Lennox Capital Partners

Lennox logo

Lennox Capital Partners (Lennox) is an active boutique investment manager specialising in Australian small and microcap listed equities. 


Lennox was founded in 2017 by James Dougherty and Liam Donohue. The pair previously worked at Macquarie Group where they managed the Macquarie Australian Small Company and Micro-cap funds. During their time working together, the Macquarie Australian Small Company fund consistently delivered top quartile returns, outperforming both its benchmark and peers. The Fund was also a finalist in the 2016 Australian Fund Manager of the Year Awards in the Australian Small Cap category.


Lennox's active bottom-up approach to investing utilises both qualitative screening and in-depth fundamental research to identify investment opportunities. Coupled with rigorous, deep-dive research ‘on the ground’, their investment process has consistently outperformed the S&P/ASX Small Ordinaries Accumulation Index over the medium to long term.


Lennox Australian Small Companies Fund


Lennox is an active, bottom-up stock picker. Their deep-dive, fundamental approach to investing is style-agnostic and utilises an effective yet structured process. Lennox identify mispriced opportunities, apply a rigorous qualitative screen to those opportunities, and then independently forecast earnings for any investment candidates. Ultimately Lennox invests in companies that have medium term valuation upside that will not disappoint in the short term.

Suits Investors Seeking:

  • A concentrated portfolio of smaller Australian and New Zealand companies
  • Potential for capital growth and some income
  • High levels of return, with increased levels of volatility

Fund Downloads

Fund report 



S&P/ASX Small Ordinaries Accumulation Index

Our Team

James Dougherty
James Dougherty
Principal & Portfolio Manager
Liam Donohoe
Liam Donohue
Principal & Portfolio Manager
Olivia Bible
Olivia Bible