Avoca is headed by John Campbell and Jeremy Bendeich, who formerly ran the UBS Global Asset Management's Australian Small Companies Fund with Stephen Wood.
The Emerging Leaders Fund is open to retail and institutional investors.
The fund typically holds 30 to 50 stocks and is actively managed with investment decisions driven by the team's assessment of relative value.
"Small caps have been an outstanding source of alpha generation in the Australian market and we continue to believe this will be the case going forward," Avoca managing director and portfolio manager John Campbell said
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