Step inside the Bondi office of 5AM Capital, and you will not find a sprawling floorplan or a rotating schedule of pitch meetings. There is no excess. There are no press releases taped to the walls. What you will find is a lean team operating with tight focus, early hours, and an almost stubborn avoidance of the spotlight. That preference for privacy has paid off.
Since launching in 2022, 5AM Capital has delivered close to 19 percent annually, net of fees. The fund’s performance beats many of Australia’s largest managers. Yet ask around and many investors still do not know the name. That is by design. “We’re not trying to be famous,” says Chief Investment Officer Sam Chipkin. “We’re trying to be effective.”
Their effectiveness starts with concentration. The fund holds a small number of high-quality global companies, many of them monopolistic or near-monopolistic businesses with pricing strength and operational leverage. These companies generate cash without needing it. They include names like Amazon, Verisign, Hemnet, and Eurofins Scientific and are selected based on what 5AM Capital calls structural superiority. Market cycles may sway, but these businesses tend to keep earning.
Rather than rely on noise, the team starts early. Each morning in Sydney, they review overnight markets, connect with global contacts, and refine internal theses. Bondi mornings might seem like a world away from Wall Street, but they provide an edge in clarity. There are no ringing bells, no client lunches, just data, debate, and time.
Returns Built Quietly
The fund’s low profile is deliberate. There is no sales team and no advertising campaign. 5AM Capital has grown through performance and word of mouth. That growth, while quiet, has been consistent. Families and advisers who want proximity to the investment team—not just exposure to their strategy—have started taking notice.
Chipkin and his partners have committed their own capital in size. That alignment affects every decision. No one is chasing allocation flows or hedging career risk. The structure is built to compound, not campaign. “Reputation and returns are built the same way: slowly, and with care. We focus on both,” says Chipkin.
While other managers layer on new strategies to create headlines or chase fads, 5AM Capital has kept its offer simple and focused. That focus enables depth and prevents dilution. Rather than chasing headlines, the firm digs into company filings, management behavior, and pricing power. They are not analysts. They are owners.
Their discipline includes knowing when to stop. The firm has publicly stated it will cap its fund at AUD 750 million. Beyond that, scale would hinder precision. Larger funds are often forced into mega-caps and diluted bets. 5AM Capital wants to maintain flexibility, especially to hold mid-cap compounders that still have runway.
The early mornings are more than symbolic. They reflect a culture of preparation. While most of Sydney sleeps, the team is already reading transcripts, testing hypotheses, and speaking with operators. That rhythm—starting in Bondi and ending with Wall Street’s close—defines their global reach without losing their local concentration.
Bringing Global Best Practice to 5AM Capital
5AM Capital is shaped by a team with deep international experience and global perspective. Every core team member has lived and worked abroad, bringing the highest standards of global investment practice to our Bondi Beach headquarters.
Founder Sam Chipkin spent nearly a decade in New York, honing his investment philosophy at the centre of global finance. Tom Perfrement, originally from Canberra, studied (and competed in tennis) at Oxford University as well as working for global consulting and software businesses. Leah Bailey built her career across Manchester and London, and Glenn Poswell has worked in several global hubs, including New York and Asia in his roles as Head of Deutsche Bank’s Absolute Return Strategies Group for Asia Pacific, founder and CEO of Ellerston Capital, an alternative asset management firm and working with the Packer family.
Together, they blend international expertise with a local mindset—building a thoughtful, high-conviction investment firm grounded in world-class standards.
More Than a Product
Performance metrics get attention, but 5AM Capital’s structure has built trust. Clients speak directly with the team. Investor letters are dense with detail, not dressed with marketing language. There are no templated updates. There is only transparency, born from alignment.
What 5AM Capital offers is rare in today’s fund management environment: genuine proximity, durable performance, and restraint. The firm avoids fads, both in strategy and presentation. Its office is modest. Its portfolio is curated. Its communication is measured. It seems determined to do only what matters and none of what does not.
This quiet confidence is starting to resonate. The fund has passed $100 million in assets under management. Families have increased allocations. Advisers are starting to refer clients. But growth is a consequence, not a goal. The firm’s priority remains protecting its edge. That edge is conviction, patience, and a culture that would rather build quietly than broadcast loudly.
There are a few institutions that manage money like this. Fewer still do so with this kind of performance. “We built 5AM to be elite, not enormous. From Bondi, we reach the world,” says Chipkin. That line, like the fund, is compact, direct, and unapologetic.
Quiet does not mean small. In the case of 5AM Capital, quiet means sharp. And sharp, in this case, means world-class.
