Key Takeaways
- • Spheria Emerging Companies Limited (ASX:SEC) returned -1.1% after fees in September 2026, outperforming the S&P/ASX Small Ordinaries Accumulation Index, which fell 2.3%, by 1.2 percentage points.
- • Pre-tax NTA stood at $2.263 per share and post-tax NTA at $2.246 per share as at 30 September 2026, against a share price of $2.180 and market capitalisation of $130.7 million.
- • Over three months the company returned 2.9% versus the benchmark's -0.5%, while its one-year return of -7.5% trailed the benchmark's -6.7%.
- • The top 10 holdings represented 40.7% of the portfolio, led by Supply Network Limited at 5.5%, with Bapcor Limited at 5.2% and Perpetual Limited at 4.8%.
- • The Board is paying three fully-franked monthly dividends of 1.1 cents per share in July, August and September 2026, under a policy set at 1.5% of post-tax NTA per quarter.
Summary
Spheria Emerging Companies Limited (ASX:SEC) has released its monthly investment update for the period ending 30 September 2026, according to the filing reported by Kalkine. The portfolio returned -1.1% after fees for the month, against a benchmark return of -2.3% from the S&P/ASX Small Ordinaries Accumulation Index, a gap of 1.2 percentage points.
Over longer periods the picture was mixed. The company returned 2.9% over three months versus the benchmark's -0.5%, a difference of 3.5 points. Over one year, however, the company returned -7.5% against the benchmark's -6.7%, and its five-year annualised return of 2.7% compared with 2.2% for the index. At 30 September 2026, pre-tax NTA was $2.263 per share and post-tax NTA was $2.246 per share. The share price was $2.180 and market capitalisation was $130.7 million.
The portfolio is concentrated. The top 10 holdings made up 40.7% in aggregate. Supply Network Limited was the largest position at 5.5%, followed by Bapcor Limited at 5.2% and Perpetual Limited at 4.8%. Orora Limited and Sims Limited each represented 3.8%, New Hope Corporation Limited 3.7%, and Imdex Limited, Deterra Royalties Limited, Universal Store Holdings Limited and IRESS Limited 3.5% each. Companies with market capitalisations above $1,000 million accounted for 60.9% of the portfolio, and cash was 1.0%.
Per the filing, the main contributors to September performance were an overweight position in Bapcor Ltd, which rose 27% during the month, a holding in IPD Group Ltd, which rose 16%, and not owning Pinnacle Investment Management Group Limited, which fell 21%.
On distributions, the Board moved from quarterly to monthly dividend payments in February 2026. Three fully-franked monthly dividends of 1.1 cents per share are payable in July, August and September 2026. Under the policy, monthly dividends are calculated and announced quarterly at 1.5% of post-tax NTA per share at each quarter end, paid in three equal instalments.
Over longer periods the picture was mixed. The company returned 2.9% over three months versus the benchmark's -0.5%, a difference of 3.5 points. Over one year, however, the company returned -7.5% against the benchmark's -6.7%, and its five-year annualised return of 2.7% compared with 2.2% for the index. At 30 September 2026, pre-tax NTA was $2.263 per share and post-tax NTA was $2.246 per share. The share price was $2.180 and market capitalisation was $130.7 million.
The portfolio is concentrated. The top 10 holdings made up 40.7% in aggregate. Supply Network Limited was the largest position at 5.5%, followed by Bapcor Limited at 5.2% and Perpetual Limited at 4.8%. Orora Limited and Sims Limited each represented 3.8%, New Hope Corporation Limited 3.7%, and Imdex Limited, Deterra Royalties Limited, Universal Store Holdings Limited and IRESS Limited 3.5% each. Companies with market capitalisations above $1,000 million accounted for 60.9% of the portfolio, and cash was 1.0%.
Per the filing, the main contributors to September performance were an overweight position in Bapcor Ltd, which rose 27% during the month, a holding in IPD Group Ltd, which rose 16%, and not owning Pinnacle Investment Management Group Limited, which fell 21%.
On distributions, the Board moved from quarterly to monthly dividend payments in February 2026. Three fully-franked monthly dividends of 1.1 cents per share are payable in July, August and September 2026. Under the policy, monthly dividends are calculated and announced quarterly at 1.5% of post-tax NTA per share at each quarter end, paid in three equal instalments.
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