Spheria emerging companies outperforms benchmark in October

Spheria Emerging Companies Limited (ASX:SEC) delivered a robust 3.8% return (after fees) for the month ending 31 October 2025, outperforming its benchmark, the S&P/ASX Small Ordinaries Accumulation Index, by 1.9%. The company's Pre-Tax Net Tangible Assets (NTA) stood at A$2.699, with Post-Tax NTA at A$2.571, following a dividend payment of 3.8 cents per share on November 14, 2025.

Key contributors to performance included significant overweight positions in L1 Group (L1G.ASX, +69%), Sims (SGM.ASX, +19%), and Healius (HLS.ASX, +19%). Conversely, not owning Silex Systems (SLX.ASX, +57%), Codan (CDA.ASX, +23%), and Westgold Resources (WGX.ASX, +19%) detracted from performance. Top holdings for the month included IRESS Limited (5.3%), Supply Network Limited (5.0%), and Sims Limited (4.3%).

As of 31 October 2025, the company's market capitalisation was A$160.5m. The fund's inception-to-date return (p.a.) was 9.1%, outpacing the benchmark's 7.2%. The portfolio primarily comprises companies with market capitalisations above A$1000m (67.9%), complemented by smaller allocations across other market cap bands, and 1.6% in cash.