Michael Lovett

Bell Australian Small Companies Fund has been awarded a Recommended rating by Zenith Investment Partners, less than a month after the fund’s inception.

Zenith’s Product Assessment Report cites the Fund’s disciplined, research-driven process and the depth of experience of portfolio managers Tim Johnston, James Nguyen and Scott Hudson as key factors in the rating.

“Overall, Zenith believes the stock selection process employed by the team is robust and in-depth, providing a strong input into the portfolio construction process.” Zenith noted in its assessment.

Michael Lovett, chief executive officer of Bell Asset Management, says the rating reflects the rigour the team has brought to the Australian small-cap market since launch.

“To receive a Recommended rating from a research house of Zenith’s standing, this early in the Fund’s life, is a strong endorsement of the process and the team behind it. It gives investors an independent view of the depth of work going into this strategy.”

Johnston says the rating reinforces the team’s approach to identifying quality Australian small-cap companies before the broader market prices them in.

“This rating is great a milestone and we remain focussed on the research process that got us here, that is the same disciplined, bottom-up approach we apply to every stock we consider.”

The rating comes at a volatile moment for the asset class. The S&P/ASX Small Ordinaries (Total Return) Index returned approximately 25% in calendar year 2025 before falling around 12% year to date in 2026, more than four times the decline of the broader market. Bell’s small-cap team believes the dislocation has left valuations attractive: large-cap earnings growth is tracking near zero this financial year, while consensus forecasts point to robust small-cap earnings growth.

About the Fund

The Bell Australian Small Companies Fund invests in a portfolio of quality listed Australian smaller companies, with the objective of outperforming the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term, after fees and expenses. The Fund is available to investors with a minimum initial investment of $20,000.

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Tim Johnston

Bell Asset Management has launched the Bell Australian Small Companies Fund which will actively seek to identify opportunities in quality companies sitting outside the ASX 100.

The fund’s aim is to outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term*.

The fund launch comes three months after Tim Johnston, James Nguyen and Scott Hudson joined Bell from Tyndall Asset Management to establish and manage a new Australian Small Companies strategy.

Johnston says the team has a proven process and takes a bottom-up, fundamental, long only view of the market, seeking quality with a valuation overlay.

“We believe small caps offer an attractive option for investors, particularly in the current environment. Historically, small caps have delivered strong returns for investors able to take a long term view.

“Small caps represent a broad and diverse universe with significantly less analyst coverage than large cap companies. At this end of the market active managers have a real opportunity to generate superior returns through research and analysis, particularly as many small companies are earlier in the growth lifecycle and therefore have the potential to compound earnings over time,” Johnston says.

The fund will hold between 30 and 70 stocks, creating a portfolio of quality small caps, with a maximum cash holding of 10 per cent.  The fund can also invest in initial public offerings (IPOs).

The fund complements Bell’s global equities offering, which has applied a quality-first approach to global equities since 2003. While each strategy operates with its own distinct philosophy, both reflect Bell’s commitment to rigorous, bottom-up research and disciplined stock selection and extend the firm’s coverage into the domestic small-cap market.

The new fund joins the Bell Global Equities Fund, the Bell Global Emerging Companies Fund and the Bell Global High Conviction Fund and rounds out Bell’s investment fund lineup.

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Michael Lovett

Current market gyrations are generating market inefficiencies that create opportunities for excess investment returns, particularly in the small caps market, says Michael Lovett, Chief Executive Officer of Bell Asset Management.

“The uncertainty created by geopolitical tensions and the AI narrative is resulting in heightened volatility and price dislocations. This creates opportunities for investors with a patient mindset and strong risk management,” he says.

“In the Australian small cap market, the opportunities are looking particularly attractive. For instance, forecast earnings growth in the Small Ords index for the next two years is three times that of the ASX 100.”

With the first Australian small companies fund from Bell Asset Management close to launching, Mr Lovett says many other small cap managers are close to capacity so it is a fortuitous time to launch a new fund that can take full advantage of the current opportunities.

“The timing for establishing our Australian small companies strategy is ideal and, with our new team now on board, we are well advanced in finalising our new fund which will be launched in the next month,” he says.

The Australian Small Companies strategy complements Bell’s global equities offering, which has applied a quality-first approach to global equities since 2003. While each strategy operates with its own distinct philosophy, both reflect Bell’s commitment to rigorous, bottom-up research and disciplined stock selection and extend the firm’s coverage into the domestic small-cap market.

