Fund Manager Summary on Qube Holdings Ltd (ASX:QUB)
In December 2025, Wilson Asset Management commented that Qube Holdings Ltd (ASX:QUB) had received a conditional, non‑binding proposal from Macquarie Asset Management at $5.20 per share (implying ~13.3x FY2026 EV/EBITDA), with exclusivity for due diligence to February 2026 and Qube’s board indicating it would unanimously recommend the deal subject to conditions. Across fund manager commentary the consensus has shifted from a focus on operational fundamentals to weighing the strategic implications of the Macquarie approach: managers including Clime, Infinity and SG Hiscock have repeatedly highlighted Qube’s diversified logistics and infrastructure franchise, disciplined capital allocation, improving ROIC potential, resilient volumes and strong balance sheet as structural tailwinds driven by population, import activity and infrastructure demand, while Paradice explicitly trimmed exposure on valuation grounds and Infinity noted near‑term softness in Ports & Bulk after FY26 guidance that remains offset by contract momentum; key actionable considerations are the conditional nature of the proposal and regulatory approvals (FIRB, ACCC), the risk of a superior bid or deal failure, ongoing operational execution in Ports & Bulk, the potential for increased shareholder returns supported by a reported $400 million franking credit balance, and the timeline and outcome of due diligence and any scheme vote—factors investors should monitor closely when assessing upside, deal completion odds and Qube’s longer‑term earnings and ROIC trajectory.
Commentary From The Managers
There are 8 insights from 5 fund managers regarding their investment in Qube Holdings Ltd (ASX:QUB) available on Thesis Tracker.
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Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Wilson Asset Management
1 Dec 2025
$4.78
Summary
- Qube Holdings is Australia’s largest integrated import and export logistics provider.
- Received a conditional, non-binding proposal from Macquarie Asset Management (MAM) for $5.20 per share, adjusted for future dividends.
- The proposal represents a 24% premium to the volume-weighted average price (VWAP) since Qube's FY2025 result.
- Implies an FY2026 enterprise value (EV)/EBITDA multiple of 13.3x.
- Share price increased by more than 19% on the announcement day.
- Both parties signed an exclusivity deed granting MAM due diligence until February 2026.
- Qube’s directors intend to unanimously recommend the deal, subject to the absence of a superior proposal.
- Possibility of a superior proposal exists due to the strategic nature of Qube's assets.
- Qube's $400 million franking credit balance may allow for increased dividends within the transaction.
- Wilson Asset Management continues to hold in: WAM Leaders (ASX: WLE), WAM Income Maximiser (ASX: WMX), and Wilson Asset Management Leaders Fund.
SG Hiscock & Company
30 Nov 2025
$4.78
Summary
- SG Hiscock & Company notes that on 24 November, Qube Holdings (QUB +10.7%) announced a non-binding exclusivity deed with Macquarie Asset Management (MAM) for a proposed acquisition at $5.20/share.
- The Qube board has granted MAM exclusive due diligence until 1 February 2026 and supports the proposal unless a higher offer emerges.
- This acquisition scheme requires regulatory clearance and a shareholder vote, with a scheme vote likely not occurring before July 2026.
- Given the history of non-binding offers failing to complete, it is expected to see Qube's stock trading below the offer price.
- SG Hiscock & Company continues to hold Qube, emphasizing its unique position as the largest integrated port and logistics player in Australia.
- Qube's infrastructure-like assets create high barriers to entry and a diversified customer and revenue base that are challenging to replicate.
Infinity Asset Management
30 Nov 2025
$4.78
Summary
- Infinity Asset Management believes Qube’s operating model, asset base and culture justify the valuation implied by Macquarie’s proposal and continues to hold because the approach recognises intrinsic value while the company’s strategic position supports upside.
- Position: Qube is a top three active holding in the portfolio and was a major contributor to monthly performance (+10.7%).
- Proposal: Macquarie Asset Management made an indicative cash offer of $5.20 per share, valuing Qube at ~A$11.6bn and implying an FY25 EV/EBITDA multiple of ~14.4x.
- Market reaction: Shares jumped ~20% intraday on the announcement, signalling strong market confidence in transaction completion.
- Conditions: The proposal and any binding scheme agreement remain subject to satisfactory due diligence, final approvals from both boards and regulatory clearances (FIRB and ACCC).
- Next steps: If conditions are met, the proposal would proceed to a binding shareholder vote.
- Significance: The approach from Macquarie reflects the perceived strength of Qube’s operating model, assets and the quality of its people and culture.
Infinity Asset Management
31 Oct 2025
$4.39
Summary
- Qube Holdings is one of Infinity Asset Management's top active positions.
- It contributed positively to portfolio performance in October with a rise of 6.8%.
- The rebound followed a period of weakness in August and September due to softer FY26 guidance for its Ports & Bulk division.
