Fund Manager Summary on Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN)
Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN) has demonstrated volatility influenced by its significant investment in EVT Limited, which comprises approximately 32% of its portfolio. Recent commentary highlights a mixed outlook; while CIN's share price saw a notable increase of 10.6% in May, driven by strong performance indicators from EVT, recent results have raised concerns. EVT's underperformance due to an unfavorable film slate and extreme weather conditions adversely affected CIN's value, leading to a 1% decline in the stock. Fund managers emphasize the company's substantial discount to pre-tax net tangible assets (23.5%) as a potential buy signal, especially as EVT is perceived as undervalued. While structural tailwinds exist in the hospitality and property sectors, the risks of market volatility and reliance on EVT remain critical considerations for investors.
Commentary From The Managers
There are 3 insights from 2 fund managers regarding their investment in Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN) available on Thesis Tracker.
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Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Wilson Asset Management
28 Feb 2026
$37.00
Summary
- Wilson Asset Management believes Carlton Investments offers an attractive entry point at a discount to NTA and continues to hold, consistent with the WAM Strategic Value investment process of targeting listed investment companies trading below intrinsic value.
- Carlton's pre-tax NTA increased 6.7% in February (adjusted for the 47 cents per share dividend payable), outperforming the S&P/ASX All Ordinaries Accumulation Index by 3.4%.
- The share price increased 8.3% (adjusted for the dividend), resulting in a slight narrowing of the discount to NTA from 22.9% at end-January to 22.0% in February.
- While the discount is narrowing, the current share price discount to NTA remains attractive and aligns with the WAM Strategic Value investment thesis.
Cromwell Funds Management
30 Sept 2025
$34.90
Summary
- Cromwell Funds Management continues to hold Carlton Investments Ltd (CIN) as it is an internally managed listed investment company (LIC).
- CIN has a unique portfolio structure, with approximately 32% of its funds invested in a single stock, EVT Limited (EVT).
- The remaining portfolio primarily consists of large capitalisation ASX 200 companies, focusing on those that pay fully franked dividends.
- EVT operates across the entertainment, hospitality, and leisure sectors in Australia, New Zealand, and Germany.
- In August, EVT reported results that were below investor expectations, largely due to an underperforming entertainment division and adverse weather conditions impacting its ski resort.
- Cromwell Funds Management views these performance issues as transitory.
- The majority of EVT’s underlying value is tied to its hotel and property assets, which are expected to support long-term shareholder returns.
- EVT’s share price fell 19.7% over the quarter, impacting CIN’s performance, which ended down 1%.
- CIN currently trades at a 23.5% discount to its pre-tax Net Tangible Asset backing.
- With EVT appearing undervalued post-sell-off, investors are effectively gaining exposure to a "double discount".
- At the end of the period, CIN constituted approximately 4% of the Fund's assets.
Wilson Asset Management
31 May 2025
$34.01
Summary
- Carlton Investments invests in established Australian listed entities aimed at providing attractive levels of sustainable income and long-term capital growth.
- The company's share price increased 10.6% in May, closing at $35.00 per share.
- Pre-tax net tangible assets (NTA) rose by 7.6%, closing at $47.27 per share.
- Key contributor to these increases is EVT (ASX: EVT), which represents approximately 40% of Carlton's investment portfolio.
- EVT's share price increased 15% during the month, attributed to improving box office revenues.
- There was a marginal narrowing of Carlton Investments' share price discount to pre-tax NTA from 28% to 26%.
- Wilson Asset Management continues to hold Carlton Investments as a discount asset opportunity.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN)?
Fund managers including Wilson Asset Management and Cromwell Funds Management have invested in Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN).
Why do fund managers invest in Carlton Investments Ltd Fully Paid Ord. Shrs?
Fund managers invest in Carlton Investments Ltd Fully Paid Ord. Shrs due to its focus on established Australian entities that offer sustainable income and long-term capital growth. With a significant portion of its portfolio in EVT Limited, which operates in entertainment and hospitality, the company benefits from both dividend yields and growth potential. Despite recent performance challenges for EVT, its strong underlying asset base offers a favorable risk/reward profile. Additionally, the current discount to net tangible assets presents an opportunity for value-oriented investors.
What happened to Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN)?
Fund managers are investing in Carlton Investments Ltd (CIN) due to its unique portfolio structure, with 32% of its assets in EVT Limited, a diversified holding company. Despite recent underperformance from EVT related to temporary industry challenges, its strong underlying hotel and property assets provide a solid foundation for long-term returns. CIN's current trading at a 23.5% discount to its pre-tax Net Tangible Asset further attracts investors, offering a compelling entry point to capitalize on EVT's potential recovery and broader market trends.
What is the short interest in Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN)?
According to ASIC filings, there is negligible or no short interest in Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN).
What does Carlton Investments Ltd Fully Paid Ord. Shrs (ASX:CIN) do?
Carlton Investments Ltd. is a holding company. It engages in the acquisition and long-term holding of shares and units in entities listed in Australian Securities Exchange. The company was founded by Norman Rydge in November 1928 and is headquartered in Sydney, Australia.