Fund Manager Summary
Goodman Group (ASX:GMG) continues to present an attractive investment opportunity according to recent fund manager commentary, particularly due to its strategic pivot towards data centres, which now comprises a substantial portion of its growth pipeline. Fund managers note the strong structural tailwinds from heightened demand for data centre infrastructure driven by AI and cloud services, with some projecting substantial earnings growth over the coming years. However, there are risks, including concerns about the sustainability of AI investment returns and investor sentiment, which could weigh on performance, especially as market conditions evolve. Despite these pressures, Goodman’s robust balance sheet and capacity to repurpose assets into high-demand data centre projects reinforce its long-term value creation outlook. Overall, the consensus indicates that while there may be volatility in the short term, Goodman is well-positioned to capitalize on future growth in this sector.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Subscribe To Unlock
Share Price
Summary
Date
-
Thesis Tracker gives investors direct access to professional fund-manager commentary on ASX-listed companies, all in one structured database.
-
By reporting on thousands of qualitative investment insights, Thesis Tracker helps investors make better decisions beyond just financial metrics.
-
Trusted by active, Retail and Professional ASX investors, Thesis Tracker saves research time by surfacing institutional-grade perspectives that are difficult to find elsewhere.
Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Perennial Partners
31 Dec 2025
$30.98
Summary
- Perennial Partners believes Goodman Group is attractively positioned and continues to hold because its very large development pipeline, proven delivery track record and a valuation gap to global data‑centre peers support recovery potential
- Recent performance regained ground (+4.9%) after significant underperformance versus global data‑centre stocks
- Scale of pipeline substantial pipeline of data‑centre and logistics projects provides multi‑year development optionality and fee/earnings visibility
- Execution track record consistent project delivery reduces execution risk and crystallises value through completed assets and recurring income
- Diversified earnings exposure across logistics, industrial and data‑centre segments smooths cashflows and captures secular demand for digital infrastructure and e‑commerce logistics
- Long‑dated contracts stable, long‑term leases with high‑quality tenants underpin predictable income and asset value resilience
- Global footprint geographic diversification across growth markets reduces concentration risk and taps regional demand imbalances
- Valuation opportunity relative valuation lag versus global peers presents upside if demand and execution visibility improve and the market re‑rates the sector
- Catalysts development completions, leasing progress and delivery milestones could unlock value and drive revaluation
- Balance sheet & capital management disciplined capital allocation and development funding approach supports growth while managing leverage and risk
Atlas Funds Management
5 Dec 2025
$29.51
Summary
- Atlas Funds Management continues to hold a cautious view on Goodman Group due to its high valuation.
- The company is trading at 24-25 times earnings, down from 30 times, indicating some market correction.
- While Goodman Group is recognized for its high-quality industrial properties, the current price is still considered too expensive.
- Atlas believes that the hype surrounding AI and data centers may be overstated.
- The $100 billion data center pipeline raises questions about funding and sustainability.
- There is potential for investment if prices decrease further.
- A rotation of interest has been observed from Goodman Group to Charter Hall.
Ten Cap
5 Dec 2025
$29.51
Summary
- Ten Cap continues to hold Goodman Group due to its high-quality standing in the market.
- The company performed exceptionally well in 2024, generating excitement around its data centre opportunities.
- Goodman Group has a strong historical performance in its industrial property portfolio.
- The management team identified the potential to convert existing industrial properties into data centres, leveraging their resources.
- The company has the necessary clients, capital, sites, and energy access for this conversion.
- Current market concerns about data centres have led to some sell-off, but Ten Cap believes in the management's ability to generate returns on invested capital.
- While Ten Cap views Goodman Group as a great business, they suggest waiting for a better entry point before buying more shares.
- Goodman Group remains a consistent part of Ten Cap's investment portfolio.
Tyndall Asset Management
30 Nov 2025
$29.78
Summary
- Tyndall Asset Management notes that Goodman Group (GMG) detracted from performance due to uncertainty surrounding the sustainability of the AI investment thematic.
- Concerns have arisen regarding the substantial size of investment intentions and questions about the funding and potential returns of these investments.
- As a result, stocks associated with this thematic experienced a sell-off.
- Despite this, Tyndall Asset Management retains conviction in the prospects for Goodman Group.
- They anticipate that the quality of data centre developments will remain highly sought after, regardless of longer-term uncertainties.
Infinity Asset Management
30 Nov 2025
$29.78
Summary
- Infinity Asset Management believes Goodman Group (GMG) is attractively positioned after a pullback and increased their position because the development runway and partnership-led monetisation should unlock material earnings upside; topped back up to target and it remains a top 5 active position, awaiting 1H26 catalysts.
