'Australia's food sector is desperate, grossly underestimated'
“Prices at the farm level are rising, so farmers are doing their best,” he said. “The dairy losers, but as the sun sets in the west, times change, circles occur. When assets are at their worst, that’s when we are at their happiest.” The Micro Cap Activist Fund (MCAF), run by Mr Iafrate’s Melbourne-based company Armytage Private, was set up after commissioning a financial services empire to target small-medium-priced finance. The fund is one of the top return equity funds of the past three years according to Morningstar data thanks to the busy M & Activities among small financial services companies and have received 10 takeovers since 2019. The list includes Hub24’s bid for rival Xplore Wealth, Apex Group’s acquisition of Mainstream Group, 360 Capital’s deal with Evans Dixon, and Iress games for OneVue. Iafrate said he owed a fall in royal commissions, benefiting from mispricing in the market as big banks rushed out of the advice business. “These funds are focused on finance with