Vantage Point: Driving Success in the Australian Market

On the latest episode of Vantage Point Podcast, Nick Leitl joinsus to discuss the journey from fund manager to co-founder of LSN Capital Partners and what it takes to build and grow an investment business from the ground up.Drawing on more than two decades in markets, including 16 years managing money at K2 Asset Management, Nick reflects on launching a fund in a challenging environment, how LSN's investment process has evolved over the past four and a half years and the lessons learned along the way. We also explore why management quality sits at the centre of LSN's investment philosophy, how the team approaches sector allocation and capacity management and a candid investment mistake where a compelling macro thematic ultimately couldn't overcome poor execution at the company level.

Most businesses are using AI the same way; typing prompts into ChatGPT or Claude and hoping for the best. As business usage proliferates during the rush to harness AI, the question of who governs these models, and how, is becoming one of the most important problems the world must face.On the latest episode of Vantage Point Podcast, David joins us for a second time to update us on Decidr AI, an AI infrastructure company that sits on top of the major models, OpenAI, Anthropic, and other open source models, and orchestrates them into structured, deterministic business workflows.David explains why the world is moving from prompting to tasks, how Decidr’s approach to deterministic workflow design tackles the twin problems of AI accuracy and cost, and why he believes we're entering what he calls the sovereign era of AI; where governance, accountability, and visibility matter as much as capability.We also get into SugarWork, Decidr’s recently acquired knowledge-capture platform, the concept of building your own company large language model, and why protecting how your business actually does things is fast becoming a strategic priority.A genuinely interesting discussion on what it looks like when AI grows up.

Multiple System Atrophy progresses faster than Parkinson's, attacks multiple systems at once, and takes an average of seven doctors before patients receive the correct diagnosis. There is currently no approved treatment.On this episode of Vantage Point Podcast, we sit down with David Stamler (CEO) and Daniel Claassen (CMO) of Alterity Therapeutics to discuss their drug candidate ATH434, phase two results showing nearly 50% reduction in disease progression rate, and the path to a phase three trial.We also cover Alterity's orphan drug and fast track FDA designations, upcoming phase three study design discussions, and the drug's potential beyond MSA - including Parkinson's and Friedreich's Ataxia.

In this episode we’re joined by Executive Chairman of Green360 (GT3:ASX), Aaron Banks.Cement is the second most consumed product on earth after water, and the industry generates roughly 8% of global emissions — the equivalent of the entire global car fleet. Yet the chemistry behind it hasn’t meaningfully changed in over 200 years.Green360 is changing that. Aaron acquired a Victorian production plant from French multinational Imerys for $1.9 million — an asset that would cost $120 million to replicate today — and has built it into a business doing circa $25 million in revenue over the last two years, supplying blue-chip clients including Dulux, Visy, Selleys, Bostik, Nufarm, Estée Lauder and Body Shop.Now he’s commercialising metakaolin, a low-carbon supplementary cementitious material that partially replaces Portland cement inside the concrete binder system.

In this episode of Vantage Point, we welcome back Nick Lissette, Founder and CEO of Blackpearl, a company operating at the forefront of the Agentic AI shift.Blackpearl is a market-leading data technology company powering next-generation sales and marketing across the US, with its platform delivering 114% year-on-year ARR growth as of last quarter.Nick walks us through how he built the business around a simple premise: helping SMEs generate revenue by identifying the moments that matter between buyers and sellers. At its core is the Pearl Engine, a proprietary data platform that processes more than 31 billion data signals to drive outcomes for marketers, sales teams and DaaS clients across the B2B ecosystem.In this conversation, we explore how Blackpearl turns data into revenue opportunities, the strategic acquisition of B2B Rocket, the signal-to-noise problem in AI, and why Nick believes much of the market remains years behind where the technology already is today.

EMVision co-founder and CEO Scott Kirkland joins the show to explain how their groundbreaking portable brain scanner aims to do for stroke what the ECG did for heart attacks, bringing fast, accurate point-of-care diagnosis to the ambulance and to the bedside. Scott breaks down the persistent inefficiencies in stroke care today, the race against time, the FDA De Novo pathway, and EMVision’s radio frequency technology designed to deliver faster triage, transfer and patient management for dramatically better patient outcomes. He also shares their ambitious go-to-market strategy targeting the US Stroke Belt and why this could be one of Australia’s most promising medtech stories on the ASX.

