Fund Manager Summary
The fund managers believe that the outlook for MA Financial Group Ltd presents a significant opportunity, particularly with any share price under $5 considered compelling. In their opinion, the company's asset management business has become the jewel in the crown, evidenced by a robust 21% growth in assets under management (AUM) to $9.2bn, surpassing expectations. They highlight the successful pivot from a boutique advisory firm to a strong player in asset management, particularly in private credit products, which have gained traction amid rising interest rates. Additionally, the sale of five hotel assets at or above book value enhances liquidity, a positive sign in a market where listed property is trading at a discount. While there is a noted slowdown in M&A activity, fund managers anticipate a resurgence in corporate activity in 2024, which could further boost the share price.
Source: Trading View
Commentary From The Managers
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QVG Capital
31 Oct 2025
$9.61
Summary
- MA Financial is performing
- Private credit flows are improving
- Large property deals are returning
- MA Money’s mortgage book has accelerated
- ECM team is showing signs of recovery
- Management may not fully capitalize on this growth
- 2026 is anticipated to be a significant year for MA Financial
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
QVG Capital
31 Oct 2025
$9.61
- MA Financial is performing
- Private credit flows are improving
- Large property deals are returning
- MA Money’s mortgage book has accelerated
- ECM team is showing signs of recovery
- Management may not fully capitalize on this growth
- 2026 is anticipated to be a significant year for MA Financial
Summary
LHC Capital
30 Sept 2025
$9.32
- MA Financial is recognized as a diversified financial services firm and an alternative asset manager.
- During the quarter, MA Financial rose 23.6% following robust half-year results and a strong outlook for profitable growth.
- The company is executing a disciplined, multi-platform growth strategy leading to material earnings acceleration and a clear path toward FY26 targets.
- Momentum remains broad-based across Asset Management, Lending & Technology, and Corporate Advisory, supported by recurring revenue growth and expanding scale in lending.
- For the first half of 2025, MA Financial reported a 21% increase in revenue, 25% in EBITDA, and 26% in EPS.
- In Asset Management, which constitutes 61% of group EBITDA, gross inflows reached a record $1.5 billion, driven by strong demand for private credit strategies.
- The Lending & Technology segment, accounting for 27% of EBITDA, saw the Finsure aggregation platform increase its market share of mortgage brokers to 18%.
- The proprietary mortgage product, MA Money, experienced significant growth, with its loan book expanding from $1.4 billion to $3.3 billion year on year.
- The net interest margin for MA Money widened from 1.1% to 1.5%, contributing to the business’s first half-year profit.
- LHC Capital observes that MA Financial successfully incubates, proves, and scales new businesses within the group.
- This success is particularly evident in the scaling of Asset Management, Finsure, and MA Money, which benefit from strong revenue tailwinds.
- The group is positioned for meaningful margin expansion over the next several years.
- LHC Capital believes MA Financial is well placed to continue compounding earnings growth while maintaining an attractive dividend profile for shareholders.
Summary
Clime Investment Management
31 Aug 2025
$9.70
- MAF delivered a strong 1HCY25 financial result during the month, showing improved revenues and margins across all business lines.
- The medium-term outlook for MAF is very positive, according to Clime Investment Management.
- MAF has experienced a valuation re-rate in recent months and is now trading at market multiples.
- There is potential for further expansion in multiples and above market growth in earnings.
- All business lines are expected to benefit from falling interest rates in Australia.
- Clime Investment Management believes that MAF's high-quality management team will continue to identify new growth opportunities.
Summary
QVG Capital
31 Aug 2025
$9.70
- MA Financial Group Ltd is recognized as an alternative asset manager with expertise in property and private credit.
- The market previously viewed MAF's exposure to the Special Investor Visa programme negatively, though this is now negligible.
- MAF's historical reliance on volatile performance fees has been a concern, but the company has worked to diversify its business.
- Recent investments in private credit and lending products initially pressured profits, but these are seen as necessary for long-term sustainability.
- QVG Capital believes that reinvestment is essential for durability, even if it impacts short-term margins.
- Companies that prioritize long-term growth over immediate profits are likely to succeed, a sentiment the market appears to be recognizing.
Summary
SG Hiscock & Company
31 Aug 2025
$9.70
- SG Hiscock & Company highlights that MA Financial (MAF) has established a strong distribution presence across Australia and Asia in financial services.
- This distribution network has enabled MAF to develop a tailored and well-credentialed product offering focused on alternative assets in real estate and financial credit.
- In the mortgage sector, MAF has created a unique ecosystem that integrates competitive technology for mortgage brokers with a wholesale-backed mortgage product for advisors and investors.
- Management's expertise in analyzing the industry and creating a disruptive, competitive offering is starting to show positive results.
- Group profits for the June half-year period increased by 26%, reflecting the scale benefits that MAF is beginning to achieve.
Summary
Tyndall Asset Management
30 Apr 2025
$6.61
- Tyndall Asset Management sold their investment in MA Financial after significant share price appreciation following their results.
- Despite the strong execution from MA Financial, Tyndall Asset Management believes there are better returning opportunities in the market.
Summary
Ellerston Capital
31 Mar 2025
$6.87
- Ellerston Capital notes that MA Financial (MAF AU) experienced a challenging month, declining approximately 16%.
- Despite this downturn, MAF reported a strong FY24 result that surpassed market expectations.
- The fund manager believes the stock has been unfairly impacted by the performance of higher beta listed fund managers.
