Dougal Maple-Brown, Head of Australian Value Equities provides his detailed summary of the February reporting season including his observations on:
- prevailing economic conditions in the Australian market
- key takeaways from the February 2025 company reporting season
- valuations across various sectors of the Australian market
- how Maple-Brown Abbott is positioned in light of the reporting season
- the performance of our Australian Share and Australian Value Opportunities funds
This presentation is prepared and issued by Maple-Brown Abbott Limited ABN 73 001 208 564, AFSL 237296 (‘MBA’) as the Responsible Entity of the MBA Australian Value Opportunities Fund (ARSN 091 138 233) and the MBA Australian Share Fund – Wholesale (ARSN 087 294 504) (‘Funds’). This presentation contains general information only, and does not take into account your investment objectives, financial situation or specific needs. Before making any investment decision, you should seek independent financial advice. This document does not constitute an offer or solicitation by anyone in any jurisdiction. Past performance is not a reliable indicator of future performance. Neither MBA, nor any of its related parties, directors or employees, make any representation or give any guarantee as to the return of capital, performance, any specific rate of return, or the taxation consequences of, any investment. Any views expressed on individual stocks or other investments, or any forecasts or estimates, are not a recommendation to buy, sell or hold, they are point in time views and may be based on certain assumptions and qualifications not set out in part or in full in this document. Individual stocks referred to may or may not be currently held by the Fund. Information derived from sources is believed to be accurate, however such information has not been independently verified and may be subject to assumptions and qualifications not described in this document. To the extent permitted by law, neither MBA, nor any of its related parties, directors or employees, make any representation or warranty as to the accuracy, completeness, reasonableness or reliability of this information, or accept liability or responsibility for any losses, whether direct, indirect or consequential, relating to, or arising from, the use or reliance on this information. Before making a decision whether to acquire, or to continue to hold an investment in the Funds, investors should obtain and consider the current PDS and Target Market Determination (TMD) or any other relevant disclosure document. For the Fund, the PDS, AIB and TMD are available at maple-brownabbott.com/document-library or by calling 1300 097 995. This information is current as of 28 February 2025 and is subject to change at any time without notice. © 2025 Maple-Brown Abbott Limited
Interested in investing with us?
Investment Insights

8 min
The case for holding resources in an Australian small caps fund
Australian small cap resource stocks are often viewed as more speculative relative to their industrial counterparts. While historical returns generated by Australian small resources have been more volatile, periods of ‘super-normal’ returns have been demonstrated, resulting from outperformance in select commodity cycles. The ability to consistently pick commodity cycles is inherently difficult and not a focus of our investment process. However, we believe there is significant alpha-generating potential at a stock specific level, although investors need to be selective at the smaller end of the Australian small resources market.

5 min
The gold rush in the small caps market
Gold prices have been on an upward trajectory for the past two years, with a weak Australian dollar boosting the price in local currency even further. While we don’t foresee this rapid rise continuing in the short term, the investment proposition for many Australian small cap gold stocks still appears attractive, even if prices were to pull back 10-20%.

6 min
Australian Equities March 2025 update
The March quarter saw considerable economic and political turmoil following the inauguration of President Trump and unsurprisingly markets responded accordingly. During the quarter, we saw a strong reversal of performance where the laggards of 2024 performed strongly in the the recent market correction.

7 min
Australian small caps market – key investment themes from the March 2025 quarter
Many of the popular investment themes and crowded stock holdings driving the Australian small cap market in the 2024 calendar year have reversed in the March 2025 quarter. Given the expectation of lower domestic interest rates going forward, many of the high-flying technology, quality and growth exposed companies have been used as funding sources as investors rotate into cheaper quality stocks and/or value/cyclical exposed companies with improving earnings momentum. The question for investors is whether this is just a blip or is the rotation more sustainable? This thematic shift and heightened market volatility is creating increased value adding opportunities for active Australian small cap managers that have a competitive information advantage.