Definitions

Article / Newsletter / Note / Email Update

This is a long form analyst report on a particular investment that we will send to subscribers and then re-publish on the website shortly after, see our Latest Articles page for more.

Associated Entities

S3 CONSORTIUM HOLDINGS PTY LTD ATF NEXTINVESTORS DOT COM (Trust controlled by entities associated with Damian Hajda and Jason Price)
GLOBAL CONSORTIUM HOLDINGS PTY LTD <FTW HOLDINGS A/C> (entity controlled by Damian Hajda)
OKAWARI CONSORTIUM PTY LTD <THE OKA T A/C> (entity controlled by Jason Price)

Big Bet

The Big Bet is what we hope the ultimate success scenario looks like for a particular Investment over the long term (3+ years).

‘Bottom Drawer’ Portfolio

Read about our “Bottom Drawer” portfolio here.

Date of Initial Coverage / Initiating Coverage

The date a stock was added to a Portfolio and an Initiating Coverage Article was published.

Free Carry

Enough Shares Disposed in a company to recoup all Investment amounts in that company, but not enough to Take Profit. All Investments include Initial Investments or Subsequent Investments, plus tax payable on Capital Gains which we standardised at 30% for simplicity.

Highest Point

The % change between Highest Price and Initial Entry Price

Highest Price

The highest price of the stock from the Date of Initial Coverage

Initial Entry Price

The Volume Weighted Average Price (VWAP) for Shares Acquired by S3 Consortium and Associated Entities measured from the day that we Initiate Coverage on a stock, not including Shares Acquired before 1 Jan 2019.

S3 Consortium and our Associated Entities share our Investment journey over time through our public Portfolios. Occasionally we Invest in seed and pre-IPO capital raisings which are factored into our Initial Entry Price.

Initial Investment

The VWAP of the total Investment in a stock by S3 Consortium and Associated Entities - calculated at the Date of Initial Coverage.

Investment

Shares Acquired while a company is listed, Shares Acquired in pre IPO seed raises, IPOs and issue of shares in lieu of cash payment for services.

Investment Memo

A short, high-level summary of a particular portfolio companies that gives you an easily digestible look at:

What a company does
The macro theme driving it
Why we Invested
What we expect the company to deliver (Objectives & Milestones)
Key risks
Our Investment plan

Last Price

The last closing price of the stock.

Objectives & Milestones

Objectives are big goals that we want and expect our Portfolio companies to achieve over the course of the Investment Memo.

Milestones are the smaller sub goals which contribute to the larger Objective.

Percentage (%) Sold down

Number of Shares Disposed, shown as a % of the total number of Shares Acquired

Performance from Initial Entry

The % change from the Initial Entry Price (unrealised gain/loss)

Portfolio

We have four Portfolios shared on publicly available websites: Next Investors, Catalyst Hunter, Finfeed and Wise-Owl.

Each Portfolio is a collection of stocks that S3 Consortium and Associated Entities have researched and invested in and announced as an addition to the Portfolio.

Some of the companies in our Portfolios will have an active contract with S3 Consortium for services to publicly share our investment journey with our subscribers.

Portfolio Weighting

The individual position size relative to the total Portfolio size, based on the Last Prices. Shares Held are updated at the end of each month.

Quick Takes

A short form commentary on a particular announcement for a stock in our Portfolio or macro news that we publish on our website, see our Quick Takes page for more.

Shares Acquired

When S3 Consortium or Associated Entities makes an Investment in a stock.

Shares Disposed

When any Associated Entities sells shares. Any share sales must be in accordance with our trading policy found here.

Shares Held

Total amount of Shares Held by S3 Consortium and Associated Entities in a company. Shares Held are updated at the end of each month.

Subsequent Investment

Any further Investment into a company after the Initial Investment.

Take Profit

Further Shares Disposed after Free Carry is achieved to Take Profit.

Top Slice

Shares Disposed since First Coverage Date, but not enough to Free Carry.