- MAF's assets under management (FUM) are primarily allocated to unlisted investments, such as private credit, real estate, and alternatives.
- Private credit has faced scrutiny recently, yet MAF has maintained strong flows and investment performance in this area.
- Ellerston Capital sees MAF as a solid business with various growth opportunities and a clear path to medium-term targets.
- The management team is well-aligned with the company’s objectives.
- Due to ongoing concerns regarding private credit, Ellerston Capital has decided to reduce its exposure to MAF.
Summary
Tyndall Asset Management
28 Feb 2025
$8.21
- MA Financial outperformed following a strong FY24 result.
- Guidance for FY25 earnings per share is materially higher than FY24.
- Tyndall Asset Management believes the market is beginning to recognize MA Financial's diversification efforts.
- MA Financial has reduced reliance on SIV funding and single asset fund exposure.
- The company is evolving into a diversified platform of alternative funds.
- This diversification should warrant a higher multiple.
Summary
Ellerston Capital
28 Feb 2025
$8.21
- MA Financial (MAF AU) showed strong performance, increasing over 26% after a solid FY24 result.
- Improving operating momentum is evident across all divisions heading into FY25.
- Private credit is driving robust flows into the asset management division.
- FY26 targets appear achievable, with potential upside linked to a successful US launch.
- MA Money's loan book growth accelerated, and NIM improved significantly in the second half.
- Finsure is expanding its share among brokers.
- Corporate advisory and equities show positive signs with larger deals and a healthy pipeline.
- Ellerston Capital looks forward to engaging with management teams post-reporting season.
- The investment process emphasizes bottom-up fundamental research.
- Focus on stock-level downside risk management to limit drawdowns and enhance capital compounding.
- The Fund leverages synergies from Micro-Cap, Small-Cap, and Unlisted strategies.
- Deep understanding of corporate histories aids in identifying growth opportunities.
Summary
Pengana Capital Group
28 Feb 2025
$8.21
- MA Financial has seen a 26% increase in share price.
- Earnings have risen by 7%.
- Short-term profits are affected by investments for medium-term growth.
- A 12% increase in assets under management is noted.
- This growth in assets is viewed as a positive indicator for future profit growth.
Summary
Tyndall Asset Management
31 Jan 2025
$6.64
- MA Financial outperformed following the successful raising for its MA Credit Income Trust.
- The diversification of the business has been significant over the past 12 months.
- Despite challenges in the legacy Redcape Fund and SIV investor channel, the business has continued to attract net inflows.
- Tyndall Asset Management continues to hold due to these positive developments.
Summary
QVG Capital
31 Oct 2024
$6.40
- MA Financial provided a September Quarter update indicating strong flows into their credit fund.
- QVG Capital acknowledges that MAF is shifting towards increasing earnings from more predictable recurring asset management fees.
- Currently, low equity capital markets activity and few property transactions are impacting earnings.
- Heavy investment in their mortgage lending book, MA Money, is contributing to under-earning in the near term.
- QVG Capital anticipates that MAF's earnings power will become more apparent in CY25 and beyond.
- MAF is currently trading at 17x CY25 PE.
Summary
Oracle Advisory Group
31 Dec 2023
$5.58
- Oracle Advisory Group continues to hold their position in MA Financial Group Ltd.
- Recent share price under $5 is viewed as compelling due to strength in asset management.
- Increased holdings taken advantage of a pessimistic market mindset in October.
- As of November, assets under management (AUM) reached $9.2bn, reflecting a 21% growth year-on-year.
- The asset management sector has become the jewel in the crown for MA Financial.
- The company has successfully pivoted from boutique corporate advisory to asset management.
- Rising interest rates have driven demand for private credit products, enhancing investment appeal.
- MA Financial's ownership of the Redcape Hotel Group positions it favorably in the market.
- Positive sales reported with hotel assets sold at or above book value.
- Corporate Advisory side is facing a temporary slowdown in M&A transactions.
- Expected corporate activity growth in 2024 is anticipated to provide further upside for share price.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With MA Financial's asset management emerging as a powerhouse amid market pessimism, shares under $5 seem like a strategic play. The pivot from advisory to asset management appears to be paying off, positioning them well for a potential rebound in corporate activity in 2024."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in MA Financial Group Ltd (ASX:MAF)?
Fund managers including Oracle Advisory Group, Pengana Capital Group, QVG Capital, Ellerston Capital, Tyndall Asset Management, SG Hiscock & Company, LHC Capital and Clime Investment Management have invested in MA Financial Group Ltd (ASX:MAF).
Why do fund managers invest in MA Financial Group Ltd?
Fund managers are investing in MA Financial Group Ltd due to its strong asset management performance, with assets under management growing 21% year-over-year to $9.2 billion. The company has successfully transitioned from a corporate advisory firm to a leading asset manager, capitalizing on rising interest rates by offering attractive private credit products. Recent sales of hotel assets at or above book value further enhance liquidity, while anticipated increases in corporate activity in 2024 could boost the share price.
What happened to MA Financial Group Ltd (ASX:MAF)?
Fund managers are investing in MA Financial Group Ltd due to its robust growth across multiple sectors, including asset management, lending, and technology. The company has established a strong distribution network in Australia and Asia, enabling it to offer competitive alternative asset products. Recent financial results show significant increases in revenue, EBITDA, and earnings per share, driven by a disciplined growth strategy and expanding market share in mortgage brokerage. MA Financial's ability to adapt and diversify its offerings, along with a positive medium-term outlook, positions it well for continued earnings growth and margin expansion.