Portfolio manager Tim Johnston says the team will focus on undervalued but quality stocks which they believe will generate superior returns for investors over the long term.

“The volatility we’re seeing right now is creating some of the most compelling entry points in quality small-cap businesses that we’ve seen in years and we’re excited to be launching at exactly this moment. For long-term investors, that kind of dislocation is an opportunity, not a risk.

“Small caps are cheap at the moment, with the Small Ordinaries currently trading at a 18 per cent discount to its 10-year average. However the outlook for small caps is particularly strong, with forecast earnings growth for the next two years expected to be three times that of the ASX100. We firmly believe this creates outstanding opportunities for small caps investors, especially when compared to the market performance of the past few years,” Johnston says.

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The new strategy will operate as a dedicated and independent team, complementing Bell Asset Management’s existing strengths in global equities. The team will join in the coming months and report to Bell Asset Management’s CEO Michael Lovett.

The appointments follow a strategic decision by the Bell Asset Management Board to grow through diversifying the firm’s investment offerings and by further leveraging its established, institutional-grade platform across distribution, operations, compliance and administration. The Australian Small Companies team and the Global Equities team will operate as two distinct investment teams with separate mandates, processes and portfolios.

Lovett said the appointments represent an exciting step forward for the firm.

“As boutique fund managers face increasing pressure globally to scale, Bell Asset Management sees a growing opportunity to support exceptional investment teams with a scalable platform designed to enable long-term success.

“These appointments reflect a strategic and deliberate move to broaden our investment capabilities while leveraging the strength of our platform. Tim, James and Scott bring outstanding expertise in Australian small caps and a clear alignment with our investment culture.

“The partnership is strongly aligned with our firm’s long-term growth ambitions and reinforces our commitment to building a diversified, high-performing investment management business.

“Over time, we aspire to partner with additional high-quality investment professionals and continue building Bell Asset Management into a broader and more diversified investment management firm,” Lovett said.

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Andrew Stewart

Bell Asset Management is pleased to announce the appointment of Andrew Stewart as Head of Retail Sales, effective 19 May 2025. In this newly created role, Andrew will report to Robert Sullivan (Managing Director, Distribution & Strategy) andwork closely with Xanthe Virtue (Head of Wholesale & Platforms), to strengthen the firm’s adviser service model and enhance its distribution reach.

Andrew brings more than 25 years of experience in financial services, most recently Head of Distribution at Allianz Retire+. He has held executive roles across some of Australia’s most respected firms including AUSIEX, Commonwealth Bank, Colonial First State and Asgard. His deep expertise in retail distribution and adviser engagement will be instrumental as Bell sharpens its focus on delivering market-leading client outcomes.

“Andrew is a highly respected figure in the industry, with a long track record of building strong adviser relationships,” said Michael Lovett, CEO of Bell Asset Management. “His appointment is a strategic move that supports our goal of delivering a best-in-class adviser experience, and reflects our long-term commitment to the adviser market.”

This appointment forms part of a broader strategy to bolster Bell’s internal capabilities and drive growth across its global equities platform—particularly its high-conviction Small and Mid-Cap offering, which continues to gain momentum with advisers and clients alike.

Recent leadership changes, including the appointment of Andrew Gowen as Portfolio Manager and Director of Research, and Lucinda Hill as Executive General Manager, Product and Operations, further underline Bell’s commitment to innovation, agility, and delivering excellence in investment management.

Bell remains laser-focused on delivering superior outcomes for clients and expanding its presence in the adviser market.

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Andrew Gowen

Bell Asset Management has appointed global equities leader Andrew Gowen to the newly-created role of director of research and portfolio manager, following an extensive global search.

Mr Gowen joins Bell from Lombard Odier in London, where he co-managed the long-term outperforming World Brands fund (c.$1bn USD), focussing on high quality, growth stocks in the Consumer and Technology sectors.

Michael Lovett, chief executive officer of Bell, says Mr Gowen has strong research acumen, honed over 25 years working in global equities across the UK and US, including more than 15 years as a portfolio manager.

