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Aspen Group Ltd ASX:APZ

0 opened or increased6 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 9 managers in total.

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20252026

11 Jun 2025 to today

Commentary Showing 2 of 28

DateManagerActionSummary

6 Oct 2026Pendal GroupHeldPendal Group continues to hold Aspen Group Ltd (ASX: APZ) after the integrated residential developer and land lease operator beat 1Q FY27 expectations. Pendal notes EBITDA rose 38%, net rental income 16% and realised development profit 98% versus the prior corresponding period. Results were supported by strong occupancy, margin expansion and about 78% of the development pipeline needed for FY27 guidance already contracted. Aspen reiterated FY27 guidance, which Pendal regards as conservative given the strong start, low cancellations and re-contracting at premium prices that point to operational strength. Pendal believes the result reinforces Aspen's focus on affordable housing and capital velocity.

Newsletter, price recorded $4.60

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2 Oct 2026Perpetual Asset ManagementHeldPerpetual Asset Management nominates Aspen Group as a preferred pick because it owns, develops and operates accommodation assets focused on the affordable end of the market, which the manager believes is less competitive and structurally undersupplied. Perpetual highlights a disciplined management team with a long record of buying land at the right price, which is key to underwriting development margins at lower price points. While exposed to property market sentiment, a large portion of the business is apartment and land lease rentals, which should benefit from reduced supply and rising rents given government policy. An expanding pipeline of approved sites positions Aspen to deliver strong earnings growth through FY27 to FY29.

Article, price recorded $4.49

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Articles

About Aspen Group Ltd

Real Estate, Equity Real Estate Investment Trusts (REITs)

Aspen Group (ASX:APZ), an affordable accommodation owner and developer, is favoured by fund managers for its exposure to Australia's housing shortage. In October 2026, Perpetual chose Aspen as a pick, describing an owner, developer and operator of accommodation targeted at the affordable end of the market. Airlie said it loves Aspen given the huge undersupply of affordable housing, and Oracle highlighted reliable net rental income growth from structural housing stress. Perpetual noted Aspen rose more than 120% in 2025, while SG Hiscock exited after a strong run. Aspen Group operates in the Real Estate sector within the Equity Real Estate Investment Trusts industry, and Thesis Tracker has captured 26 comments from 8 fund managers, including Perpetual, Airlie, Oracle and SG Hiscock. Founded in 1981 and headquartered in Sydney, Aspen owns and operates residential rental properties, land lease communities and parks, providing accommodation at the affordable end of the market.

Market cap: $1.1b
Price to earnings: 16.9x
Return on equity: 12.7%
Dividend yield: 2.1%
Price to book: 2.00x
Net margin: 51.4%
52-week range: $4.19 to $6.43

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

Questions

Who is investing in Aspen Group Ltd (ASX:APZ)?

Fund managers including Oracle Advisory Group, Cooper Investors, Airlie Funds Management, Firetrail Investments, Milford Asset Management, Perpetual Asset Management, SG Hiscock & Company, NorthStar Impact Funds and Pendal Group have invested in Aspen Group Ltd (ASX:APZ).

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

Managers highlight a structural undersupply of affordable housing, growing rental income and development margins, and capital-efficient recycling compounding net asset value, according to Perpetual, Airlie and Oracle.

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

SG Hiscock exited after the stock more than doubled, suggesting valuation has caught up, and Aspen's returns depend on continued housing demand and development execution.

What does Aspen Group Ltd (ASX:APZ) do?

Aspen Group Ltd. is an Australian property investment and development company headquartered in Sydney, founded in 1981. The company operates through five core segments: Residential, including Lindfield apartments and the Perth portfolio; Retirement, comprising three land lease communities; Tourism and Mixed-Use, managing diverse parks; Corporate, serving resource clients and contractors; and Other, covering overheads and net interest. Aspen Group focuses on property assets to deliver investment and development outcomes. Its structured portfolio spans varied residential and commercial sectors to serve specific market needs.

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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