Zero Sum Game

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ZSG High Conviction AgFund

“You can lie to everyone, but the bull...”

No Fear Advertisement, circa 1990's


A germ of an idea sown by clients, who asked why there aren't more opportunities to invest directly into Agriculture, and more importantly - how to.

Currently in concept phase with seed investment contributions, the ZSG High Conviction AgFund will seek to invest in high quality agriculture and agribusiness companies, aiming to deliver a return on capital over the medium to long term.

As the fund progresses through these initial development phases, this page will share some of the investment ideas and the rationale that warrants their inclusion in the fund, in a manner similar to how I have presented high conviction investment ideas on Seeking Alpha previously.

The high conviction viewpoint stems from my time riding bulls on the rodeo circuit in the Northern Territory many years ago. High conviction obviously because when you strap yourself on to a 1 tonne bull there's nothing but high conviction!! 

AgFund Concept: 


  • The ZSG High Conviction AgFund is designed for investors with a medium to long term investment objective focused on achieving growth through agriculture and agribusiness related investment concepts. Investors are prepared to accept higher volatility in pursuit of higher growth.

AgFund Investment Strategy:


  • The ZSG High Conviction AgFund investment philosophy is ‘style neutral’. The security selection process has a strong bottom-up discipline and focuses on buying quality businesses at reasonable prices that demonstrate potential for longer term comound earnings and growth on capital.

  • We define quality businesses as being those with the following five attributes:

    • earnings strength (particularly improving return)

    • superior industry position

    • a sound balance sheet

    • strong management

    • low environmental, social and governance (ESG) risk

Alignment—we are invested alongside you

  • The ZSG High Conviction AgFund is our fund concept and we invest alongside our clients. This ensures we have a strong alignment with our clients’ needs and interests.

“ Farming looks mighty easy when your plow is a pencil,

and you're a thousand miles from the field...”

— President Dwight D. Eisenhower


Email me at:

Colin Lea
BA, BBus, GDFP, CFP®  

Financial Adviser, Author & Veteran


No personal investment advice - The information on this website has been provided for general information purposes and must not be construed as general or specific investment or professional advice. No direct or implicit recommendations are given in the information on this website - in relation to your personal advice needs. The information on this website has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Investors should consider obtaining professional investment advice tailored to their specific circumstances and should read the relevant offer document relating to a financial product prior to making any investment decisions.

Accuracy and currency of information - I believe in good faith that the information and material provided on this website is correct at the time of compilation but do not warrant the accuracy or currency of that information and material. You should carefully check the date of compilation of the information and material (where relevant) to determine its currency. I disclaim all responsibility for any loss or damage which any person may suffer from reliance on the information and material on this website or any opinion, conclusion or recommendation in the information and material whether the loss or damage is caused by any fault or negligence or otherwise.

Performance and returns - All performance figures contained on this website are sourced from internal and other sources as appropriate. Past performance is not a reliable indicator of future performance. The value of investments and the income from them may go down as well as up and are not guaranteed.