ELMRI June 26 Quarterly Report
Dear Investor,
Our June 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 increased by 12.9% for the quarter.
The ELMRI ANZ Conviction Fund delivered a solid positive return for the June quarter as quality technology, software and healthcare names recovered from the earlier drawdown. Performance was led by Pro Medicus, Megaport, Infratil and Life360, which all benefited from renewed confidence in structural growth themes tied to AI infrastructure, digital services and healthcare. Cochlear remained a notable detractor after its April guidance downgrade, yet we continue to view it as a high quality franchise facing cyclical rather than structural headwinds.
Global Fund Highlights:
The ELMRI Global Fund increased by 29.9% for the quarter.
TThe ELM Responsible Investments Global Fund delivered a very strong positive return for the quarter, supported by core holdings across the AI infrastructure and semiconductor value chain. Micron, Arm Holdings, ASML, NVIDIA, AMD and Taiwan Semiconductor Manufacturing were key contributors as tightening supply conditions and rising AI related capital expenditure supported demand for high bandwidth memory, advanced process technology and accelerated compute platforms. We continue to see value in strong software, technology and healthcare businesses that have been overlooked or more volatile in the current environment, where we believe the long term fundamentals remain firmly in place.
Conclusion
Both the ANZ Conviction Fund and the Global Fund delivered a strong recovery in the June quarter, as investors rotated back towards high quality technology, software and healthcare businesses after a macro driven drawdown earlier in the year. Across both portfolios we remain focused on market leading businesses that are helping to build a lower carbon, more innovative and digitally connected economy, spanning medical imaging, innovative therapeutics, electrification, clean infrastructure and advanced semiconductors. Backed by solid fundamentals, diversified exposure to these structural themes and multiple potential catalysts into 2027, we believe the outlook for long term returns remains attractive for patient investors; readers can find a deeper discussion of these themes and holdings in the full June 2026 Quarterly Report.
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.