Spheria Global Microcap Fund

Unitholder Update

Existing Unitholders: We have transitioned unit registry services of the Spheria Global Microcap Fund. This may impact you – click here to find out more.

About the Fund

The Spheria Global Microcap Fund is an actively managed portfolio, investing in a broad range of global micro cap / small cap companies with the objective of specifically seeking out 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, subject to certain risk criteria.

Investment Objective

The Fund aims to outperform the MSCI World Micro Cap Index in AUD (Net) over the long term. This is achieved by predominantly investing in global listed microcap / small cap equities (predominantly securities with a market capitalisation of US$1.0bn and below at time of purchase).


Investing in the Fund offers investors a range of benefits:

  • Focus on cash generative business models – Spheria is a fundamental based investment manager with a bottom-up focus.
  • Team experience – the investment team of Spheria has over 50 years experience investing in equities.
  • Potential for higher growth – smaller companies generally have more potential for growth relative to large companies as they may be in the early stages of development or are providing new services or technologies.
  • Open-minded, holistic thinking – Spheria assesses businesses with a broader view, noting that global parallels are important in a technologically evolving environment.
  • Risk aware – risk is central to Spheria’s thinking around portfolio construction and investment not merely an after-thought.


Note all investments carry risk:

  • Market risk  – The Fund may be materially affected by market, economic, social and/or political conditions globally and in the jurisdictions and sectors in which it invests or operates. This includes conditions affecting interest rates, the availability of credit, currency exchange and trade barriers.
  • Regulatory risk – Changes to regulations can affect the Fund’s operation, disclosure, or investment activities.
  • Income risk – These may fluctuate significantly in their value with the ups and downs in the economic cycle and the fortunes of the issuing firm.


The Spheria Global Microcap Fund received a ‘Recommended’ rating from Zenith Investment Partners (November 2020)1.





View the latest Spheria Global Microcap Fund performance update:

View Update
Receive the latest Spheria performance updates direct to your inbox:


How to Invest

The minimum initial investment for a Direct Investor is $25,000. In order to apply online, you must read the Product Disclosure Statement (PDS).

Speak to Our Team

Call 1300 010 311

Fund Information

BENCHMARK: MSCI World Micro Cap Index
HOLDS BETWEEN: Approximately 30 to 80 securities at any time
PERFORMANCE FEE: 20% of the difference in the Fund’s return (net of management fees) relative to its benchmark return multiplied by the net asset value of the Fund.
RESPONSIBLE ENTITY: Pinnacle Fund Services Limited

Platform Availability

HUB24 Praemium