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ASX Ltd ASX:ASX

3 opened or increased5 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 11 managers in total.

Position history by manager Showing 3 of 11 managersSelect a point to see the comment

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

8 more managers have commented on ASXPro shows the full position history for all 11 managers.

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202420252026

15 Sep 2025 to today

Commentary Showing 2 of 26

DateManagerActionSummary

12 Oct 2026Pendal GroupHeldPendal Group notes ASX Ltd reported particularly strong September monthly activity, with fixed income derivatives up 44% on the prior comparative period, and the shares rose 4.1%. Daily cash equities activity rose 4% against a strong comparison period, while turnover velocity remained elevated at 92%. Analysts cautiously upgraded earnings by 1–2%, with the market still conservative on revenue sustainability. However, Pendal observes the tide is slowly turning, as one broker made larger 7–8% upgrades and moved to a Buy rating, following other recent upgrades to earnings and recommendations as the new CEO begins meeting the market.

Newsletter, price recorded $61.23

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28 Sep 2026Pendal GroupHeldPendal Group continues to hold ASX Ltd because the RBA's annual assessment of clearing and settlement facilities removed the exchange operator from the danger zone. Pendal notes that a year earlier operational risk was rated red, or Not Observed, with short-dated resolution timelines, whereas it has now improved to orange, or Partly Observed, with formal timelines removed and progress acknowledged. Further improvement is required as the RBA monitors delivery against actions agreed after ASIC's review. The share price, up 2.4%, was also supported by a 5% Goldman Sachs earnings upgrade on surging fixed income activity and potential clearing fee increases, while the new CEO has received positive feedback on medium-term revenue initiatives.

Newsletter, price recorded $57.91

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24 more comments on ASXPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 11 managers first commented on ASX.

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Articles

12 Oct 2026ASX Limited's Multi-Year Regulatory Reset May Finally Be Over
30 Jun 2026ASX Ltd's Regulatory Reckoning Finally Finds a Floor

About ASX Ltd

Financials, Capital Markets

ASX (ASX:ASX), operator of Australia's main securities exchange, has faced regulatory pressure and rising costs. In September 2026, Pendal Group reported ASX rose after the Reserve Bank's annual assessment of clearing and settlement facilities, which had been highly critical a year earlier, showed improvement. Pendal noted second-half profit beat downgraded consensus, but earlier ASX fell 22% after a surprisingly large FY27 downgrade driven by cost growth of 18% to 21%. ASX settled ASIC's court case for $20.5 million, and Bennelong closed a long-running successful short position. ASX operates in the Financials sector within the Capital Markets industry, and Thesis Tracker has captured 24 comments from 11 fund managers, including Pendal Group and Bennelong. Founded in 1987 and headquartered in Sydney, ASX operates Australia's primary securities exchange, providing listing, trading, clearing, settlement and data services, and is undergoing a major technology upgrade and regulatory remediation program.

Market cap: $8.9b
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%
52-week range: $44.30 to $71.48

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

Questions

Who is investing in ASX Ltd (ASX:ASX)?

Fund managers including Airlie Funds Management, Ten Cap, Montgomery Investment Management, Pendal Group, Akambo, Alliance Bernstein, Equity Trustees Asset Management, Paradice Investment Management, Cyan Investment Management, Auscap Asset Management and Bennelong Australian Equity Partners have invested in ASX Ltd (ASX:ASX).

What opportunities or catalysts do fund managers highlight for ASX Ltd?

Pendal highlights an improved RBA assessment of ASX's clearing and settlement operations, an earnings beat and settlement of ASIC's court case for less than feared.

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

Pendal notes a large FY27 earnings downgrade driven by sharp cost increases from technology and regulatory remediation, and Bennelong had held ASX as a successful long-term short.

What does ASX Ltd (ASX:ASX) do?

ASX Ltd. is a Sydney-based securities exchange founded in 1987. The company operates as a key financial market infrastructure provider, offering listing and issuer services, trading venues, and clearing and settlement activities. Its diversified portfolio includes exchange-traded and over-the-counter products, complemented by essential information and technical services. As a central operator within the Australian financial sector, ASX facilitates capital formation and market integrity through its integrated service offerings.

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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