James Spenceley

Provides wireless broadband services

Provides online platform to sell electronic goods

Engages in planning, executing and operating slot and electronic casino table games for lease

MHOR is an active, bottom-up manager which invests in a diverse portfolio of quality small-cap businesses that are mispriced, misunderstood or undiscovered which have the potential to grow and create value faster than the broader listed market. The firm seeks to invest in fundamentally undervalued, quality firms with the ability to take advantage of growth; positive alignment with industry themes and trends; competitively advantaged products or service offerings; financial flexibility and a management team with the vision and capability to bring it all together. They utilize screens to reduce the universe down to a short-list, highlighting the early stages of factors they consider to be of interest. They seek to understand sectors or industries, specifically looking for trends and themes and their investment team develops a short-list based on anticipated fit for the portfolio and the timing, extent and likelihood of catalysts that could crystallize potential opportunities. MHOR seeks to understand the target investment’s value creation drivers (their business, products, financial capacity and their position in their industry) and applies scenario-based valuation analysis to understand how the market may price the investment if the company can deliver on MHOR’s vision of the opportunity. Their investment team meets with management and other stakeholders that can offer a perspective on the target investment’s business, utilizing their network of contacts relevant to the investment universe that can help deliver insight on the fundamental drivers of each investment. They constructed the portfolio of those investments that make it through the investment process, constantly monitoring it to ensure that its construction is appropriate and that a balance is maintained between risk and reward, aiming to deliver the investment objective over the medium- to long-term.

Develops 3D printers and associated products