Cerutty Macro Fund is a Melbourne-based wholesale investment fund managed by Chris Judd. The Fund takes a high-conviction, long-only approach to investing, combining top-down macroeconomic analysis with rigorous bottom-up stock selection. With a focus on identifying long-term secular trends and underappreciated opportunities, the portfolio invests primarily in Australian equities, with a bias towards small cap companies. The Fund aims to grow investor capital over the medium to long term through a concentrated portfolio of 15–40 positions and is designed for investors comfortable with higher levels of volatility in pursuit of superior long-term returns.