OC is one of Australia’s most experienced small companies fund managers, with Robert Frost successfully managing small and micro-cap Australian equities since 2001.


Robert Frost
Head of Investments

Robert was appointed Head of Investments in 2009 and has been a Portfolio Manager since joining OC Funds Management in 2001. Robert is also an Executive Director of parent company, Copia Investment Partners.

He is responsible for the portfolio management of the OC Premium Small Companies, Dynamic Equity and Micro-Cap Funds. Since joining OC as a Portfolio Manager, Robert has focused on the small and mid-cap segments of the market and has been instrumental in developing the investment process and procedures of the investment team.

Prior to OC, Robert was a Senior Research Analyst with Austock Group specialising in small and mid-cap industrial companies. Robert also spent time in the derivatives divisions at UBS in London and Rabobank in the Netherlands.

Robert Calnon
Portfolio Manager/Dealer  
BCom, GDipAppFin, CA

Robert joined OC in 2007 as an Investment Analyst with additional responsibility as the Equities Dealer for the investment team.

He is responsible for company and sector analysis of stocks within the OC investment universe. This includes meeting with company management, financial modelling and valuations, as well as industry and market analysis. Robert is responsible for the equities dealing function across the suite of OC unit trusts and mandates, ensuring the broader investment team remains in touch with the stock market.

Previously, Robert was a manager in the investment accounting division of the Bank of New York in London. In this role he gained exposure to complex financial products, including offshore investment vehicles and hedge funds, and worked closely with some of the world’s largest funds management enterprises. Robert qualified as a Chartered Accountant in KPMG’s tax practice before joining Ernst & Young Corporate Finance as a manager in the M&A group.


Stephen Evans
Portfolio Manager  
BCom, CA

Stephen joined Pilgrim Private in 2004 as an Investment Analyst and continued with OC Funds Management after Copia Investment Partners acquired Pilgrim in 2010.

At OC, Stephen performs in-depth analysis and financial modelling of stocks based on company visits and reports, industry statistics, broker research and other information. He has been instrumental in the design and construction of the IT framework which facilitates the various stages of the investment process from the initial screening of stocks to the final monitoring of the portfolio.

After qualifying as a Chartered Accountant, Stephen spent two years in London with fund manager, Man Investments. This provided him with experience in complex product structuring, risk and investment systems and large-scale funds management. He initially developed his financial analysis and modelling skills in the research department at E.L. & C. Baillieu Stockbroking.


Daniel Stein
Senior Investment Analyst

Daniel joined OC Funds Management in 2017 as an Investment Analyst. He assists the team with financial modelling and researching small and micro-cap companies with a strong focus on identifying value-creation opportunities.

Previously an Associate Analyst at Altair Asset Management, Daniel was responsible for analysing Australian small and mid-cap industrial and financial companies and building financial models. He also spent time in the corporate finance division at Wilson HTM and Azure Capital.