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Bega Cheese Ltd ASX:BGA

0 opened or increased1 held3 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 5 managers in total.

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202420252026

16 Nov 2025 to today

Commentary Showing 2 of 9

DateManagerActionSummary

30 Sep 2026Investors Mutual LimitedReducedInvestors Mutual Limited reduced their position in Bega Cheese Ltd during the September 2026 quarter, taking advantage of share price strength to trim the holding. The decision reflects the manager's disciplined approach of selling down holdings into price strength. The commentary does not provide further detail on the manager's view of the dairy and food company's outlook.

Quarterly Report, price recorded $6.28

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1 May 2026Wilson Asset ManagementHeldWilson Asset Management continues to hold Bega Cheese Ltd because approximately 30% of revenues are now exposed to yogurts and flavoured milk — seeing a boom in demand from the shift toward high-protein diets — following the company's transformation through the acquisition of Lion Dairy. Wilson Asset Management believes this health and nutrition trend will continue to provide a strong long-term growth profile, complemented by acquisition opportunities.

Presentation, price recorded $5.58

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Price at first mentionThe share price recorded when each of 5 managers first commented on BGA.

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Articles

1 May 2026Bega Cheese BGA Fund Manager Commentary and Investment Thesis

About Bega Cheese Ltd

Consumer Staples, Food Products

Bega Cheese (ASX:BGA), Australia's largest branded dairy company, has been actively traded by fund managers around results and seasonal conditions. In May 2026, Wilson Asset Management described Bega's transformation from the largest cheese processor into Australia's largest dairy brand following its acquisition of Lion Dairy and Drinks. Ellerston added ahead of strong FY25 results and has since taken profits, while Antares sold Bega as drought conditions in south-western Victoria grew, preferring a2 Milk. Bega Cheese operates in the Consumer Staples sector within the Food Products industry, and Thesis Tracker has captured 8 comments from 4 fund managers, including Wilson Asset Management, Ellerston and Antares. Founded in 1899 and headquartered in North Bega, New South Wales, Bega manufactures and sells dairy and food products under brands including Bega, Dare, Farmers Union, Pura, Vegemite and Big M, alongside bulk dairy ingredients.

Market cap: $2.0b
Price to earnings: 35.5x
Return on equity: 5.5%
Dividend yield: 2.3%
Price to book: 1.94x
Net margin: 1.5%
52-week range: $5.00 to $6.89

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

Questions

Who is investing in Bega Cheese Ltd (ASX:BGA)?

Fund managers including Spheria Asset Management, Antares Capital, Wilson Asset Management, Ellerston Capital and Investors Mutual Limited have invested in Bega Cheese Ltd (ASX:BGA).

What opportunities or catalysts do fund managers highlight for Bega Cheese Ltd?

Wilson Asset Management highlights Bega's transformation into Australia's largest dairy brand owner following the Lion Dairy acquisition, while Ellerston benefited from strong FY25 results.

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

Antares sold due to growing drought conditions in Victoria affecting milk supply, and Ellerston has repeatedly taken profits, suggesting valuation has caught up with fundamentals.

What does Bega Cheese Ltd (ASX:BGA) do?

Bega Cheese Ltd. processes, manufactures, and distributes dairy and food-related products. Founded in 1899 and headquartered in North Bega, Australia, the company operates through two segments: Branded and Bulk. The Branded segment develops value-added consumer products for owned and third-party labels. The Bulk segment focuses on manufacturing bulk dairy ingredients, nutritional products, and bio-nutrients. Bega Cheese remains a key participant in the Australian food manufacturing sector, serving both retail and industrial markets.

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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