Spheria Asset Management

What Spheria Asset Management does

Spheria Asset Management Pty Limited is an Australian boutique investment manager founded in 2016 that specializes in domestic and global microcap and small cap equities. The firm applies a disciplined, bottom-up fundamental investment process with cash flow generation at its core, targeting companies that can fund themselves through market cycles and therefore offer downside protection. Its product suite comprises six vehicles: the Spheria Australian Microcap Fund, Spheria Australian Smaller Companies Fund, Spheria Opportunities Fund, Spheria Global Opportunities Fund, the ASX-listed Spheria Emerging Companies Limited (ASX:SEC), and the Spheria Australian Smaller Companies Fund Active ETF (ASX:SPHX). Spheria serves wholesale and professional investors under Australian Corporations Act Section 761G, institutional allocators such as superannuation funds and family offices, and retail investors via its ASX-listed vehicles. The firm operates as a Corporate Authorised Representative (1240979) of Pinnacle Investment Management Limited (AFSL 322140) and distributes funds through Pinnacle Fund Services Limited's multi-affiliate platform, advisers, and platform providers. Co-founders Marcus Burns and Matthew Booker lead portfolio management, supported by a small team of analysts, traders, and content contributors. Reported performance has been strong, including 15%+ per annum since inception for the Australian Microcap Fund and the 2021 Zenith "Australia's Best Small Cap Equities Manager" recognition.

Revenue is generated through recurring management fees charged as a percentage of funds under management across the fund suite; fee schedules are disclosed in each fund's Product Disclosure Statement. As of 2021 the firm managed more than A$1.7 billion in assets, and trading operations run on Flextrade's FlexTRADER execution management system for real-time analytics and trade automation. Marketing and distribution combine Pinnacle's network with content-led positioning across Livewire Markets, Stockhead, the Australian Financial Review, and the Motley Fool, alongside an investment insights newsletter and the annual Pinnacle Investment Summit.

Name

Spheria Asset Management

Legal name

Spheria Asset Management Pty Limited

Website

https://spheria.com.au

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Spheria Asset Management is an Australian boutique investment manager specializing in microcap and small cap equities, managing $1.7B+ across six fund vehicles for wholesale, professional, and institutional investors via Pinnacle's distribution platform.

Ownership category

akta.pro rank

Product category

Active Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Large-Cap Equity (Active) (FSAAAIAA)

akta.pro secondary industry

International/Ex-U.S. Developed Equity (Active) (FSAAAIAE)

Keywords

• Small cap equities
• Microcap fund management
• Active equity funds
• Fundamental stock analysis
• Investment management services

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Spheria generates revenue through management fees charged on funds under management across its suite of Australian and global microcap and small cap funds. The firm manages over $1.7 billion in assets across multiple fund strategies including the Spheria Australian Microcap Fund, Spheria Australian Smaller Companies Fund, Spheria Opportunities Fund, Spheria Global Opportunities Fund, and Spheria Emerging Companies Limited (ASX:SEC).

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Spheria Asset Management is a specialist active investment manager focused exclusively on Australian and global microcap and small cap equities, managing over $1.7 billion in assets. The firm offers a suite of fund vehicles — four managed funds (Australian Microcap, Australian Smaller Companies, Opportunities, and Global Opportunities), one listed investment company (ASX:SEC), and one active ETF (ASX:SPHX) — applying disciplined fundamental bottom-up analysis with cash flow at the core of its investment process.

Product overview

Spheria Asset Management is a specialist investment manager focused exclusively on microcap and small cap equities across Australian and global markets. The company operates a unified investment platform built on disciplined fundamental, bottom-up analysis with cash flow at its core. The product suite includes six distinct fund vehicles: four managed funds (Australian Microcap Fund, Australian Smaller Companies Fund, Opportunities Fund, and Global Opportunities Fund), one listed investment company (Spheria Emerging Companies Limited on ASX:SEC), and one active ETF (Spheria Australian Smaller Companies Fund Active ETF on ASX:SPHX). All strategies share a common investment philosophy emphasizing businesses with strong through-the-cycle cash flow generation, conservative balance sheets, and attractive valuations, differentiated by geographic focus (domestic vs. global) and market cap exposure (microcap vs. small cap vs. broader opportunities).