- Positioning & near-term catalyst: overweight; stock fell ~10.1% in November amid investor impatience on timing of Australian/European data‑centre partnerships and near‑term earnings upgrades; expecting partnership and leasing updates at the Feb 2026 half‑year result (1H26).
- Operational momentum: secured power in the development pipeline upgraded from 2.7GW to 3.4GW; Work in Progress (WIP) currently $12.4bn and projected to rise to >$17.5bn by June 2026; current WIP shows a 7.5% yield on cost; FY26 operating EPS guidance of +9% reaffirmed.
- Data centre exposure: data centres now represent 68% of WIP, backed by a global 5.0GW power bank across 13 cities; strong hyperscaler demand and active leasing discussions support future occupancy and revenue.
- Partnership monetisation: Partnerships AUM stands at $72.1bn; new Australian and European capital partnerships are expected by FY26—sell‑downs into these partnerships are the primary lever to crystallise development profits and generate recurring management fees.
- Industrial portfolio health: like‑for‑like NPI growth of 4.2% (6.1% ex China/HK), portfolio occupancy at 96.1%, and ~13% rent reversion potential across the global industrial book.
- Investment thesis summary: sell‑off viewed as overdone given scale of development pipeline, embedded earnings upside from partnership monetisation, and reaffirmed operational guidance—expect earnings upgrades and capital partnership announcements to be key re‑rating catalysts.
SG Hiscock & Company
30 Nov 2025
$29.78
Summary
- SG Hiscock & Company notes that Goodman Group (GMG) has underperformed by -10.1% in the current month.
- The underperformance is attributed to rising bond yields and concerns around technology valuations following a strong run.
- There is growing cautiousness regarding AI capital expenditures and returns.
- Despite these factors, there was little new news to alter the earnings outlook for Goodman Group.
- SG Hiscock & Company continues to hold its position in Goodman Group based on their ongoing assessment.
Perpetual Asset Management
30 Nov 2025
$29.78
Summary
- Goodman Group detracted from portfolio performance in November, declining -10.2% over the month.
- The company’s earnings update revealed limited new news flow on leasing or capital partnership deals for data centre projects.
- The market is eagerly awaiting progress on leasing and capital partnerships, which are crucial for de-risking earnings from the development division.
- Management highlights strong progress, suggesting that the share price reaction reflects the short-term nature of current markets, rather than fundamental changes in outlook.
- A hotter-than-expected local CPI data likely contributed to the share price pullback, with rising local treasury yields weighing on performance.
- Perpetual Asset Management continues to see Goodman Group well positioned to maximize value from its asset portfolio.
- There remains confidence in the strength of the company’s management team and balance sheet over the upcoming months and years.
Clime Investment Management
30 Nov 2025
$29.78
Summary
- Goodman Group fell 10% in November, impacting portfolio returns.
- 1Q FY26 update released, reaffirming FY26 earnings guidance.
- Earnings expected to skew towards the second half of FY26 due to data centre project phasing.
- Profit taking in AI-related stocks has affected Goodman Group's performance.
- Clime Investment Management believes Goodman Group has a strong value creation outlook.
- Ongoing ability to repurpose global real estate portfolio towards higher value, alternative uses.
Wilson Asset Management
12 Sept 2025
$34.37
Summary
- Wilson Asset Management continues to hold Goodman Group due to its strong fundamentals.
- Goodman Group has successfully raised $4 billion, ensuring it is fully funded for its global data centre pipeline.
- The company offers a value opportunity for exposure to the growing AI sector through its infrastructure.
- Regardless of macroeconomic conditions, the outlook for Goodman Group in the next 12 months remains positive.
Wilson Asset Management
9 Sept 2025
$32.81
Summary
- Wilson Asset Management highlights Goodman Group's transition from traditional warehouses to data centre development.
- The stock is currently trading at its lowest premium for the market in five years.
- Anna Milne, deputy portfolio manager, describes Goodman Group as a safe hold in volatile times.
- There is a strong belief that the future will run on data, reinforcing the company's relevance.
Clime Investment Management
31 Aug 2025
$33.98
Summary
- Clime Investment Management has decided to moderate their position in Goodman Group (GMG) after strong performance since April.
- Analysis of GMG’s FY25 financial result influenced this decision.
- GMG remains a core holding in Clime’s portfolios.
- GMG is valued for its above-average long-term value creation prospects.
- The company benefits from a strong founder-led management culture.
Sterling Managed Investments
31 Aug 2025
$33.98
Summary
- Sterling Managed Investments has decided to moderate their position in Goodman Group (GMG) after strong performance since April.
