swell asset management — Est. 2015
Long-term owners of exceptional businesses.
We invest in a small number of high-quality global companies, combining valuation discipline with patience. Our objective is not to track an index, but to compound capital over time.
Explore our approach
Scroll
The approach
We invest with patience, conviction, and discipline.
01
Long term horizon
We assess businesses over years, not quarters, allowing our decisions to be guided by fundamentals rather than short term market movements.
02
Concentrated portfolio
We invest in a small number of high quality businesses that we understand deeply and believe offer attractive long term returns.
03
Global focus
We invest globally, wherever we find the strongest combination of business quality and prospective return.
Philosophy — 02
Time allows exceptional businesses to reinvest, strengthen their competitive position and increase their underlying value.
Lachlan Hughes, Swell Asset Management
FOCUS
What we look for
Our approach is anchored in three enduring principles. They shape how we invest, how we make decisions, and how we partner with our clients through full market cycles.
By the numbers
A track record measured in decades, not quarters.
$103M
Assets under management
As at August 2026
2015
Founded
Founded led and independently minded
11+ yrs
Track record
Investing through changing market conditions
10.94%
per annum since inception after fees
Swell Global Portfolio as at 31 Aug 2026
Insights
Notes from the desk.
Research
AI is making intelligence cheap. What comes next?
Research
AI is changing where value accrues. Most investors haven’t noticed
Research
Figma: Beneficiary in the Age of AI
Research
How much productivity is truly at stake? An economic framework for AI revenue
Research
Why we own SK Hynix and NVIDIA’s ecosystem risk matters
Contact
For investors who think beyond the short term
We work with a limited number of investors seeking a concentrated approach to global investing.
© 2026 Swell Asset Management. All rights reserved.
Past performance is not indicative of future results.
The information in this website (the ‘Information’) has been prepared by Swell Asset Management ABN 16168141204 (‘Swell Asset Management’, ‘we’ or ‘us’) a Corporate Authorised Representative No. 465285 of Hughes Funds Management Pty Limited ABN 42167950236, who is a holder of an Australian Financial Services Licence AFSL No. 460572 and authorised to provide financial services to wholesale clients only.