Truebell Investment Fund
Wholesale Investors Only

Truebell Investment Fund

Truebell Investment Fund
Truebell Investment Fund
|
Last Updated 29.01.2025

Our core belief is that investing for the long-term in high quality companies at the right price, with exceptional founder led management and a great culture, will produce above average compound returns over the long-term. (For Wholesale Investors Only)

Truebell Investment Fund
Min. Investment
$50,000
Objective
Growth
Structure
Managed Fund
Asset Class
Shares/​Equity
Liquidity
Unlisted liquid
Closing Date
Open Ended
View More Details
Min. Investment
$50,000
Objective
Growth
Structure
Managed Fund
Asset Class
Shares/​Equity
Liquidity
Unlisted liquid
Closing Date
Open Ended
Industry
Diversified
Funding Stage
Unlisted Mature Fund
Security Type
Unit in a trust
Target Capital
N/​A
Availability
Open for investment

Management Fees
1.50% p.a. of NAV
Performance Fees
20% of outperformance of hurdle
Hurdle
8% p.a.
Investment Time Frame
5+ Years

Truebell Investment Fund is a global long short equity fund which has the ability to invest internationally, use leverage and short sell. It was founded 18 years ago and began investing in June 2007.
 
It was originally designed to be a small investment trust allowing a group of friends and family to pool their funds to more efficiently invest in various small and medium sized ASX listed companies. This group became known as the ‘True Believers’ because as the global financial crisis hit our beliefs were soon tested.
 
Truebell can use leverage to invest. We like to keep borrowing levels moderate at about 25% of gross assets, or 30% debt to equity. 
 
We can also use derivatives when deemed necessary.

In our investment process we are searching for companies we can hold for a very long time, who can achieve sustainable high returns on capital. Great examples of permanent multibaggers (PMBs) in Australia over the last 20 years have been CSL, Reece and Cochlear. 
 
These have produced compounded shareholder returns of between 17%-20% pa and increased by 20-40 times the original purchase price. This compares well against the returns of the All Ords Accumulated Index with an 8% return, a 5 times increase.
 
We have studied in depth the template of a PMB and how they evolve. The core to their success is a long-term high return on capital. 
 
This high return persists because it is produced by a quality business and management team who remain in place for a long time.
 
In our view, to be able to hold a PMB an investor needs 2 crucial attributes, insight and conviction. The investor needs to realise they have the insight and then the conviction to hold despite the market’s volatility. To get insight and conviction you need to know the company well and believe in it so when large price falls come, you have the confidence to hold the shares. 
 
So, our investment process is centered around finding and building a relationship with high quality management teams and high-quality business models with good culture who are shareholder friendly.
 
This is both a qualitative and quantitative task. We think these businesses reveal their quality  by outperforming their peers and usually that of the market overall on a number of quantitative
measures. 
 
Some of these are shown below.
  1. Long term earnings growth
  2. High return on capital
  3. Revenue growth
  4. Margin expansion
  5. High return on equity
  6. Low or negative long-term growth in shares on issue
Qualitatively we look for the following:
  1. Founder CEO with a large shareholding that is a significant part of their personal wealth
  2. Passion and good culture
  3. Shareholder friendly
  4. Long term staff retention
  5. Focused, good quality board
  6. Long term shareholders
  7. Track record of successful capital allocation via acquisition or organic growth.
 
Wherever possible we seek to develop our analysis with significant face to face contact with management and discussion with customers, competitors and employees.
 
Conviction
 
When we really believe in one of our companies, we are happy to take a very high conviction position in them for a long time. 
 
For example, we can and do allocate up to 20% of the portfolio in any one company and, with supporting research and data, can move higher than this although we need to receive Truebell board approval. This approach has been a significant contributor to our performance.
 
Emerging Companies
 
Through our research process we sometimes encounter high quality founders in the early stages of establishing a business. Often these founders have come from a highquality and established business we know well. 
 
In some of these cases we may invest a small percentage of the portfolio alongside these founders in their companies.

Truebell Key Return Statistics

(Returns based on original $150,000 investment with all distributions fully re-invested)

 

* (Performance is net of all fees. Note: No Management or Performance fees were charged between 2007-2014)

The Truebell Financial Group is a boutique fund manager committed to investing for the long term in companies underpinned by both quality management teams and business models.
 
Truebell prefers to build long term relationships with both its investee companies and investors.
 
With over 50+ years of experience in finance and the investment markets between them, close friends Sam Paradice and Ben Cameron founded Truebell Capital in 2007.
 
The firm began as a small investment trust allowing a group of friends and wholesale investors to pool their funds to more efficiently invest in various small and medium sized ASX listed companies.
 
This group became known as the ‘True Believers’ because as the global financial crisis hit, their beliefs were soon tested. Out of this absolute belief in the process and the success that has followed, the Truebell name was born.
 
Nearly two decades later, Truebell Capital has a track record of delivering superior long-term returns in its fund and remains fully dedicated to its loyal clients.

 

Sam Paradice is a co-founder and Truebell Financial Group’s Chief Investment Officer. He began working in the finance industry as a corporate credit analyst for the Banque Nationale de Paris (now BNP Paribas) in Sydney and Brisbane over 25 years ago. Subsequent to this, Sam worked as a private client adviser for Macquarie Bank and Merrill Lynch. In 2003, Sam returned home to Scone to co-found Parawarn Pty Ltd which owns the Morgans Scone office, of which he is the co-branch manager, and a major shareholder.

