Avoca Investment Management (Avoca) was established in May 2011 by John Campbell and Jeremy Bendeich in partnership with Bennelong Funds Management (Bennelong).
The team manages the Bennelong Avoca Emerging Leaders Fund, for which Bennelong is the Responsible Entity.
The Fund, which typically holds 30-50 stocks (with a maximum of 70 allowable), is actively managed with investment decisions driven by the team's assessment of relative value. In turn, this is driven by deep fundamental investment research, which ultimately seeks to arrive at an intrinsic value for each stock. Through the application of sound risk management principles including sector and stock concentration rules and tracking error limits, the team seeks to minimise volatility of returns whilst maintaining strong long-term investment performance.
John Campbell Managing Director and Portfolio Manager
BComm, LLB (Hons), MBA
John has a wealth of asset management experience, having spent more than 24 years in a variety of roles within the industry. Prior to joining Bennelong, John spent six years at UBS where he was Portfolio Manager of the UBS Australian Small Companies Fund, which was awarded the Australian Fund Managers’ Best Small Cap Fund Manager of the Year in 2009. John joined UBS in 2004 from Credit Suisse First Boston where he was a Director of Equity Research Sales.
He has worked in a broad range of roles within the industry including equity analysis, trading and sales at various financial institutions including Maple-Brown Abbott, Bankers Trust Australia and JP Morgan Private.
Prior to working in financial markets, John was employed as an auditor with Price Waterhouse.
Jeremy Bendeich Chief Investment Officer and Portfolio Manager
Jeremy has over 14 years of experience in the wealth management industry. Most recently, he was Portfolio Manager of the UBS Australian Small Companies Fund, which was awarded the Australian Fund Managers’ Best Small Cap Fund Manager of the Year in 2009.
Prior to joining UBS, Jeremy worked for four years as an investment analyst at Colonial First State covering the small caps market, as well as large cap telcos, utilities, infrastructure and property trusts. He also worked as an Associate Analyst at Smith Barney Australia Securities where he was responsible for transport and aviation equities research.
Jeremy also spent six years working in the Australian and New Zealand Governments’ Treasuries as an economist and policy advisor.
Michael Vidler Senior Investment Analyst
B Eng (Hons), MApp Fin
Michael has over 15 years of asset management experience, the majority in trading and analytic roles. Most recently, he was employed as Associate Portfolio Manager with UBS working on their Australian equity portfolios. During his time at UBS, Michael worked with John Campbell and Jeremy Bendeich on analysis and reporting for the UBS Australian Small Companies Fund.
Prior to joining UBS, Michael worked for Colonial First State as an analyst for the group’s index funds, where he was responsible for management and analysis of asset allocation, as well as back-up portfolio management. He also held the roles of Performance Analyst and Adviser Services Officer whilst at Colonial. Prior to joining the finance industry, Michael worked as a civil engineer for Baulderstone Hornibrook Engineering and BP Oil.
Michael has a Bachelor of Engineering (Hons) and a Masters of Applied Finance and Investment from the Securities Institute of Australia.
Eleni Xydas Investment Analyst
BComm/BA (Finance and Economics)
Eleni joined the Avoca Investment Management team in July 2015 as an Investment Analyst. Prior to joining Avoca, she interned as an M&A analyst at STS Capital Partners, where she was responsible for acquisition research on target companies and client reporting. She has also worked as an Investment & Trade Promotion Analyst in Europe.
Eleni studied at the University of Sydney and holds a Bachelor of Commerce and Arts, with a double major in finance and economics. In 2014, she was also a University of Sydney Ambassador at the 2014 Tsinghua Financial Leaders of Tomorrow Program held in Beijing, China.
Avoca’s investment philosophy is based on the central principle that any asset’s value is solely determined by its likely future cash flows discounted back to today. In the context of equities, the team believes that in order to forecast future corporate cash flows with requisite accuracy, deep fundamental research at both the company and industry level is required. At its heart, Avoca is a research organisation.
Avoca is a fundamentally based active, core manager. The team focuses on estimating fundamental values for stocks which forms the basis of all investment decisions.
The investment process is based on in-depth, fundamental stock research, detailed financial modeling of stocks and a discounted cash flow (DCF) valuation methodology. Combined, these factors enable the team to arrive at an intrinsic value for each stock, which is then compared to the prevailing stock price to determine relative value.
Given the large number of stocks in the team’s investable universe, Avoca also employs quantitative screens and filters that help identify stocks worthy of further analysis through their fundamental research process. Company meetings with a wide range of relevant people and organisations form a key part of their research process.