At TWC, we are more than just investors, we are advocates for shareholder wealth creation. Founded as a boutique investment management firm, majority-owned by our founding partners, TWC has developed a distinctive approach to identifying and investing in companies poised to generate lasting value for shareholders. We affectionately refer to these visionary leaders as Wealth Creators.
Our journey began with a bold vision to redefine investment analysis beyond traditional accounting methods in the 1980’s. Embracing the pioneering work of John Birkhold, our Chief Investment Officer, we adopted a revolutionary framework underpinned by a Real Return on Investment (RROI), embedded expectations, and the Industrial Life Cycle. This approach marks a departure from reliance on conventional accounting metrics, offering a deeper, more accurate assessment of corporate performance and market expectations embedded in security prices.
John’s expertise spans over three decades, starting with his groundbreaking work at HOLT Value Associates & Credit Suisse HOLT in Chicago. There, he spearheaded the conversion of as-reported accounting data into economic measures through a Cash Flow Return on Investment (CFROI) model—a methodology that transformed investment analysis globally. Over 17 years, John collaborated with over 100 fund management organizations across five continents, championing the integration of CFROI-based insights.
In 2009, John’s journey led him to Origin Asset Management, renowned for pioneering evidence-based investing. At Origin, he further refined his approach, integrating Origin’s innovative 4 Characteristic framework—a refinement of the 4Factor process initially developed alongside his Origin colleagues (then clients) at Investec Asset Management in the early 2000’s.
Today, TWC stands at the forefront of investment innovation, leveraging over three decades of experience to identify management teams best positioned to drive shareholder wealth. Our distinct and differentiated Industrial Life Cycle process, supported by four key performance indicators (KPIs), continues to deliver informed investment outcomes that set us apart in the industry.
Join us as we continue to evolve, pushing the boundaries of traditional investment wisdom to uncover opportunities and deliver sustained value for our clients and partners. Discover how TWC’s commitment to finding an edge transforms investment potential into tangible wealth creation, one strategic investment at a time.
Our proprietary investment framework provides us with a unique and precise method for measuring corporate performance and directly linking that to market expectations. This approach gives us a significant information advantage when conducting fundamental analyses of companies. The valuable and unique insights we gain from this process lay the foundation for consistent long-term outperformance of the market and peers.
At TWC, we recognise that economic returns and a company’s growth trajectory tend to follow an industrial lifecycle path. Whilst this phenomenon is well known, traditional approaches often fail to capture its nuances during fundamental company analysis. Our approach involves developing a deep understanding of where a company is positioned in its industrial lifecycle and apply lifecycle-dependent metrics during our analysis. We believe that great companies reflect exceptional management. Equipped with precise insights and an understanding of the industrial lifecycle, we elevate our assessment of management skill and quality to a deeper level.
By embracing technology, we have built a digital ecosystem that offers our investors unparalleled transparency into our investment decision-making process. Our goal is to cultivate a highly engaged client base, providing them with a unique window into why specific companies hold a place in our portfolios. This level of clarity ensures that our investors have absolute confidence and understanding of the strategic decisions behind their investments. We believe that informed and engaged investors are crucial to long term partnerships and successful wealth creation.
Our broad mission is to demystify the traditional funds management industry, which has long been shrouded in complexity, and empower our clients with the clarity and knowledge needed to make astute capital allocation decisions.
We are unwavering in our commitment to transparency, ensuring that our clients have a deep understanding of the decision-making processes behind every investment. By pulling back the curtain on conventional practices, we aim to foster a new era of investment literacy. We believe that informed investors, armed with the right tools and insights, can confidently navigate financial markets and achieve their financial objectives.
Our innovative approach and steadfast dedication to transparency aspire to set a new standard in funds management. We prioritise our clients’ understanding and success above all else.
Our team comprises seasoned investment professionals who share a clear and common investment philosophy. This ensures that our clients benefit from a cohesive strategy backed by deep expertise, leading to consistent and informed investment decisions.
As innovators of a time-tested approach using a unique industrial lifecycle lens and cashflow-based analysis framework, we provide our clients with access to a proven methodology. This enables us to identify exceptional management teams, offering superior long-term investment opportunities.
With decades of demonstrated success in deploying capital using our distinct and effective methodology, our clients can trust in a long history of delivering strong, long-term risk adjusted returns. This track record exemplifies our reliability and expertise.
