SPIRE CAPITAL and our selected managers share a common belief – buying assets at less than their intrinsic value and creating additional value at the asset level or investing in businesses that can generate strong and sustainable earnings growth beyond their peers – will deliver our investors attractive risk adjusted returns.
In the current investment environment with long term bond yields at all time lows and valuations in some equity markets at all time highs, SPIRE believe it is more important than ever before to provide advisers and investors with investment opportunities that are less sensitive to any macro market events eg. interest rate increases.
Through our GLOBAL INVESTMENT SERIES of FUNDS we are looking for sectors that are asymmetric or have a low level of correlation to the Australian listed equities market enabling advisers and investors to use our funds as part of their portfolios (see Future Fund article in News and Views)
In addition we are looking for investment thematics that we believe that are sustainable and compelling for investors over the next decade.
Our current offers are consistent with the investment thesis outlined above.
The transition to apartment rental living over home ownership in the US is being fed by four forces – transient labour, affordability, new home formation and downsizing – has led to our investments in ROC I, ROC II & ROC III. Our real estate partner has the in-house capability to create value for investors in each step of the process though buy, fix and sell. Managing risk is about improving cash-flow or Net Operating income (NOI) at the asset level and we typically expect a 2x improvement in NOI at the asset level. This protects investors from cyclical movements in asset prices.
Seniors Housing, particularly in the acute care sector where expenditure decisions are largely non discretionary, has proven to be extremely resilient during investment market crises. Take for example the low impact on Seniors Housing rentals or on capitalisation rates (or P/E earnings multiples) during the period of the GFC. The data provided by the National Investment Centre for Housing (see news and views section) highlights that rentals reduced by as little as 1% during the 2007-2010 period and any reduction was quickly re-captured and rentals grew quickly above the pre GFC levels.
The SPIRE GLOBAL INVESTMENT SERIES – GLOBAL EQUITIES focus is on Smaller Companies ($100m – $5 billion) around the globe that can grow earnings relative to their peers in industries where we see growth continuing through the full investment cycle. Interestingly, for Australian investors, allocating some of their equities offshore and indeed into companies outside of Australia may provide better risk adjusted returns at the portfolio level (see news and views section). Certainly it could be argued that there is a greater universe of business opportunities outside of Australia in a range of industries in the small companies sector. We believe this sector provides investors with enhanced returns as a result of the smaller companies effect (see news and views) and is the sector where the best managers can deliver greatest value due to the inefficiencies in research in the sector
SPIRE CAPITAL is committed to creating global funds, for the benefit of our institutional and private advisers and clients, in opportunities and sectors where we believe genuine value can be created.
Meet our team
Matthew Cook F Fin
Matthew has over 22 years experience in the Australian property industry in property & facilities management, valuation, agency and funds management. He has held senior positions with leading firms including Knight Frank and Savills.
Matthew was former Managing Director and major shareholder of Pact Property, which provided property and facilities management services to a large portfolio of commercial properties owned by institutional & private investors.
After building up this business organically & via the acquisition & integration of two complementary business, Pact sold this management business in 2005.
Following this sale Matthew consulted to The Denison Group and established a series of value-add property syndicates. This including establishing joint ventures with AMP Capital & Valad. He founded Spire Property Partners with John Mooney in 2009.
Matthew has a Bachelor in Business (Land Economy) and a Graduate Diploma in Applied Finance & Investment. He is a Registered Valuer without limitation in NSW and a Fellow of the Financial Services Institute of Australasia (FINSIA).
Dale Holmes B.Ec, Dip FP
Dale has over 16 years of financial services experience having commenced his financial services career in 1989 with AXA and has had senior roles more recently as General Manger MLC Alliances (2000-2004) and before that with Ipac as Practice Manager (1995-2000).
Over the period of a decade at ipac and MLC, Dale was integrally involved with their Investment teams in the development of investment communications for advisers and clients including assisting in simple communication of portfolio construction and implementation.
Dale is also the former and founding CEO of the Greater Western Sydney Giants AFL team, prior to that he was the GM of the Australian Football League in NSW/ACT and a member of the AFL National Executive team.
Dale joined Spire Capital in March 2012 as an equal partner with a principal focus being developing the business strategy, building distribution and investor relations capabilities for the firm.
Chris Niall Dip FPChris has over 20 years experience in the financial services industry, both in Australia and in the UK. Over that time Chris has gathered extensive experience across a broad suite of specialist financial services including Funds, Investment & Wealth Management, Wraps & Platforms, Superannuation and Insurance.Chris has held senior positions with Merrill Lynch (Blackrock) and Macquarie Bank in sales & distribution and has established a long and successful track record within the industry. His investment experience extends beyond traditional markets, including both private equity and hedge funds and across capital markets.Chris joined Spire Capital in 2015 as its Melbourne based Senior Distribution Manager, with a primary focus of broadening distribution and enhancing the investor relations capabilities of the firm.