Same positions. Same performance. No management or performance fees.
Poath Road manages a concentrated ASX equity portfolio. Investors in the fund pay management and performance fees on their capital. Subscribers to the research do not.
A research subscription gives you access to the same positions, the same thesis work, and the same trade activity — for an annual subscription. How much capital you allocate, and how you size each position, is entirely your decision.
The arithmetic of access versus ownership
Fund investors and research subscribers see the same positions. The difference is the fee structure and who controls capital allocation.
You allocate capital to Poath Road. We manage it.
This is the conventional arrangement. You delegate capital and pay for the management of it. The fees compound against your returns over time.
You see the same positions. You manage your own capital.
A $1,000,000 portfolio returning 20% in a year typically loses over $50,000 to management and performance fees. The research subscription is A$5,000.
What subscribers receive
Subscribers access the research and trade commentary behind the fund's positions. The output follows the lifecycle of each holding.
Initiation
When the fund enters a new position, subscribers receive the thesis, valuation framework, key risks, and expected catalysts.
Management
As positions are managed — adds, trims, or changes in conviction — subscribers receive updates explaining the rationale and any revisions to the thesis.
Exit
When the fund exits a position, subscribers are notified with a summary of the outcome and the reasoning behind the close.
Research cadence is driven by portfolio activity. When the book is stable, output is low. When positions are being initiated or managed actively, output increases. There is no obligation to produce volume.
Terms
Annual subscription to the fund's research output.
Access to the fund's published research, trade entries, position updates, and thesis revisions for the duration of the subscription term.
- Term 12 months from date of subscription
- Scope All published research and trade commentary during the term
- Alignment Every published company is held by the fund at time of publication
- Suitability Experienced, self-directed investors using this as one input to their own process
This website is informational only and does not constitute financial advice, a recommendation, an offer, or a solicitation to invest. Past performance is not indicative of future results. Capital invested is at risk. The research subscription does not constitute a managed investment scheme, financial product, or advisory relationship. Subscribers make their own investment decisions and bear full responsibility for their own outcomes. The fee comparison presented is illustrative only and uses assumed rates for general context. Actual fund terms may differ. Subscribers should obtain independent professional advice before making any investment decision.