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Coles Group Ltd ASX:COL

5 opened or increased7 held3 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 1 reduced. 19 managers in total.

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16 more managers have commented on COLPro shows the full position history for all 19 managers.

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20252026

20 Oct 2025 to today

Commentary Showing 2 of 29

DateManagerActionSummary

31 Aug 2026Perennial PartnersReducedPerennial Partners reduced its position in Coles Group because the share price had performed strongly during the month, prompting the manager to redeploy proceeds into laggards elsewhere in the portfolio. The trim came despite continued fundamental strength at the supermarket operator, which lifted its dividend per share by 13% at its results, one of several strong dividend increases seen across the portfolio during the reporting period. The decision reflects a disciplined approach to profit-taking after outperformance rather than any change in view on the underlying business quality.

Monthly Report, price recorded $24.04

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31 Aug 2026Pendal GroupHeldPendal Group continues to hold Coles Group because the manager notes an FY26 result in line with expectations, benefiting from lower than guided depreciation. Pendal highlights softer fourth-quarter sales growth than expected, though fears of significant disruption from Woolworths' successful Ooshie promotion were avoided, with trading suggesting sales growth settling around 3.5%, below market expectations for over 4% in the first half of FY27. Margins have expanded to peak levels despite growing online penetration, though the manager flags that as depreciation catches up with capex, further margin expansion will become difficult.

Newsletter, price recorded $24.04

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First mention by manager

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Price at first mentionThe share price recorded when each of 19 managers first commented on COL.

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Articles

About Coles Group Ltd

Consumer Staples, Food and Staples Retailing

Coles (ASX:COL), the supermarket group, is viewed by fund managers as defensive but fully valued. In August 2026, Ausbil rated Coles underweight on valuation, noting capital expenditure is running ahead of expectations as it expands and upgrades stores. Pendal reported an in-line FY26 result helped by lower depreciation, though fourth-quarter sales growth was softer than expected. Perennial noted a 13% dividend increase but trimmed its position, while PM Capital added to defensive exposures, and First Sentier included Coles in a favoured line-up. Coles operates in the Consumer Staples sector within the Food and Staples Retailing industry, and Thesis Tracker has captured 26 comments from 17 fund managers, including Ausbil, Pendal, Perennial, PM Capital and First Sentier. Founded in 1914 and headquartered in Melbourne, Coles operates more than 850 supermarkets and over 900 liquor stores, including Liquorland and First Choice Liquor, across Australia, along with Coles Online and the Flybuys loyalty program in partnership with Wesfarmers.

Market cap: $32.6b
Price to earnings: 30.4x
Return on equity: 28.1%
Dividend yield: 3.3%
Price to book: 8.38x
Net margin: 2.4%
52-week range: $20.10 to $24.59

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

Questions

Who is investing in Coles Group Ltd (ASX:COL)?

Fund managers including Clime Investment Management, BKI Investment Company, Tyndall Asset Management, Wilson Asset Management, Pendal Group, Alliance Bernstein, Alphinity Investment Management, Paradice Investment Management, Oracle Advisory Group, Ten Cap, Airlie Funds Management, Argo Investments, First Sentier Investors, Plato Investment Management, Investors Mutual Limited, PM Capital, Ausbil Investment Management, Perennial Partners and Ralton Asset Management have invested in Coles Group Ltd (ASX:COL).

What opportunities or catalysts do fund managers highlight for Coles Group Ltd?

Managers highlight Coles' defensive earnings, a 13% dividend increase and investment in automated distribution and store upgrades, according to Perennial, PM Capital and Pendal.

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

Ausbil sees Coles as fully valued with capital expenditure running ahead of expectations, and Pendal notes softer sales growth in the fourth quarter.

What does Coles Group Ltd (ASX:COL) do?

Coles Group Ltd. is an Australian retailer headquartered in Melbourne, established in 1914. Its business operates across three primary segments: Supermarkets, Liquor, and Other. The Supermarkets segment focuses on fresh food, groceries, and general merchandise. The Liquor segment manages retail sales and online delivery services. The Other segment encompasses property, insurance, and treasury operations. As a major retail entity, Coles Group conducts diverse operations essential to the Australian retail market.

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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