Microequities Asset Management

Carlos Gil serves as Chief Investment Officer and is the primary decision-maker on portfolio construction. He co-founded the firm in 2005 and holds a PhD in finance; his published research prior to founding the firm focused on asset pricing anomalies in small-cap equities. No co-CIO or investment committee structure has been publicly disclosed.

The firm conducts its own fundamental research, building financial models from scratch for each prospective holding. Gil has publicly stated that the team meets with management teams of target companies directly, a practice that is feasible precisely because microcap companies receive fewer broker-initiated meetings than their large-cap counterparts.

It is a traditional, long-only asset manager. Its flagship vehicle is an ASX-listed investment company — the Microequities Deep Value Microcap Fund — which means investors buy and sell shares on exchange rather than subscribing and redeeming through the fund directly. This listed structure is uncommon for microcap strategies globally.

Microequities has not publicly stated a hard capacity limit. However, because the strategy invests in companies with market caps typically below $500 million, the investable universe imposes a natural ceiling. The firm reported approximately $340 million in total FUM as of March 2025, a level that likely allows continued operation without meaningful market-impact costs in its target segment.

The firm's primary mandate is Australian and New Zealand microcaps. Historical portfolio disclosures show a heavy concentration in Australian-domiciled companies. It has also reported managing a global mandate, though the Australian strategy remains the flagship and primary public representation of the firm.