Cor Capital Fund

The investment objective of the Fund is to maximise the total return (income plus growth) above the consumer price inflation (change in CPI) over rolling 3-year periods without generating a negative return over any 12-month period.

Differentiated investment alternatives are difficult to find but when discovered, can improve the alignment of portfolios with investor goals, whether that be regarding the timing of their commitments, or their conservative nature.

The Cor Capital Fund seeks to protect and grow real wealth with less risk of capital draw down, filling the void between returns on cash deposits and longer-term or less-liquid investments such as stocks or real-estate.

To consistently compound returns with improved odds of success over the medium-term, a specially designed approach is required. Rather than betting on the accuracy of specific forecasts or complex predictions, we maintain investments across a carefully selected but straightforward range of assets, capitalising on time-tested behavioural, mathematical and market principles to achieve real returns and stable capital, particularly during periods of heightened market risk.

Asset class returns, in our opinion, are largely driven by changes in expectations of economic growth and inflation. That said, economic and market outcomes are uncertain; changes to expectations are unpredictable for practical investment purposes. Surprises are common and have an underappreciated influence on long-term asset class returns.

However economic and market outcomes are not arbitrary; while very different in nature and critically consequential to investor wealth, the range of possible scenarios is limited. Because the behavioural responses of general market participants to each outcome are somewhat predictable, real positive medium-term returns can be achieved by doing the following:

• Diversifying broadly across the main growth and inflation risks - assumption: every asset class has its day
• Rebalancing risk regularly - assumption: making contrarian adjustments adds to returns

Similar ‘permanent portfolio’ approaches have been employed for decades in the United States and Cor Capital has operated an Australian-based version of the strategy since 2012. Designed as a more robust alternative to generating positive medium-term returns, Cor Capital has enhanced the general approach for Australian investors including:

• Adding selective asymmetry to certain asset classes
• Focussing on volatility capture throughout the portfolio
• Optimising for friction costs
• 100% systematic / rule-led implementation

The Cor Capital Fund portfolio is constructed in line with our Investment Philosophy Highly intuitive and robust, it involves matching asset classes to highly consequential but opposing economic and market forces. For example: aggressive monetary policy, unintended policy consequences, carry bubble, carry crash, real economic growth.

We believe this macro-level design and ongoing management process increases the likelihood of portfolio growth across a broad range of environments, whether evolving slowly or explosive in nature.

Asset class returns are driven by changes to expected future outcomes

• Defensive first – Cash, Bonds and Precious Metals (AUD) combine to underscore capital preservation and purchasing power
• Growth via diversified equity exposure improves risk adjusted returns and outperformance 
• Small investment for meaningful benefit: market risk 'Insurance' via purchase of derivatives adds to defensive / long volatility characteristics 
• Diversification (non-correlation) benefits are more reliable between broad asset classes (e.g. gold bullion / equities) than sub-asset classes (e.g. Australian stocks / international), enabling more efficient return from active management and volatility capture
• Rules-based execution framework underpins disciplined portfolio management

Click here to view our latest Performance details.

Cor Capital is an independent investment management firm established in 2012 and majority owned by the investment team. The company is responsible for managing the flagship Cor Capital Fund, our proven multi-asset liquid alternative strategy.

The genesis of our business was in response to the need for an uncomplicated but robust and liquid absolute return investment alternative with structural long-volatility characteristics in the post-GFC environment.

To that end, we invest across equities, fixed interest, precious metals, and cash markets, systematically combining asset classes (unconventionally) into a growth solution that minimises medium-term drawdowns.

Why Cor Capital:

• Straightforward investment philosophy
• Defensive focus
• Alternative return sources
• Disciplined, rules-based approach
• Experienced team
• Proven track record
• Strong alignment of interests with investors - the investment team have material co-investments in the Fund.

Our name ‘Cor’ is the Latin word for heart. It reflects the value we place on authenticity and underscores the importance of the capital we manage on behalf of our investors.

Tom joined Cor Capital in 2012. He was previously a Managing Director and Asia Pacific Head of Credit Suisse HOLT (2001-2010), leading teams based in multiple markets and advising institutional investment managers and hedge funds on global stock selection. 

Prior to joining Credit Suisse, Tom was Managing Director of HOLT Value Associates Global Securities. He also held a variety of positions over 13 years at Merrill Lynch. 

Tom holds a bachelor’s degree in economics and finance, and attained adviser and principal-officer accreditations across key developed markets in Australasia, Europe and North America.

Scott joined Cor Capital in October 2025. Prior to joining Cor Capital, Scott was a portfolio manager at Playfair Asset Management where he had domestic and global equities responsibilities. 

This followed a 20-year tenure with Credit Suisse/UBS HOLT where Scott was a director and responsible for the Australian HOLT business, advising some of Australia's largest superannuation funds, institutional domestic and globally focused long-only equity funds, and regional hedge funds.

Scott graduated from Monash University with a Bachelor of Commerce (Accounting & Finance), he is a CFA Charterholder and a Chartered Accountant (CAANZ).

Michael has held senior leadership roles throughout his career in portfolio management and institutional sell-side research.

He served as an investment manager at Thundering Herd, the Head of Australian Equities at The Myer Family Company Limited and co-managed the Aviva Investors High Growth Fund.

At ABN AMRO in research-sales Michael managed key institutional relationships, prior to which Michael was a Number 1 rated analyst in Basic Industrials ex-Miners and Building Materials research, while also earning strong recognition for coverage of small companies, and later developers and contractors. 

Michael holds a Bachelor of Economics from Queensland University, is a Fellow of FINSIA and holds RG 146 Accreditation.

Davin is the CIO of the Gillespie Family Office. He has over 25 years' experience in stockbroking and funds management, including Cor Capital since 2012.

He previously served as a Director in the Wealth Management division of UBS Australia (2006 to 2011), and before that with Citigroup, and Merlyn Asset Management.

Davin has undergraduate and post-graduate qualifications in finance and is a Fellow of the Financial Services Institute of Australasia.

Justin joined Cor Capital in June 2026 as Head of Distribution.

With a funds management career exceeding 35 years, his experience includes roles both as a portfolio manager and in various distribution roles.

Justin’s early career saw him managing global equities for National Mutual and Macquarie, before holding senior distribution roles with several firms including Credit Suisse, Pengana Capital and Investors Mutual.

At Cor Capital, Justin’s focus is on broadening the distribution base in the wealth management market, including advisers, dealer groups, family offices, private banks and specialist investment/asset consultants.

Justin holds a Master of Business Administration and Bachelor of Economics from The University of Sydney, a Graduate Diploma of Business (Banking & Finance) from Monash University and a Foundation Diploma of Financial Planning from Deakin University.

Matt joined Cor Capital in 2016 to manage the operating business’s IT and finance functions. 

He has previously worked in the UK on regulatory risk, finance and IT development projects. His roles have varied from Financial Controller, Project Manager to Data and Risk Analyst. Throughout his 20+ year career, Matt has worked for Royal Bank of Scotland, ANZ, NAB, Liberty Syndicates Insurance and KPMG among many others. 

Matt acquired a Bachelor of Commerce degree and Chartered Accountant designation in the 1990s. He has also recently acquired a Diploma in IT and is a Prince2 Project Management Practitioner.

If you require any further information, please click here.