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Eroad Ltd ASX:ERD

SaaS Free Cash Flow Enterprise Software Operating Leverage

0 opened or increased5 held3 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 10 managers in total.

Position history by manager Showing 3 of 10 managersSelect a point to see the comment

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

7 more managers have commented on ERDPro shows the full position history for all 10 managers.

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20252026

31 Jul 2024 to today

Commentary Showing 2 of 26

DateManagerActionSummary

28 Feb 2026Ellerston CapitalHeldEllerston Capital continues to hold EROAD Ltd despite a 23.9% share price decline in February, which the fund attributes to sentiment-driven factors rather than any deterioration in underlying business momentum. Ellerston Capital notes the weakness was compounded by a lack of news flow during reporting season, broader technology and small-cap selling, and the announcement of CEO Mark Heine's departure in June 2026 after nearly 11 years with the business. The fund takes comfort in Executive Chair John Scott's close engagement with the business during the strategic reset, and notes the ANZ business is performing well, the Cleanaway enterprise partnership is ramping, and the New Zealand eRUC opportunity represents a meaningful long-term growth driver.

SaaSMonthly Report, price recorded $0.75

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31 Dec 2025Ellerston CapitalHeldThe manager continues to hold ERoad because, despite ERD underperforming over the December quarter as listed tech weakness influenced positioning and investors took a more conservative view on near-term eRUC rollout timing, the share price has become anchored to the existing core New Zealand business with limited recognition of longer-term eRUC upside. The recent weakness reflects broader sector sentiment and timing considerations rather than any deterioration in underlying fundamentals.

Monthly Report, price recorded $1.07

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24 more comments on ERDPro 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 10 managers first commented on ERD.

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Articles

28 Feb 2026Eroad ERD Fund Manager Commentary and Investment Thesis

About Eroad Ltd

Information Technology, Software

EROAD (ASX:ERD), a fleet management technology company, has disappointed fund managers with slowing growth. In February 2026, Ellerston Capital reported EROAD fell 24% during the month, citing multiple factors, including its March year-end and weakness in technology stocks. Ellerston earlier described a disappointing first-half FY26 result, with macroeconomic conditions in New Zealand and the US hurting growth. Tamim noted management is sharpening its focus on electronic road user charge opportunities in Australia and New Zealand. EROAD operates in the Information Technology sector within the Software industry, and Thesis Tracker has captured 26 comments from 10 fund managers, including Ellerston, Tamim and Seneca. Founded in 2000 and headquartered in Auckland, EROAD provides hardware-enabled software-as-a-service for vehicle fleet management, including electronic road user charging, compliance, safety and telematics, serving transport operators in New Zealand, Australia and North America.

Market cap: $193m
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: $0.65 to $2.58

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

Questions

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

Fund managers including Cyan Investment Management, Mereweather Capital, Salter Brothers, Ellerston Capital, Acorn Capital, 1851 Capital, Tamim Funds Management, Ausbil Investment Management, Seneca Financial Solutions and SG Hiscock & Company have invested in Eroad Ltd (ASX:ERD).

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

Tamim highlights EROAD's focus on electronic road user charging opportunities in Australia and New Zealand, leveraging its leadership in the New Zealand market.

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

Ellerston notes a disappointing result, weak macroeconomic conditions in New Zealand and the US, and a 24% share price fall amid weak sentiment toward technology stocks.

What does Eroad Ltd (ASX:ERD) do?

Eroad Ltd. develops and sells end-to-end hardware-enabled SaaS solutions for vehicle fleet management. The company operates through four business segments: Corporate and Development, North America, New Zealand, and Australia. The Corporate and Development segment manages central costs alongside research and development for its product suite. Founded by Brian Edward Michie on May 17, 2000, Eroad is headquartered in Albany, New Zealand.

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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