- This decision follows a thorough analysis of GMG's FY25 financial results.
- GMG remains a core holding in Sterling Managed Investments' portfolios.
- The company is recognized for its above-average long-term value creation prospects.
- GMG benefits from a strong founder-led management culture.
First Sentier Investors
4 Aug 2025
$34.39
Summary
- First Sentier Investors initiated a position in Goodman Group due to a recent capital raise.
- The capital raise has strengthened Goodman's balance sheet.
- This financial stability positions Goodman well for future growth.
- Data centres represent 50% of Goodman's growth pipeline.
- First Sentier Investors anticipates around 10% EPS growth in the near term.
- The fund manager believes Goodman is well-positioned for success.
- Overall, First Sentier Investors views Goodman Group as a buy.
Airlie Funds Management
4 Aug 2025
$34.39
Summary
- Airlie Funds Management views recent market fluctuations as a favorable buying opportunity for Goodman Group.
- The investment remains in the portfolio, reflecting confidence in the company's prospects.
- The balance sheet is positioned well, indicating financial stability.
- Upcoming results are anticipated to be critical for assessing execution on the pipeline.
- Potential insights on capital partnerships may emerge, enhancing growth prospects.
- Goodman Group offers unique exposure to significant market themes, particularly reflecting trends seen in the US.
- Overall, the setup for Goodman Group appears promising for investors.
Clime Investment Management
30 June 2025
$34.24
Summary
- Clime Investment Management added to their position in Goodman Group during June.
- Reflects continued conviction in Goodman’s long-term growth strategy.
- The company’s pivot toward data centres is gaining momentum.
- Supported by increasing global demand for cloud and AI infrastructure.
- Goodman’s unique portfolio features strategically located assets ready for repurposing.
- This positions Goodman well to capture structural tailwinds.
- Strong balance sheet and track record of executing asset improvements.
- Belief that Goodman is set to deliver attractive earnings growth.
- Potential to create meaningful shareholder value over the coming years.
Oracle Advisory Group
30 June 2025
$34.24
Summary
- Oracle Advisory Group continues to hold a positive outlook on Goodman Group.
- Recent results from Goodman and NextDC have alleviated market concerns regarding growth prospects.
- McKinsey forecasts a need for $6.7 trillion in data centre investment driven by AI demand.
- Nvidia’s Jensen Huang predicts data centre spending will double to $2 trillion in the next five years.
- Evidence shows that project sizes for both NextDC and Goodman are increasing.
- This supports the view of long-term growth in the data centre sector.
- As a result, weights in Goodman Group have been increased.
Clime Investment Management
31 May 2025
$32.64
Summary
- Goodman Group (GMG) contributed positively to performance in May, recovering from an oversold position in April.
- Market conditions in April were risk-off, impacting growth stocks.
- Late May, GMG provided a 3Q operational update highlighting significant opportunities to repurpose its global real estate portfolio into data centres.
- GMG reiterated guidance for EPS growth of 9% for FY25.
- While the data centre opportunity is long-dated and capital intensive, Clime Investment Management believes GMG is well positioned to create shareholder value going forward.
Tyndall Asset Management
31 May 2025
$32.64
Summary
- Tyndall Asset Management notes that Goodman Group outperformed in May.
- US hyperscalers reported their Q1 results, reaffirming their commitment to data centre CAPEX.
- Investors are increasingly focused on AI strategies in the tech sector.
- Previously, Goodman faced negative market sentiment regarding AI infrastructure needs.
- Concerns arose after DeepSeek’s release and Microsoft adjusted some international leases.
- Tyndall Asset Management continues to hold its position in Goodman Group due to these developments.
Pengana Capital Group
31 May 2025
$32.64
Summary
- Goodman Group (GMG) has shown year-to-date underperformance, which enhances its appeal in terms of valuation.
- Strong upside potential is driven by a growing data centre pipeline.
- This pipeline is expected to support development profits.
- There are opportunities for AUM growth and co-investment.
- Pengana Capital Group continues to hold its position due to these factors.
Wilson Asset Management
30 Apr 2025
$29.98
Summary
- Wilson Asset Management believes shares in Goodman Group were oversold due to leasing activity concerns and market valuation vulnerabilities.
- Both Goodman Group and NEXTDC have rebounded strongly following a market bounce.
- This recovery has been supported by positive commentary from major cloud data management providers like Meta Platforms regarding increased capital expenditure for AI infrastructure.
- Upcoming data points for NEXTDC will be available in May, with a presentation at the Macquarie Conference.
- Goodman Group is set to report its quarterly update later this month.
Sterling Managed Investments
30 Apr 2025
$29.98
Summary
- Sterling Managed Investments has increased its position in Goodman Group (GMG) following a significant de-rating.
