By Joanne Tran
Shaun Weick is deputy portfolio manager of Wilson Asset Management’s small-caps fund, WAM Capital. The Sydney-based firm oversees around $6 billion in assets.
What’s your take on investing in small caps? Have you made any changes to your investments?
The volatility presents opportunity for active managers given our positive outlook for markets but serves as an important reminder to be nimble and open-minded. As rate expectations peaked and an easing cycle commenced in late 2024, market leadership transitioned to smaller companies which have outperformed by around 17 per cent this year.
In our view the ingredients for continued outperformance of small caps are in place – falling rates, rising government spend and an AI capex boom which is a structural theme driving animal spirits.
In terms of positioning, we have taken some profits in more speculative and US consumer-leveraged stocks in the short term, whilst actively placing bets in domestic cyclicals such as housing, retail and mining and industrial services companies where earnings momentum is improving. Finally, the market has a strong appetite for companies to undertake earnings accretive acquisitions so it is important to position around this.
Which stock in your fund has the most near-term upside?
We see 50 per cent to 100 per cent upside in Mayfield Group over the next 12 months. Mayfield specialises in electrical and telecommunications infrastructure products and services, providing investors with leverage to booming data centre spend, renewable energy, storage and transmission and defence sectors that are experiencing powerful tailwinds.
A robust order book provides strong visibility over FY26 earnings, while a reported $850 million pipeline of near-term prospects suggests a very strong outlook; maintaining historical conversion rates suggests significant earnings upgrade potential.
The company recently completed a $31 million equity raising to undertake acquisitions that will materially expand its market position and diversify product and technical capabilities. We think the market is underestimating the substantial earnings accretion, above 50 per cent, that is likely to occur, along with the opportunity to accelerate organic growth via cross sell. Management are proven operators and the stock trades on a market multiple which is highly attractive considering the outlook for organic earnings growth and deal accretion.
What’s a stock you like and own that (most) people haven’t heard of?
Artrya is a disruptive medical technology company specialising in artificial intelligence solutions for cardiovascular diagnostics. Its flagship offering is Salix, a patented, cloud-based AI platform designed to automate the analysis of coronary computed tomography angiography scans.
In August 2025, Artya’s salix coronary plaque platform received FDA approval, which positioned the company to transform the current standard of care both from the perspective of hospitals (which turns a cost into a profit centre) and patients (significantly improved accuracy and speed of diagnosis on plaque issues).
The company is partnering with six to eight leading US hospitals in the Sapphire study which underpins clinical validation and adoption. Collectively they perform more than 400,000 cardiac CT scans annually; this implies an above $500 million annual revenue at 90 per cent plus margins in what is a $US5 billion addressable market.
AYA have signed four significant hospital systems in recent weeks with a strong pipeline providing key near-term catalysts. The company is fully funded through to the critical run-rate breakeven point in FY27.
Finally, we think valuation upside is highlighted in key US peer Heartflow which is currently valued at $US2.8 billion versus its current market cap at $570 million. Index inclusion could also represent a catalyst into 2026.
What one piece of advice has influenced your approach to investing?
Work out the company, work out the stock price and work out what is going to move it; over time it is the earnings outlook versus market expectations that drives share prices.
Are there any podcasts that you’d recommend?
A favourite pastime of mine – markets and sports podcasts. In markets, the Real Eisman Playbook, hosted by Steve Eisman of The Big Short fame, is one I have been enjoying recently. Joe Rogan is a classic and the High Performance podcast is also a favourite which digs into the minds of anyone from pro athletes to SAS soldiers and psychologists.
What is your favourite local bar/restaurant?
Table Manners in Bronte for a nice meal, or the Robin Hood Hotel for a beer and wings.
Which stock in your fund has the most near-term upside?
We see 50 per cent to 100 per cent upside in Mayfield Group over the next 12 months. Mayfield specialises in electrical and telecommunications infrastructure products and services, providing investors with leverage to booming data centre spend, renewable energy, storage and transmission and defence sectors that are experiencing powerful tailwinds.
A robust order book provides strong visibility over FY26 earnings, while a reported $850 million pipeline of near-term prospects suggests a very strong outlook; maintaining historical conversion rates suggests significant earnings upgrade potential.
The company recently completed a $31 million equity raising to undertake acquisitions that will materially expand its market position and diversify product and technical capabilities. We think the market is underestimating the substantial earnings accretion, above 50 per cent, that is likely to occur, along with the opportunity to accelerate organic growth via cross sell. Management are proven operators and the stock trades on a market multiple which is highly attractive considering the outlook for organic earnings growth and deal accretion.
What’s a stock you like and own that (most) people haven’t heard of?
Artrya is a disruptive medical technology company specialising in artificial intelligence solutions for cardiovascular diagnostics. Its flagship offering is Salix, a patented, cloud-based AI platform designed to automate the analysis of coronary computed tomography angiography scans.
In August 2025, Artya’s salix coronary plaque platform received FDA approval, which positioned the company to transform the current standard of care both from the perspective of hospitals (which turns a cost into a profit centre) and patients (significantly improved accuracy and speed of diagnosis on plaque issues).
The company is partnering with six to eight leading US hospitals in the Sapphire study which underpins clinical validation and adoption. Collectively they perform more than 400,000 cardiac CT scans annually; this implies an above $500 million annual revenue at 90 per cent plus margins in what is a $US5 billion addressable market.
AYA have signed four significant hospital systems in recent weeks with a strong pipeline providing key near-term catalysts. The company is fully funded through to the critical run-rate breakeven point in FY27.
Finally, we think valuation upside is highlighted in key US peer Heartflow which is currently valued at $US2.8 billion versus its current market cap at $570 million. Index inclusion could also represent a catalyst into 2026.
What one piece of advice has influenced your approach to investing?
Work out the company, work out the stock price and work out what is going to move it; over time it is the earnings outlook versus market expectations that drives share prices.
Are there any podcasts that you’d recommend?
A favourite pastime of mine – markets and sports podcasts. In markets, the Real Eisman Playbook, hosted by Steve Eisman of The Big Short fame, is one I have been enjoying recently. Joe Rogan is a classic and the High Performance podcast is also a favourite which digs into the minds of anyone from pro athletes to SAS soldiers and psychologists.
What is your favourite local bar/restaurant?
Table Manners in Bronte for a nice meal, or the Robin Hood Hotel for a beer and wings.
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