Our Investment Philosophy
Richard, Marc and Gavin initially decided to start Orsaro Capital to jointly manage their own funds. They all share a passion for investing, are focussed on investing based on business fundamentals and take an ultra long term view when making investments. The key investment tenets are:
1. Capital preservation
- Stay rich rather than get rich quick investments.
- Risk is defined as the risk of capital loss (and not volatility).
2. Compound wealth
- Seek long term risk adjusted real returns (i.e. after inflation) of 10% per annum.
- Find great companies for the long term and let the power of compounding do the heavy lifting.
3. High conviction
- When a great, well researched business idea is found, invest with conviction.
- There is no point having unnecessary diversification.
4. Benchmark agnostic
- If we want benchmark returns, we can buy an index fund.
- By focussing on finding great companies, over the long term we aim to outperform comparable benchmarks.
30 June 2018 Investor Letter
30 September 2018 Investor Letter
31 December 2018 Investor Letter
31 March 2019 Investor Letter
30 June 2019 Investor Letter
30 September 2019 Investor Letter
31 December 2019 Investor Letter
31 March 2020 Investor Letter
30 June 2020 Investor Letter
The Orsaro Global Fund (Fund) is an unregistered managed investment scheme in the form of an Australian unit trust. The Fund is only available to investors that are wholesale clients as defined in s761G of the Corporations Act 2001 (Cth) (Act) or sophisticated investors as defined in s761G of the Act. Orsaro Capital Pty Ltd is the Investment Manager of the Fund. Orsaro Capital Pty Ltd is a Corporate Authorised Representative (AR No. 001262116) of Vasco Trustees Limited (AFSL No. 344486). Orsaro Capital Pty Ltd's authority under its Corporate Authorised Representative Agreement with Vasco Trustees Limited is limited to general advice regarding the Fund only. Any other advice provided is not provided pursuant to this agreement. Vasco Trustees Limited is the Trustee of the Fund and the issuer of its Information Memorandum. This website contains information about the potential issue of interests in the Fund, but it is not intended to be used by any other persons in any other jurisdiction if and to the extent that to do so would be in breach of Australian laws, or the laws of any foreign jurisdiction.
This website contains general information only and is not intended to provide any person with financial advice. It does not take into account any person's (or class of persons) investment objectives, financial situation or particular needs, and should not be used as the basis for making an investment in the Fund. Neither Orsaro Capital Pty Ltd or Vasco Trustees Limited make any representation as to the accuracy, completeness, relevance or suitability of the information, conclusions, recommendations or opinions contained on this website (including, but not limited to any forecasts made). No liability is accepted by any of these entities or their respective directors, officers, employees, agents or advisors for any such information, conclusions, recommendations or opinions to the fullest extent possible under applicable laws. This website may contain forward looking statements regarding our intent, belief or current expectations with respect to market conditions. Readers are cautioned not to place undue reliance on these forward-looking statements. Orsaro Capital Pty Ltd does not undertake any obligation to revise any forward-looking statements to reflect events and circumstances after the date of this publication. Neither Orsaro Capital Pty Ltd or Vasco Trustees Limited guarantee the repayment of capital, the performance of any investment or the rate of return for the Fund. Past performance is not necessarily indicative of future performance.