“The appointment of Andrew is part of our ongoing strategy for long-term growth. His appointment will enhance our research and portfolio management capabilities to optimise client outcomes, while supporting chief investment officer Ned Bell who has built a resilient and successful global equities capability over 20 years, and whose leadership remains our cornerstone. Our strategy and investment philosophy remain the same, and we’ve retained a loyal pool of talent.

“Andrew has a strong track record of delivering high alpha, and brings a global network of relationships with top CEOs. In his role as director of research, he will lead efforts to strengthen Bell’s research capabilities and cultivate a high performing team. His role is central to supporting clients with even more in-depth and actionable market analysis,” says Mr Lovett.

In addition to the newly created role, Matt Saddington and Andrew Sleeman have been promoted to portfolio manager, a role they held at previous firms. The team will transition to a model where each strategy is managed by existing portfolio managers, Ned Bell and Joel Connell, alongside a dedicated third co-portfolio manager.

“These strategic decisions will allow us to optimise client outcomes, while ensuring that Bell is well-equipped for future growth and success,” says chief investment officer Ned Bell.

“We are confident we’ve found an exceptional candidate to drive our long-term strategic goals, and proud to foster our internal talent.”

Mr Bell also acknowledged the contributions made by portfolio manager Adrian Martuccio and senior global equities analyst Nicole Mardell, who are pursuing external opportunities following the restructure.

“We sincerely thank Adrian and Nicole for their service and loyalty, and wish them well,” said Mr Bell.

“Adrian has been a valuable member of the investment team for almost 18 years. He joined the firm when it was a small, two-person boutique with under $500m AUM. During his tenure, Adrian has been a key contributor to the asset management business, which has grown to around $5b. We acknowledge his significant contribution to consistent client outcomes over the long term, and look forward to following his continued success.”

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Christine Christian

Bell Financial Group Ltd (BFG), a diversified financial services business, has made a non-binding proposal to the board of SelfWealth Ltd (ASX: SWF) to acquire 100% of SelfWealth for $0.22 per share through a scheme of arrangement, valuing SelfWealth at approximately $51 million.

The SelfWealth board has agreed to progress negotiations with BFG on an exclusive basis and intends to unanimously recommend that shareholders vote in favor of the proposal, in the absence of a superior offer.

The proposal offers a significant premium to recent trading prices of SWF shares. BFG shareholders are expected to benefit from increased scale in the online broking business, cost synergies, and material earnings per share accretion post-integration. The acquisition will add approximately 130,000 active portfolios to BFG’s holdings, increasing sponsored holdings by $11 billion to $94 billion.

Integration is expected to cause minimal disruption due to similarities between the two businesses.

BFG Chair Brian Wilson AO commented: “We are excited by the prospect of welcoming SelfWealth’s clients and team to Bell. Clients will benefit from a superior user experience and access to a broader array of products and services within BFG.”

SelfWealth Chair Christine Christian AO added: “The BFG proposal is compelling for SelfWealth’s shareholders, team members, and clients. It provides an attractive cash price and the opportunity to share in potential synergies for those electing to receive BFG shares. We also believe clients will benefit from BFG’s diversified wealth management offerings.”

The proposal includes a scrip alternative allowing SWF shareholders to opt for BFG shares instead of cash. Conditions include:

• The SelfWealth board’s unanimous recommendation, subject to no superior proposal.
• Shareholder and court approvals.
• No material adverse changes to the business.
• Cancellation of all existing SWF performance rights on acceptable terms.

BFG and SelfWealth have signed an Exclusivity Deed granting BFG exclusive negotiation rights for three weeks, with an optional one-week extension. The deed includes customary restrictions such as no shop, no talk (with a fiduciary exception), and notification obligations.

The proposal remains non-binding and subject to agreement on binding terms and approvals. There is no certainty the transaction will proceed. BFG will update the market as required.

BFG has engaged Ashurst as legal adviser.

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Lucinda Hill

Bell Asset Management (BAM) is pleased to announce the appointment of Lucinda Hill as Executive General Manager, Product and Operations. This newly created role is designed to bolster BAM’s strategic growth, bringing a sharper operational focus to both its Australian and international markets.

Lucinda will assume her position in January 2025, bringing with her a wealth of experience from Paradice Investment Management, where she was Chief Operating Officer for their US business.

Lucinda’s extensive expertise in product management and operational strategy will play a pivotal role in BAM’s plans to capitalise on recent positive buy ratings from leading US-based asset consultants. While BAM is strengthening its global footprint with a focus on growth in the US, the firm remains firmly committed to its Australian client base, ensuring that this local market continues to receive the highest level of service and innovation.

