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Mader Group Ltd ASX:MAD

1 opened or increased3 held0 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 5 managers in total.

Position history by manager Showing 3 of 5 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

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20252026

20 Apr 2026 to today

Commentary Showing 2 of 5

DateManagerActionSummary

30 Sep 2026Investors Mutual LimitedInitiatedInvestors Mutual Limited initiated a position in Mader Group Ltd during the September 2026 quarter, following a sell-off in the company's shares. The manager used the share price weakness as an opportunity to open a new holding in the heavy equipment maintenance services provider. The commentary does not provide further detail on the specific investment thesis.

Mining ServicesQuarterly Report, price recorded $6.56

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30 Jun 2026Spheria Asset ManagementHeldSpheria continues to hold Mader Group because, as a fund historically underweight the resources sector, it prefers to gain exposure through quality mining services providers such as Mader, GR Engineering, Lycopodium and Imdex rather than direct commodity producers. Spheria notes this positioning was not sufficient to fully offset the strong returns delivered by the broader materials sector over the financial year, underscoring the fund's preference for services businesses that benefit from mining activity without carrying direct commodity price risk.

Mining ServicesMonthly Report, price recorded $7.92

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3 more comments on MADPro shows every comment, with a link to each source document.

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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 5 managers first commented on MAD.

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About Mader Group Ltd

Materials, Commercial Services and Supplies

Mader Group (ASX:MAD), a specialist maintenance contractor, is held by fund managers as a quality mining services exposure. In June 2026, Spheria said it has historically been underweight resources, gaining exposure instead through quality mining services companies such as Mader. Cerutty Macro Fund described Mader as a global specialist maintenance contractor providing mobile and fixed plant services across mining, energy and industrial sectors. QVG noted Mader performed well as North American trading conditions picked up and index inclusion became more likely. Mader Group operates in the Industrials sector within the Commercial Services and Supplies industry, and Thesis Tracker has captured 4 comments from 4 fund managers, including Spheria, Cerutty and QVG. Founded by Luke Mader in 2005 and headquartered in Perth, Mader provides specialised maintenance labour for heavy mobile equipment, fixed plant and infrastructure to mining and energy companies in Australia, North America and other regions.

Market cap: $1.2b
Price to earnings: 20.6x
Return on equity: 27.3%
Dividend yield: 1.3%
Price to book: 4.84x
Net margin: 6.5%
52-week range: $5.85 to $9.63

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

Questions

Who is investing in Mader Group Ltd (ASX:MAD)?

Fund managers including Airlie Funds Management, QVG Capital, Cerutty Macro Fund, Spheria Asset Management and Investors Mutual Limited have invested in Mader Group Ltd (ASX:MAD).

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

Managers highlight Mader's quality as a mining services business, improving North American trading and potential index inclusion, according to Spheria, Cerutty and QVG.

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

The available commentary is positive and does not detail specific risks, though Mader's earnings depend on mining activity and its ability to recruit skilled labour.

What does Mader Group Ltd (ASX:MAD) do?

Mader Group Ltd, founded by Luke Mader in 2005 and headquartered in Perth, Australia, is a leading provider of specialized contract maintenance services for the resource industry. The company specializes in the maintenance of heavy mobile equipment, offering field support, shutdown maintenance teams, and workshop services. Additionally, Mader Group provides technical training for maintenance personnel and various ancillary support services. Mader Group delivers comprehensive workforce solutions designed to optimize equipment availability and operational efficiency for global mining and resource clients.

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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