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Antares Capital Partners, is a dedicated asset management business managing more than $30.2bn on behalf of Australian investors, with $5.0bn in Australian equities and more than $25.2bn in fixed income (as at 31 March 2024).

At Antares we are wholly focused on delivering performance for investors through an investment approach underpinned by dedication, experience and discipline. We recognise and are ready for market uncertainty, and believe great performance is achieved through a focus on both risk and return. Antares consists of two divisions – Antares Equities (formerly Portfolio Partners and Aviva Investors) and Antares Fixed Income (formerly National Specialist Investment Management).

Since its inception in 1994, the Antares Equities team has established itself as a specialist in the active management of Australian equities, first as Portfolio Partners and more recently as Aviva Investors. Our success is based upon the experience and judgment of our people. We believe that superior investment performance can only be achieved through a disciplined and sceptical approach to investing that provides us with the courage to move against markets to unlock value in market inefficiency.

  • Our investment philosophy is based on the belief that the pricing of individual stocks on the Australian sharemarket is at times inefficient.

    Stocks sometimes trade away from their underlying valuation for a period of time. We believe it is possible to exploit these inefficiencies to deliver potentially superior investment returns. This is primarily achieved by identifying stocks trading away from their underlying valuation by:

    • Taking a longer term view;
    • Systematically conducting detailed bottom-up research, and
    • Ensuring the risk taken is commensurate with the expected return.

    We believe mispricing occurs for a number of reasons including the following:

    • Investors take a short term view;
    • Investors do not have a systematic process for assessing environmental, social and corporate governance issues; 
    • Investors over or under react to changes in a company’s operating environment;
    • Sell-side analysis can be conflicted, leading to ill-informed stock recommendations;
    • Investors make incorrect generalisations about similar companies, and
    • Investors often extrapolate short term observations to the longer term. 

    Our broad philosophy can best be described as selectively contrarian. When a company is introduced into the portfolio it generally exhibits some characteristics which have caused it to be “out of favour” with the market.  By this we mean such stocks are often universally disliked by investors who view the company’s current problems as permanent. They tend to be experiencing bad press and management are viewed as incompetent. The share prices of such “unloved” companies are often sold down on any news, good or bad; hence they end up as multi-year underperformers. By conducting detailed bottom-up analysis of the future prospects of a company we are able to come up with our internal valuations which are sometimes different from the consensus view or the current share price. These are the types of characteristics we generally seek in the companies we bring into the portfolio.

    It is also important to note that not all such “out of favour” companies make good investment opportunities, which is why being selective is also critical to the process. Our experience, insight, detailed analysis and peer discussions are our guides when determining which “out of favour” companies are the most compelling investment opportunities.

    Responsible Investment (RI)

    Antares’ long-held view is that ESG and sustainability issues can materially impact the risk and return of investments in our universe and therefore need to be assessed alongside financial and economic factors. Consideration of ESG issues is integrated into the investment management process as detailed in the Antares RI policy.

    Risks

    Risks specific to investments in Australian equities may include share market and company risks, risks associated with the use of short selling and derivatives, investment management and style, portfolio concentration and liquidity risks. Please refer to the relevant fund’s Product Disclosure Statement for more information.

  • Australian Equities Team

    The team at Antares Equities has built its reputation on extensive investment management experience and insight into the Australian market.

    The decision makers in our investment team have spent on average 24 years in the industry, researching the Australian market and applying their knowledge and skills to our clients' portfolios.

    Team member profiles, are listed below:

    Nick Pashias

    Head of Equities

    Key Responsibilities
    Nick is the Head of Equities. He is responsible for leading the Australian Equities team and is Portfolio Manager of the Elite Opportunities Fund and Model Portfolio and Portfolio Manager of the High Growth Shares Fund. Nick is also responsible for researching stocks in the Metals & Mining sector.

    Years with the group
    25

    Years of Industry Experience
    25

    Previous Roles
    Nick previously worked on a number of projects with resource companies while completing his Ph.D. in Chemical Engineering at The University of Melbourne. On completion of his Ph.D., Nick worked as a consultant with particular emphasis on efficiency improvement and process streamlining the mining industry.

    Qualifications
    B.E. (Hons) (Melb), Ph.D. (Chem Eng) (Melb), M.App. Fin (Maq)

     

    Andrew Hamilton

    Head of Implementation

    Key Responsibilities
    Andrew is the Head of Implementation. He is Portfolio Manager for the institutional Australian equities portfolio and for Dividend Builder. Andrew is also Deputy Portfolio Manager for the Elite Opportunities Fund, Ex20 Australian Shares Fund and the High Growth Shares Fund. Andrew is also responsible for researching stocks in the Healthcare sector.