“We are very pleased to welcome Lucinda to BAM,” said Michael Lovett, CEO of Bell Asset Management. “Her deep understanding of both the Australian and US markets, along with her strong product development focus, aligns perfectly with our vision. Her operational insight will be instrumental as we pursue our global ambitions while keeping our Australian clients front and centre.”

Following Lovett’s recent appointment as CEO, Lucinda’s addition underscores BAM’s commitment to balanced growth across both Australian and international markets. “We’re intensifying our efforts in the US, recognising substantial opportunities for expansion through enhanced offshore distribution,” Lovett added. “At the same time, our dedication to the Australian market remains unwavering, and Lucinda’s dual-market expertise will support our mission to serve clients globally while prioritising Australian needs.”

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Ned Bell

Bell Asset Management, a global equities boutique manager, today announced that it had been awarded $500 million global small and mid-cap equity mandate from industry super fund, Hostplus

Hostplus, CEO, David Elia commented: “We look forward to working with Bell Asset Management to manage a Global SMID strategy for Hostplus’ developed markets portfolio. Bell’s strong long-term performance record, the quality of the team and a disciplined investment approach were the key factors in our making them part of our growing and diversified portfolio. We expect this strategy to add resilience to Hostplus’ asset class structure in light of the increasing market uncertainty.”

Ned Bell, Chief Investment Officer of Bell Asset Management commented: “We are delighted to have been selected by Hostplus, after an extensive due diligence process. We’re looking forward to working with the Hostplus team to manage funds on their members’ behalf. We understand the importance of this decision and greatly appreciate the opportunity.”

Rob Sullivan, Managing Director, Strategy and Distribution, of Bell Asset Management said: “We are seeing increasing demand for this segment of the market as investors look for sources of alpha at lower levels of risk versus other growth options. We look forward to building a strong and long partnership with Hostplus and delivering the best results we possibly can for its members.”

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Adrian Martuccio

Global equities boutique manager Bell Asset Management (BAM) believes the drawdown in the United States over the last six months will ultimately provide a favourable environment for active stock pickers with good buying opportunities likely to emerge.

Returning from a trip to the US, Adrian Martuccio, BAM Portfolio Manager, , said while most US companies were more sanguine than usual, there were also many that continue to be enthusiastic.

“A lot of the companies we spoke to said margin expectations across the market are still too high so consensus forecasts need to come down. This is likely to take another couple of quarters.

“Stock prices have factored a lot of this in, but it will be hard for companies to rally convincingly in the face of downgrades.

“Companies in our portfolios such as Jack Henry, Honeywell, ICON and Ritchie Brothers continue to be optimistic as they have robust balance sheets, sustainable franchises and are well positioned to weather a high inflationary environment,” Mr Martuccio said.

Inflation is likely to remain a key issue as the full impact of employee shortages as well as elevated logistics and input cost inflation is yet to be seen in company numbers and balance sheets.

“Input cost inflation only started in March and April of this year so we believe the full margin effect is unlikely to be seen until closer to the end of this year,” Mr Martuccio noted.

Tech space facing challenges

“Funding is definitely drying up in the software and biotech space which has flowed through to valuations of listed companies, but private companies certainly still have high expectations.

“It’s likely this will reduce once these companies do another funding round or when a venture capitalist wants to exit,” Mr Martuccio said.

He added that it is likely mergers and acquisitions will increase off the back of falling listed prices and the private market flagging.

“We’re likely to see an increase in M & A’s but it will really have to be the right technologies – the equation of buy versus build versus time to market will ring true.

“Job losses at tech start-ups have also accelerated as they try to stop bleeding cash. This has resulted in larger, more established tech companies becoming more attractive to key talent.

Post pandemic demand

“Pandemic pull-forward demand remains the biggest uncertainty, especially if the consumer environment is more challenging.

“This doesn’t just apply to consumer companies but software as well,” he said.

He added that ‘the company pivot’ is still ongoing with businesses looking to broaden their product reach and addressable markets but it’s unlikely to replicate previous growth – a risk for big business as well.

“When we look at companies like BOX and Zoom they’re now in a position where they have to really focus on corporate customers because the consumer market has faded rapidly” he said.

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