Summary
The fund managers believe that Washington H. Sl Pttnsn nd Cmpny Ltd presents a compelling investment opportunity. In their opinion, the company’s strong financial performance and robust market position are key indicators of future growth. They emphasize the importance of the firm’s diversified portfolio, which mitigates risk and enhances stability. Furthermore, the fund managers note the positive trends in the industry that could drive demand for the company’s services. They also highlight the management team’s strategic vision and operational efficiency as critical factors that could lead to sustained profitability. Overall, the consensus among the fund managers is that Washington H. Sl Pttnsn nd Cmpny Ltd is well-positioned to capitalize on emerging opportunities, making it an attractive option for investors seeking long-term gains.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
Commentary From The Managers
Ausbil
9 Sept 2025
$44.30
Summary
- Ausbil views Soul Patts as the market’s next Berkshire Hathaway.
- The merger with Brickworks simplifies the structure and unlocks index buying.
- This transformation positions Soul Patts as a $14 billion investment house.
- It is beginning to resemble investment giants like Berkshire Hathaway and Blackstone.
- Ausbil highlights it as a unique can-invest-through-the-cycle vehicle.
- The company offers liquidity and potential for a higher valuation.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Ausbil
9 Sept 2025
$44.30
- Ausbil views Soul Patts as the market’s next Berkshire Hathaway.
- The merger with Brickworks simplifies the structure and unlocks index buying.
- This transformation positions Soul Patts as a $14 billion investment house.
- It is beginning to resemble investment giants like Berkshire Hathaway and Blackstone.
- Ausbil highlights it as a unique can-invest-through-the-cycle vehicle.
- The company offers liquidity and potential for a higher valuation.
Summary
Oracle Advisory Group
30 June 2025
$42.01
- Oracle Advisory Group highlights the effectiveness of sharp management in capitalizing on market conditions.
- Soul Patts has utilized its overvalued shares to acquire Brickworks at a low point in the property cycle as interest rates decline.
- A merger between Soul Patts and Brickworks is set to unwind a crossholding established in 1969.
- Soul Patts holds a 43% share in Brickworks, while Brickworks holds 26% in Soul Patts.
- A new holding company, tentatively named “TopCo”, will be created post-merger.
- Share distribution in TopCo: 72% for Soul Patts shareholders, 19% for Brickworks shareholders, and 9% for new TopCo shareholders.
- Share exchange ratio: 1 TopCo share for every 1 Soul Patts share and 0.82 TopCo shares for every 1 Brickworks share held at the Record Date.
- TopCo will be capitalized by at least 34 million new shares, equating to approximately $1.35 billion at the recent share price of $39.78.
- A fully franked Final Dividend for FY25 will be paid by Soul Patts.
Summary
Perpetual Asset Management
30 June 2025
$42.01
- Perpetual Asset Management reports a positive contribution from its overweight position in Washington H. Soul Pattinson (SOL) during the June quarter, with a performance increase of 22.6%.
- The share price has benefited from the ongoing strength in SOL's investment portfolio and the announced sale of its strategic stake in Brickworks.
- The $2.7 billion deal marks the end of over four decades of cross-ownership between SOL and Brickworks, which was well-received by the market.
- Proceeds from the sale are expected to enhance capital flexibility and simplify the group's structure.
- SOL retains significant property exposure through its Brickworks holding, resulting in a cleaner investment structure while maintaining access to high-quality assets.
- With a diversified portfolio and a proven track record of disciplined capital management, Perpetual Asset Management believes SOL is well-placed to deliver long-term value.
Summary
Ausbil
19 June 2025
$40.74
- Washington H. Soul Pattinson is identified as a stock that has flown under the radar.
- The company has a strong track record in growing cashflow and distributions.
- Ausbil highlights a highly rated management team leading the company.
- Washington H. Soul Pattinson features a unique business model encompassing private equity, listed equities, private credit, and direct investments.
- A potential separation of the historic cross-share ownership structure with Brickworks could significantly enhance value.
Summary
Oracle Advisory Group
31 Mar 2025
$34.69
- Soul Patts (SOL) is considered fairly valued, yet many key stocks within the strategic portfolio are nearing yearly lows.
- The RBA rate cuts are expected to boost segments in the portfolio, specifically those with high property exposure.
- Brickworks derives approximately 40% of its earnings from property and an additional 10% from building materials.
- TPG is identified as a leveraged long-duration asset, with very limited hedging.
- New Hope holds an 80% stake in the Bengalla mine and full ownership of the New Ackland mine.
- The Large Cap Equities (20% of NAV) and Emerging Companies portfolio (9.1% of NAV) are expected to perform at least in line with the index.
- The private equity portfolio (15.7% of NAV) is anticipated to benefit from declining interest rates.
- Oracle Advisory Group reports strong performance with a 15.9% return for FY24 and a 3-year return of 20.3% per annum.
Summary
Yarra Capital Management
30 June 2024
$32.92
- Yarra Capital Management does not hold a position in Washington H Soul Pattinson (SOL).
- They see better direct investment opportunities available compared to SOL’s diverse investments.
- SOL's investment sectors include telco, mining, manufacturing, healthcare, and funds management.
- Yarra remains cautious about SOL’s exposure to thermal coal.
- The company's significant 38% stake in coal miner New Hope (NHC) raises concerns.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Washington H Sl Pttnsn nd Cmpny Ltd (ASX:SOL)?
Fund managers including Oracle Advisory Group, Ausbil, Yarra Capital Management and Perpetual Asset Management have invested in Washington H Sl Pttnsn nd Cmpny Ltd (ASX:SOL).
Why have investment managers invested in Washington H Sl Pttnsn nd Cmpny Ltd (ASX:SOL)?
**Why Do Fund Managers Have an Investment in Washington H Soul Pattinson & Company Ltd?**
Fund managers are increasingly investing in Washington H Soul Pattinson & Company Ltd (SOL) due to its strong financial performance, strategic portfolio, and unique business model. With a diversified investment strategy encompassing private equity, listed equities, and direct investments, SOL has demonstrated impressive cash flow growth and distribution capabilities. Recent structural changes, including the merger with Brickworks, are expected to unlock further value and enhance capital flexibility. Managers highlight the company's exposure to high-quality assets and its disciplined capital management, positioning it well for long-term value creation. Additionally, anticipated RBA rate cuts may stimulate growth in key sectors within the portfolio, further solidifying SOL's appeal as a robust investment opportunity.
What happened to Washington H Sl Pttnsn nd Cmpny Ltd (ASX:SOL)?
In September 2025, Ausbil's David Lloyd highlighted Washington H Soul Pattinson & Company Ltd as a promising investment opportunity, likening it to the market's next Berkshire Hathaway. With the share price around $44.30, Lloyd emphasized that the recent merger with Brickworks simplifies the company's structure, potentially unlocking significant index buying. He described Soul Pattinson as evolving into a $14 billion investment house, offering a unique, liquid investment vehicle capable of higher valuations and resilience through market cycles.