In this episode of Vantage Point, we’re joined by Leo Barry, Portfolio Manager at Fairview Equity Partners, one of Australia’s longest-standing small cap funds, with nearly 19 years of operation and top quartile returns across most periods.Leo’s path into funds management was anything but conventional. After a 15-year AFL career with the Sydney Swans, he began with unpaid work experience on the equity desk at Citigroup, before moving to the sell side at Merrill Lynch and eventually finding his home on the buy side at Fairview Equity Partners.We cover the mechanics of how Fairview operates: a small team of generalist portfolio managers, a deliberately concentrated but diversified portfolio, and a simple one-page investment process that has remained largely unchanged since the fund launched. Leo also shares why resources have been such an important part of the portfolio, how gold became Fairview’s strongest-performing sector over time and why sell discipline is often more important than stock picking.

In this episode, we welcome Chris Judd back to Vantage Point — and a lot has changed since we last spoke. Cerutty Macro Fund has delivered annualised returns of close to 25% since inception in June 2023, built on a macro-thematic framework that prioritises secular tailwinds, liquidity awareness, and elite management teams over style-box convention.We dive into how Cerutty navigates shifting market conditions, current views on gold, energy, and AI infrastructure plays including Vysarn and ikeGPS, and why Chris has built the fund for returns rather than scale. He also speaks candidly about the psychology of staying the course through volatility, the lessons elite sport brings to investing, and what it really takes to back yourself. 

Laserbond might be one of Australia’s best-kept industrial secrets. In this episode, we sit down with CEO Rob Freeman to unpack how a 30-year-old surface engineering business is evolving into a globally scalable technology company. From extending the life of mining and industrial equipment to building proprietary laser tech and coatings, Laserbond is solving real-world problems that save customers considerable amounts in maintenance and downtime while pushing the boundaries of materials science.We dive into the big themes shaping the business right now, including the role of R&D in staying ahead of competition and what it takes to scale an Aussie industrial company. Rob shares candid insights on leadership, innovation, and why continuous product development beats trying to protect IP. If you’re interested in industrial tech, smart manufacturing, or how to build a durable, world-class business, this one’s worth your time.

In this episode of Vantage Point, we’re joined by Saluda Medical CEO Barry Regan for an insightful discussion around one of the ASX’s most compelling medtech growth stories. Drawing on more than three decades across medtech, biotech and pharma, Barry reflects on the experiences that shaped his career and what drew him to Saluda. We explore how the company’s Evoke® system is transforming the spinal cord stimulation market through its innovative and differentiated closed-loop technology, delivering a personalised, responsive and clinically superior approach to pain management. The discussion also covers the scale of the US$23B chronic pain market, limitations of incumbent therapies, the burden of opioids, and how Saluda is delivering a true step-change in the standard of care. Barry also elaborates on the strategy behind scaling its US commercial footprint and execution currently underway.

In this episode, we sit down with Sam Watson, managing director of Bioxyne (BXN:ASX), to unpack how the company is positioning itself at the intersection of medicinal cannabis, psychedelics, and precision medicine. We dive into the regulatory landscape across the UK and Australia, breaking down how prescribing works and why navigating compliance is critical to success. A key focus is GMP certification, and how maintaining pharmaceutical-grade standards builds trust and creates a competitive edge. We also explore Bioxyne’s strategy of manufacturing finished products, from inhalable flower to fast-growing formats like pastilles, and how they’ve carved out a strong position in the Australian market. Beyond cannabis, the conversation touches on emerging therapies like psilocybin and MDMA, and the growing opportunity to treat conditions like depression and PTSD. Finally, Sam shares Bioxyne’s unique approach to commercialising investigational medicines earlier to accelerate growth while managing risk. This is one of the fastest-growing sectors in healthcare — and Bioxyne is one of the few ASX-listed names that’s doing it profitably. 

Most biotech stories are about risks and setbacks, but this one is built on resilience, innovation, and a long-term vision to change healthcare. Will and Ali share how they’ve strategically blended a platform approach, lean operations, and disruptive technology to accelerate growth — all while navigating clinical milestones and regulatory hurdles. Discover how a $50 million deal could fast-track drug delivery applications that might revolutionize treatment for neurodegenerative diseases and beyond.You'll learn how their proprietary polymer platform enables multiple applications from bone regeneration to nasal drug delivery without compromising on safety or manufacturing consistency. We break down how applying a SaaS-like business model in medtech allows for rapid scaling, high margins, and strategic joint ventures that keep the company lean and flexible. Plus, dive into the importance of global partnerships, clinical validation, and meaningful KOL engagement in building a sustainable, patient-centric biotech.Why does all this matter? Because in a world demanding shorter hospital stays, outpatient procedures, and less invasive treatments, this platform could redefine how healthcare providers deliver therapies at a global scale. If you’re an investor, entrepreneur, or healthcare professional seeking exposure to the next wave of breakthrough medtech, this episode is essential listening.Perfect for those interested in innovative biotech strategies, accelerated clinical pathways, and the future of drug delivery. Will and Ali’s insights reveal not just how to build a resilient company, but how to do it with a clear mission to impact millions of lives. Tune in and discover the long game of biotech innovation that’s already happening.Will is the CEO of TetraTherix, known for his strategic vision in medtech commercialization. Ali is the founder and chief scientist, with deep expertise in polymer engineering and regenerative medicine.

