The Small Cap index is lying to you with Andrew Mitchell

Australia’s small-cap index might have looked calm in FY26, but beneath the surface it was anything but. Ophir Founder and Senior Portfolio Manager Andrew Mitchell joins us to unpack record sector dispersion, why reporting season exposed cracks in the earnings outlook, and how AI &amp; data centre spending are reshaping opportunities for investors. Andrew also takes us inside Ophir’s bottom-up stock-picking process and explains why Codan remains one of the portfolio’s highest-conviction ideas.In this episode:00:00 Small caps: calm on the surface, chaos underneath05:45 What reporting season revealed about Australian earnings09:45 AI, data centres &amp; the changing CapEx trade14:33 Southern Cross Electrical &amp; Australia’s data centre boom17:57 Why reporting season volatility is getting harder to navigate21:56 Inside Ophir’s small-cap investment process28:44 Why Ophir avoids commodity-driven sectors33:09 The Codan thesis: gold detectors, drones &amp; defence spendingStocks &amp; ETFs Mentioned: BHP (ASX: BHP), Rio Tinto (ASX: RIO), REA Group (ASX: REA), SEEK (ASX: SEK), JB Hi-Fi (ASX: JBH), Cleanaway Waste Management (ASX: CWY), Integral Diagnostics (ASX: IDX), Monash IVF Group (ASX: MVF), Southern Cross Electrical Engineering (ASX: SXE), SKS Technologies (ASX: SKS), NRW Holdings (ASX: NWH), GenusPlus Group (ASX: GNP), Codan (ASX: CDA), DroneShield (ASX: DRO), TPG Telecom (ASX: TPG), Afterpay, Quanta Services (NYSE: PWR), MasTec (NYSE: MTZ), Microsoft (NASDAQ: MSFT), Amazon (NASDAQ: AMZN), Motorola Solutions (NYSE: MSI)Ophir publishes a free monthly newsletter covering their view on Australian and global markets, as well as the companies they are buying and selling. To sign up and learn more about their funds head to - https://www.ophiram.com.au/subscribe-equity-mates/———Want to get involved in the podcast? Record a voice note or send us a messageAnd come and join the conversation in the Equity Mates Facebook Discussion Group.———Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing – we’ve got you covered.Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)We’re particularly excited to share our latest show: Basis PointsListen to the podcast (Apple | Spotify)Watch on YouTubeRead the monthly email———Looking for some of our favourite research tools?Download our free Basics of ETF handbookOr our free 4-step stock checklistFind company information on TIKRResearch reports from Good ResearchTrack your portfolio with Sharesight———This podcast is intended for education and entertainment purposes only. Any advice is general advice and has not taken into account your personal financial circumstances. Before acting on general advice, you should consider if it is relevant to your needs. If unsure, speak to a financial professional. The host of this podcast and their guests may have positions in the companies mentioned. Equity Mates Media is part of the Betashares Group but maintains editorial independence and operates under Australian Financial Services licence 540697. Hosted on Acast. See <a style='color:gre