 

Sam specialises in investing in long-term, high-quality, well-managed companies. He has travelled extensively in the USA interviewing and studying high quality management teams and business models. Some of these companies include Constellation Software and businesses within the Berkshire Hathaway portfolio. These include; Nebraska Furniture Mart, Burlington Northern Santa Fe, ACME Brick, Business Wire, Sees Candy, Wesco and Scott Fetzer. In addition, the philosophies of Charlie Munger, Warren Buffett, Ray Dalio and Mark Leonard have been significant influencers on Sam’s investment methodology.

 

Sam has a Bachelor of Arts Degree majoring in French and Economics and a Post Graduate Diploma in Business Studies from the University of New England. He also has a Master of Applied Finance from the Securities Institute of Australia.

 
 
Ben Cameron is a co-founder and the Executive Director of Truebell Financial Group.  With over 25+ years in Corporate Advisory with business advisory firm Bentleys Queensland, Ben has the business analytical skills to identify companies with attractive attributes.
 
Ben is a respected and connected industry expert. As a trusted advisor and business confidant, he works with highly successful businesses and family groups across multiple sectors.
 
Ben is a thought leader in business advisory and solutions for the SME market. His expertise includes his role as lead advisor to assist multiple clients to complete sale transactions, acquisitions and joint venture deals. Ben has managed all facets of significant transactions from planning through to execution.
 
Ben’s experience includes guiding clients undergoing IPO and has been active in financial markets for 30+ years.
 
Ben holds a Bachelor of Commerce from University of Queensland, is a Fellow of the Chartered Accountants in Australia & New Zealand, a Chartered Tax Adviser, a Fellow of the Financial Services Institute of Australia and a Graduate of the Australian Institute of Company Directors.

 

Peter Evans is a Non-Executive Director of Truebell Financial Group and is responsible for providing guidance with respect to Truebell Capital’s high standard of corporate governance. Peter also provides significant assistance in a distribution and investment advisory capacity.
 
Peter was previously a Director of Morgans, Australia’s largest national full-service retail stockbroking and wealth management firm, having worked in that business for over 30 years.
 
Peter has a wealth of experience in stockbroking and wealth management, corporate advisory and corporate governance roles, including as a Director of several public and private companies.
 
Peter holds a Bachelor of Commerce and a Diploma of Advanced Accounting from the University of Queensland, is a Fellow of the Financial Services Institute of Australia, is a Senior Fellow of the Australian Institute of Company Directors (AICD) and has a Masters in Stockbroking.

 

 

Kevin is Truebell Investment Management’s Chief Operating Officer and has 20 years’ experience in the financial service industry.

 

Kevin oversees all operational aspects of the business in addition to its overall corporate governance and compliance framework. Prior to joining Truebell Capital, he worked at UBS as the Chief Operating Officer of the Equity Derivatives business in Sydney.

 

Kevin has previously held several key operational management positions within large Investment Banks, obtaining significant experience in designing and implementing front to back operating environments and control frameworks.

 

Kevin graduated from Bond University with a Bachelor of Commerce.

21 October 2024
Download PDF

This section has intentionally been left blank.

Some Text Here

By clicking the enquire button on the card view

Or 

  • By selecting “Receive Info” when viewing the listing

 

We will respond using your preferred communication method (i.e., email or phone).

Want More Information?

Complete the form below to receive more information directly from the product issuer
Phone
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
By submitting this form, you agree to our Terms and Conditions

Statutory Statement

This offer of scheme interests is available to wholesale clients only. This product listing was vetted by and approved by the product issuer identified above before publishing. Investment Markets (Aust) Pty Ltd AFSL 527875 (IM) is not the issuer of the product.

General Disclaimer

IMPORTANT STATEMENT ABOUT YOUR USE OF THIS SITE

Information on this site is intended for Australian users only.

This site is operated by Investment Markets (Aust) Pty Ltd. (ACN 634 057 248) (IMA, we, us and our), the holder of Australian Financial Services Licence (AFSL) no. 527875. The content is provided solely for information purposes, is not a recommendation or an offer to buy or sell a security, and is not warranted to be correct, complete or accurate. To the extent permitted by law, neither IMA, its affiliates, nor the content providers (such as the issuers of securities who appear on the site) are responsible for any investment decisions, damages or losses resulting from, or related to, the content, data and analyses or their use. The investment products on this site and any statements made about them by their issuers are not vetted, verified or researched by IMA. The presence of an investment product on this site should not be interpreted as an implied endorsement of it by IMA. Certain content provided may constitute a summary or extract of another document such as a Product Disclosure Statement. To the extent any content is general advice, it has been prepared by IMA. Any general advice has been provided without reference to your investment objectives, financial situations or needs. For more information refer to our Financial Services Guide. To obtain advice tailored to your situation, contact a financial advisor. You should consider the advice in light of these matters and, if applicable, the relevant Product Disclosure Statement (or other offer document) before making any decision to invest. Past performance does not necessarily indicate an investment product’s future performance. The content is current as at date of initial publication and may not be current as at your date of viewing. For a more complete understanding of all the terms and conditions of your use of this site click here.

Subscribe to our newsletter

Elevate your investment game with our exclusive weekly newsletter, curated for astute investors like you. Dive into deep market insights and uncover a purposely broad range of unfiltered opportunities. Join a community that thrives on informed choices. Don't just follow the market—lead it.