Buy Hold Sell: 3 future ASX leaders (and 2 the fundies are backing)

Michael Steele chats with Livewire’s Chris Conway to share what separates hype from long-term growth in the small cap space.

11 Jun 2025

Michael Steele (Co-PM, Small Caps) shares how his team uncovers scalable growth and real earnings leverage—highlighting global opportunities and standout names like Breville, Pinnacle, and one potential ASX leader of tomorrow.

It’s easy to forget that many of today’s ASX blue chips – household names like CSL, REA Group and WiseTech – started life as small cap stocks. While they may have flown under the radar at the time, patient investors who could spot their potential early on have been handsomely rewarded.

This episode dives into the world of small caps, where volatility runs high—but the potential rewards are even higher.

More specifically, the episode explores how to separate true long-term compounders from companies driven by hype rather than fundamentals. Which business models are built to last? Which leaders have the vision and execution to deliver real growth? And what signs suggest a small company could one day play in the big leagues?

To help tackle these questions, Livewire’s Chris Conway was joined by two seasoned investors who know the small cap landscape inside and out: Michael Steele and Emanuel Datt from Datt Capital.