In a market where nervous investors are shunning equities, Mirrabooka Investments is trading at a 4.75 per cent discount to its net assets. The company is focused on small and mid-cap stocks, a mandate which may play against it as investors appear to be favouring high-yield managers such as Djerriwarrh .

Despite the tough backdrop, Mirrabooka’s portfolio posted relative outperformance for the December half – shedding 2.3 per cent as the S&P/ASX Mid Cap 50s and Small Ords Accumulation Index fell 18.9 per cent and 12.9 per cent respectively.