Andrew Mitchell
Person
Andrew Mitchell is the founder and senior portfolio manager of Ophir Asset Management, an investment firm focused on Australian small-cap equities. He is known for managing small-cap investment portfolios and analysing the performance of Australian equity indices.
What Andrew Mitchell has said on podcasts
30 statements
Materials rose 50% in FY26, while software SaaS companies were heavily hit.
“materials go up 50%.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 2:48
- on Australian small-cap communications and consumer sectorsNegativeSep 17, 2026· Equity Mates Investing Podcast
Communication services and consumer discretionary sectors fell 20%.
“They were off 20%.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 3:45
FY26 produced the largest sector-performance dispersion Andrew has observed in ASX history.
“that is the greatest dispersion that we've seen between the best performing sectors and the worst performing sectors.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 4:03
Large sector movements generally reflect major structural market changes.
“when you get these movements is a big structural change.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 4:54
US-dollar-denominated assets benefit when America debases its currency.
“anything denominated in US dollars, you are going to do well.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 5:05
Market expectations for 2027 EPS growth fell to 8%.
“the EPS expectations for '27 for the market have now come back down to 8%.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 6:41
Subdued company outlooks lead to lower investment and hiring.
“When companies have maybe a little bit of a subdued outlook, it means they're not gonna invest as much in their business. They're not gonna hire as much.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 8:08
Australian companies’ balance sheets are in their strongest post-reporting-season condition.
“the balance sheets have come out post-reporting season in the best shape they've been.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 8:26
Higher hyperscaler capital expenditure is currently associated with falling share prices.
“You lift your CapEx, your share price goes down.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 10:31
Large amounts of data-centre capital are seeking investment opportunities in Australia.
“there's a huge amount of capital that's looking to come to Australia.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 12:58
Australia’s data-centre expansion will require substantially more energy supply.
“We're going to have to find the energy though”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 13:03
Australia could attract redirected hyperscaler data-centre capital because of its rule of law.
“Australia as a democratic, we've certainly got the rule of law down here, something we do very well, maybe not a bad place to put some more capital for those big US hyperscalers.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 14:20
Southern Cross Electrical is positioned to benefit from data-centre and grid infrastructure demand.
“we think it's well placed to do well.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 15:41
Labour availability is a significant problem for businesses.
“Labour's a problem.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 16:59
Tightening labour markets increase execution and margin risks.
“as it gets tighter and tighter, that's when the risk, the risk builds.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 17:31
Australian reporting-season share-price volatility has increased.
“Yeah, it certainly is more volatile.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 18:27
Markets are rewarding takeover candidates while investors exit crowded EPS-beating stocks.
“there's a bit of a regime change here with sort of, we're looking at these companies that are the EPS misses and they're getting taken over versus the EPS beats, which are now the funders and maybe the crowded stocks that people are moving out of.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 20:09
Some CEOs deliberately insert market buzzwords into communications.
“They are 100% dropping dropping what they know as buzzwords.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 21:28
Corporate earnings drive share prices over the medium to long term.
“Earnings are what drives a company's share price over the medium to long term.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 23:12
Aphia may forecast $750 million profit versus a market forecast of $500 million.
“we think it's gonna be $750 million.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 23:27
Positive EPS revisions drove major valuation-multiple increases for US electrification companies.
“we could see in the US that companies like Quanta and MasTech and ISC, they're all having these huge multiple rewrites driven by EPS revisions.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 27:04
Detailed research rarely provides an informational edge on gold companies.
“I'm not going to really get an edge.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 29:33
Aphia prefers industrials, healthcare, technology, and consumer discretionary stocks.
“Where you'll find us more to be overweight and hanging out are the ones where that edge really exists. So they're industrials, healthcare, tech, consumer discretionary.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 30:27
GenusPlus and Southern Cross Electrical doubled or tripled in value.
“GenusPlus and Southern Cross Electrical. So they're like 2% positions because they're not big companies, but they doubled and tripled.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 32:07
Investors should limit losses because investment decisions will sometimes be wrong.
“You've got to avoid how big your loss, because you will get them wrong. Just don't let the losses be too big.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 33:02
Codan dominates the gold-detector market.
“they own the market.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 33:25
Codan doubled the price of its GPZ 8000 detector to $18,000.
“They've doubled the price.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 34:47
Codan’s Gold Monster 2000 works across different mineralization environments.
“The Gold Monster 2000 is so good it works anywhere.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 35:27
Codan is well positioned to sell substantial drone-communications equipment globally.
“Codan's in the box position to be able to sell a huge amount of these comms.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 38:40
Codan is expected to grow faster than market forecasts for many years.
“we think this business is growing a lot faster than the market expects and it's got a runway for many years in the future to do well.”
Open the episode · The Small Cap index is lying to you with Andrew MitchellListen at 40:28
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
2 episodes featuring Andrew Mitchell
Equity Mates Investing Podcast
Small-cap gains mask a market split by sector
The episode shows why headline index returns can obscure sharply different business conditions and investment opportunities beneath the surface.
Sep 17, 2026 · 42 min
Equity Mates Investing Podcast
AI risks, oil shocks and the superannuation decisions that matter
The episode connects emerging AI threats and energy-driven inflation with practical questions about Australian growth investing and who receives superannuation after death.
Sep 16, 2026 · 43 min