A Channel Capital Strategic Partner
High-Conviction Investing
in Australian Emerging Leaders
We partner with LSN Capital Partners, an Australian independent investment manager focused on ASX listed small cap companies. Their disciplined, fundamental approach seeks to identify high-quality companies before they are widely recognised, balancing portfolio conviction with risk.
The firm is led by Nick Sladen and Nick Leitl, who together bring over 40 years of Australian equity market experience and a proven track record of successful investing. Their focus on long-term capital growth aligns with our core belief in creating differentiated, long-term returns for our clients.
Investment Strategy
The LSN Emerging Companies Fund invests in high-quality Australian emerging companies through an actively managed portfolio of 30–50 positions, predominantly outside the ASX Top 100. Through a disciplined, research-driven stock selection, the strategy aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium to long-term.
Access to Founder-led Companies
Founder-led firms, typically outside the Top 100, provide strong alignment as founders hold significant equity and focus on long-term growth.
Broad Sector Universe
Investing across a wide range of industries, the Fund offers a larger opportunity set and lower sector concentration than the ASX Top 100.
Research-driven
A disciplined, fundamental approach targeting sustainable earnings growth, strong management, and attractive valuations.
Balanced Risk Profile
The portfolio is actively managed to balance high-conviction positions with a disciplined risk management framework.
Fund Overview
Investment Objective
The Fund aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium to long-term (after fees)
Portfolio Characteristics
LSN Emerging Companies Fund
Small Ordinaries Index
Return on invested capital (ROIC)
16.1%
10.2%
Return on equity
15.5%
11.0%
Dividend Yield
1.7%
2.7%
Price / Earnings (PE) x
17.3x
18.5x
EPS growth next 12 months
18.4%
10.1%
Revenue growth next 12 months
12.6%
7.4%
Key Facts
Fund Name:
LSN Emerging Companies Fund
APIR:
LSP6493AU
Benchmark:
S&P/ASX Small Ordinaries Accumulation Index
Responsible Entity:
Equity Trustees Limited (AFSL No. 240975)
Investment Manager:
LSN Capital Partners Pty Ltd
(ABN 97 651 222 301) (AFSL:550265)
(ABN 97 651 222 301) (AFSL:550265)
Minimum Initial Investment:
A$25,000 initial investment (unless otherwise agreed)
Management Fee:
1.20% (including GST, net of RITC) of Fund NAV
Performance Fee:
20% (including GST) of the total return of the fund in excess of the Benchmark over a quarterly performance period and provided any underperformance has been recovered
Applications / Redemptions:
Daily
Distributions:
Annually, at the end of each financial year.
Performance
As of 31 October 2025
Net Performance (%)
LSN Emerging Companies Fund
S&P/ASX Small Ordinaries Accumulation Index
Outperformance
1 month
3 month
6 month
1 year
3 year pa
Since inception* pa
3.0%
18.5%
36.6%
26.2%
19.5%
11.9%
1.9%
14.3%
25.3%
22.8%
13.9%
5.0%
1.1%
4.3%
11.4%
3.4%
5.7%
6.9%
Past performance is not a reliable indicator of future returns.
Performance is reported after all fees and expenses. *Inception date 15 December 2021.
Fund Highlights
Invests in high-quality Australian small-cap companies with the potential to become tomorrow's leaders, targeting opportunities predominantly outside the ASX Top 100.
An actively managed portfolio of approximately 30–50 positions, balancing conviction with diversification.
Employs a bottom-up, disciplined stock selection process based on deep fundamental analysis.
Led by a specialist team with over 40 years of combined experience in Australian equities.
The team maintains a long-term mindset with a strong emphasis on risk management and investment integrity.
How to Access the Fund
Direct Wholesale Investors
To invest directly, please review the PDS and TMD. Applications can be made by completing the online application form.
Platform Access
The Fund is available through Netwealth, Powerwrap, and HUB24.
Research Ratings
Learn More About LSN Capital
This information has been prepared for use only by wholesale clients and professional investors (as defined under the Corporations Act 2001 (Cth)).
Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the LSN Emerging Companies Fund (“the Fund”). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). This information has been prepared by LSN Capital Partners Pty Ltd (AFSL 550265) to provide you with general information only. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither LSN Capital Partners, Equity Trustees nor any of its related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement before making a decision about whether to invest in this product. LSN Emerging Companies Fund’s Target Market Determination is available at https:// swift. zeidlerlegalservices.com/tmds/LSP6493AU.
A Target Market Determination is a document which is required to be made available from 5 October 2021. It describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed.
The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 ratings (assigned March 2025) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines
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