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Australian Finance Group Ltd ASX:AFG

1 opened or increased1 held2 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 9 managers in total.

Position history by manager Showing 3 of 9 managersSelect a point to see the comment

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6 more managers have commented on AFGPro shows the full position history for all 9 managers.

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202420252026

31 Aug 2024 to today

Commentary Showing 2 of 32

DateManagerActionSummary

4 Sep 2026Seneca Financial SolutionsIncreasedSeneca Financial Solutions increased its position in Australian Finance Group, topping up the holding after what the manager regarded as one of the better results of the reporting season that went largely unrewarded by the market. The manager notes considerable investor concern around proposed housing policy changes has driven aggressive selling of non-bank lenders as a group, but following engagement with management after the result, remains comfortable with the company's outlook, viewing the sell-off as disconnected from the underlying quality of the reported numbers.

Article, price recorded $1.53

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31 Aug 2026Seneca Financial SolutionsIncreasedSeneca Financial Solutions increased its position in Australian Finance Group, citing a strong result across both the mortgage-aggregation business and the higher-margin AFG Securities lending arm, with the loan book growing strongly. The manager highlights a conservative fifteen-year lending track record, evidenced by only roughly $268,000 of bad debts against a multi-billion-dollar loan book, and notes management's comfort with the outlook, reflected in resumed share buybacks and recent director buying. The stock is described as trading on approximately 7 times earnings with a roughly 10% grossed-up yield.

Presentation, price recorded $1.50

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Price at first mentionThe share price recorded when each of 9 managers first commented on AFG.

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Articles

About Australian Finance Group Ltd

Financials, Diversified Financial Services

Australian Finance Group (ASX:AFG) is a mortgage aggregator and lender that some fund managers believe is under-appreciated. In September 2026, Seneca Financial Solutions topped up its holding, describing AFG's result as one of the better ones of reporting season that went largely unrewarded amid concerns about housing policy and non-bank lenders. Seneca highlighted strength in both mortgage aggregation and the higher-margin AFG Securities lending business, along with a conservative lending record. Akambo, however, reduced its stake due to property market weakness and changes to negative gearing. Australian Finance Group operates in the Financials sector within the Diversified Financial Services industry, and Thesis Tracker has captured 32 comments from 9 fund managers, including Seneca, Akambo and Datt Capital. Founded in 1994 and headquartered in West Perth, AFG operates one of Australia's largest mortgage broker aggregation networks and originates its own AFG Home Loans.

Market cap: $342m
Price to earnings: 9.3x
Return on equity: 20.9%
Dividend yield: 5.9%
Price to book: 1.82x
Net margin: 3.5%
52-week range: $1.24 to $2.68

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Australian Finance Group Ltd (ASX:AFG)?

Fund managers including Endeavor Asset Management, Prime Value Asset Management, Oracle Advisory Group, Blackwattle Investment Partners, Ellerston Capital, Seneca Financial Solutions, Wilson Asset Management, Datt Capital and Akambo have invested in Australian Finance Group Ltd (ASX:AFG).

What opportunities or catalysts do fund managers highlight for Australian Finance Group Ltd?

Seneca highlights profit growth of around 46%, a growing loan book in AFG Securities, a very low historical bad debt record and brokers' rising share of home loan origination. Datt Capital expects AFG to benefit from increased refinancing as borrowers seek lower repayments.

What are the key risks to the Australian Finance Group Ltd investment thesis, according to fund managers?

Akambo reduced its position because of weakness in the Australian property market, changes limiting negative gearing to new homes and restrictions on residential property in superannuation funds, and Seneca notes concerns about non-bank lenders and housing policy.

What does Australian Finance Group Ltd (ASX:AFG) do?

Australian Finance Group Ltd. (AFG) is an Australian mortgage brokerage company headquartered in West Perth. Founded in 1994, the firm operates through two primary segments: Aggregation and AFG Home Loans. The Aggregation segment provides mortgage brokers with infrastructure, administrative support, and lender access. The AFG Home Loans segment distributes branded mortgage products and AFG Securities mortgages via its national broker network. The company is publicly traded and focuses on supporting its extensive distribution channel of independent mortgage brokers.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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