew Booker at Schroders since the beginning of 2013 and co-managed the Australian small and micro-cap portfolios with Matthew. These funds generated double digit returns above benchmark during this timeframe.
Portfolio Manager

Matthew Booker

Matthew is a co-founder of Spheria Asset Management and a portfolio manager with research responsibilities. He has managed small company portfolios through volatile market cycles for over 16 years and has established a significant track record for generating returns that have exceeded portfolio benchmarks. Prior to co-founding Spheria, Mr Booker worked at Concord Capital and then Schroders, managing the smaller companies fund as well as the micro-cap product at Schroders. Mr Booker is an Associate of the Institute of Actuaries of Australia and a Fellow of FINSIA. He has over 25 years of financial markets experience.
Head of Trading / Analyst

Adam Lund

Adam Lund is a co-founder of Spheria and is the Head of Trading with investment research and portfolio construction responsibilities. Adam has over 16 years experience in funds management and spent 5 years as an equities and derivatives trader at Schroders Investment Management Australia. At Schroders, Adam worked closely with Spheria co-founders, Matthew Booker and Marcus Burns.

Al Doecke

Allister joined Spheria in April 2018 as a Trader for the Manager’s investment strategies. Allister has over 14 years of experience in the Australian equities market, being previously employed as an Institutional Trader at Taylor Collison. Allister graduated from the University of Technology Sydney with a Bachelor of Finance in 2013.
Head of Research

Daniel Peters

Daniel joined Spheria in May 2022 in the role of Head of Research. Daniel has over 18 years of experience in the Australian equities market analysing companies across various sectors and across the market cap spectrum. This includes 13 years at Schroders Investment Management Australia where Daniel worked closely with Spheria founders Matthew Booker, Marcus Burns and Adam Lund. Daniel has successfully completed all three levels of the CFA® program.

Charles Ji

Charles joined Spheria in October 2022 as an Analyst after working at MFS Investment Management as an Equity Research Associate, primarily analysing Australian companies for domestic and global Funds. Charles has over 5 years of experience in funds management and holds a Bachelor of Commerce, Science from University of New South Wales. Charles Ji is a CFA® charterholder and has passed all three levels on his first attempt.
Data Analyst

Damian Rawle

Damian joined Spheria in January 2023 as a Data Analyst for the manager’s investment strategies. Damian has 10 years of experience in funds management, including 5 years at Pinnacle Investment Management. Damian specialises in quantitative methods, including automation and portfolio analysis. Damian is a CFA® charterholder since February 2022.

Brittany Isakka

Brittany joined Spheria in July 2021 as an analyst after working at QIC where responsibilities included research, asset allocation and portfolio management. Brittany has over 5 years of experience in funds management and holds a Bachelor of Business, Finance (Hons) from the Queensland University of Technology. Brittany is a CFA® charterholder since November 2022.

Isabella Tu

Isabella Tu joined Spheria in May 2023 as an analyst after working at Janus Henderson Investors on the Diversified Alternatives team. Her responsibilities included supporting a team based across London, Denver and Sydney on Global Multi-Strategy funds. Prior to this she spent a year in the Financial Services Graduate Program at AMP, concentrating on Managed Portfolio Investments and Transaction Strategy. Isabella holds a Bachelor of Commerce and Bachelor of Advanced Studies in Finance and English Literature from the University of Sydney.

Investment Philosophy

Our 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 discount to its intrinsic value.

Keeping an open mind to potential investments is critical to our process and expanding our horizons to consider global influences gives us a powerful edge.

Assessing risk is fundamental to Spheria’s investment philosophy. Explicit risk controls include a preference for companies with low or no balance sheet gearing. When the company does have debt, Spheria ensures that free cash flow can support the said level of gearing and is appropriate for the nature of the business.

Responsible Investing & ESG factors are an increasing focus for us. View our Corporate Responsibility section for more on this.

Purpose & Values

The Spheria team has an unwavering desire to achieve strong outcomes for investors. This commitment to always put clients first influences not only how we invest but how we behave as corporate citizens. The following principles underpin the way our team operates.