    Years with the group
    22

    Years of Industry Experience
    26

    Previous Roles
    Andrew joined the company after several years in London in a variety of positions with Salomon Brothers International and Nomura International. Prior to this, Andrew worked as a mechanical engineer in product design and development.

    Qualifications
    B.E. (Hons), CFA Charterholder

     

    John Guadagnuolo

    Head of Fundamentals

    Key Responsibilities
    John is the Head of Fundamentals. He is Portfolio Manager of the Ex-20 Australian Equities Fund and Ex-20 Model Portfolio. In addition he is the Deputy Portfolio Manager for the Elite Opportunities Fund. John is also responsible for researching stocks in the Transport, Technology, Online, Gaming and Insurance Broker sectors.

    Years with the group

    15

    Years of Industry Experience
    22

    Previous Roles
    John was previously at Equity Trustees where he developed and ran their Australian Equity research and portfolio construction processes and was Portfolio Manager of the EQT Flagship Fund, operational head of the Asset Management Team and was a member of their Investment Management Committee where he was responsible for asset allocation research.

    Qualifications
    B.Com & B.A. (Hons), Ph.D. (Classics) (Melb)

     

    Bruce Rose

    Head of Trading

    Key Responsibilities
    Bruce manages the Antares Equities centralised dealing desk. Bruce is responsible for ensuring all equities trading achieves best execution and minimum market impact across the Antares Equities suite of funds. Bruce is also responsible for managing Antares Equities index funds.

    Years with the group
    23

    Years of Industry Experience
    32

    Previous Roles
    Bruce previously worked in the Dealing and Implementation team at Lend Lease Investment Management since 1991.

    Qualifications
    B.Com (Acc), A Fin

     

    Jennifer Lam

    Investment Manager

    Key Responsibilities
    Jennifer is Deputy Portfolio Manager of the Dividend Builder strategy and the institutional Australian equities portfolio. She is responsible for researching the Utilities, Agriculture and Materials (ex Metals and Mining) sectors.

    Years with the group
    10

    Years of Industry Experience
    20

    Previous Roles
    Prior to joining Antares, Jennifer was a Consultant at Frontier Investment Consulting, where she was a Deputy Head of the Infrastructure Research team, and a member of the International Equities Research team. Jennifer has also had experience in equity research and sales at Merrill Lynch, as well as credit risk management and global corporate finance at Deutsche Bank in Sydney.

    Qualifications
    B. Law & B. Com (Hons), CFA Charterholder

     

    Gehan Gunawardena

    Quantitative Analyst

    Key Responsibilities
    Gehan is supporting the investment team with particular focus on portfolio and stock risk analysis. Gehan also provides back up support to Antares Equities Head of Dealing.

    Years with the group
    6

    Years of Industry Experience
    18

    Previous Roles
    Gehan has worked in the Australian finance industry since 2005 including quant analyst roles with ITG Australia and GBST. Prior to that Gehan worked as a software engineer at Millenium IT Software Sri Lanka for five years.

    Qualifications
    BSc (Hons) Computer Science & Engineering, Graduate Diploma of Applied Finance

    Peter Roumeliotis

    Investment Analyst

    Key Responsibilities
    Peter is responsible for conducting research on the Banking, Diversified Financials and Technology sectors.

    Years with the group
    >1

    Years of Industry Experience
    1 (plus 6 years Corporate Finance)

    Previous Roles
    Prior to joining Antares Equities, Peter was a manager in M&A advisory at Deloitte. This followed over five years with RSM where he was a manager, Corporate Finance. Peter has extensive experience in financial modelling and business valuation across private and publicly listed companies. He has covered a broad range of sectors including technology, financial services, healthcare, real estate, education and mining.

    Qualifications
    B. Com, CFA Charterholder, Chartered Alternative Investment Analyst, Chartered Accountant, currently undertaking Master of Business Administration (Melbourne University)

     

     

    Jason Tang

    Investment Analyst

    Key Responsibilities
    Jason is responsible for conducting research on the Energy, Contractors, Infrastructure and general REIT sectors.

    Years with the group
    >1

    Years of Industry Experience
    3

    Previous Roles
    Prior to joining Antares Equities Jason was a research analyst with Portland House, a large family office. His research focus was on future technologies including renewable energy, biotechnology and digital transformation. Previously Jason was a teaching assistant at the University of Melbourne in the areas of Communication Systems, Probability and Random Models

    Qualifications
    Master of Engineering; PhD in Electrical and Electronic Engineering