Pro Medicus, Kelly Partners, $10k portfolio review & shares vs property debate with Luke Laretive
Small cap fund manager Luke Laretive of Seneca joins the Australian Investors Podcast to share why he’ll never buy an investment property, his thoughts on Pro Medicus (PME), how his investment process drives performance, and what makes small caps so compelling right now.
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Show Notes
In this Australian Investors Podcast episode, your hosts Owen Rask and Luke Laretive discuss:
– Why Luke refuses to buy investment property
– Pro Medicus (ASX: PME) and why it's not in Seneca’s portfolio
– Luke’s small cap process and how it delivers outperformance
– How big the Seneca fund can grow and when it might close
Chapters (approximate)
(0:00) Introduction
(02:28) NVIDIA or Pro Medicus?
(07:27) Is Investing with Luke the Top of the Market?
(11:30) How Big Can Your Fund Get Before Soft Closing?
(14:10) Active Vs. Small Caps: 20 Years of Data
(16:15) Thoughts on Kelly Partners
(22:13) City Chic ASX:CCX
(23:36) Property Market or Share Market?
(27:22) Thoughts on Fortescue
(29:34) PlaySide Studios ASX:PLY
(37:20) Our Fake Portfolios Update
(39:15) How to Make the Most Money Possible
(44:57) Luke's Favourite Companies
(47:42) Small Companies Fund
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Topics Covered
– Pro Medicus (ASX: PME) vs NVIDIA: Efficient markets and priced-for-perfection concerns
– The Seneca investment process & portfolio management principles
– Kelly Partners (ASX: KPG) & why Luke avoids debt-fuelled roll-ups
– Fund sizing: when Luke would soft or hard close Seneca
– The long-term edge of small caps & why the cycle still has legs
– Shares vs property: Luke’s strong opinion and logic
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