In this in-depth interview, Glenn discusses Hazer's innovative technology for converting methane emissions into hydrogen and graphite, its market potential, strategic partnerships, and future growth plans. Discover how Hazer aims to revolutionise decarbonisation and capitalise on the massive global demand for clean hydrogen and steelmaking solutions.Key topicsHazer's proprietary technology and its unique approach to decarbonisationMarket opportunities in green hydrogen and critical mineralsStrategic partnerships with KBR and industry playersHazer's pipeline and commercialisation strategy

The conversation explores the evolution of Solvar, a lending company, its strategies in the non-bank lending market, financial performance, customer care, and future outlook. The discussion highlights the importance of adapting to market changes, focusing on customer relationships, and maintaining shareholder value through dividends and strategic growth.TakeawaysSolvar has evolved significantly over the past 18 years.The lending market has seen a rise in non-bank lenders due to banks exiting certain sectors.Solvar's focus on customer care is crucial for managing high-risk clients.The company has seen a strong turnaround in lending volumes post-ASIC issues.Dividends are a key part of Solvar's capital management strategy.Solvar's market position is strengthened by its low leverage and equity funding.The leadership team has remained stable, fostering a strong company culture.Future growth is expected from the Benji product and commercial lending.The company aims to simplify operations and focus on the Australian market.Solvar's commitment to community service is integral to its business model.

SummaryIn this episode of Vantage Point, Hugh Robertson from Morgan's shares insights into the evolving landscape of stockbroking, the importance of finding undervalued small-cap companies, and the value of long-term client relationships. He discusses the challenges faced by small companies, the role of directors in public companies, and provides an outlook for 2026, highlighting emerging opportunities in various sectors.TakeawaysStockbroking has become increasingly inefficient over the years.Fewer stocks are covered, leading to opportunities in lesser-known companies.The best investment opportunities often come from companies that are understated and not actively seeking attention.Long-term client relationships are invaluable in navigating the stock market.Investors should focus on companies that treat every dollar as if it's gold.Most companies can be resuscitated with the right management and strategy.Public company boards often prioritize their own interests over shareholders.Patience is crucial in investing, especially with small-cap companies.Emerging sectors, such as security and resources, present new investment opportunities.The journey of finding the next big investment is ongoing and requires continuous effort.Keywordsstockbroking, small caps, investment strategies, long-term clients, public companies, market trends, emerging companies, investment outlook, family business, capital raising.

In this episode, we sit down with the CEO of Wagner's Cameron Coleman to unpack one of Australia’s most distinctive industrial stories. From humble beginnings as a Toowoomba-based trucking operation in the late 1980s to a vertically integrated, ASX-listed construction materials and composites group, Wagners’ journey is deeply tied to Queensland’s growth and global infrastructure trends.We start with the founding legacy of the Wagner brothers, exploring how the business was built, how it evolved over decades, and the guest’s personal involvement in shaping its direction. From there, we break down Wagners’ three core segments: Construction Materials, Composites and Projects, outlining how each business contributes to the group’s resilience and long-term strategy.With Queensland still central to the company’s DNA, the conversation turns to the state’s economic outlook, infrastructure pipeline and what Brisbane’s 2032 Olympics could mean for construction materials demand. We also dive into the benefits of Wagners’ vertically integrated model, including ownership of quarries and haulage fleets, and how that structure helps manage cost volatility and improve operational efficiency.The discussion then shifts to recent performance and strategy. We unpack the September capital raise, what it enables, and how it supports Wagners’ forward growth plans. Innovation is a major theme, particularly the role of R&D and how it underpins the Composites Fibre Technologies (CFT) business.A deep dive into CFT follows, covering why Wagners’ composite fibre poles are gaining traction, what makes them structurally and economically different to traditional alternatives, and how they are positioned to benefit from grid electrification and energy transition trends. We also explore the US opportunity, lessons learned on the ground, and where management is focusing its efforts in that market.We close with a forward-looking outlook, discussing what investors and listeners should expect from Wagners over the coming years, including key milestones, growth priorities and how the company sees its role in building safer, more sustainable infrastructure at home and abroad.

