12/09/2025 09:34

Vanguard MSCI Small Companies ETF (VSO) $74.71

We continue to hold a bullish view on the Australian market heading into 2026, noting that small-caps have been at the forefront of this year’s gains, outperforming the ASX 200 by close to 10% year-to-date.

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11/07/2025 08:59

Vanguard MSCI Small Companies ETF (VSO) $68.28

The VSO ETF seeks to track the return of the MSCI Australian Shares Small Cap Index before costs. Of the 190 stocks held, the five largest positions are Technology One (TNE) 2.5%, JB Hi-Fi (JBH) 2.5%, GPT Group (GPT) 1.9%, Orica (ORI) 1.9%, and Mirvac (MGR) 1.9% with plenty of smaller positions in the mix, but not as “small cap” as many may initially think: The index/ETF aims to capture the small cap size segment of the  Australian equity market which represents approximately 14% of its market capitalisation, i.e. no heavyweights.

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05/10/2023 09:03

What underperformers of the last few months do we like?

Last time MM went bargain hunting in the underperformers via Lend Lease (LLC), Magellan (MFG) and Elders (ELD), things didn’t turn out too well. We subsequently closed ELD for a loss (-9%) while we hold LLC (down -11%) & MFG (up +6.7%). Today, we’ve looked at things slightly differently, as discussed at length, bond yields have controlled equities through 2023, with the lack of traction by the small caps illustrating the point perfectly.

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