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Qualitas Ltd ASX:QAL

0 opened or increased3 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 8 managers in total.

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20252026

11 Jun 2025 to today

Commentary Showing 2 of 16

DateManagerActionSummary

30 Jun 2026Perpetual Asset ManagementHeldPerpetual Asset Management continues to hold Qualitas because the private credit manager delivered a 28.6% quarterly return, driven by a valuation re-rating after the 12 May Federal budget preserved negative gearing benefits for new housing investors, a change expected to redirect capital toward multi-dwelling developments and expand Qualitas's residential construction lending market. The manager also points to Qualitas's June acquisition of UK-based lender Starz Real Estate at an attractive valuation, with no goodwill paid for the management business, as an offshore growth opportunity. Qualitas remains Perpetual's largest active weight position, differentiated from other private credit managers by aligned and well-tenured management, deep due diligence, a stable institutional capital base, and a real estate focus, with significant runway for private credit penetration in Australia relative to other developed markets supporting expectations of sustained double-digit funds under management and earnings growth.

Monthly Report, price recorded $3.06

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30 Jun 2026DS CapitalHeldDS Capital continues to hold Qualitas, which delivered an impressive 12 months as a beneficiary of the structural shift toward commercial real estate private credit despite the share price falling 17% over the year on shifting sentiment toward private credit. The manager notes increased scale enabled Qualitas to secure larger transactions, driving record capital deployment and surging fee-earning FUM, with almost 40% growth in fee-earning FUM and about 60% growth in deployed capital at the half-year, supporting full-year profit growth guidance of 13-25%. A late-year low-risk UK acquisition adds a new strategic growth platform, and DS Capital views Qualitas as a sector leader able to grow earnings by at least 15% per annum over the next few years.

Annual Report, price recorded $3.06

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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 8 managers first commented on QAL.

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Articles

About Qualitas Ltd

Financials, Capital Markets

Qualitas (ASX:QAL), a commercial real estate private credit manager, has rebounded after being caught in a broader private credit sell-off. In June 2026, Perpetual reported Qualitas returned almost 29% in the quarter, driven by a valuation re-rating. DS Capital described an impressive year, with Qualitas benefiting from the structural shift toward commercial real estate private credit and its position as a preferred manager. Earlier in 2026, Perpetual and Prime Value noted the shares fell sharply on concerns about global private credit, despite strong first-half profits. Qualitas operates in the Financials sector within the Capital Markets industry, and Thesis Tracker has captured 16 comments from 8 fund managers, including Perpetual, DS Capital and Prime Value. Founded in 2008 by Andrew Schwartz and Mark Fischer and headquartered in Melbourne, Qualitas manages real estate private credit and equity funds for institutional, wholesale and retail investors and lends directly to commercial property developers.

Market cap: $654m
Price to earnings: 21.3x
Return on equity: 10.7%
Dividend yield: 4.0%
Price to book: 2.19x
Net margin: 31.8%
52-week range: $2.07 to $4.10

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

Questions

Who is investing in Qualitas Ltd (ASX:QAL)?

Fund managers including Blackwattle Investment Partners, SG Hiscock & Company, Firetrail Investments, Perpetual Asset Management, Tyndall Asset Management, Prime Value Asset Management, Quest Asset Partners and DS Capital have invested in Qualitas Ltd (ASX:QAL).

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

DS Capital and Prime Value highlight the structural shift of commercial real estate lending from banks to private credit, strong growth in investor inflows and Qualitas' position as a preferred manager, with Prime Value noting its credit exposure differs from the problem areas in global private credit.

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

Perpetual and Prime Value note Qualitas fell more than 30% when concerns about the broader private credit sector intensified, showing it can be caught in sector-wide sell-offs regardless of its own results.

What does Qualitas Ltd (ASX:QAL) do?

Qualitas Ltd. is a Sydney-based real estate investment manager founded in 2008 by Andrew Schwartz and Mark Fischer. The company operates through two primary segments: Funds Management and Direct Lending. The Funds Management segment encompasses core management activities, performance fees, and returns from co-investments. The Direct Lending segment manages interest income and expenses associated with wholly owned entities Arch Finance and Peer Estate, including related operational costs. Qualitas provides specialized real estate capital solutions, serving investors through institutional funds and private credit lending platforms.

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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