“There’s always a bull market somewhere in small caps” - Tobias Bucks

In this episode of Equity Mates Investing Podcast, host Bryce is joined by returning guest Tobias Bucks, Portfolio Manager for the Global Small Caps Fund at Ausbill Investment Management. Tobias shares his evolving investment philosophy over the past five years, highlighting a shift from US-centric growth investing to a renewed focus on global small caps, particularly in Japan, Europe, and the electrification of infrastructure. He emphasizes the importance of a 'value bias' in growth investing, warning against the psychological biases that lead investors to overpay for high-growth stocks. Drawing on behavioral studies from MIT and Stanford, Tobias illustrates how perceived value affects performance and decision-making. He discusses the current state of the small cap market, identifying enduring bull markets in electric grid infrastructure, defense, AI data centers, and onshoring trends, despite geopolitical risks like the conflict in Iran. Tobias also reveals his stock picks—Mueller Industries and NKT—both niche leaders in industrial and energy infrastructure with strong management, undervaluation, and exposure to long-term structural trends. He stresses the importance of active management, disciplined selling, and maintaining a journal to improve investment judgment over time.