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Gentrack Group Ltd ASX:GTK

Enterprise SaaS Enterprise Software Recurring Revenue Energy Transition

1 opened or increased4 held5 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 13 managers in total.

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202420252026

30 Jun 2023 to today

Commentary Showing 2 of 32

DateManagerActionSummary

15 Oct 2026Naos Asset ManagementExitNAOS Asset Management exited Gentrack (ASX:GTK) in the past, an investment CIO Sebastian Evans cites as one of his costliest lessons about selling too early. NAOS acquired 20% of Gentrack at $2 and held through a fall to $1 and recovery to $3, before selling at around $3 to $3.50. The stock subsequently rose to $14. Evans notes investors should never underestimate what others will pay for the same asset, particularly as a business grows larger, becomes more liquid and enters an index.

Article, price recorded $3.27

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1 Jul 2026Forager FundsInitiatedForager Funds initiated a position in Gentrack Group, re-adding the utilities and airports software business to the portfolio after previously exiting a successful investment made in early 2020 near $2 that was sold above $9. The manager notes an earnings downgrade in May, driven by contract win delays and higher costs, drove a 38% single-day share price fall to below $3, resetting expectations significantly. Forager argues the market is overly focused on weaker non-recurring revenue and margin pressure while overlooking that around three-quarters of revenue is recurring and highly sticky, making the business less exposed to AI disruption than many other technology companies and once again attractively priced.

Recurring RevenueArticle, price recorded $3.13

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Articles

About Gentrack Group Ltd

Information Technology, Software

Gentrack (ASX:GTK), the utilities and airport software provider, has suffered a sharp de-rating, prompting some fund managers to revisit it. In July 2026, Forager Funds reported adding Gentrack back to its portfolio after previously profiting from the investment, viewing the sell-off as an opportunity. Lakehouse Capital and Regal Funds Management both cited Gentrack as a detractor after a guidance downgrade sent the shares down more than a third in a single day. Gentrack operates in the Information Technology sector within the Software industry, and Thesis Tracker has captured 31 comments from 13 fund managers, including Forager, Lakehouse, Regal and Tamim. Founded in 1989 and headquartered in Auckland, Gentrack develops billing and customer management software for energy and water utilities, along with airport operations software through Veovo, serving customers across the UK, Asia Pacific and Europe.

Market cap: $464m
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: $2.86 to $9.92

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

Questions

Who is investing in Gentrack Group Ltd (ASX:GTK)?

Fund managers including Naos Asset Management, Forager Funds, Airlie Funds Management, Firetrail Investments, Wilson Asset Management, Ellerston Capital, Tamim Funds Management, Lakehouse Capital, Yarra Capital Management, Ryder Capital, Perennial Partners, Regal Funds Management, Pengana Capital Group and NAOS Asset Management have invested in Gentrack Group Ltd (ASX:GTK).

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

Forager Funds sees the recent share price collapse as a chance to re-enter a business whose original thesis previously played out well, and Tamim argues the market sometimes punishes an entire business for weakness in one part of a result. Long-term opportunities include utility customer migrations to Gentrack's cloud platform and its airport software division.

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

Lakehouse Capital reported a sharp guidance downgrade, with half-year revenue down around 2%, causing the shares to fall about two-thirds over twelve months. Regal noted the earnings downgrade weighed on returns, and the timing of large utility contract wins remains uncertain.

What does Gentrack Group Ltd (ASX:GTK) do?

Gentrack Group Ltd. develops, implements, and supports enterprise billing and customer management software for utility and airport industries. Founded in 1989 and headquartered in Auckland, New Zealand, the company operates through two primary segments: Utility and Airport. The Utility segment provides specialized billing software solutions, while the Airport segment offers comprehensive airport management software. Gentrack delivers high-performance technology infrastructure designed for complex operational environments in the global utility and aviation sectors.

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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