With two top-performing funds and some surprising portfolio picks, this ASX fundie is optimistic about what's next.
It's been a standout year for boutique investment house Ophir Asset Management. The firm's Australian Opportunities Fund posted an impressive 39.2% return for FY25, while its Global Opportunities Fund recorded a stellar 41.8% return.
Both funds are among the best performers in Australia, and impressively, they've also delivered consistently strong results over longer timeframes.
That's a rare combination.
So what's behind the impressive performance?
According to Ophir co-founder and senior portfolio manager Andrew Mitchell, the answer lies in the basics: deep research, smart position sizing, and the conviction to hold when markets wobble.
"You can't buy conviction if you haven't done the work," Mitchell said in a recent interview.
Let's take a closer look at the five stocks Mitchell highlighted as bullish holdings in FY26:
1. Life360 (ASX:360)
Life360, the ASX tech company behind the popular family safety app, has been quietly building momentum — and the numbers are starting to reflect it. In the first quarter of FY25, revenue surged 32% year on year to US$103.6 million, underpinned by a sharp increase in paying subscribers.
With more than 83 million monthly active users now on the platform, Life360 is not just growing — it's maturing. Improving profitability and a clearly defined path to monetisation suggest the business is evolving from a high-potential disruptor into a sustainable global growth story.
Add in opportunities across advertising, pet tracking, and international expansion, and it's easy to see why some investors think the best may be yet to come.
"They've got virality," Mitchell said. "Once they really start flexing the platform — advertising, pet, aged care — it's going to surprise everyone."
Despite recent gains, there is potential long-term upside as the business scales into new markets.
2. Generation Development Group (ASX: GDG)
This lesser-known financial services business has been quietly growing through acquisition, snapping up Lonsec and Evidentia to expand its presence in asset consulting.
"It's a scale business," said Mitchell. "They've now got a huge lead."
Despite a share price rise of 114% to close out FY25, Mitchell sees GDG as a core compounder in its domestic portfolio.
3. Stride (NYSE: LRN)
Online education company Stride was once dismissed as a COVID-era flash in the pan — but Mitchell's long-term thesis is paying off.
When a short-seller report rattled the stock, the team stuck to its guns: "We'd done the work and it turned out the concerns were unfounded."
The result? A multi-bagger return over four years.
4. iRhythm Technologies (NASDAQ: IRTC)
A medical device company revolutionising heart rhythm detection, iRhythm uses AI-enhanced wearables to monitor patients more effectively than traditional Holter monitors.
The stock rose ~70% in FY25 and remains a high-conviction holding.
5. AAR Corp (NYSE: AIR)
A provider of aircraft maintenance services, AAR Corp is riding the tailwinds of delayed plane deliveries and aging global fleets.
"AAR is picking up share fast," said Mitchell. "With just single-digit market share today, there's a lot of room to grow."
A timely profit upgrade helped propel the stock recently, and Mitchell sees plenty of upside left.
What lies ahead?
Mitchell remains constructive on markets, even as volatility lingers.
"There's always a reason not to invest," he said. "But we stayed fully invested and found opportunities."
Ophir's performance in FY25 is a reminder that disciplined research and long-term thinking can still win — even in choppy markets.
While not a recommendation to buy these stocks, Ophir's conviction in its portfolio and Mitchell's comments offer insights into what professional investors are watching right now.
