Ophir Asset Management has emerged as the best ASX small cap investor over the past decade after its flagship fund toppled rivals in Mercer’s latest investment survey.

The Opportunities fund, managed by Ophir founders Andrew Mitchell and Steven Ng, returned 39.6 per cent before fees in the 12 months through March, thrashing the S&P/ASX Small Ordinaries Index, which fell 1.3 per cent. It also ranked first over two, three, five, seven and 10-year horizons, returning 23.5 per cent each year over the past decade.