Ophir High Conviction Fund Reports -4.4% NAV Decline for October 2026

Aakashdeep

12 November 2026 10:45 AM AEDT

Ophir High Conviction Fund Reports -4.4% NAV Decline for October 2026

Image Source: Krish Capital Pty Ltd

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Ophir High Conviction Fund (ASX:OPH) disclosed that its Net Asset Value fell -4.4% net of fees for the month ending 31 October 2026, underperforming its benchmark, which fell -2.8% over the same period, according to an investor update released on 12 November 2026.

Key Points

The Fund's NAV declined -4.4% (net of fees) for the month ending 31 October 2026, while the benchmark fell -2.8%.
The OPH ASX price fell -6.3% over the month, underperforming the benchmark.
Life360 (ASX:360) was identified as a top contributor, with its share price rising 11.2% over the month.
Codan (ASX:CDA) was identified as a top detractor, with its share price falling 9.6% over the month.
The OPH buy-back facility was rolled for another 12 months on 9 January 2026.

Fund Performance and Market Conditions for October 2026

According to the filing, Australian markets were mixed in October 2026. The ASX 200 rallied 1.4%, while the ASX Small Ordinaries ended the month down -6.4%. The underperformance in small caps was driven predominantly by ASX Small Cap Resources, which fell -13.9%. Against this backdrop, the Fund's NAV declined -4.4% net of fees for the month ending 31 October 2026, underperforming the benchmark's fall of -2.8%. The OPH ASX price also underperformed the benchmark, falling -6.3% over the month. The filing notes that past performance is not a reliable indicator of future performance.

Top Contributor and Top Detractor for the Month

The filing identified Life360 (ASX:360), described as a family location services company, as one of the largest contributors to performance for the month. Its share price rallied 11.2% over the month, with the filing noting there was no material news and that the stock rebounded as part of a recent rally in software stocks. Codan (ASX:CDA), described as a gold detector and communications company, was identified as one of the largest detractors. Its share price fell 9.6% for the month on profit taking after a run to record highs, with the filing stating there was no major adverse company news.

OPH Discount to NTA and Buy-Back Facility

The filing disclosed that the OPH share price traded at a discount to its Net Tangible Asset per share for October 2026. The company also noted that the buy-back facility was rolled for another 12 months on 9 January 2026. According to the filing, the fund manager stated it will continue to utilise the buy-back facility where it sees good value in the OPH unit price, and that it remains committed to using this mechanism where it believes it is in the best interests of all unitholders and accretive to the performance of the Fund over the long term. The investor update was provided by Co-Founders and Senior Portfolio Managers Andrew Mitchell and Steven Ng.

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