Did you know there are roughly 2,400 ASX shares?
This means that even finance journalists like me occasionally come across tickers that I'd never before.
It also means that, at any given time, there are plenty of good buys that you don't even realise they exist.
So with an open mind, take a look at the two stocks below that Glenmore Asset Management portfolio manager Robert Gregory is keen on.
They are both investment management companies, which is perhaps why they're not discussed much by experts from rival financial firms.
It's all a bit "meta":
The small-cap ASX shares 'ahead of our expectations'
Pacific Current Group Ltd (ASX: PAC) is reportedly a small team but has a pretty decent market capitalisation of $507 million.
The share price has risen 35% over the past 12 months, with a 7.4% boost in January alone.
Gregory attributed this to a business update late in the month.
"PAC released its quarterly funds under management (FUM) update, which was ahead of our expectations," he said in a memo to clients.
"PAC reported group FUM of $227 billion at 31 December 2023, up +6% over the December 2023 quarter."
The company's boutique private capital brands Pennybacker, Victory Park, and ROC Partners all performed strongly.
"PAC's guidance for FY24 is for total new commitments of $2 to $5 billion. Given $2.6 billion was delivered in the first half, the company is well placed for a strong FY24."
Despite the rocketing share price, the stock remains great value for those willing to buy now.
"PAC trades on an FY24 PE multiple of ~13x, which is very attractive in our view given the robust earnings outlook."
All six analysts agree on this one
Pacific Current owns a 4% piece of fellow investment house GQG Partners Inc (ASX: GQG), which Gregory and the Glenmore team is also bullish on.
The GQG share price also impressively rocketed 10.3% last month.
"GQG released a strong December 2023 funds under management (FUM) update, showing FUM increased from US$113 billion, end of November, to US$121 billion.
Again, notwithstanding a 37% lift in the stock price over the past 12 months, Gregory reckons GQG shares are still cheap.
"GQG continues to trade on a very attractive valuation and has a strong outlook for new inflows in 2024 given its outstanding track record across its various global equity funds."
Pleasingly, Gregory's peers unanimously agree.
According to CMC Invest, all six analysts covering GQG rate the stock as a buy right now.
