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Judo Capital (ASX:JDO), a specialist small business bank, fell sharply after a surprise bad debt-driven profit warning. In June 2026, Pendal Group reported Judo downgraded FY26 guidance by 9% due to three problem loans, with management suggesting they were not systemic. Blackwattle noted a 40% share price fall, Perennial said the downgrade raised the prospect of rising credit costs after very low losses to date, and Yarra, which held an overweight position, cited the downgrade. Fairview viewed the loans as unrelated, sector-specific events rather than a broader problem. Judo Capital operates in the Financials sector within the Banks industry, and Thesis Tracker has captured 30 comments from 15 fund managers, including Pendal, Blackwattle, Perennial, Yarra and Fairview. Founded in 2015 by Chris Bayliss, Joseph Healy and David Hornery and headquartered in Melbourne, Judo is a pure-play SME bank providing business loans, equipment finance and term deposits.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Yarra Capital Management, Datt Capital, Antares Capital, Tyndall Asset Management, Pendal Group, LSN Capital Partners, Ausbil Investment Management, ECP Asset Management, Lennox Capital Partners, Ten Cap, Quest Asset Partners, Blackwattle Investment Partners, Perennial Partners, Fairview Equity Partners, First Samuel and Investors Mutual Limited have invested in Judo Capital Holdings Ltd (ASX:JDO).
Fairview views the problem loans as isolated rather than systemic, and Judo's focus on underserved small and medium business lending offers long-term growth potential.
Pendal, Blackwattle and Perennial highlight a 9% earnings downgrade from three problem loans, a 40% share price fall and the risk that credit costs rise from historically low levels.
Judo Capital Holdings Ltd., founded in 2015 by Christopher James Bayliss, Joseph Cornelius Healy, and David Stephenson Hornery, is a Melbourne-based financial services provider. The company specializes in banking solutions for small and medium enterprises (SMEs). Its core product offerings include business loans, lines of credit, term deposits, residential mortgages, and home loans. Headquartered in Australia, Judo Capital focuses on delivering tailored financial services to support the growth and operational needs of the SME sector.
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.