Fund managers including Spheria Asset Management, Mint Asset Management, Allan Gray, Pendal Group, Centennial Asset Management and Wilson Asset Management have invested in Fletcher Building Ltd (ASX:FBU).

Managers highlight new management, asset sales, a refocus on core building products and an upgrade to FY26 earnings guidance, with Wilson Asset Management noting a potential retirement division sale could create a strong net cash position.

Allan Gray points to a decade of poor capital allocation, problem contracts, pipe installation issues in Western Australia and balance sheet strain, while Pendal noted earlier guidance included property sale earnings.

Founded in 1909 and based in Auckland, New Zealand, Fletcher Building Ltd. manufactures and distributes building materials. The company operates through seven primary segments: Building Products, supplying residential and commercial materials; Distribution, covering building and plumbing supplies; Concrete, managing the value chain from aggregate extraction to cement production; Australia, handling regional manufacturing and distribution; Residential and Development, focusing on housing and apartment construction; Construction, providing infrastructure maintenance and services; and Corporate and Other. Fletcher Building serves diverse markets, delivering essential materials and infrastructure solutions across New Zealand and Australia.