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GWR Group Ltd ASX:GWR

0 opened or increased1 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

20 Apr 2026 to today

Commentary 1 comments

DateManagerActionSummary

22 Jul 2026Raper CapitalHeldRaper Capital holds a small position in GWR Group, sized appropriately given liquidity constraints, and believes the stock trades at roughly 40% of a conservative sum-of-the-parts value comprising cash, term deposits and a stake in Tungsten Mining. The manager argues the public record shows reasonable indicia of a large undisclosed shareholder association behind a ~48% custodian nominee block, engaging Takeovers Panel divestment remedies if proven, and lays out a path involving beneficial-ownership tracing notices, escalation to ASIC or the Panel, and potential outcomes ranging from forced divestment to a takeover bid or capital return, all of which the manager believes should benefit minority shareholders from the current price.

Article, price recorded $0.12

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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 GWR.

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About GWR Group Ltd

Industrials, Metals and Mining

GWR Group (ASX:GWR), a Perth resources company, is seen by Raper Capital as a forgotten cash box. In July 2026, Raper described GWR as a forgotten Perth cash box trading at around 10.5 cents, with a market value of about $34 million, arguing the shares trade below the value of its cash, investments and assets. GWR Group operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 1 comment from 1 fund manager, Raper Capital. Headquartered in West Perth, GWR Group is a resource company involved in mineral exploration, development and production, with iron ore and gold interests in Western Australia, including the Wiluna West iron ore project and royalties, and holds cash and investments from previous asset sales.

Market cap: $33m
Price to earnings: Loss-making
Return on equity: -1.3%
Dividend yield: 0.0%
Price to book: 1.02x
Net margin: -39.7%
52-week range: $0.09 to $0.18

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

Questions

Who is investing in GWR Group Ltd (ASX:GWR)?

Fund managers including Raper Capital have invested in GWR Group Ltd (ASX:GWR).

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

Raper highlights GWR as a cash box trading below the value of its cash, investments and assets, offering downside protection.

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

The available commentary does not detail specific risks, though value realisation depends on management deploying or returning capital.

What does GWR Group Ltd (ASX:GWR) do?

GWR Group Limited (ASX: GWR) is a West Perth-based Australian resource company involved in mineral exploration, development, and production. Now an iron ore producer via its Wiluna West Iron Ore Project, exporting since early 2021, GWR's portfolio also includes the Wiluna West Gold project, an 80% stake in the Hatches Creek tungsten joint venture (Northern Territory), a 70% interest in the Prospect Ridge Magnesite project (Tasmania), and equity holdings in Tungsten Mining NL and eMetals Limited. Incorporated in 2002 as Golden West Resources Limited and renamed in December 2013, GWR generated AUD 12.3 million revenue in 2025, with a market capitalisation of approximately AUD 48.8 million.

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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