It's not quite that simple. There are over 40 Australian small cap funds that are on platforms running at the moment (so this does not include funds sold under privately or under an IM). At various times some of these will be topping the league table, sometimes others.
The chart I posted originally was on the basis of the six highest performers in the context of who would have grown your capital (on a reinvestment basis), the most over the same timeframe that the Ophir Opportunities Fund had been running. Where referencing Hyperion and Ironbark Karara (Ironbark is the distributor of the Karara fund, so they are one and the same thing), I was looking at who had some of the highest outperformance over the small ords benchmark looking at the period between 2007 - 2011. If you look at it from a pure latest league table perspective, it can be a bit different. Returns in green show where they have exceeded the benchmark over that time period. So yes, Ophir comes out well on this measure, but ultimately the environment we have had over that period has been unusual.
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When you are looking at fund, you have to go past their due diligence process, it's more complex that that. Plenty of funds have extensive DD, but they never perform well. It's about the matrix of process, DD, and making the DD insights into actionable alpha. Also, portfolio construction has a lot to do with it. Basically, it's difficult, if not impossible, to determine which are likely to be the strongest players over the long term looking forward unless you have the ability to access the team at a one-one level to interrogate them about how the whole process works and see it in action. Looking at past returns is not always helpful unless you can get real understanding as to how those returns were generated and under what circumstances.
The Paradice Australian Large Cap Fund, Paradice Australian Small Cap Fundand Paradice Australian Mid Cap Fund - Class B, are at or above benchmark as at 31 May 2018 as far as I can see.
Regarding who is capped out and who isn't, I don't have a list to hand. off the top of my head, I know Hyperion is, its one of the reasons their performance has been more muted of late.
