Insights

We are pleased to share our H1 FY26 investor letter for the Canopy Global Small & Mid Cap Fund.

Michael Poulsen recently featured with Nicholas Markiewicz from Ellerston Capital on Livewire Markets Buy Hold Sell, talking global SMIDs, the recent US earnings season and select stocks included in the Canopy Global Small & Mid Cap Fund. Watch the videos below.

‘Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.’ Warren Buffett

Canopy's Co-founders discuss opportunities in quality global small and mid caps.

‘Show me the incentive and I’ll show you the outcome.’ Charlie Munger

‘Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.’ Peter Lynch, Learn to Earn, 1995

If you think share prices are becoming more volatile during earnings season, you’re not imagining it.

Quality companies typically trade at premium valuations, but when cyclical headwinds are conflated with secular falls, even the best businesses can be dismissed by the market. When heroes stumble excessive negativity can present opportunities to buy quality at a discount. 

"The investor's chief problem — and even his worst enemy — is likely to be himself." Benjamin Graham, 1949