Our portfolios are driven by a clear, intuitive, and repeatable investment process. This transparency and consistency provide our clients with peace of mind and predictable outcomes, fostering trust and confidence in our approach.
We are a founder-owned and led firm with strategic control and significant personal co-investment. This means our clients experience a true partnership where our interests are deeply aligned with theirs, ensuring unwavering dedication to their success.
Our commitment to investing alongside our clients demonstrates our confidence in our strategies and our dedication to achieving outstanding results for all stakeholders.
Our Founders are like-minded industry veterans with extensive experience in the funds management industry, covering all critical functional areas, including investment, sales and marketing, compliance and operations. Their combined expertise ensures a comprehensive approach to managing investments and meeting our clients’ needs.
Our team has not only pioneered but also built and developed a robust investment management ecosystem. This ecosystem facilitates the efficient allocation of capital, promotes a culture of transparency, and significantly enhances investment literacy through market-leading client engagement solutions and education.
Partner & CEO
20 Years Experience Establishing & Building Financial Services Businesses
Owen’s driving passion is to increase financial literacy and make transparent equity investing available to individuals.
With a career spanning more than two decades in investment banking and international financial markets, Owen is a seasoned financier with extensive global product, business development, and origination experience across Global Corporate & Investment Banking, Fixed Income, Project & Structured Finance Solutions, and Capital Markets.
Prior to founding TWC, Owen established global businesses across Goldman Sachs, Citi, and NAB. Starting his career at Andersen Global in Australia, he later moved to London, where he held pivotal roles at Citigroup, including Head of Mining and Director of European Loan Sales and Trading. At Goldman Sachs UK, he developed the European Collateralized Loan Obligation (CLO) business. He also continues to support early-stage businesses, fostering innovation ecosystems, and offering strategic guidance on Boards.
Owen holds a Master of Applied Finance from Macquarie University, degrees in a BBus and a BA in Japanese from Swinburne University, and is a Graduate member of the Australian Institute of Company Directors (GAICD). Additionally, he holds the Corporate Finance certification now under FCA (UK) and FINRA (US) series 17 and 63 licenses.
Partner & CIO
Over 3 Decades Experience Developing, Evolving & Monetising Real Return On Investment Methodology
TWC’s investment ethos is the culmination of John’s over three decades of experience demystifying global equity markets and generating value for clients via an evidence-based economic return and industrial lifecycle framework.
Prior to founding TWC, John spent 12 years with Origin Asset Management as a Partner and a member of a four-person Portfolio Manager team managing approximately $5 billion in assets across five global long-only equity strategies. At the time of John’s departure, all five Origin strategies had outperformed their respective benchmarks since inception in 2005.
John was one of the original partners in Chicago-based HOLT Value Associates, joining in 1998, which was acquired by CSFB in 2002. He was promoted to Managing Director for Credit Suisse with responsibility for all of CS HOLT’s non-US activities based out of London. Over his 17-year career with HOLT, John was instrumental in enhancing and evolving HOLT’s highly regarded proprietary CFROI framework while working closely with over 100 institutional investment firms across five continents.
One of John’s notable clients was London-based Investec Asset Management, where he played a pivotal role in helping develop and deploy the evidence-based 4Factor investment process. The senior 4Factor investment team later left Investec to found Origin Asset Management in 2005. Recognizing the value of their innovative approach, John reconnected with his former colleagues in 2009 and moved back to Sydney to establish Origin’s Australia office in 2010.
John started his career in 1988 as an Equity Analyst for the Chicago-based Ameritech Pension Fund. He holds an MBA in Finance from the University of Chicago, an ME in Systems Engineering, and a BS in Systems Engineering with a minor in Computer Science from the University of Virginia.
Partner & Portfolio Manager
Exceptional Investment Track Record Spanning 2 Decades Utilising Deep Fundamental Cashflow Based Analysis
Neil is passionate about investing in high quality companies that create shareholder value with a strong focus on governance.
Neil Carter is an accomplished fund manager, corporate advisor, and non-executive director (NED) with a deep passion for listed equity markets. With over 30 years of experience, his career has included strategy consulting, funds management, and corporate advisory. His investing track record over 20 years demonstrates strong risk-adjusted alpha generation, based on a methodology founded in deep fundamental cash flow based analysis.
