I agree @Strawman that Carlos gave compelling and consistent answers throughout. I can first hand confirm some of the things he said as being values they hold true. In terms of investor relations I've reached out to him before with no joy - so that both confirms what he said about IR and highlights the value of the Strawman platform (the same could be said of Rectifier who we are about to meet with!). I think there is a little bit of a contradiction here though, in the fact that as an active fund manager they expect access to management of holdings, but as management they don't want to engage in active IR. To be fair I think they might say there's a difference when you're a big fish in a small pond (as they are) to when you're a small fish in a big pond (as many of their holdings are). On balance I don't particularly knock them for it but it's something you want to be aware of if you are invested.

I wasn't as surprised he didn't want to engage on the Smart Parking angle. If you read their monthly updates, they tend to be very general. They don't even regularly disclose holdings, except when they've exited them or they're under a takeover that's likely to proceed (although more recently I notice they have mentioned performance of one or two that have released results - no thesis though). Mixed feelings on this - maybe we've gotten a bit spoilt by the level of information that is being put out there in recent years, but it does seem unusual compared to most who are very generous with their views. I guess investors in their funds take the view that you don't buy a dog and then bark yourself, and are happy to leave it to Carlos and his team.

One risk I see with them is that for a microcap fundie they are getting kind of big. The size of the investment in Smart Parking is an example of this I think, whereby they have to become a pretty significant holder (getting towards the 20% hurdle) to meaningfully move the needle. As they grow that's not going to get any easier for them. The risk is they have to cease inflows or keep going but become a microcap fundie in name only. Half their Pure Microcap Fund is already invested in companies with market caps over $300m. Just something to mull on.

Agree, great interview with Carlos at MAM @Strawman.

You got him talking freely on some insightful topics even though he is always on message and can come across a little guarded at times.

You opened him up like a tin of 'trading sardines'!

I've met Carlos a few times at MAM AGMs and he is consistent in his messaging, focus, calm enthusiasm and advocacy for small / microcaps.

His approach makes a lot of sense to me and he has amassed a loyal following of investors for good reasons - market beating returns being just one of them.

@NewbieHK is probably on the right track adding here. MAM is a leveraged bet on the microcap recovery imho, when it comes ....

Hopefully a good watchlist stock for when Lowe cracks the inflation nut (ha), productivity growth outstrips wages growth (haha) and the Ukranian counteroffensive puts Putin back in his box...