- During October, there were no major updates, but the share price benefited from multiple broker upgrades and improved sector sentiment.
- Infinity Asset Management maintains a strong conviction in Qube Holdings, believing that the strength of its logistics and infrastructure business will offset the softer outlook for Ports & Bulk.
- This conviction is supported by ongoing contract momentum and infrastructure expansion initiatives.
Clime Investment Management
31 Oct 2025
$4.39
Summary
- Clime Investment Management notes a positive contribution from Qube Holdings Ltd (QUB) in October following a weaker prior month.
- No specific news impacted performance, but the outlook remains strong.
- QUB's recent FY25 result reaffirmed solid volumes across logistics and infrastructure segments.
- Confidence in QUB's ability to deliver improving ROIC as asset utilisation increases.
- Positive industry drivers include population growth, import activity, and infrastructure demand.
Paradice Investment Management
30 Sept 2025
$4.11
Summary
- Paradice Investment Management has reduced their holding in Qube Holdings Ltd (QUB) due to valuation considerations.
- Strong share price performance influenced the decision to reassess their position.
- The fund manager remains attentive to market conditions and valuation metrics.
- Continued monitoring of Qube's operational performance and market environment is essential.
- Paradice Investment Management's investment thesis reflects a disciplined approach to valuation and risk management.
Clime Investment Management
30 Sept 2025
$4.11
Summary
- Clime Investment Management initiated a position in Qube Holdings (QUB).
- The fund manager views QUB as a high quality logistics company.
- QUB benefits from diversified exposure across non-cyclical sectors.
- Clime Investment Management is attracted to QUB’s disciplined capital allocation.
- The fund manager recognizes QUB's strong strategic execution.
- QUB has strong market positions and a robust balance sheet.
- The industry backdrop for QUB typically grows at levels above GDP over time.
- Clime Investment Management sees QUB’s outlook as sustainable.
- Long-term earnings growth and an improving ROIC support this outlook.
Clime Investment Management
30 June 2025
$4.28
Summary
- QUB is a high quality diversified logistics company that benefits from diversified exposure across non-cyclical sectors.
- Strong market positions and financial investment discipline are key attractions.
- Robust balance sheet supports strong strategic execution.
- Industry backdrop suggests volumes typically grow at levels above GDP over time.
- Completion of the MIRRAT acquisition is expected to enhance growth.
- New enterprise agreements and reaffirmed strength in the Patrick JV should bolster QUB’s outlook.
- Clime Investment Management continues to hold due to expectations of sustainable, long-term earnings growth and improving ROIC.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Qube Holdings Ltd (ASX:QUB)?
Fund managers including Clime Investment Management, Paradice Investment Management, Wilson Asset Management, SG Hiscock & Company and Infinity Asset Management have invested in Qube Holdings Ltd (ASX:QUB).
Why do fund managers invest in Qube Holdings Ltd?
Fund managers invest in Qube Holdings Ltd due to its strong market position as Australia's largest integrated logistics provider. The company benefits from diversified exposure to non-cyclical sectors and a robust balance sheet. With disciplined capital allocation and strategic execution, Qube is positioned for sustainable long-term earnings growth, supported by increasing industry volumes. The recent proposal from Macquarie Asset Management further highlights its value, and the potential for increased dividends enhances its attractiveness to investors.
What happened to Qube Holdings Ltd (ASX:QUB)?
Fund managers are investing in Qube Holdings Ltd due to its strong market position as Australia's largest integrated logistics provider, backed by a robust balance sheet and diversified exposure across non-cyclical sectors. They highlight its disciplined capital allocation, sustainable long-term earnings growth, and the potential for increased dividends from a significant franking credit balance. Recent developments, including a conditional proposal from Macquarie Asset Management, further indicate strong interest in the company, which is expected to benefit from ongoing demand in logistics and infrastructure.
What is the short interest in Qube Holdings Ltd (ASX:QUB)?
The short interest in Qube Holdings Ltd (ASX:QUB) is 0.33% which makes it the 320th most shorted stock on the ASX. Of the 1.8B shares that Qube Holdings Ltd has on issue, 5.8M have been sold short.
What does Qube Holdings Ltd (ASX:QUB) do?
Qube Holdings Ltd. is a logistics and infrastructure company, which engages in the provision of import and export logistics services. The firm operates through the following segments: Operating Division, Property Division, Patrick, Corporate and Other. The Operating Division segment comprises Qube Ports, Qube Bulk and Qube Logistics. The Property Division segment primarily comprises the Moorebank Logistics Park Project. The Patrick segment provides container stevedoring services in the Australian market with operations in the four largest container terminal ports in Australia. The Corporate and Other segment provides strategic, commercial and treasury support to the divisions as well as to develop and manage new growth opportunities that do not fall within one of the existing divisions. The company was founded by Sam Kaplan in 2006 and is headquartered in Sydney, Australia.