Former AFL star Chris Judd, known for his analytical approach to investing, has made changes to the monthly reporting structure of his Cerutty Macro Fund. Judd, who previously spoke of enjoying the clear accountability of an investment ‘scoreboard,’ now faces scrutiny over the fund’s latest performance disclosures. The Cerutty Macro Fund is an investment vehicle that manages capital on behalf of its clients, aiming to generate returns through macro-focused investment strategies. It provides investors with exposure to a range of assets, typically focused on Australian small-cap companies.
The September 2026 report, released last week, showed Cerutty Macro Fund recording a 12.9 per cent loss over the past year, nearly double the 6.7 per cent decline of its chosen benchmark. For the first time since August 2023, the fund omitted its three-month return figure. In its place, the report highlighted a more favourable three-year annualised return of 13.6 per cent. Calculations suggest the missing three-month figure would have indicated a loss of 4.7 per cent for the September quarter, contrasting with a mere 0.5 per cent decline for the benchmark. When questioned, Judd stated that including the three-year number made sense given their recommended investment time frame of ‘three-plus years’.
Further questions have been raised regarding Cerutty Macro Fund’s choice of benchmark, the ASX Small Ordinaries Accumulation Index, which tracks 200 Australian small-cap companies. This contrasts with previous disclosures by the fund, which revealed stakes in significant global entities such as US-based mega-cap Alphabet and ASX 50 constituent Santos. Alphabet saw a 31 per cent increase over the past year, while Santos rose by 47 per cent. Judd defended the benchmark, asserting that the ‘vast majority’ of the fund’s holdings remained Australian small caps, though this leaves open questions about the contribution of larger-cap investments to overall performance.
