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Carma Ltd ASX:CMA

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

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

2026

30 Nov 2025 to today

Commentary 1 comments

DateManagerActionSummary

30 Nov 2025Firetrail InvestmentsHeldFiretrail Investments continues to hold Carma Ltd despite consistent share price declines since the company's ASX listing at the start of the month. Firetrail Investments notes the company operates a fully digital platform for online used car purchases, sourcing and reconditioning vehicles from consumer and wholesale channels. With a limited track record as a listed company and a unique business model, the fund believes many investors are taking a wait-and-see approach, but remains confident Carma can continue to scale as brand trust and recognition build.

Monthly Report, price recorded $1.62

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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 1 managers first commented on CMA.

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About Carma Ltd

Consumer Discretionary, Specialty Retail

Carma (ASX:CMA), an online used car retailer, has struggled since listing. In November 2025, Firetrail Investments noted Carma debuted on the ASX at the start of the month and had seen consistent share price declines since listing, describing it as operating a fully digital platform for buying and selling used vehicles. Carma operates in the Consumer Discretionary sector within the Specialty Retail industry, and Thesis Tracker has captured 1 comment from 1 fund manager, Firetrail Investments. Founded in 2021 by Yosuke Hall and Lachlan MacGregor and headquartered in Sydney, Carma operates an online platform that buys, reconditions and sells used vehicles directly to consumers, offering home delivery, warranties and trade-in services, and is investing to scale its operations and reconditioning facilities as it seeks to capture a share of Australia's large used car market from traditional dealerships, while still operating at a loss as it grows.

Market cap: $93m
Price to earnings: Loss-making
Return on equity: -485.8%
Dividend yield: 0.0%
Price to book: 1.46x
Net margin: -59.9%
52-week range: $0.55 to $2.63

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

Questions

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

Fund managers including Firetrail Investments have invested in Carma Ltd (ASX:CMA).

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

The available commentary does not highlight specific opportunities, though Carma targets the large Australian used car market with a fully digital model.

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

Firetrail notes consistent share price declines since its ASX listing, reflecting investor concerns about losses and the path to profitability.

What does Carma Ltd (ASX:CMA) do?

Carma Ltd. is an Australian holding company operating a digital platform for purchasing and selling used vehicles. Established in 2021 by founders Yosuke Hall and Lachlan MacGregor, the Strawberry Hills-based firm manages the end-to-end used car lifecycle. Its comprehensive service model includes vehicle sourcing, inspection, reconditioning, and pricing. Carma further facilitates online retail, wholesale auctions, vehicle financing, and delivery services. The company provides a centralized digital infrastructure to streamline the used automotive market and enhance transactional efficiency.

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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