Fund Manager Summary
The fund managers believe that Monash IVF Group Ltd presents a promising investment opportunity, particularly given the recent positive trends in the fertility services sector. In their opinion, the 5.8% increase in share price and the 3.5% rise in IVF cycle data indicate strong demand. Furthermore, the introduction of genetic testing as a key growth driver is seen as a significant advantage, with expectations that a notable portion of prospective parents will opt for three-gene testing. The fund managers find MVF's 16x FY25 P/E ratio attractive, especially considering its defensive earnings profile and potential for market share expansion amid favorable industry trends.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Datt Capital
8 Aug 2025
$0.80
Summary
- Datt Capital has acquired a stake in Monash IVF Group Ltd.
- The company’s shares have fallen 25% since April due to two significant embryo transfer errors.
- These incidents involved a patient giving birth to another’s baby and a mix-up with a partner's embryo.
- Despite the errors, Datt Capital believes the error rate remains low, with only two mistakes out of 13,000 cycles annually.
- Monash IVF revised its full-year earnings guidance downwards in May, citing fewer customers, but denied a link to the first incident.
- Datt Capital purchased shares near their June lows at around 60¢ and has increased their position since.
- Currently, Monash IVF shares are trading at 80¢ and constitute about 8% of Datt’s portfolio.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Datt Capital
8 Aug 2025
$0.80
- Datt Capital has acquired a stake in Monash IVF Group Ltd.
- The company’s shares have fallen 25% since April due to two significant embryo transfer errors.
- These incidents involved a patient giving birth to another’s baby and a mix-up with a partner's embryo.
- Despite the errors, Datt Capital believes the error rate remains low, with only two mistakes out of 13,000 cycles annually.
- Monash IVF revised its full-year earnings guidance downwards in May, citing fewer customers, but denied a link to the first incident.
- Datt Capital purchased shares near their June lows at around 60¢ and has increased their position since.
- Currently, Monash IVF shares are trading at 80¢ and constitute about 8% of Datt’s portfolio.
Summary
Datt Capital
30 July 2025
$0.79
- Resilient healthcare business supported by long-term demographic trends.
- Market leader in fertility services across Australia and Southeast Asia.
- Recent operational challenges were addressed through decisive board action.
- Investment made at valuations well below its 52-week peak.
- Perceived as a defensive sector with strong demographic tailwinds.
- Opportunity to invest at a significant discount reinforced conviction.
- Thesis emphasizes governance, defensive sector exposure, and potential re-rating over time.
Summary
Elston Asset Management
30 June 2025
$0.71
- Monash IVF’s issues may be structural, though it is difficult to determine at this stage.
- Elston was extremely disappointed to see two separate embryo issues arise, one historical and one in real-time.
- The resignation of CEO Michael Knaap was anticipated following the second incident.
- Operational errors of this nature are unacceptable in the fertility business.
- The brand has suffered due to negative media coverage, impacting conversations between specialists and patients.
- There is a limited number of specialists in Australia and a strong demand for fertility treatments.
- If specialists remain at Monash, the long-term damage may be minimal; however, a mass departure could lead to severe consequences.
- Elston believes the current share price reflects fears of specialist exodus and significant market share loss.
- While forecasting market share losses, Elston thinks the market may have overreacted at this point.
Summary
SG Hiscock & Company
30 June 2025
$0.71
- Monash IVF (MVF) was a significant detractor for SG Hiscock & Company during the June quarter and the entire financial year.
- Share price weakness was initiated by an incident at the Brisbane clinic involving an incorrect embryo transfer, leading to the birth of a child.
- SG Hiscock & Company initially believed that MVF's strong brand and reputation would endure the brand damage from this incident.
- The emotional and distressing nature of the event was acknowledged, emphasizing the impact on those involved.
- However, a second embryo error in June raised concerns about potential broader procedural or cultural issues within MVF.
- As a result, SG Hiscock & Company reassessed their view on the franchise strength of MVF.
- Consequently, they decided to exit their position immediately in light of these developments.
Summary
Asymmetric Asset Management
31 May 2025
$0.78
- Asymmetric Asset Management continues to assess the risks and long-term outlook for Monash IVF Group Ltd.
- The company is currently facing a barrage of bad press.
- Recent developments suggest a potential for cultural change within the organization.
- The departure of the CEO is seen as a positive sign for future improvements.
- Despite a 9% drop in share price in May, the investment opportunity is viewed as compelling.
- Asymmetric Asset Management has been adding to the fund’s position in Monash IVF.
- The decision to increase investment was made, albeit initially perceived as premature.
Summary
Firetrail Investments
30 Apr 2025
$0.84
- Firetrail Investments notes that Monash IVF underperformed following an incident involving the implantation of the wrong embryo, attributed to human error.
- The share price reaction indicates market concerns about potential loss of market share to competitors due to this incident.
- Market analysis suggests that the share price movement implies a possible 20% decline in market share, equating to approximately 4%.
- Historically, Monash IVF successfully defended its market share after a similar incident in 2019.
- To regain confidence from both staff and clients, the company must implement significant improvements in risk and quality control measures.
Summary
Endeavor Asset Management
30 Apr 2025
$0.84
- Monash IVF Group (MVF) experienced a sharp decline in April due to media reports of a serious incident.
- The incident involved a human error where an embryo was mistakenly transferred to the wrong patient.
- This unfortunate event led to the birth of a child that was not intended for that patient.
- Endeavor Asset Management believes this situation poses significant risks to the company’s brand.
- There are potential operational consequences that could affect future revenue.
- Given these factors, Endeavor Asset Management exited the position in Monash IVF Group.