Differentiator

Problem solved

Functional benefit

Brands

• Spheria Australian Microcap Fund: Fund investing in Australian microcap companies with market capitalisations below $500 million.
• Spheria Australian Smaller Companies Fund
• Spheria Opportunities Fund
• Spheria Global Opportunities Fund
• Spheria Emerging Companies LIC

Products and services

• Spheria Australian Microcap Fund Actively managed fund investing in Australian microcap companies with market capitalisations typically below $500 million, focusing on businesses with strong cash flow generation and disciplined fundamental analysis. Targeted at wholesale and professional investors.
• Spheria Australian Smaller Companies Fund Actively managed fund targeting Australian small cap companies, employing bottom-up fundamental analysis with a focus on cash flow conversion and valuation discipline. Targeted at wholesale and professional investors.
• Spheria Opportunities Fund Mid and small cap focused fund that applies Spheria's disciplined investment process to identify opportunities across the Australian market spectrum. Targeted at wholesale and professional investors.
• Spheria Global Opportunities Fund Global small and microcap fund investing in international markets, providing diversification beyond Australian equities with exposure to businesses across various geographies (market capitalisations typically US$50 million to US$1 billion). Targeted at wholesale and professional investors.
• Spheria Emerging Companies Limited (ASX:SEC) Listed Investment Company on the ASX (ASX:SEC) providing exposure to emerging Australian companies, managed by Spheria using the same fundamental bottom-up investment approach. Targeted at investors seeking ASX-listed access.
• Spheria Australian Smaller Companies Fund Active ETF (ASX:SPHX) Actively managed ETF listed on the ASX (ASX:SPHX) providing convenient exchange-traded access to the Spheria Australian Smaller Companies Fund strategy in a listed vehicle format. Targeted at investors seeking ASX-listed access.

Quantifiable outcome

• Over 15% returns per annum since inception (May 2016) for Australian Microcap Fund
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Pinnacle Investment Management LimitedcoreGTM or Marketing PartnerSpheria Asset Management operates as an affiliate of Pinnacle Investment Management, a multi-affiliate investment management firm. Pinnacle provides distribution services, infrastructure, and resources to Spheria, allowing investment professionals to focus on delivering superior investment performance. Pinnacle holds equity interests in Spheria and provides comprehensive distribution and non-investment support services.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bennelong Australian Equity Partners: Boutique Australian active equity manager focused on Australian mid and small cap strategies with bottom-up fundamental approach. Direct comparable to Spheria given similar fund structure, target market cap, and fundamental investment philosophy.
• Regal Funds Management: Australian boutique active manager offering long-short and long-only equity strategies across market caps including smaller companies. Comparable as a high-conviction, fundamental Australian active equity boutique with multiple product vehicles.
• Plato Investment Management: Boutique Australian active equity manager with strong focus on Australian small cap and income strategies. Direct peer given overlapping small cap focus, boutique scale, and Pinnacle-affiliate-style distribution model.
• Antipodes Partners: Australian boutique active global equity manager applying fundamental bottom-up analysis with a contrarian, value-tilted approach. Comparable to Spheria's Global Opportunities Fund in international small/microcap active management.
• Investors Mutual: Australian boutique active manager specialising in Australian equities including small and mid caps, with a value-oriented fundamental approach. Comparable as a long-running boutique with similar focus on under-researched segments of the Australian market.
• Ausbil Investment Management: Australian active equity manager with dedicated small cap and mid cap strategies alongside flagship large cap products. Comparable to Spheria's smaller companies and microcap fund offerings within the same Australian boutique-tier ecosystem.
• Cooper Investors: Australian boutique active equity manager applying disciplined fundamental bottom-up analysis with a quality and cash-flow focus. Direct comparable to Spheria given shared investment philosophy and Australian active equity boutique positioning.
• Yarra Capital Management: Australian active equity manager offering small cap and income strategies in addition to broader Australian equity products. Comparable to Spheria as an Australian boutique with overlapping small cap product suite and adviser-channel distribution.

Broad incumbents

• Magellan Asset Management: Larger ASX-listed Australian active global equity manager with global equities and infrastructure strategies. Comparable as an Australian active equity franchise but operates at materially larger scale with a focus on global large-cap quality rather than small/microcap.
• Perpetual Investments: Large incumbent Australian investment manager with a dedicated smaller companies strategy alongside broader Australian and global equity offerings. Comparable in product overlap (smaller companies fund) but materially larger scale and broader mandate set than Spheria.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Spheria_invest
• LinkedInlinkedin.com/company/spheria-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spheria Asset Management