Episode
ASX micro caps with big potential | Luke Winchester (Merewether Capital)
- Podcast
- Australian Investors Podcast
- Published
- Mar 3, 2026
- Duration seconds
- 3793
- Processing state
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Summary
In this Australian Investors Podcast episode, your host Owen Rask is joined by Luke Winchester, founder of Merewether Capital, to discuss: – How Luke filters 2,000+ ASX stocks down to a high-conviction watchlist – What makes a quality micro cap in today’s market cycle – Five ASX micro caps Luke is watching (and in some cases owning) – Why process, patience and position sizing matter in small caps If you love learning about micro cap investing, ASX small caps and long-term compounding, subscribe to the Australian Investors Podcast on Apple , Spotify, or YouTube ! Follow us on Instagram and TikTok for more investing insights. Topics Covered Luke explains how he narrows 2,300+ ASX stocks to a focused universe of ~100, then to a concentrated portfolio. He discusses avoiding mining explorers, pre-revenue biotechs and heavily loss-making businesses, and why genuine cash flow and scalability matter. – What part of the market cycle are we in? The conversation covers interest rates, volatility and why micro caps can offer opportunity when information is scarce and sentiment is weak. Luke’s 5 ASX micro cap stocks to watch: LaserBond (ASX: LBL) – Industrial laser cladding technology extending machinery life. – High-margin IP and ESG tailwinds – Recent margin recovery after a capex investment phase – Key metric: gross margin recovery and utilisation XRF Scientific (ASX: XRF) – Analytical lab equipment and consumables for mining. – High-margin consumables business (strong profit-before-tax margins) – Exposure to mining activity without being purely exploration-driven – Key metric: consumables profit growth, not just revenue Austco Healthcare (ASX: AHC) – Nurse call and healthcare workflow technology. – Transition from low-tier products to higher-value integrated systems – Turnaroun…