About Us

Westoz Funds Management (WFM) is the manager of an internal fund called the Western Australian Resources Fund (WARF) that since inception is up 461.6% (as at 3 June 2022).

WFM previously managed portfolios of Australian equities on behalf of two listed investment companies:

Westoz Investment Company Limited (WIC) – commenced in 2005.

Ozgrowth Limited (OZG) – commenced in 2008.


WIC produced a gross portfolio return of 13.6% per annum, significantly ahead of comparable market return.

OZG produced a gross portfolio return of 13.0% per annum, significantly ahead of comparable market return.

WIC and OZG combined paid $253 million in gross dividends to all shareholders from inception to June 2021.

WAM Capital Limited (ASX: WAM) completed the acquisition of both WIC and OZG pursuant to separate schemes of arrangements on 21 April 2022.

Further Information

For further information please contact:

Jay Hughes
Non-Executive Chairman
0418 920 297

Phil Rees
Non-Executive Director
0402 427 034

Our Team


Mr Dermot Woods 

Mr Woods is an Executive Director of the Manager and is responsible for sourcing, analysing and implementing investment ideas.  He is a member of the Manager’s Investment Committee.

Mr Woods has over fifteen years of investment experience in international equity markets as an equity analyst and a portfolio manager. Prior to joining Westoz Funds Management, Mr Woods was an industrial equity analyst with Euroz Securities. Prior to joining Euroz, Mr Woods was an institutional stockbroker for Merrion Capital in Dublin. Mr Woods commenced his investment career with HSBC Asset Management in London where he specialised in European equities.

Mr Woods holds a Bachelor of Commerce Degree in Accounting and Business from Edinburgh University and has completed the Chartered Financial Analyst (CFA) program and been awarded the CFA designation.

Mr Philip Rees

Mr Rees is a Non Executive Director of the Manager and sits on its Investment Committee.

Mr Rees has worked in a range of roles focussed on Australian investment markets since 1987.  He was the Director of Investments with the Government Employees Superannuation Board in Western Australia for a 6 year period to September 2000.  During this period, he oversaw a major restructuring of that entity’s investment portfolio and directly managed funds in Australian equity and fixed interest markets.

Prior to this period, Mr Rees was involved in the management of an Australian equity portfolio with Suncorp and in the analysis of equities for a stockbroker focussed on servicing the Australian institutional market.

Mr Rees has also been involved as Chief Investment Officer of a listed pooled development fund and has managed a number of successful venture capital investments.

Mr Rees has a Bachelor of Commerce Degree and is a Chartered Financial Analyst.  He is also a Senior Fellow of  FINSIA, a Certified Practicing Accountant and a Fellow of the Chartered Institute of Secretaries.

Mr Jay Hughes 

Mr Hughes commenced as a Non Executive Director of the Manager in May 2005.

Between 1986 and 2000, Mr Jay Hughes was employed by a Perth stockbroker that was part of a national and international group at the time.  From 1994 he acted in the capacity of an Executive Director and before this as an Associate Director.

From 2000 until the present date, Mr Hughes has worked for Euroz Securities Limited and Euroz Limited and also acts in the capacity of Executive Director and Responsible Officer of both companies.  During this time, Mr Hughes has been involved in the institutional sales department of the stockbroking business dealing predominantly with offshore funds.  He is also heavily involved in many facets of the management and supervision of both companies.

Mr Hughes is also Non – Executive Chairman of Westoz Investment Company Limited and Ozgrowth Limited.

Mr Hughes holds a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia.  He was recognised as an affiliate of ASX in December 2000 and was admitted in May 2004 as a Practitioner Member (Master Stockbroking) of the Stock Brokers and Financial Advisors Association.

Mr Hughes is also a member of the Manager’s Investment Committee.

Miss Naika Palma

Naika is a Financial Analyst for Westoz Funds Management.

Prior to joining Westoz Funds Management, Naika worked as an Analyst for RSM Australia. Naika holds a Bachelor of Commerce from Curtin University and is currently progressing through the Institute of Chartered Accountants Australia and New Zealand (CA) program.

Mr Joseph Carlton 

Joseph is an Associate Analyst for Westoz Funds Management.

Prior to joining Westoz Funds Management, Joseph worked in Portfolio Operations for Entrust Wealth Management. Joseph holds a Bachelor of Commerce from Curtin University and Diploma of Financial Planning. Joseph is progressing through the Chartered Financial Analyst (CFA) program.

How We Invest

Westoz Funds Management’s investment approach focuses on:

  • investing in ASX listed companies outside of the Top 100 that generally have a connection to Western Australia;
  • understanding the people, capital structure, cash flow and an assessment of value; and
  • actively managing the portfolios to take advantage of opportunities as they arise.

Westoz Funds Management has an Investment Committee which meets regularly to review the investment portfolios and consists of Jay Hughes, Dermot Woods and Philip Rees.

News and Insights

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