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National Australia Bank Ltd ASX:NAB

Capital Management Dividend Yield Regulatory Risk

2 opened or increased11 held2 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 17 managers in total.

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14 more managers have commented on NABPro shows the full position history for all 17 managers.

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202420252026

15 Sep 2025 to today

Commentary Showing 2 of 37

DateManagerActionSummary

4 Sep 2026Wilson Asset ManagementHeldWilson Asset Management continues to hold an underweight position in National Australia Bank because the major Australian bank delivered results broadly in line with expectations during reporting season, though commentary pointed to a moderating outlook for credit growth. The fund manager notes that the housing market is digesting the impact of three earlier rate hikes along with recent federal budget changes, while revenue growth is showing signs of slowing from previously strong levels. Wilson Asset Management observes that business lending pipelines remain relatively healthy, but mortgage growth expectations have been revised lower. The manager maintains its underweight stance given the more challenging credit growth outlook, increasing competition, and early signs of deteriorating asset quality.

Monthly Report, price recorded $39.25

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24 Aug 2026Pendal GroupHeldPendal Group continues to hold National Australia Bank after its 3Q trading update missed by slightly more than peers, with pre-provision profit 2% below consensus versus smaller misses at Westpac/ANZ and an in-line CBA, though the manager notes this was largely a function of volatile markets income rather than margins, which were in line. Pendal highlights that sentiment centred on NAB's credit quality, which remains patchy, as unlike ANZ and CBA, NAB had no beat on bad debts and kept adding to collective provisions, reflecting a cautious management outlook.

Newsletter, price recorded $38.01

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Articles

About National Australia Bank Ltd

Financials, Banks

National Australia Bank (ASX:NAB) is valued by fund managers for its business banking franchise. In September 2026, Wilson Asset Management noted the major banks, including NAB, delivered broadly in-line results with a more moderate credit growth outlook. Pendal Group highlighted a positive business bank briefing, with business lending up 14% annualised and non-performing loans easing, though NAB's third-quarter update missed slightly more than peers due to volatile markets income. Pengana likes NAB's strong moat in SME lending, where returns face less political scrutiny than mortgages. National Australia Bank operates in the Financials sector within the Banks industry, and Thesis Tracker has captured 33 comments from 14 fund managers, including Wilson Asset Management, Pendal Group, Pengana and Kardinia. Founded in 1858 and headquartered in Melbourne, NAB provides business, private, personal and institutional banking in Australia and New Zealand through NAB, BNZ and ubank.

Market cap: $123.8b
Price to earnings: 20.3x
Return on equity: 9.9%
Dividend yield: 4.4%
Price to book: 2.00x
Net margin: 29.3%
52-week range: $35.48 to $49.45

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

Questions

Who is investing in National Australia Bank Ltd (ASX:NAB)?

Fund managers including Endeavor Asset Management, Clime Investment Management, Pendal Group, Yarra Capital Management, Pengana Capital Group, Auscap Asset Management, Paradice Investment Management, Perennial Partners, Oracle Advisory Group, Sage Capital, Investors Mutual Limited, Plato Investment Management, Quest Asset Partners, Allan Gray, Wilson Asset Management, Ralton Asset Management and Kardinia Capital have invested in National Australia Bank Ltd (ASX:NAB).

What opportunities or catalysts do fund managers highlight for National Australia Bank Ltd?

Pengana and Pendal highlight NAB's leading position in small and medium business lending, strong business loan growth and improving asset quality, while Kardinia noted banks benefited from rotation into defensive dividend payers.

What are the key risks to the National Australia Bank Ltd investment thesis, according to fund managers?

Pendal notes NAB's third-quarter pre-provision profit missed consensus by more than peers, and Wilson Asset Management points to moderating credit growth as the housing market absorbs higher rates and budget changes. Mortgage lending returns continue to erode, according to Pengana.

What does National Australia Bank Ltd (ASX:NAB) do?

National Australia Bank Ltd. (NAB), headquartered in Melbourne, Australia, is a financial services provider established in 1858. The company operates through five key segments: Business and Private Banking (SME focus), Personal Banking, Corporate and Institutional Banking, New Zealand Banking, and Corporate Functions and Others. Services include retail banking, credit and leasing, wealth and funds management, and asset servicing. NAB offers comprehensive corporate finance, international banking, and transactional banking solutions across its diversified portfolio. The firm delivers integrated financial services to personal, SME, and institutional clients locally and internationally.

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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