As 2025 winds to a close, it’s only fitting that we take stock of the names that dazzled investors this year, as well as those that landed squarely on the naughty list.

Markets delivered no shortage of surprises, with some companies shooting the lights out while others tested even the most patient shareholders.

On the “nice” list sit Regis Resources (RRL), Codan (CDA), and Charter Hall (CHC) - three stocks that managed to push through volatility and reward investors handsomely along the way.

Meanwhile, the “naughty” list features Bendigo and Adelaide Bank (BEN), WiseTech (WTC), and Bapcor (BAP), each facing its own set of challenges.

To make sense of it all, Livewire’s Vishal Teckchandani brings together two trusted voices: Hugh Dive from Atlas Funds Management and Jun Bei Liu of Ten Cap. They break down what went right, what went wrong, and whether any of these names deserve a spot in portfolios heading into 2026.

“Crazy.” That’s how Jun Bei Liu of TenCap summed up 2025, a year where big themes surged in waves, sector leadership flipped at lightning speed, and investors had to stay sharp through fresh bursts of volatility.

Alongside Atlas’s Hugh Dive, we’re looking back at the year that was: Which stocks delivered, which ones fell short, and which great ideas slipped away before investors could act?

And the real question: what now? With 2026 around the corner, how should investors set up for success, and which stock calls stand out as the most compelling shots for the year ahead?

From key lessons to bold ideas, our guests unpack what mattered in 2025 and where they see opportunity next.

Note: This episode was recorded on Wednesday 3 December 2025.

Well, here we are again, staring down the barrel of the year-end.

It’s a time for some fun and frivolity, but amongst the cheer, it’s also the perfect time to cast a discerning eye over our portfolios and make some hard decisions about which companies get a guernsey into 2026.

Shedding the duds also means hunting for new opportunities and while piling into the top 10 best performers from this year is always tempting, there are probably some equal, if not better, opportunities to be had in the downtrodden.

In what has become a tradition at Livewire, Vishal Teckchandani hosts Hugh Dive from Atlas Funds Management and Jun Bei Liu from Ten Cap, to hunt through the bargain bin on the ASX to see if they can find some beaten-down gems. What will they find?

As a bonus, Jun Bei and Hugh each nominate a stock they think is set to get going in 2026.

Investing globally can feel overwhelming, but it also opens the door to powerful structural themes that Australian equities often miss.

In this episode of Buy Hold Sell, Nick Markiewicz from Ellerston Capital and Michael Poulsen from Canopy Investors reveal six global small and mid cap stocks positioned in the slipstream of major shifts including AI driven power demand, digital content monetisation, manufacturing reshoring, rising healthcare procedure volumes and the transformation of Japan’s labour market.

From data centre power solutions to hazardous waste leadership and fast-growing HR technology platforms, the pair outline high conviction ideas that tap into multi-year growth opportunities.

US earnings season might be over, but the aftershocks are still rippling through markets. Headline numbers looked strong – S&P 500 EPS growth hit 15%, margins touched 15-year highs – yet beneath that glossy surface lies one of the most divided landscapes in years.

In 2025, the market is being pulled in two directions. On one side sits the AI complex, powered by hyperscaler capex that continues to be revised higher. On the other, almost everything tied to the real economy is slowing. Manufacturing is soft. Housing is sluggish. Consumer strength depends entirely on your postcode and pay grade. And in small and mid-caps, earnings beats were met with half the usual upside, while misses were punished with twice the usual downside. Volatility is back, and it’s ferocious.

As Michael Poulsen from Canopy Investors puts it, parts of the economy are still waiting for “a bit more clarity” before they invest again – yet beneath the uncertainty, he’s seeing early signs of life in long-neglected sectors like healthcare. Meanwhile, Nick Markiewicz from Ellerston Capital notes that “if you're not in AI, I'm not sure you're anywhere,” even as he quietly eyes high-quality compounders and homebuilders now trading on GFC-era multiples.

In this episode of Buy Hold Sell, we break down the winners, the warning signs, and the opportunities emerging from a wildly bifurcated reporting season. Plus, our guests reveal two stocks that absolutely crushed expectations.