- GMG provides high-quality exposure to data centers and logistics.
- The stock is currently trading at an attractive multiple compared to its historical values and peers.
- GMG boasts a strong balance sheet and a portfolio of A-grade assets.
- There is access to power and potential catalysts on the horizon.
- Sterling Managed Investments sees compelling growth at a reasonable price (GARP) in GMG.
Tyndall Asset Management
31 Mar 2025
$28.43
Summary
- Tyndall Asset Management acknowledges that their overweight holding in Goodman Group has detracted from performance due to the company's recent underperformance.
- The company initiated a $4 billion equity raising to support the development of their 5 gigawatt data centre pipeline on their own balance sheet, aiming to enhance returns.
- Market sentiment surrounding data centres was negatively impacted following news that Microsoft began cancelling some data centre leases as part of a strategy to reshape their data centre fleet.
Blackwattle Investment Partners
31 Mar 2025
$28.43
Summary
- Blackwattle Investment Partners continues to hold an underweight position in Goodman Group (GMG).
- The long-term growth of data centres is being reassessed by investors.
- High PE multiples for GMG are currently being questioned.
- More efficient AI models may impact corporate IT spending.
- In a weaker economy, there is a risk of a lower growth rate for developers like Goodman.
- Potential for lower profit margins as the value chain contracts.
- Demand for GMG’s core industrial property offerings is influenced by the economic cycle.
- The company faces headwinds from US tariff policy.
Ten Cap
21 Mar 2025
$31.45
Summary
- Ten Cap considers Goodman Group as one of the best industrial property trusts globally.
- The company now provides fast track data centre exposure.
- Jun Bei Liu and Rudi Filapek-Vandyck have identified Goodman Group as an attractive buy at current levels.
- Both analysts believe it is a high-quality investment trading at a discount.
- Liu emphasized that Goodman has been a core holding for Ten Cap.
- The data centre opportunity enhances Goodman’s existing strengths in the property sector.
- Goodman has a strong existing client base for selling data centre capacity.
- Liu views this as a defensive way to tap into structural growth.
Sterling Managed Investments
28 Feb 2025
$31.31
Summary
- Sterling Managed Investments continues to hold a positive outlook on Goodman Group (GMG).
- Recent 1H results were solid, reinforcing confidence in GMG's performance.
- Capital raising initiatives are aimed at funding growing opportunities in data centre development.
- GMG is viewed as advantaged versus peers in creating value.
- Existing assets are strategically located in metro areas with necessary infrastructure.
- These locations are well-suited for digital infrastructure catering to cloud and technology-related tenants.
Oracle Advisory Group
30 Sept 2024
$36.99
Summary
- Oracle Advisory Group has trimmed several positions during the month.
- Goodman Group was reduced as its position size exceeded 40%, against a benchmark of 37%.
- The company has experienced an extremely positive performance over the last 2 years, with a consistent increase in share price.
- Goodman's share price has moved past estimated fair value, prompting a reduction in position size.
Greencape Capital
30 June 2024
$35.01
Summary
- Greencape Capital added Goodman Group to the portfolio nearly two years ago, following management closely.
- Admired multi-year shift to lower gearing and consistent focus on recycling assets into higher quality locations.
- Stock sell-off in late 2022, driven by rising interest rates, provided a unique investment opportunity.
- Lower gearing offers balance sheet flexibility amid increasing debt costs in the broader property market.
- Greencape believes GMG's balance sheet flexibility allows for more effective operations without heavy reliance on partners.
- Strong local market knowledge and relationships with power authorities enable GMG to transform key sites into data centers.
- Data demand has surged, especially with the advent of GenerativeAI, highlighting GMG's foresight in securing power in high-demand regions.
- Expanding presence in Asia and Europe, where data center capacity is still developing compared to North America.
- Market has begun to recognize GMG's unique land holdings, leading to outperformance in the share price.
- GMG expected to deliver at least mid-teens earnings growth, justifying a higher earnings multiple.
- Greencape conducted deeper research into GMG's locations in Japan and Europe to assess execution risk and demand dynamics.
- Comfortable with GMG's understanding of local nuances and participation in land amalgamation with local governments.
- Tsukuba's 1GW site is underway, with infrastructure development ongoing and potential for significant future value.
- FLAP-D markets in Europe include Frankfurt, London, Amsterdam, and Paris, where GMG has strong positions.
- Potential for further site development in Europe, beyond what is currently recognized in GMG's Work In Progress.
- Upside potential remains for GMG as AI and data center demand continue to grow over the medium to long term.