Neil’s fund management experience includes founding Rutherglen Capital, a global long-short equity manager, running the Fundamental Equity team at Macquarie Funds Management and Co-Head of Global Listed Equities at IFM Investors. His 8 years at IFM Investors included serving on the Investment Committee overseeing Private Equity, Infrastructure, and Debt investments and being part of the Executive Leadership Team. Neil holds degrees from the University of Oxford and INSEAD, and is an AICD Graduate.
Neil has a strong personal track record of alpha generation in Global and Australian equities at Rutherglen Capital, Macquarie and IFM Investors.
Partner
Multi-asset Class Investment & Institutional Relationship Expertise Across Multiple Jurisdictions
Cameron is passionate about helping individuals through their personal wealth creation journey, enabling them to achieve financial freedom and comfort in retirement.
Cameron has an extensive background in institutional funds management spanning over 25 years, during which he has built, grown, and maintained deep advisory-based relationships with some of the world’s largest institutional investors and wealth platforms globally. His experience covers the full investment spectrum, including equities, fixed income, and real assets across public and private markets.
Throughout his career, Cameron has worked in both Europe and Australia for several best-in-class specialist and multi-affiliate asset managers, focusing on the provision of investment services within the world’s most sophisticated pension markets. Prior to founding TWC, Cameron most recently led the institutional asset management business in Australia and New Zealand for PGIM, the $1.5 trillion Global Investment Management Businesses of Prudential Financial, Inc. His previous roles include leading Institutional Sales at Principal Global Investors in Australia, managing institutional and wealth management sales and relationships at ING Investment Management in Australia, and serving as Head of Marketing and Institutional Sales at Daiwa SB Investments in London. Cameron holds a bachelor’s degree in business from the University of Technology Sydney.
In founding TWC, Cameron reconnects with co-founder John Birkhold, having worked closely with John during his tenure at Principal. During this time, Cameron developed a deep passion for the cashflow-based investment philosophy and the distinct, intuitive investment approach that underpins TWC today, which was the driving force behind his decision to co-launch the business.
Partner
Global Sales, Strategy & Business Development
Amy joins TWC with a passion and determination to build investment literacy through a transparent, engaging, and educational ecosystem—empowering individuals to grow their personal wealth through equity investment.
Before joining TWC, Amy worked as a consultant, supporting early-stage businesses while raising her three curious daughters. This role followed a distinguished 12-year career with Ericsson, where Amy was a key member of the UK executive team. During her tenure at Ericsson, Amy held several leadership roles in client management and managed services across Europe. She was recognised globally by Ericsson for her outstanding achievement in identifying, structuring, and building a winning team to deliver the single largest managed service contract in the company’s corporate history.
Amy’s performance led to her selection into Ericsson’s prestigious 2-year Global Management Program, which included secondments in Europe, Asia, and America. This program enhanced her leadership skills and expanded her global perspective, further enhancing her ability to manage complex projects and teams effectively.
Amy’s holds a Bachelor of Business from Swinburne University. She is committed to driving innovation and fostering a culture of transparency and education in the investment space.
Partner
30 Years Experience in Corporate Banking & Building International Businesses & Cross Border Relationships
Angelique is passionate about democratising financial literacy thereby bolstering broader sustainability initiatives and helping to bring to the market a new egalitarian and transparent investing paradigm.
Prior to joining TWC, Angelique was an Asia Pacific Regional Corporate Banker based in Hong Kong with Bank of America Merrill Lynch (BAML). She was instrumental in building out the Asia footprint for key Multinational relationships for US and EMEA headquartered clients; driving the mindshare, engagement and Asia partnership.
Prior to BAML, Angelique was a Regional Corporate Banker and Team Head of Industrials, and Petrochemicals, Energy, Chemicals and Mining sector at Citi also based in Hong Kong having been relocated there from Citi Sydney where she was Team Head of Global Subsidiaries. Angelique thrives on cultivating meaningful, mutually rewarding, and impactful client relationships, and has proven cross-functional cross-cultural leadership across geographies and the entire corporate banking product spectrum of financing, treasury management, risk management, strategic and flow FX and trade finance.
Angelique has a MBA and a Bachelor of Economics both from Monash University, Melbourne.
Investment Analyst
Tom is dedicated to creating, evolving, and executing innovative, alpha-generating investment strategies.
