ELMRI March 26 Quarterly Report
Dear Investor,
Our March 2026 Quarterly Report for our Funds is now available to read or download. You can access the full report via the button below, with key highlights provided further down.
ANZ Fund Highlights:
The ELMRI ANZ Conviction Fund decreased by 21.4% for the quarter and 22.5% for the year.
The ELMRI ANZ Conviction Fund faced a volatile quarter and challenging year as quality growth and innovative businesses fell out of favour, with market leadership rotating toward lower‑quality cyclicals and more speculative names. High‑quality Australian technology and software holdings such as WiseTech Global, Xero, Pro Medicus and Life360 saw meaningful valuation compression despite maintaining strong fundamentals, and the portfolio continues to focus on financially robust market leaders where the recent valuation reset offers attractive long‑term entry points for investors.
Global Fund Highlights:
The ELMRI Global Fund decreased by 13.0% for the quarter and increased by 9.6% for the year.
The ELMRI Global Fund delivered a negative return for the quarter, underperforming the benchmark, but remains ahead over the past 12 months, supported by semiconductor infrastructure holdings such as AMD, ASML, Broadcom and TSMC, while short‑term volatility in software names like ServiceNow has created opportunities to add to high‑quality positions, leaving the fund well placed to benefit from powerful structural themes in AI and digital transformation.
Conclusion
Both the ANZ Conviction Fund and the Global Fund faced a difficult March quarter, driven primarily by indiscriminate, macro‑led selling in software and healthcare. We view current market conditions as an attractive opportunity to increase our exposure to market-leading businesses at increasingly compressed valuations, as the global economy shifts to an AI enabled world. Backed by solid fundamentals and multiple potential catalysts into 2026, we believe the outlook for long-term returns are compelling.
Thank you for your ongoing interest and support.
Kind regards,
Jai Mirchandani
Founder, CIO and Portfolio Manager
ELM Responsible Investments
This note has been prepared by ELM Responsible Investments (‘ELMRI’) ABN 70 607 177 711 AFSL 520428, for Australian wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth).
The information is not intended for general distribution or publication and must be retained in a confidential manner. Information contained herein consists of confidential proprietary information constituting the sole property of ELMRI and its investment activities; its use is restricted accordingly.
This note is for general informational purposes only and does not purport to be comprehensive or to give advice. The views expressed are the views of the writer at the time of preparation and presenting and all forecasts, assumptions, opinions, data and other information are not warranted as to accuracy or completeness and are subject to change without notice. This is not an offer document and does not constitute an offer or invitation of investment recommendation to distribute or purchase securities, shares, units or other interests to enter into an investment agreement. No person should rely on the content and/or act on the basis of any material contained in this note. Any potential investor should consider their own circumstances and seek professional advice.
ELMRI funds, its directors, employees, representatives and associates may have an interest in the named securities.
Past performance is for illustrative purposes only and is not indicative of future performance.