Clime Investment Management is a Sydney‑based investment manager and asset‑consulting business that allocates and advises capital for private investors, family offices, institutions and other capital owners. It is also the operator of Clime Capital (ASX:CAM), an LIC which we have published a separate report on. Clime’s investment teams construct portfolios with a flexible, active approach that seeks valuable long‑term holdings while remaining willing to exploit shorter‑term opportunities created by market movements.

A long evolution is complete

Clime Investment Management has evolved from a historically product‑driven model into a mandate‑led investment organisation that manages capital across both Australian and international equities, income securities and multi‑asset portfolios. Over the past eighteen months Clime has sold non‑core funds, exited retail advice, restructured SMA and MDA products into a joint venture and consolidated private‑wealth operations into strategic partnerships. Its product offering is unmatched by other fund managers: larger firms are too rigid to offer such flexibility in portfolio construction, while mid-tier managers lack the necessary multi-asset capabilities.

Clime Investment Management is reaping dividends

Clime Investment Management is now beginning to reap the dividends of its simplification, with cleaner economics, stronger investment performance and a recurring‑revenue base that expands as mandates deepen. These improvements are structural rather than cyclical, and the operating leverage embedded in the new model means the benefits should continue to manifest in its financial results and Funds Under Administration which is currently $2.5bn.

Valuation of $0.34-0.40 per share

We value Clime Investment Management at $0.34 per share in a base case and $0.40 per share in a bull case scenario based on an EV/EBITDA multiple predicated on assumptions on FY27 revenue growth and EBITDA margins. Please see p.19 for further details and p.22 for the key risks to our thesis.