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Ridley Corporation Ltd ASX:RIC

1 opened or increased5 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 8 managers in total.

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Opened or increasedHeldReduced or exited Start or end of the position not reported

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20252026

31 May 2024 to today

Commentary Showing 2 of 16

DateManagerActionSummary

31 Jul 2026Cerutty Macro FundHeldCerutty Macro Fund continues to hold Ridley Corporation because it believes the acquisition of the Incitec Pivot Fertilisers distribution business, which transforms Ridley from an animal nutrition company into a broader agricultural inputs platform, is being underestimated by a market wary of increased scale, working capital requirements and complexity. The manager cites management's demonstrated turnaround playbook in Bulk Stockfeeds, including decentralised decision-making, plant utilisation gains and disciplined bolt-on acquisitions, as reason to expect similar success in Fertilisers, where early results already show EBITDA above the top end of expectations and working capital falling $98 million post-completion. The manager builds a bridge to a steady-state earnings base of roughly $200 million EBITDA through legacy Ridley earnings, IPF's historical earnings, and regional restructuring plus IT synergies, noting risks around Phosphate Hill supply continuity, integration complexity and seasonal working capital needs, but sees scope for both earnings growth and multiple expansion as the stock trades below its historical average price-to-earnings multiple, with the FY26 result on 20 August as the next milestone.

Monthly Report, price recorded $2.86

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2 Jul 2026Airlie Funds ManagementInitiatedAirlie Funds Management initiated a small position in Ridley Corporation because it sees a structural opportunity to improve the earnings and returns of the animal feed manufacturer's recently acquired fertiliser distribution business, purchased from Incitec Pivot. Airlie acknowledges agriculture as a noisy sector, subject to swinging commodity prices, unpredictable weather, and unexpected shocks such as bird flu, but views the fertiliser distribution operations as relatively unloved and under-optimized within Incitec's broader portfolio. The fund manager believes there is meaningful scope to lift performance from this business under Ridley's ownership, supporting the rationale for the new position.

Article, price recorded $2.64

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Price at first mentionThe share price recorded when each of 8 managers first commented on RIC.

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Articles

2 Jul 2026Ridley Corporation RIC Fund Manager Commentary and Investment Thesis

About Ridley Corporation Ltd

Consumer Staples, Food Products

Ridley Corporation (ASX:RIC), an animal feed and agricultural inputs business, has drawn interest after expanding into fertiliser distribution. In July 2026, Airlie Funds Management added a small position, noting Ridley's animal feed business and its acquisition of Incitec Pivot's fertiliser distribution business. Cerutty Macro Fund highlighted defensive exposure to Australian food production volumes with growth potential, and Wilson Asset Management and QVG attended its investor day outlining a 2026 to 2028 growth strategy. Blackwattle noted a 15% gain after a better-than-expected result. Ridley operates in the Consumer Staples sector within the Food Products industry, and Thesis Tracker has captured 16 comments from 8 fund managers, including Airlie, Cerutty, Wilson Asset Management, QVG and Blackwattle. Headquartered in Melbourne, Ridley manufactures animal feed and nutrition products for livestock, poultry, aquaculture and pet food, and distributes fertiliser through the Incitec Pivot network.

Market cap: $975m
Price to earnings: 37.2x
Return on equity: 5.8%
Dividend yield: 3.7%
Price to book: 2.02x
Net margin: 1.0%
52-week range: $2.34 to $3.13

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

Questions

Who is investing in Ridley Corporation Ltd (ASX:RIC)?

Fund managers including Milford Asset Management, QVG Capital, Clime Investment Management, Investors Mutual Limited, Wilson Asset Management, Blackwattle Investment Partners, Airlie Funds Management and Cerutty Macro Fund have invested in Ridley Corporation Ltd (ASX:RIC).

What opportunities or catalysts do fund managers highlight for Ridley Corporation Ltd?

Managers highlight defensive exposure to food production volumes, a clear three-year growth strategy and the opportunity to grow the acquired fertiliser distribution business, according to Cerutty, Wilson Asset Management and QVG.

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

Airlie notes agriculture is a noisy sector exposed to commodity prices and seasonal conditions, and QVG acknowledges Ridley is affected by factors outside its control.

What does Ridley Corporation Ltd (ASX:RIC) do?

Ridley Corporation Limited (RIC) is an integrated animal feed manufacturer providing products for diverse species and lifecycles. The company serves the agriculture and aquaculture sectors by supplying commercial stockfeed directly to farms, alongside packaged feeds for stock and companion animals. Ridley’s portfolio also includes essential ingredients, such as raw materials, additives, supplements, and animal meals.

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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