Fund Manager Summary
The fund managers believe that the outlook for Ansell Ltd presents both challenges and opportunities. Despite recent underperformance attributed to U.S. reciprocal tariffs impacting supply costs, they remain optimistic about the company’s long-term potential. In their opinion, the cyclical rebound in the Industrial business and structural growth opportunities in the healthcare vertical position Ansell favorably for future growth. However, they acknowledge the execution risk associated with passing increased costs to customers, which may affect short-term performance. Overall, the fund managers maintain an overweight position in Ansell, indicating confidence in its recovery and growth prospects.
Source: Trading View
Commentary From The Managers
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Pendal Group
3 Nov 2025
$36.00
Summary
- Pendal Group continues to hold its position in Ansell Ltd (ANN) following an earnings upgrade of approximately 4% at the mid-point during their AGM.
- Market conditions are largely as expected, supporting the company's outlook.
- Forex fluctuations have acted as a tailwind for Ansell's performance.
- The company has successfully implemented price increases to offset tariff impacts, with Phase 1 proving effective.
- Management is currently initiating Phase 2 of their pricing strategy and has expressed confidence in its success.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Pendal Group
3 Nov 2025
$36.00
- Pendal Group continues to hold its position in Ansell Ltd (ANN) following an earnings upgrade of approximately 4% at the mid-point during their AGM.
- Market conditions are largely as expected, supporting the company's outlook.
- Forex fluctuations have acted as a tailwind for Ansell's performance.
- The company has successfully implemented price increases to offset tariff impacts, with Phase 1 proving effective.
- Management is currently initiating Phase 2 of their pricing strategy and has expressed confidence in its success.
Summary
Yarra Capital Management
31 Oct 2025
$36.51
- Yarra Capital Management continues to hold an overweight position in Ansell Ltd (ANN).
- Ansell has outperformed during the period, aided by an upgrade to FY26 earnings guidance.
- The earnings guidance reflects recovering global demand and progress in innovation initiatives.
- Ansell is effectively offsetting the impact of US import tariffs and benefiting from foreign exchange (FX) advantages.
- Yarra maintains a positive view on the stock, noting its valuation at around 15-times P/E, which is well below industrial peers.
- Despite the lower valuation, there is an attractive growth outlook for the company.
- Potential exists for both modest earnings improvement and a P/E re-rating to drive further stock outperformance.
Summary
Paradice Investment Management
30 Sept 2025
$31.86
- Paradice Investment Management increased their position in Ansell Ltd (ANN) as confidence grew regarding tariff impacts.
- Expectations that tariff impacts would be offset through pricing strategies.
- ANN is projected to deliver double-digit earnings growth.
- Currently, ANN trades at attractive valuations.
Summary
Allan Gray
9 Sept 2025
$34.18
- Allan Gray continues to hold a positive view on Ansell Ltd, highlighting its unique characteristics in the market.
- Ansell is described as a "boring" investment, which can be favorable for long-term stability.
- The company has a lower share count now than it did 15 years ago, indicating a history of buying back shares.
- Steady capital allocation practices set Ansell apart from other companies in the sector.
- CEO Neil Salmon is recognized as a methodical thinker and a capable capital allocator.
- With strong leadership, the majority of investment success is believed to be secured.
Summary
Yarra Capital Management
30 June 2025
$30.29
- Yarra Capital Management continues to hold an overweight position in Ansell (ANN).
- Approximately 40% of group sales are generated in the USA.
- Ansell has underperformed due to announced U.S. import tariffs, raising costs for raw materials.
- The company’s manufacturing is concentrated in the Asia Pacific region.
- Despite challenges, the PPE industry has potential to offset costs through higher pricing.
- ANN’s differentiated product range, enhanced by the Kimberley Clarke acquisition, is advantageous.
- Looking ahead, there is solid demand growth anticipated in ANN’s key end markets.
- This is expected to deliver stronger top-line performance for ANN’s Industrial division.
Summary
Yarra Capital Management
30 Apr 2025
$30.30
- Yarra Capital Management continues to hold an overweight position in Ansell Ltd (ANN) amidst recent underperformance.
- The underperformance is attributed to the announcement of U.S. reciprocal tariffs affecting the PPE sector.
- ANN, like its peers, relies heavily on glove production from Asian countries such as Thailand and Malaysia.
- The company has confirmed the necessity to pass on increased supply costs from tariffs to customers.
- Despite the current challenges, execution risk remains a concern, contributing to the stock's pullback.
- Yarra Capital Management sees potential in the long-term, focusing on the cyclical rebound in the industrial business.
- There are also significant structural growth opportunities identified in Ansell's healthcare vertical.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"While short-term challenges loom with rising tariffs and execution risks, the cyclical rebound in industrials and structural growth in healthcare could position Ansell Ltd for a compelling recovery. Investors might want to keep a close watch on how these dynamics unfold."
Last Updated: 03 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Ansell Ltd (ASX:ANN)?
Fund managers including Yarra Capital Management, Allan Gray, Paradice Investment Management and Pendal Group have invested in Ansell Ltd (ASX:ANN).
Why do fund managers invest in Ansell Ltd?
Fund managers are investing in Ansell Ltd due to its position as a leading global manufacturer of Personal Protective Equipment (PPE). Despite recent underperformance linked to U.S. tariffs and increased supply costs, there is confidence in Ansell's long-term potential. The company is expected to benefit from a cyclical rebound in the industrial sector and ongoing structural growth in healthcare, making it an attractive investment opportunity.
What happened to Ansell Ltd (ASX:ANN)?
Fund managers are investing in Ansell Ltd due to its consistent share buyback strategy, strong capital allocation under CEO Neil Salmon, and resilience against tariff impacts through effective pricing strategies. The company's ability to deliver double-digit earnings growth and attractive valuations further supports investor confidence, as highlighted by recent earnings upgrades and favorable market conditions.