In this episode, we sit down with Joe Bartolo, Founder and Group Managing Director of Symal Group, to unpack one of Australia’s most compelling founder-led infrastructure stories.Joe shares his journey from starting a small landscaping and driveway business in 2001 to leading a vertically integrated, ASX-listed infrastructure services group generating around $1 billion in annual revenue and employing more than 2,000 people nationwide. We explore how Symal evolved into a diversified platform spanning civil infrastructure, utilities, power and renewables, plant and equipment, and specialist contracting, and why its self-performing model and disciplined approach to risk have become key competitive advantages.The conversation dives into Symal’s work-in-hand pipeline, with infrastructure and power and renewables underpinning long-term visibility, and examines why sectors such as utilities, data centres, and defence are attractive growth markets. Joe discusses the operational drivers behind Symal’s strong FY25 performance, including margin discipline, project execution, and growth in plant and equipment, as well as how the group balances organic growth with founder-led acquisitions.We also cover Symal’s national expansion strategy, the strategic rationale behind recent acquisitions in Queensland and other states, and how new debt and guarantee facilities provide flexibility to execute its inorganic growth strategy while optimising cost of capital.Finally, Joe reflects on leadership, culture, and legacy. He explains how Symal invests in people through training, safety frameworks, and cultural inclusion, shares his experience taking the business public, and outlines how the board and executive team are planning for succession and long-term stability. The episode closes with Joe’s outlook for Symal over the next three to five years and what investors should watch as the group continues to scale.A must-listen for investors interested in founder-led businesses, infrastructure growth, and disciplined capital allocation at scale.

Fresh off a $150 million IPO, Advanced Energy Holdings (AIH) CEO Andrew Beneon joins us to unpack the company’s maiden FY25 results and the material-science platform driving its global scale. AIH develops, engineers and manufactures mission-critical products that protect some of the world’s most valuable energy infrastructure across hazardous and highly regulated environments.In this episode, Andrew explains why a UK-headquartered business chose the ASX, how AIH has built a 20-year track record with zero in-service failures, and why the company’s disciplined innovation pipeline continues to open new markets from oil and gas to hydrogen, EV batteries and defence. He details how AIH converts a $2.4 billion pipeline, operates 20 facilities across 13 countries, and delivers strong visibility with a record backlog supporting reaffirmed FY26 guidance.We also dive into AIH’s acquisition strategy, its cross-selling model, progress in floating wind and subsea monitoring, and the cultural integration required to keep innovation at the centre of a global organisation.A deep, inside look at a newly listed industrial leader entering its next phase of accelerated growth.

IkeGPS CEO Glenn Milnes joins us to unpack one of the most compelling growth stories on the ASX. ikeGPS is redefining how utilities, telcos and engineering firms digitise, design and maintain overhead networks — at a time when the U.S. is undertaking the largest grid hardening and fibre build-out in its history.Glenn discusses the company’s evolution from hardware to a software-led “pole OS,” the scale of the U.S. infrastructure challenge, the rise of AI-driven productivity in utility engineering, and how products like Ike Pole Foreman have become industry standards. We also explore customer traction, subscription growth, NPS outcomes, and the 20-year macro tailwinds reshaping the business.

In this episode of Vantage Point, we sit down with Nick Lissette, CEO of Black Pearl Group, the AI-driven data technology company listed on the NZX and preparing for an ASX debut later this month. Nick walks us through a strong recent quarterly update, the company’s $15 million capital raise, and how Black Pearl’s Pearl Engine is helping SMEs accelerate sales and marketing through smarter data. We also discuss the path to the ASX and why Black Pearl has become one to watch. Enjoy the episode.

In this episode of Vantage Point, we’re joined by Peter De Leo, Managing Director and CEO of Lycopodium Limited (ASX: LYL) — a leading global engineering and project delivery organisation with an established track record across the resources, infrastructure and industrial processes industries. Peter discusses how Lycopodium continues to deliver strong performance through disciplined project execution, a solutions-driven culture and long-standing client partnerships. He shares insights into the company’s evolving role in an era of energy transition and sustainability, the growing demand for engineering expertise in battery and critical minerals projects, and the leadership principles that underpin Lycopodium’s reputation for reliability and innovation.It’s a thoughtful conversation that explores how Lycopodium is positioning for long-term success while staying true to the values that have defined its three-decade history as it continues pursuit of its global expansion strategy.

