DATE 18/2/2026 | Opportunities Fund: ENTRY ($) 2.3898 EXIT ($) 2.3755 | Long Short Fund: ENTRY ($) 2.1108 EXIT ($) 2.0982
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Investment Philosophy

Conviction Over Convention

QVG's disciplined approach to small and mid-cap investing,
refined over 20+ years of market experience

210% Opportunities Fund Return
146% Long Short Fund Return
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Our Investment Principles

01

Deep Research

  • Bottom up fundamental analysis.
  • Direct engagement with management teams.
  • Deep understanding of industry dynamics.
  • Focus on small and mid-cap companies.
02

Alignment

  • Performing for clients is the reason we exist.
  • QVG staff own QVG Capital; a true boutique.
  • We eat our own cooking (invest in our own funds).
03

Conviction & Discipline

  • We back our research by concentrating capital in our best ideas.
  • Valuation disciplines are built into the portfolio management process.
  • Fundamentals and prices can diverge; this is our opportunity.
04

Humility (& volatility!)

  • Smaller companies are volatile.
  • We strive to take a long-term view, balanced against nimble responses to changing fundamentals.
  • We won't get them all right but share the pain (and gain) with our investors.
Leadership

Experience
& Expertise

Decades of experience in small and mid-cap investing

Tony Waters

Tony Waters

Founder & Portfolio Manager

30+ years experience | Ex-Ausbil Micro Cap Fund

Chris Prunty

Chris Prunty

Co-Founder & Portfolio Manager

CFA | 20+ years experience | Ex-Ausbil Micro Cap Fund

Josh Clark

Josh Clark

Portfolio Manager

CFA | 65+ years experience | Ex-Ophir Asset Management

Rebecca Holgate

Rebecca Holgate

Head of Client Services

65+ years experience | Operations & Investor Relations

Meet the Full Team
"Investment success comes from deep research, disciplined execution, and unwavering focus on our circle of competence. We don't chase trends—we invest where we have conviction."
QVG Investment Team
Investment Solutions

Our Funds

QUALITY. VALUE. GROWTH.

Long Short Equities Fund Open

QVG Long Short Fund

Net Return +14.37% p.a. Since inception in May 2019

A market-neutral strategy designed to deliver positive returns regardless of market conditions with lower volatility.

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Australian Equities Fund Closed to new investors

QVG Opportunities Fund

Net Return 14.43% p.a. Since inception in September 2017

A concentrated portfolio of high-conviction investment opportunities across Australian small and mid-cap equities.

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Ready to Learn More?

Discover how QVG's investment philosophy can work for eligible investors.

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