Tom is a dedicated and driven Investment Analyst who began his journey with TWC as an intern during his university years. Under the mentorship of CIO John, he has developed a deep understanding of the firm’s proprietary Real Return on Investment (RROI) framework and has specialised in its evolution and application.
With his professional experience, Tom’s specialised knowledge and unwavering commitment to continuous learning position him exceptionally well to translate the firm’s proprietary framework into alpha generation. His disciplined approach and distinctive perspectives make him an invaluable asset to the Investment Team.
Tom holds a Bachelor’s degree in Commerce from Monash University, with a major in Finance. His academic background, combined with his hands-on experience at TWC, equips him with a strong foundation to excel in the world of investment analysis.
Advisor
Bruce Madden is one of Australia’s most senior and respected media and communications strategists, communicators and mentors working in financial services. His counsel has been sought by government, industry bodies, and commercial brands representing trillions of dollars of investor wealth. Bruce has advised the leaders of Vanguard, AMP, Insight Investment, PGIM, Northern Trust, Zurich, Global X ETFs, dexus, and more.
After 14 years as a successful journalist, editor, and publisher, Bruce commenced a 20-year career in communications and has founded two successful PR agencies; including Madden & Assoc. which is now ‘turn to’ counsel for Australia’s top financial services, wealth management, property investment and superannuation brands.
Advisor
Andrew is a distinguished technology leader with over 25 years of comprehensive experience in software development, team building, and business leadership across diverse industries globally. His career includes pivotal roles in multiple start-ups, founding a successful digital agency, and a transformative 9-year tenure as CTO at ROLLER, a leading cloud-based venue management SaaS platform tailored for the attractions industry.
During his tenure at ROLLER, Andrew spearheaded the engineering team’s growth from a seed-stage start-up to a robust enterprise of over 150 professionals. His strategic oversight was instrumental in developing a scalable global software platform that today serves millions of users monthly, facilitates high-volume secure transactions, and supports over 1600 venues across 30 countries.
Andrew holds degrees from Monash University and University of Waterloo in Computer Science and Engineering (Honours).
Advisor
Lars brings a wealth of experience and a diverse background in finance, M&A, and corporate leadership to his role.
Lars began his career as a Financial Controller at Merkantil and later at Gota Bank, which is now part of Nordea Bank. His extensive tenure at Investment AB Kinnevik, now listed on Nasdaq Stockholm, marked significant milestones. He served in various capacities, including Financial Controller and member of the M&A team, ultimately rising to Vice President of M&A and CFO. During his time at Kinnevik, Lars played a pivotal role in transforming the company by divesting traditional business segments such as Steel Manufacturing and Hydroelectric and Nuclear Power stations. He also spearheaded the establishment of new segments in Telecom, Media, and Technology, contributing to the growth of businesses like Tele2 and Milicom International. Notably, he was instrumental in initiating a joint venture with Racal UK, which evolved into today’s Vodafone.
Following his successful tenure at Kinnevik, Lars joined Triton in its early stages as a Partner and CFO. By 2010, he had become Deputy Managing Partner and a member of the Investment Committee. By the time Lars departed Triton in 2014, the firm comprised four PE Funds and one Debt Fund with a combined AUM of close to €8bn, and today its AUM is €16bn. Lars then relocated back to Sydney to focus on his Family Office.
Lars holds degrees from Stockholm University and Franz Schartau College, majoring in Economics and Accounting, alongside fulfilling 15 months of military service.
Advisor
Huey brings a wealth of expertise across corporate advisory services, accounting, tax, and AFSL compliance advisory services. Her extensive experience spans multiple roles and responsibilities across prominent financial institutions and advisory firms.
As a Director of Maju Advisory, Huey works with entities and funds offering AFSL and fund compliance advisory services. Previously, as a Director and a Responsible Manager, Huey held key positions on several Compliance Committees and oversaw the trustee services for several wholesale managed schemes. Her tenure included responsibilities for funds including diversified property funds and social infrastructure funds.
Huey’s experience also extends to serving as a Responsible Manager, overseeing compliance for various wholesale managed schemes.
Huey’s career began at Ernst & Young, followed by roles at National Australia Bank Ltd and Alinta LGA Ltd, where she gained significant experience in tax advisory and private banking. She is recognised for her ability to manage complex fund administration operations and her commitment to excellence in compliance and client relations. Huey holds a Bachelor of Commerce and Bachelor of Science from Monash University and is Chartered Accountant in Australia & New Zealand.
