Loading companies…

Alliance Aviation Services Ltd ASX:AQZ

4 opened or increased2 held1 reduced or exitedlatest position by manager, past 12 months90 days: 2 increased, 0 reduced. 7 managers in total.

Position history by manager Showing 3 of 7 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

4 more managers have commented on AQZPro shows the full position history for all 7 managers.

Upgrade to Pro

2026

31 Oct 2025 to today

Commentary Showing 2 of 10

DateManagerActionSummary

30 Sep 2026Blue Boat CapitalInitiatedBlue Boat Capital initiated a position in Alliance Aviation Services Ltd (ASX: AQZ), a leading fly-in-fly-out and contract aviation operator. Blue Boat notes Alliance had been under pressure from an onerous lease contract with major shareholder Qantas and a heavy debt burden. In August Alliance successfully renegotiated its Qantas agreement and raised fresh capital to relieve debt pressure, leaving it better placed to optimise its fleet and improve returns on capital. Blue Boat values its hard-to-replicate FIFO and contract aviation platform, which can be highly profitable, and considers a price of only 30% of net asset value and a 3x P/E multiple extremely pessimistic.

Quarterly Report, price recorded $0.55

The source document link is a Pro feature

31 Aug 2026NGE CapitalIncreasedNGE Capital increased its position in Alliance Aviation Services (ASX: AQZ) to about 6.43 million shares because it took up its rights in the company's $40 million placement and rights issue priced at 70 cents. Proceeds are being used for working capital, balance sheet flexibility and initial debt reduction. NGE notes Alliance did well to renegotiate its Qantas wet lease contract but appears to have fallen short on the asset sales needed for deleveraging, albeit in a difficult environment affected by the Iran conflict. NGE believes pressure is now on management to deliver its targeted asset sale program.

Monthly Report, price recorded $0.66

The source document link is a Pro feature

8 more comments on AQZPro shows every comment, with a link to each source document.

Upgrade to Pro

First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 7 managers first commented on AQZ.

View Pro

Articles

4 May 2026Alliance Aviation Swings From Takeover Target to Distressed Value Bet

About Alliance Aviation Services Ltd

Industrials, Airlines

Alliance Aviation Services (ASX:AQZ), a charter and contract airline, has raised capital as fund managers bet on its survival and recovery. In August 2026, NGE Capital reported taking up its rights in Alliance's $40 million placement and rights issue at 70 cents per share, holding around 6.4 million shares. NGE noted Alliance successfully renegotiated its wet lease agreement with Qantas, and increased its holding. Raper Capital described it as an existential bet trade, essentially wagering Alliance avoids restructuring at depressed prices, while Yarra sold its long-term holding. Alliance Aviation operates in the Industrials sector within the Airlines industry, and Thesis Tracker has captured 6 comments from 6 fund managers, including NGE Capital, Raper Capital and Yarra. Founded in 2002 and headquartered in Brisbane, Alliance provides contract and charter flights for fly-in fly-out mining workers, wet lease services for Qantas and Virgin, and aircraft trading and maintenance.

Market cap: $92m
Price to earnings: Loss-making
Return on equity: -21.6%
Dividend yield: 6.0%
Price to book: 0.32x
Net margin: -12.9%
52-week range: $0.42 to $2.56

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

Questions

Who is investing in Alliance Aviation Services Ltd (ASX:AQZ)?

Fund managers including NGE Capital, Perennial Partners, Ellerston Capital and Seneca Financial Solutions have invested in Alliance Aviation Services Ltd (ASX:AQZ).

What opportunities or catalysts do fund managers highlight for Alliance Aviation Services Ltd?

NGE highlights a successful renegotiation of the Qantas wet lease and a capital raise that strengthens the balance sheet, while Raper Capital sees upside if Alliance avoids restructuring.

What are the key risks to the Alliance Aviation Services Ltd investment thesis, according to fund managers?

Raper Capital describes the investment as an existential bet on avoiding restructuring, and Yarra sold its long-term holding amid a difficult environment.

What does Alliance Aviation Services Ltd (ASX:AQZ) do?

Alliance Aviation Services Ltd. is an Australian aviation company headquartered in Brisbane. Founded in 2002, the firm specializes in contract aviation, charter services, and allied aviation support. Beyond these operations, the company engages in aircraft sales and leasing. Alliance Aviation Services provides comprehensive aviation solutions to diverse clients, maintaining a consistent business model focused on operational efficiency and fleet management services.

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.

Disclaimer Terms of Use Privacy Complaints Contact

Loading…