  • We are down-to-earth and authentic
  • We act with integrity and demand the companies we invest in do so too
  • We respect differences of opinion and value individual and cultural differences
  • We are always learning and embracing new ideas
  • We maintain discipline in our processes


Our workplace culture is one of collaboration, support and continuous personal development. Most importantly, we believe work-life balance is critical in enabling our people to reach their full potential.

Our diverse team structure consists of highly skilled professionals dedicated to delivering Spheria’s investment philosophy, purpose and values.

Prior to establishing Spheria, the firm’s co-founders worked together in small and microcap investing at a large institution. During this time, they delivered double-digit returns. However, over the years a shared resolve emerged – a belief that investors could be better served in an independent, investment-led boutique model.

In 2016, Marcus Burns, Matthew Booker and Adam Lund launched Spheria Asset Management with the backing of minority equity partner, Pinnacle Investment Management.

Pinnacle provides non-investment support including distribution, middle office, risk and compliance, allowing the Spheria team to focus on what matters most – delivering strong outcomes for investors.

Since 2016, the co-founding trio have been joined by a growing team of like-minded individuals, equally as passionate about small and microcap investing. This growth continues to provide clients additional coverage, expertise, and investment flexibility.

Spheria recognises the benefits of a diverse group of employees reflecting different backgrounds, perspectives, styles, knowledge, experience and abilities.

We are committed to workplace diversity. We recruit, develop, reward and retain people with diverse backgrounds to meet the needs of our clients, shareholders and community.

Spheria has a strong focus on the development of its staff. Each individual has a personal development plan and meets regularly with their manager to discuss performance, relevant development initiatives that support Spheria’s commercial goals and the individual’s career aspirations and to ensure a sense of purposeful direction for each employee.

Our people are committed to the success of Spheria and we take an active involvement in team welfare and engagement.

Spheria is fully supportive of initiatives to optimise the mental health of our employees. We have an Employee Assistance Program for Spheria employees and their immediate family members. Confidential counselling is available to provide support on a range of personal and work-related issues.

Our Founders monitor workloads, wellbeing and resourcing to ensure mental health is not compromised during periods of high stress.

The Company promotes and rewards behaviours that are in the best interest of our Clients and Shareholders. Employees are encouraged to always act in Spheria’s best interests and maintain a line of sight to long term goals. To help enable this, Spheria is majority owned by employees.


Spheria Asset Management takes pride in ensuring students undertake real world work experience and receive mentoring opportunities to assist them in unlocking their full potential, whilst preparing themselves for their future careers.

To register your interest for any student or graduate opportunities please contact us by filling out a form.

Luke Cormack

Intern Investment Analyst

"As a senior school student with an active interest in investment markets, I found the Spheria internship invaluable in providing me with a detailed understanding into how markets, trading and investment selection works. The team at Spheria involved me with all facets of funds management ranging from meeting with companies and clients, trading, analysis, portfolio management, data through to ESG considerations. The Spheria team were truly amazing in explaining how funds management works whilst also being wonderful people to work with. This opportunity has not only broadened my horizons but has also fuelled my passion for the world of finance and investment. Thanks so much for the opportunity and being such inspirational role models to aspire to."

Women in Finance Scholarships

Spheria proudly supports women in finance scholarships, with the aim of encouraging more women to join the financial services industry.

To register your interest for a scholarship, please contact us by filling out a form.

Pippa Sutherland

2023 Pinnacle Women in Finance Scholarship Recipient, University of Queensland

“I was honoured to receive the Pinnacle Women in Finance Scholarship, leading to a rewarding internship as an Investment Analyst at Spheria Asset Management, an affiliate of Pinnacle. This opportunity allowed me to extend my understanding of investments beyond my university studies and apply theoretical knowledge to practical tasks in a financial environment. The supportive team at Spheria played a crucial role, dedicating time and effort to foster my learning and contribute to an invaluable and enlightening experience.”