Hashan De Silva, Founder and Managing Partner of new specialist healthcare fund KP Rx, speaks to Vantage Point about how his investment process has an edge in the life sciences sector, why now is the right time to invest, and the diverse experience he brings to to funds management

Chris Oates recently took on the role of managing director of Duratec, a company he co-founded in 2010. In this episode of Vantage Point, Chris talks about what the business was initially at its core and how this has developed over time, as well as how a strong culture has been an integral part of the business’s success and some of the key drivers going forward.

In this episode of Vantage Point, we talk to Glenn Corrie, Managing Director of Hazer Group. Glenn discusses his extensive background in the clean energy space and how he has evolved as a leader, as well as what attracted him to the role at Hazer Group and the world-first technology the company has developed.

New Zealand’s Aroa Biosurgery was founded in 2008 by Dr Brian Ward who discovered that a tissue scaffold called the extra cellular matrix (ECM) found in the forestomach of sheep has a similar structure to human tissue and contains over 150 proteins known to be important in the healing process.  In this episode, we sit down with Brian to discuss the company's founding, path to listing on the ASX and what the future looks like for AROA.

We are joined by Gentrack (GTK:ASX) CEO Gary Miles. Gentrack is a provider of essential software and services to the utilities and airports industries. Gary is a serial entrepreneur who has successfully founded and sold two B2B software enterprise businesses and took the reigns of Gentrack in October 2022 when the stock price was $1, fast forward to today, the stock is trading over $6. Gary talks us through the company investment thesis, solutions and its position within the markets it plays in, and how he manages the company ethos and culture.

We were recently joined by Calix (CXL:ASX) managing director and CEO Phil Hodgson. From humble beginnings Calix has grown to be a global leader in the development of technology that has the company positioned to make a meaningful difference to decarbonising the world. In this episode of Vantage Point, Phil discusses Calix's journey, including the challenges faced, the possibilities created by its core technology and the opportunities that lie ahead.

In this episode of Vantage Point, we sit down with Stephen Crispe, CEO of RAS Technology Holdings Limited. RAS is a leading provider of fully integrated premium data and enhanced content to the global racing and wagering industries. Their clients include Entain Group, Flutter Group and Tabcorp. In episode 7 we sit down with CEO Stephen Crispe who dives into the Racing and Sports journey and discusses how they are using their proprietary IP and tech to enter the US market.

Professor Yuman Fong is co-inventor of the CF33 oncolytic virus, a technology that has been licensed to Imugene (ASX:IMU). He’s the Chairman of the Department of Surgery at City of Hope Cancer Centre in California. He’s an internationally recognised expert in pancreatic and liver cancer, as well as having developed many new surgical techniques and instruments. Ahead of his presentation as the keynote speaker at the Bioshares Biotech Summit, he joined us for episode 6 of NWR’s Vantage Point podcast.

Close the Loop is well positioned within the circular economy, providing end-to-end solutions across packaging and consumables to a variety of markets.    In episode 5 of NWR’s Vantage Point podcast, we discuss with CEO Joe Foster Close the Loop’s role within circular economy, its different divisions, examples of recycling programs and the Company’s recent significant acquisition, which will help drive a highly profitable business.   

Alexander Jannink established Acusensus in response to the tragic loss of a dear friend in a car accident and his growing concern over the rising number of road fatalities. In episode 4, we delve deep into Alex's compelling narrative, unveiling how Acusensus harnesses state-of-the-art technology to effectively reduce the occurrence of road-related fatalities. Acusensus has grown rapidly from the founding of the company and its AI-enabled camera technology to delivering more than $40m in revenue in just over four years.

In episode three, we sit down with Chris Judd, one of the AFL's most revered players, who has successfully transitioned from the world of AFL to establishing his own fund: The Cerutty Macro Fund. Listen in to learn how Chris got hooked on investing, his investing mindset, and how his days as a professional athlete will help him achieve alpha.

In NWR's second episode of its new podcast, Vantage Point, Microba's CEO Dr Luke Reid details the unique approach to healthcare through the gut and the multi-faceted approach through testing and therapeutics.

In this captivating episode of Vantage Point we delve deep into the remarkable journey of Grant Hackett, an Olympic champion who has successfully transitioned from the world of sports to the realm of business. Join us as we explore the inspiring story of a man who once conquered the swimming pool and now dominates the corporate boardroom as the CEO of an ASX listed company.