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Kelly Partners Group Holdings Ltd ASX:KPG

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

19 Apr 2026 to today

Commentary 2 comments

DateManagerActionSummary

31 May 2026Glennon Small CompaniesHeldGlennon Small Companies continues to hold Kelly Partners Group despite underperformance in May, as investors remained cautious about acquisition integration risks and the company's leveraged growth strategy. The fund acknowledges near-term market focus on balance sheet considerations and integration execution, while maintaining that Kelly Partners benefits from a growing recurring revenue base and a scalable operating model within the fragmented accounting services industry.

Recurring RevenueMonthly Report, price recorded $4.29

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30 Apr 2026Glennon Small CompaniesHeldGlennon Small Companies continues to hold Kelly Partners Group Holdings Ltd despite underperformance in April, which the fund attributes to investor concerns around earnings quality, acquisition integration risk, softer sentiment toward professional services businesses, elevated leverage levels, and broader weakness in lower-liquidity small caps during periods of market rotation. Glennon Small Companies notes the company continued to pursue its long-term strategy of acquiring accounting firms and expanding recurring revenue.

Monthly Report, price recorded $4.32

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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 KPG.

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About Kelly Partners Group Holdings Ltd

Industrials, Professional Services

Kelly Partners Group (ASX:KPG), an accounting firm roll-up, has underperformed amid concerns about acquisitions and earnings quality. In May 2026, Glennon Small Companies reported Kelly Partners underperformed as investors remained cautious about acquisition integration risks and the company's growth outlook. In April 2026, Glennon noted investors reacted cautiously to concerns about earnings quality, acquisition integration and expansion. Kelly Partners Group operates in the Industrials sector within the Professional Services industry, and Thesis Tracker has captured 2 comments from 1 fund manager, Glennon Small Companies. Founded by Brett Kelly in 2006 and headquartered in North Sydney, Kelly Partners provides accounting, tax, advisory, wealth and finance services to private small and medium businesses and high-net-worth families through a network of partner-owned firms across Australia, and has expanded into the United States and other markets through acquisitions under a partner-owner-operator model.

Market cap: $188m
Price to earnings: 61.7x
Return on equity: 25.3%
Dividend yield: 0.0%
Price to book: 7.21x
Net margin: 2.2%
52-week range: $3.35 to $10.60

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

Questions

Who is investing in Kelly Partners Group Holdings Ltd (ASX:KPG)?

Fund managers including Glennon Small Companies have invested in Kelly Partners Group Holdings Ltd (ASX:KPG).

What opportunities or catalysts do fund managers highlight for Kelly Partners Group Holdings Ltd?

The available commentary does not highlight specific opportunities, though Kelly Partners' acquisition-led model has historically driven strong growth.

What are the key risks to the Kelly Partners Group Holdings Ltd investment thesis, according to fund managers?

Glennon highlights investor caution about acquisition integration, earnings quality and offshore expansion, which caused underperformance.

What does Kelly Partners Group Holdings Ltd (ASX:KPG) do?

Kelly Partners Group Holdings Ltd provides accounting and taxation services to private small and medium-sized enterprises. Its key services include intellectual property provision, centralised services, and an operating business model. Founded by Brett Kelly in 2006, the company is headquartered in North Sydney, Australia.

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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