Summary
Asymmetric Asset Management
30 Apr 2025
$0.84
- Asymmetric Asset Management acknowledges a significant decline in Monash IVF's share price due to a rare error at one of its clinics.
- The error is deemed localized and likely to be covered by insurance, minimizing potential financial impact.
- Analysis indicates that the risk of brand damage for Monash IVF is limited.
- The long-term trend of reproductive assistance remains strong, supporting Monash IVF's position in the market.
- As a result, Asymmetric Asset Management has increased the fund's weighting in Monash IVF following the sell-off.
Summary
Clime Investment Management
30 Apr 2025
$0.84
- Monash IVF experienced a decline in performance due to a media report revealing a serious incident at its Brisbane clinic.
- Despite the incident, Clime believes there are no material consequences for financial performance due to insurance coverage.
- There is disappointment regarding the lack of prior disclosure from the company to the market.
- The key uncertainty moving forward is the potential long-term impact on Monash IVF's reputation as an IVF operator.
- Clime continues to hold its position in Monash IVF Group Ltd due to these considerations.
Summary
Cerutty Macro Fund
28 Feb 2025
$1.23
- Cerutty Macro Fund recognizes Monash IVF as a quality local name benefiting from uninterrupted tailwinds.
- Monash IVF holds a dominant market position with structural growth drivers and an attractive valuation.
- Demographic trends, including delayed marriage and childbirth, are boosting demand for IVF treatments.
- Growth in the LGBT community creates new markets for IVF services, especially in donor and surrogacy options.
- Australia's low birth rate is prompting government support through subsidies and regulatory easing in fertility treatments.
- Monash IVF trades at attractive multiples (~14.5x P/E, ~10.5x EBIT, ~7.5x EBITDA).
- Recent acquisition of Virtus Health provides a valuation benchmark, indicating upside potential for Monash IVF.
- Resolution of a class-action lawsuit de-risks the investment from a governance perspective.
- Monash IVF's competitive positioning is strengthened as Genea faces challenges from a data breach.
- Ongoing innovations in genetic testing, egg-freezing technologies, and donor programs enhance market appeal.
- In summary, Monash IVF presents a structurally attractive investment opportunity amid market volatility.
Summary
Tyndall Asset Management
31 Jan 2025
$1.21
- Monash IVF is a leading IVF provider in Australia, with a small presence in South East Asia.
- The share price has been weak due to a slowdown in IVF rates over the past 12 months.
- IVF demand is somewhat cyclical and considered discretionary.
- Monash IVF is currently one of the cheapest healthcare companies, trading at 14x earnings or 8x EV/EBITDA.
- The company has a valuable network of clinics expected to deliver above GDP growth in the medium term.
- Recent acquisitions in the sector have occurred at multiples above 12x EBITDA, indicating strong potential upside for patient investors.
Summary
Firetrail Investments
31 Jan 2025
$1.21
- Firetrail Investments notes that Monash IVF underperformed following a weak end to the year for both fresh and frozen cycles.
- The market experienced a decline of -0.5% in 1H 2025, contrasting with 5% growth in the previous comparable period, as per Medicare data.
- In 2H 2025, Firetrail Investments anticipates improved volume growth as the industry moves past a weaker growth phase.
- Overall, Firetrail Investments expects IVF volumes to grow 3-5% through the cycle, driven by factors such as population growth, societal trends, and increased uptake of genetic carrier testing.
Summary
Endeavor Asset Management
31 Dec 2024
$1.27
- Endeavor Asset Management notes a 5.8% rise in shares of Monash IVF Group (MVF), supported by positive Medicare data.
- November IVF cycle data showed a 3.5% increase compared to the prior corresponding period.
- New data monitoring genetic testing, one of MVF’s key growth drivers, has been introduced.
- As awareness of genetic testing grows, MVF anticipates a significant proportion of individuals considering pregnancy will opt for at least three-gene testing.
- Endeavor Asset Management considers MVF’s 16x FY25 P/E to be attractive due to the Company’s defensive earnings profile.
- There are opportunities for further market share gains and favorable industry tailwinds.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a 5.8% rise fueled by positive Medicare data and a growing interest in genetic testing, it seems Monash IVF Group could be on the brink of a significant transformation, making its 16x FY25 P/E look increasingly appealing amid favorable industry dynamics."
Last Updated: 08 Aug 2025
Query The Data
Frequently Asked Questions
Who is investing in Monash IVF Group Ltd (ASX:MVF)?
Fund managers including Endeavor Asset Management, Cerutty Macro Fund, SG Hiscock & Company, Firetrail Investments , Clime Investment Management, Asymmetric Asset Management, Datt Capital, Elston Asset Management and Tyndall Asset Management have invested in Monash IVF Group Ltd (ASX:MVF).
Why do fund managers invest in Monash IVF Group Ltd?
Fund managers are investing in Monash IVF Group Ltd due to its strong growth potential in the fertility services sector, evidenced by a 3.5% increase in IVF cycles and positive Medicare data. The company's focus on genetic testing is expected to enhance its market position as awareness increases. With an attractive 16x FY25 P/E ratio and a defensive earnings profile, Monash IVF presents opportunities for market share gains amid favorable industry trends.
What happened to Monash IVF Group Ltd (ASX:MVF)?
Fund managers are investing in Monash IVF Group Ltd due to its position as a market leader in the fertility services sector, supported by long-term demographic trends. Despite recent operational challenges, including two notable errors in embryo transfers, the company is viewed as resilient with strong fundamentals. The board's decisive actions and the opportunity to invest at a significant discount have reinforced confidence in its long-term potential. The investment thesis emphasizes governance, defensive sector exposure, and a favorable risk-reward profile, making it a compelling choice for investors.