In November the Australian Growth Fund returned +6.1%, ahead of the benchmark index which returned +3.8%.

Fineos (+45% in A$) hosted its first investor day since listing in 2019. The first five years as a listed business has been a bumpy ride for Fineos (and investors). What got the market excited at the investor day was a much clearer message by management explaining why Fineos was now positioned to grow its share of the Life, Accident and Health ("LA&H") software market. It has spent the last five years investing in R&D and developing its end-to-end Admin Suite to be best-in-class. With Guardian Life Insurance going live on the Fineos platform this year, it has two of the top ten North American LA&H insurers using its end-to-end product. It has a further six of the top ten LA&H insurers using one or more Fineos modules. The company is seeing an increased interest by insurers to take on more Fineos modules with the likes of Unum Insurance talking about the benefits Fineos Claims has brought its organisation (eg. Unum unit cost has reduced by ~50%).

PWR Engineering (-5%) provided a trading update which was below the market's expectations. Two electric vehicle ('EV') contracts were cancelled, and one was delayed as part of the broader global slowdown in the EV market. These contracts were set to contribute ~$6m of revenues in FY25. The contracts were set to run for ~18 months and do not impact the long-term health of the business. In the Motorsport division there were some timing issues related to the F1 team's budgets and investments ahead of the regulatory changes set to come into effect in CY26. Despite this, PWR maintained guidance for high-single-digit revenue growth for the motorsport division for FY25 but now further weighted to the second half. On a positive note, the Aerospace division grew +67%. PWR has a strong Aerospace pipeline which should sustain this level of growth for several years.