Bennelong partners with Canopy Investors to launch global small & mid-cap fund
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Years in business together

Project introduction

Problem & challenges


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Bennelong Funds Management has partnered with boutique investment managers Canopy Investors to launch a global small and mid-cap equities fund.

Canopy Investors was formed in 2023 by Kris Webster and Michael Poulsen, who are co-portfolio managers of the Canopy Global Small & Mid Cap Fund*. They have more than 30 years of collective experience investing in listed global equities and have worked together for more than a decade, previously leading the small and mid-cap team at Magellan Asset Management.

The Canopy Global Small & Mid Cap Fund invests in a concentrated portfolio of high quality and attractively priced small and mid-cap listed companies, with balanced exposures across a range of sectors and regions.


Bennelong CEO John Burke says the partnership brings a new, attractive asset class to Bennelong and its investors.

“There is no doubt that Kris Webster and Michael Poulsen are high-calibre investment managers. Their experience and track record in managing global equities created an outstanding opportunity to bring a great team and fund to our clients, and Australian investors more broadly.

“We believe there are great opportunities in the small to mid-cap market in the current environment. The fund offers diversification away from an increasingly concentrated global large-cap index. This is an opportune time to launch a partnership with a specialist and experienced team of investment managers.

“As a business, our approach is to partner with high quality boutique asset managers and bring high-grade investment product to the Australian market.

“By providing distribution, administration and business support, we allow our partners to focus on what they do best – manage money.”

Mr Webster says that while Australian investors have dozens of options to access large-cap global listed equities, there are far fewer opportunities to invest in a portfolio of high-quality smaller global companies.  

“By allocating to small and mid-cap companies, investors benefit from a broader range of opportunities and greater diversification. The global index is increasingly concentrated in the largest companies – the largest 200 companies represent about two-thirds of the most commonly referenced global index - and most global equities strategies are naturally focused on these stocks. We think such a focus ignores incredible opportunities among the more than 5,000 smaller global listed companies, many of which are very high-quality businesses and have strong and aligned management.

Smaller companies also offer the potential for strong returns, as seen historically. These companies typically have longer growth runways than larger companies, and mispricing is more likely to occur and persist, given that they often attract less investor focus than their larger counterparts.”

Mr Poulsen says the name ‘Canopy’ connotates forest canopies, symbolising growth and protection, which aligns with the firm’s investment goals for its clients.

“Canopies are also rich in diversity, similar to the global small and mid-cap universe in which we invest.

“The fund will only invest in high-quality companies with demonstrable competitive advantages, aligned management, strong financial results, and favourable ESG characteristics. Quality companies have been shown to outperform over time, and this is especially true among smaller companies.

“We are long-term investors, and conduct in-depth fundamental research to uncover high-conviction investment ideas. Our team is highly collaborative, having worked directly together for many years. We have implemented the latest software and systems, coupled with our proprietary data and processes, to build a balanced best ideas portfolio.

“We view our investors as partners. We invest our personal wealth into our funds, ensuring our goals are constantly aligned. And we are thrilled to be able to partner with Bennelong.”

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