Cooper Investors
30 June 2024
$35.01
Summary
- Goodman Group (GMG) is a key holding in the portfolio.
- The company is strategically positioned to capitalize on the increasing demand for data centre capacity.
- Goodman Group has a robust development pipeline of 4.3GW across 12 global cities.
- Medium-term growth prospects appear promising.
- Cooper Investors is adopting a cautious approach due to the current hype surrounding the AI thematic.
Oracle Advisory Group
31 Mar 2024
$33.38
Summary
- Oracle Advisory Group believes Goodman is the best company within the Australian listed property sector.
- Recent half yearly update shows operating profit up 28.6% and operating EPS up 27.6%.
- This strong performance led to a 33.15% increase in share price.
- Goodman reported work in progress of $12.9bn across 12 countries.
- The forecast yield on the cost of these projects is 6.7% once completed.
- Data centres constitute about 37% of the work in progress.
- Goodman has taken a significant percentage of data centre work in progress onto its own balance sheet.
- This strategy is aimed at capturing upside in operating profits and higher valuations in this in-demand sector.
- Despite these investments, the balance sheet remains strong with 9% balance sheet gearing and 22.7% look-through gearing.
Greencape Capital
31 Dec 2022
$17.31
Summary
- Greencape Capital initiated a position in Goodman Group (GMG) due to their specialist focus on industrial property in high demand locations globally.
- The fund manager values the alignment between management, led by founder Greg Goodman, and shareholders due to significant executive ownership.
- GMG has experienced a derating of its earnings multiple, currently trading under 20x, which Greencape Capital sees as a favorable entry point.
- Strong growth in Assets Under Management (AUM) is expected, with recent increases driven by acquisitions, developments, and revaluation gains.
- GMG's assets are well-positioned to benefit from rising market rents, anticipated to grow by 20%-60% post-lease expiry due to low vacancy and increasing industrial demand.
- Recent improvements in net operating income growth (4.0% in 1Q23) and high occupancy rates (99%) indicate strong operational performance.
- Greencape Capital believes FY23 EPS growth guidance of 11% has upside potential, with management typically conservative in guidance updates.
- There is an estimated $1.2bn in performance fees not yet booked, with potential for release over time.
- GMG has significant development revenue held back, indicating potential future earnings growth as development activity increases.
- Overall, Greencape Capital views GMG as a high-quality business trading at an attractive valuation with strong growth prospects supported by demand in the industrial sector.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Goodman Group (ASX:GMG)?
Fund managers including Greencape Capital, Cooper Investors, Oracle Advisory Group, Pengana Capital Group, Ten Cap, Blackwattle Investment Partners, Wilson Asset Management, First Sentier Investors, Airlie Funds Management, Clime Investment Management, Sterling Managed Investments, Tyndall Asset Management, Atlas Funds Management, SG Hiscock & Company, Perpetual Asset Management, Perennial Partners and Infinity Asset Management have invested in Goodman Group (ASX:GMG).
Why do fund managers invest in Goodman Group?
Fund managers invest in Goodman Group due to its strong asset base, growth potential, and strategic pivot towards data centres. Analysts highlight its robust portfolio of industrial properties, which are well-positioned for conversion into high-demand data facilities. With attractive long-term earnings growth prospects, a solid balance sheet, and a competitive yield, Goodman Group is viewed as a quality investment opportunity. The company's ability to leverage existing infrastructure and capitalize on rising demand for digital solutions further enhances its appeal in the current market.
What happened to Goodman Group (ASX:GMG)?
Fund managers are investing in Goodman Group due to its high-quality industrial properties and strong management team. With a substantial $100 billion data center pipeline, the company demonstrates a strategic shift to capitalize on AI-related opportunities, providing a relatively affordable way to gain exposure to this sector. Despite recent market volatility and concerns about AI investment sustainability, fund managers maintain confidence in Goodman Group's earnings potential and ability to generate value from its assets. They recognize the company’s strong capital position and ongoing commitment to executing its growth strategy.
What is the short interest in Goodman Group (ASX:GMG)?
The short interest in Goodman Group (ASX:GMG) is 0.40% which makes it the 308th most shorted stock on the ASX. Of the 2.0B shares that Goodman Group has on issue, 8.1M have been sold short.
What does Goodman Group (ASX:GMG) do?
Goodman Group is a firm that focuses on providing essential infrastructure. It owns, develops, and manages logistics properties and data centres, which support the digital economy. The company's portfolio includes logistics and distribution centres, warehouses, light industrial sites, multi-storey industrial properties, business parks, and data centres. Founded in 1989 and headquartered in Sydney, Australia, Goodman Group operates primarily in major global cities.