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Perpetual Ltd ASX:PPT

Wealth Management Asset Management Funds Management M&A

0 opened or increased2 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 4 managers in total.

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20252026

9 Apr 2025 to today

Commentary Showing 2 of 8

DateManagerActionSummary

31 Jul 2026Katana Asset ManagementHeldKatana Asset Management continues to hold Perpetual after the stock rallied on successive incremental bids from a potential suitor, with the current offer at $22.50 per share. The manager believes this significantly undervalues the world-class trustee business and describes it as a firm hold.

Wealth ManagementMonthly Report, price recorded $18.96

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31 Jul 2026Blackwattle Investment PartnersReducedBlackwattle Investment Partners reduced their position in Perpetual because the share price strengthened materially following a series of unsolicited takeover approaches from EQT AB, which lifted its non-binding, conditional cash offer from A$21.64 per share on 1 July to A$22.07 on 15 July and then to A$22.50 on 26 July. Blackwattle notes that while Perpetual's board does not consider the indicative proposal to be in shareholders' best interest, it has granted EQT limited, non-exclusive access to non-public information in an effort to negotiate a higher price. Blackwattle continues to see value in Perpetual, particularly its Corporate Trust business, and credits new management with simplifying the group, but used the share price strength driven by the bidding process to trim exposure.

Asset Management Wealth ManagementMonthly Report, price recorded $18.96

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6 more comments on PPTPro 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 4 managers first commented on PPT.

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Articles

31 Jul 2026Perpetual's Takeover Bid Validates a Long-Ignored Valuation Gap
30 Jun 2026Perpetual's Five-Year Low Draws a Takeover Approach

About Perpetual Ltd

Financials, Capital Markets

Perpetual (ASX:PPT), the fund manager and trustee group, attracted takeover bids after its share price hit five-year lows. In July 2026, Katana Asset Management reported Perpetual rallied on successive bids from a potential suitor, with the latest at $22.50 per share, which it believes significantly undervalues the business. Blackwattle noted an unsolicited, non-binding bid of $21.64 per share from EQT AB on 1 July, and Spheria highlighted takeover approaches for both Perpetual and Steadfast after their shares fell to five-year lows. Perpetual operates in the Financials sector within the Capital Markets industry, and Thesis Tracker has captured 8 comments from 4 fund managers, including Katana, Blackwattle and Spheria. Founded in 1886 and headquartered in Sydney, Perpetual provides investment management through brands including Barrow Hanley, Pendal and Trillium, wealth advice and corporate trust services to institutions and individuals.

Market cap: $2.0b
Price to earnings: 39.7x
Return on equity: 3.7%
Dividend yield: 6.3%
Price to book: 1.49x
Net margin: 7.7%
52-week range: $15.10 to $21.41

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

Questions

Who is investing in Perpetual Ltd (ASX:PPT)?

Fund managers including Oracle Advisory Group, Blackwattle Investment Partners, Spheria Asset Management and Katana Asset Management have invested in Perpetual Ltd (ASX:PPT).

What opportunities or catalysts do fund managers highlight for Perpetual Ltd?

Managers highlight repeated takeover bids from EQT AB, rising to $22.50 per share, validating the value of Perpetual's businesses after its share price slumped, according to Katana, Blackwattle and Spheria.

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

Katana believes the current offer significantly undervalues Perpetual, and the bid remains non-binding and conditional.

What does Perpetual Ltd (ASX:PPT) do?

Perpetual Ltd. is an independent financial services group headquartered in Sydney, Australia. Founded in 1886, the firm provides investment management, wealth advice, and corporate fiduciary services to individuals, families, and institutions. Its operations are divided into three core segments: Asset Management, a global multi-boutique business; Wealth Management, encompassing Perpetual Private’s advisory and trustee services; and Corporate Trust, which delivers fiduciary and digital solutions for banking and finance. The company specializes in administering securitization, investment, and debt structures for professional 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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