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Garda Diversified Property Fund ASX:GDF

0 opened or increased0 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

8 Aug 2025 to today

Commentary 1 comments

DateManagerActionSummary

8 Aug 2025First SamuelHeldFirst Samuel continues to hold Garda Diversified Property Fund because it has been one of the most successful investments in client Property Securities sub-portfolios over the past five years, returning about 9.2% per annum, having first bought the stock in 2020 as the company navigated COVID challenges with a stretched balance sheet and mixed office and industrial assets. The manager credits management under Matthew Madsen with trading out existing positions, developing new options and repairing the balance sheet, with FY25 representing the conclusion of this process including the North Lakes industrial land sale for $113.6 million and the Cairns CBD office sale for $77.5 million, leaving the company trading at a significant discount to NTA that the manager believes doesn't reflect existing assets or balance sheet flexibility.

Article, price recorded $1.26

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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 GDF.

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About Garda Diversified Property Fund

Real Estate, Equity Real Estate Investment Trusts (REITs)

Garda Diversified Property Fund (ASX:GDF) has been one of First Samuel's most successful property investments. In August 2025, First Samuel said Garda had been one of the most successful investments in clients' property securities portfolios over the past five years, reflecting strong returns from its industrial property holdings and value creation. Garda Diversified Property Fund operates in the Real Estate sector within the Equity Real Estate Investment Trusts industry, and Thesis Tracker has captured 1 comment from 1 fund manager, First Samuel. Garda Property Group is an internally managed real estate investment and funds management group focused on industrial and commercial property in Queensland and other east coast markets, developing and owning industrial estates and office assets, and has realised value through asset sales and developments.

Market cap: $220m
Price to earnings: 9.9x
Return on equity: 7.3%
Dividend yield: 8.2%
Price to book: 0.66x
Net margin: 62.0%
52-week range: $0.99 to $1.24

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

Questions

Who is investing in Garda Diversified Property Fund (ASX:GDF)?

Fund managers including First Samuel have invested in Garda Diversified Property Fund (ASX:GDF).

What opportunities or catalysts do fund managers highlight for Garda Diversified Property Fund?

First Samuel highlights Garda's strong five-year track record and value creation in its industrial property portfolio.

What are the key risks to the Garda Diversified Property Fund investment thesis, according to fund managers?

The available commentary does not set out specific risks, though Garda's value depends on property valuations and interest rates.

What does Garda Diversified Property Fund (ASX:GDF) do?

GARDA Property Group is an internally managed real estate investment and funds management group. GDF's investment activities focus on two areas: direct investment in industrial real estate assets, and lending into residential and industrial development projects. The Group combines property ownership with funds management and development finance, operating within Australia's industrial real estate and property lending sectors for investors tracking REIT and diversified property investment strategies.

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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