Ophir high conviction fund shows robust long-term returns despite November dip

As of November 30, 2025, the Ophir High Conviction Fund reported a Net Return Since Inception (p.a.) of +14.0%, significantly exceeding its benchmark's +10.4%. The fund, with a size of $782.8m, also showed strong 3-year (p.a.) performance at +15.1% against the benchmark's +11.5%. However, recent short-term returns for November (-6.4%) and 3 months (-3.2%) fell below the benchmark's -0.6% and +2.7% respectively. The fund’s unit price stood at $3.52, while its ASX price was $3.15.

November 2025 presented a dynamic market, with Australian markets generally declining. The ASX 200 fell -2.5%, and the ASX Small Ordinaries dropped -1.5%. Technology and financials were the biggest laggards. Despite this, Ophir's portfolio positioning saw an increase in holdings to 34 and cash levels to 3.4%.

A key contributor to performance for the month was Genesis Minerals (ASX: GMD), which gained +14.0%. Conversely, Life360 (ASX: 360) was a significant detractor, falling -18.8% over the month, despite a strong earnings beat. Ophir Asset Management maintains its focus on reasonably valued small-cap businesses with robust earnings growth, emphasizing a disciplined bottom-up research approach.