Fund Manager Summary
The fund managers believe that the outlook for ANZ Group Holdings Ltd is promising, particularly given its recent strategic initiatives aimed at enhancing returns while managing risk. In their opinion, the bank's shift towards a higher-returning, lower-risk institutional division, coupled with the rise in global interest rates, positions it well for improved performance. They note that ANZ's focus on de-risking its customer base and optimizing its lending book has led to a favorable return and expected loss profile. Moreover, the convergence of retail and institutional returns, driven by intense mortgage competition and beneficial regulatory changes, adds to the bank's appeal. The introduction of ANZ Plus, its new digital banking service, is seen as a significant long-term opportunity to enhance customer experience and cost efficiency, further justifying its inclusion in the portfolio.
Source: Trading View
Commentary From The Managers
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Sterling Managed Investments
31 Oct 2025
$36.65
Summary
- ANZ was a positive contributor to return over the month.
- Investor day mid-month was well received.
- Focus on improving returns through cost efficiency initiatives.
- Efficiency initiatives include digital investment and reduced duplication.
- Cost synergies from Suncorp bank are showing positive results.
- These efforts will help ANZ close the gap with domestic banking peers.
- Key metrics include cost-to-income ratio and return on equity.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Sterling Managed Investments
31 Oct 2025
$36.65
- ANZ was a positive contributor to return over the month.
- Investor day mid-month was well received.
- Focus on improving returns through cost efficiency initiatives.
- Efficiency initiatives include digital investment and reduced duplication.
- Cost synergies from Suncorp bank are showing positive results.
- These efforts will help ANZ close the gap with domestic banking peers.
- Key metrics include cost-to-income ratio and return on equity.
Summary
Infinity Asset Management
30 Sept 2025
$33.21
- Infinity Asset Management has initiated a position in ANZ Group Holdings Ltd (ANZ).
- While maintaining an underweight stance towards major banks due to valuations and low growth, the macro outlook is improving.
- This improvement is attributed to a resilient consumer, solid business credit growth, and benign bad debts.
- Net interest margin pressures from RBA rate cuts are expected to be offset by these factors.
- ANZ's new CEO presents a potential cost-out and turnaround story for the bank.
- Opportunities for streamlining operations and lifting efficiency are anticipated.
- Improved execution and cost discipline are expected to stabilize earnings in a lower-growth environment.
- This strategy aims to rebuild market confidence and deliver attractive shareholder returns over the medium term.
- ANZ trades at a significant discount relative to its big four peers, reflecting near-term execution risk but also providing a potential for a re-rate.
Summary
Tyndall Asset Management
31 July 2025
$30.72
- ANZ Banking Group (ANZ) contributed to performance during the month.
- Despite expectations of a rate cut, the RBA kept cash rates on hold in July.
- This decision supports higher margins for the banking sector than previously forecast.
- Positive earnings revisions are likely as a result.
- ANZ may have benefited from rotation out of CBA.
Summary
Maple-Brown Abbott
11 July 2025
$30.33
- Maple-Brown Abbott continues to hold ANZ Group Holdings Ltd as one of their favourites.
- The fund is heavily overweight in ANZ.
- ANZ is valued at 13-14 times forward earnings, significantly lower than competitors.
- The price-to-book ratio for ANZ is just over 1 times.
- Despite a lower ROE, the valuation discrepancy makes ANZ appealing.
Summary
Clime Investment Management
31 Jan 2024
$27.20
- Clime Investment Management notes that ANZ's mortgage market share has increased due to their strategy of aggressively lowering rates on products.
- There are early indications of net interest margin pain resulting from lower refinance volumes compared to other banks.
- During the December quarter, ANZ's share price experienced a significant rally.
- In response, Clime Investment Management is adjusting their position by reducing the ANZ allocation to a market neutral stance.
Summary
Oracle Advisory Group
31 Dec 2023
$25.99
- Oracle Advisory Group continues to reduce exposure to big banks.
- With falling rates and strong competition, limited upside to Net Interest Margins.
- Banking stocks performed well in Q4 2023 due to anticipated soft landing scenario for the Australian economy.
- Provisions may be lower than expected in recessionary scenarios.
- No major drivers seen for sustained outperformances in banking shares for 2024.
Summary
Cooper Investors
30 Sept 2023
$25.49
- Cooper Investors added Australia and New Zealand Banking Group (ANZ) to the portfolio this quarter.
- ANZ is viewed as a Stalwart investment due to underappreciated upside from strategic initiatives in its institutional division.
- The fund manager initiated a position because ANZ’s management has focused on redirecting the division from growth to returns since 2015.
- This includes measures such as de-risking the customer base and optimizing the lending book.
- ANZ has allocated more capital to higher-returning businesses like Payments and Cash Management (PCM).
- Global interest rate increases have contributed to a vastly improved return and expected loss profile.
- While ANZ’s underweight position in retail banking has historically affected group returns, recent changes are causing returns to converge.
- Intense mortgage competition and regulatory capital changes are gradually benefiting institutional businesses.
- ANZ's deposit-heavy corporate and institutional banking reduces aggressive competition for retail funding.
- Successive improvements in a competitive sector are expected to support ANZ’s relative performance.
- Long-term opportunities from ANZ’s digital banking service, ANZ Plus, are anticipated to enhance customer experience and cost efficiency.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
In a landscape where every incremental gain counts, ANZ Group Holdings appears poised for a transformative leap, driven by strategic shifts in institutional banking and the promising potential of its digital services. This could redefine its competitive edge in a challenging market.
Last Updated: 31 Jul 2025
Query The Data
Frequently Asked Questions
Who is investing in ANZ Group Holdings Ltd (ASX:ANZ)?
Fund managers including Cooper Investors, Oracle Advisory Group, Maple-Brown Abbott, Clime Investment Management and Tyndall Asset Management have invested in ANZ Group Holdings Ltd (ASX:ANZ).
Why do fund managers invest in ANZ Group Holdings Ltd?
Fund managers are investing in ANZ Group Holdings Ltd due to its strategic shift towards higher-return, lower-risk initiatives in its institutional division. Since 2015, ANZ has focused on optimizing its lending and reallocating capital to more profitable sectors, significantly enhancing its return profile amid rising global interest rates. The convergence of retail and institutional returns, driven by regulatory changes and reduced competition for funding, further supports ANZ's performance. Additionally, the potential of ANZ Plus, its new digital banking service, promises improved customer experience and cost efficiency.
What happened to ANZ Group Holdings Ltd (ASX:ANZ)?
Fund managers, including Tyndall Asset Management, are investing in ANZ Group Holdings Ltd due to its strong performance and favorable market conditions. With the Reserve Bank of Australia maintaining cash rates, banking sector margins are expected to remain robust, leading to positive earnings revisions. Additionally, ANZ appears to be gaining from a shift in investor interest away from competitors like CBA.