Whilst Aussie small caps have been on fire and are outperforming their large-cap peers year to date, it’s not the same story everywhere. In the US, for example, small and mid-caps (SMIDs) are still lagging – such is the dominance of the Magnificent 7. But when everything else is rallying, it can pay to fish where others aren’t.

And here’s the kicker: unlike Australia, where there’s a tiny pool of SMIDs – roughly 250 names that meet the $300 million to $10 billion market-cap cut-off – there are around 8,000 globally. That’s a lot of fish.

But with more choice comes the need to know where to look and how to separate the bluefin from the carp – because not every SMID is worth catching.

With that in mind, Livewire’s Chris Conway is joined by Michael Poulsen from Canopy Investors and Nick Markiewicz from Ellerston Capital to unpack the factors they look for when hunting global SMIDs, run the ruler over a handful of names, and each share one stock they think has a bright future ahead.

Please note that this episode was filmed 19 November 2025

Small caps have long been the hunting ground for investors seeking outsized growth, but they also demand a sharper eye and stronger conviction.

Whilst smalls have woken from a long slumber in 2025, beneath the headline names a new generation of companies is quietly building momentum - firms with unique market positions, improving fundamentals, or catalysts that could soon propel them into the spotlight.

In this episode of Buy Hold Sell, Livewire's Chris Conway is joined by James Nguyen from Tyndall Asset Management and Shaun Weick from Wilson Asset Management. Together, they shine a light on five small-cap hidden gems; businesses that aren’t household names yet, but might be tomorrow.

They unpack what makes each one special, the triggers that could unlock their value, and the key risks investors should keep in mind. Whether you’re hunting for the next breakout stock or simply looking to understand what drives performance in this dynamic part of the market, this episode is full of actionable insights from two seasoned small-cap specialists.

Please note that this episode was filmed 5 November 2025

If you've been following the story of small caps for a while, you would know that as early as 2024, some investors were talking about a recovery in small caps given the performance gap relative to their larger peers.

For a good period of time, that promise went unfulfilled. But good things come to those who wait, and in 2025, small caps have staged a genuine comeback - so much so that they’re now outpacing their large-cap peers year to date.

The question now is: can it last? And just as importantly, what could derail the momentum?

Livewire's Chris Conway put those questions and more to James Nguyen from Tyndall Asset Management and Shaun Weick from Wilson Asset Management.

In this episode, James and Shaun also share which sectors and themes still look compelling in small-cap land, a couple of stocks they're most excited about, and a couple more that are keeping them up at night.

Please note that this episode was filmed 5 November 2025

Unless you've been living under a rock, chances are you're aware of the resurgence in small-cap stocks. The ASX Small Ordinaries is up 19% year-to-date, versus just 7% for the ASX 100.

But it's not just a rotation away from growth-starved large caps that is seeing smalls catch a bid. The recent reporting season showed that many small caps are in rude health, with strong balance sheets and improved earnings backed by margin expansion, built on a bedrock of innovation and competitive advantage.

That's the good news but, of course, not all small caps are created equal. Investors need to be highly selective when considering less mature businesses.

Against that backdrop, Livewire's Chris Conway sat down with James Nguyen from Tyndall and Shaun Weick from Wilson Asset Management to understand their most important factors when assessing companies and run the ruler over three of the hottest ASX small caps.

For good measure, they each share a name they believe is on the rise.

Please note that this episode was filmed 5 November 2025

Over the past few episodes, we’ve galloped through our Spring Racing Carnival series - from the “stayers” built to go the distance, to the “wet-track wonders” that hold their footing when conditions turn tough. And now, as we thunder down the home straight, it’s time for the Photo Finish.

In this final instalment, we’re doing things a little differently. Rather than our usual stock-by-stock format, we’ve set up a series of head-to-head matchups - five pairs of closely matched companies, each vying for line honours. Our guests will weigh in on which business they’d back, and why.

It’s a chance to see how professional investors think when they’re forced to make the hard calls, where conviction meets comparison, and small details separate a winner from the pack.

Joining me to make those calls are Nick Pashias from Antares Equities and Marcus Ryan from Yarra Capital Management. 

Please note this episode was filmed on 22 October 2025.