E7 Group initiation research published
Our first E7 Group note examines the growth of Identity Solutions, the returns from its expanded manufacturing base and the path to stronger cash generation.
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Updates
The latest from Evermore.
Global Intelligence finishes its first year ahead
The Global Intelligence research model finished its first year with a gross total return of 18.79% in Australian dollars, against 14.97% for the benchmark. It was far from a straight line: two positive opening quarters gave way to a difficult March, before a strong finish rebuilt the lead. The annual letter reflects on what worked, the concentration risks that became clear along the way and the changes made for the second year.
Read the full-year letterA strong June quarter, with more businesses contributing
The research model returned 15.54% gross in Australian dollars for April–June 2026, compared with 11.83% for the benchmark. SK Hynix, ASML and TSMC led the gains, with resources, aerospace, insurance and power infrastructure also contributing. Following the March restructuring, the recovery came from a wider mix of businesses. The letter reviews those results and the portfolio entering the new financial year.
Read the Q4 letterA difficult March quarter prompts a rethink
January–March 2026 brought the research model’s first quarterly loss: a gross return of -7.22% in Australian dollars, against -4.99% for the benchmark. The setback exposed a shared reliance on high valuations and growth expectations across holdings that had looked diversified by sector. The letter explains the response: a broader mix of earnings drivers, new exposure to insurance, energy and industrial infrastructure, and an increase in cash to 8%.
Read the Q3 letterA second positive quarter, led by fewer winners
The research model gained 2.75% gross in Australian dollars over October–December 2025, ahead of the benchmark’s 1.96%. SK Hynix was the standout, while Alphabet and the new healthcare holdings helped offset weakness elsewhere. The letter looks beyond the positive headline to a narrower group of contributors, another currency headwind and the decisions behind the January rebalance.
Read the Q2 letterA positive start for Global Intelligence
The Global Intelligence research model returned 7.84% gross in Australian dollars in its opening quarter, July–September 2025, compared with 6.13% for the benchmark. Alphabet, Tencent and TSMC led the gains, despite a drag from currency movements. The first letter introduces the portfolio’s investment thinking and explains how the October rebalance broadened its exposure to financial infrastructure, healthcare and marketplace businesses.
Read the Q1 letter