Washington H. Soul Pattinson and Co Ltd (ASX:SOL): fund manager commentary

Position history by manager Showing 3 of 9 managersSelect a point to see the comment

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

6 more managers have commented on SOLPro shows the full position history for all 9 managers.

20252026

11 Jun 2025 to today

Commentary Showing 2 of 19

DateManagerActionSummary

25 Sep 2026Perpetual Asset ManagementHeldPerpetual Asset Management names Washington H. Soul Pattinson as a buy and its top defensive pick, crediting CEO Todd Barlow and management with reshaping the portfolio and unlocking value through the Brickworks merger. Perpetual highlights substantial liquidity after selling the Brickworks Oakdale assets to Goodman and selling down TPG holdings, with an estimated $1.5 billion to $2.5 billion of cash on the balance sheet. In a volatile environment, the manager sees this liquidity as a major asset. Soul Patts also has private credit exposure outside property, and Perpetual believes its expertise positions it to deploy capital at attractive returns. Though trading slightly above NAV, its track record of NAV growth supports the view.

Article, price recorded $46.47

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30 Jun 2026Perpetual Asset ManagementHeldPerpetual Asset Management continues to hold Washington H. Soul Pattinson because the stock returned 15.5% for the quarter as it re-rated following its first-half FY26 result, the first reporting period since completion of the Brickworks merger. Pre-tax net asset value rose approximately 15% on the prior corresponding period, the portfolio returned 9.7% to outperform the ASX 200 by 6.6%, and the Brickworks merger reset the company's tax position, lifting post-tax net asset value per share by approximately 27% in the half, alongside a 48 cents per share fully franked dividend extending 28 consecutive years of growing distributions. The manager likes Soul Patts for its long-term growth and diversified, historically uncorrelated portfolio, highlighting private credit growing approximately 37% to $1.65 billion and private equity growing 32% to $1.6 billion, with management reporting no signs of stress given a focus on downside protection. Soul Patts also proved resilient through recent volatility, with a maximum share price drawdown of just 2.25% since the onset of the US-Iran conflict.

Monthly Report, price recorded $46.15

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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 9 managers first commented on SOL.

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Position history by manager Showing 3 of 9 managersSelect a point to see the comment

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

6 more managers have commented on SOLPro shows the full position history for all 9 managers.

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20252026

11 Jun 2025 to today

Commentary Showing 2 of 19

DateManagerActionSummary

25 Sep 2026Perpetual Asset ManagementHeldPerpetual Asset Management names Washington H. Soul Pattinson as a buy and its top defensive pick, crediting CEO Todd Barlow and management with reshaping the portfolio and unlocking value through the Brickworks merger. Perpetual highlights substantial liquidity after selling the Brickworks Oakdale assets to Goodman and selling down TPG holdings, with an estimated $1.5 billion to $2.5 billion of cash on the balance sheet. In a volatile environment, the manager sees this liquidity as a major asset. Soul Patts also has private credit exposure outside property, and Perpetual believes its expertise positions it to deploy capital at attractive returns. Though trading slightly above NAV, its track record of NAV growth supports the view.

Article, price recorded $46.47

The source document link is a Pro feature

30 Jun 2026Perpetual Asset ManagementHeldPerpetual Asset Management continues to hold Washington H. Soul Pattinson because the stock returned 15.5% for the quarter as it re-rated following its first-half FY26 result, the first reporting period since completion of the Brickworks merger. Pre-tax net asset value rose approximately 15% on the prior corresponding period, the portfolio returned 9.7% to outperform the ASX 200 by 6.6%, and the Brickworks merger reset the company's tax position, lifting post-tax net asset value per share by approximately 27% in the half, alongside a 48 cents per share fully franked dividend extending 28 consecutive years of growing distributions. The manager likes Soul Patts for its long-term growth and diversified, historically uncorrelated portfolio, highlighting private credit growing approximately 37% to $1.65 billion and private equity growing 32% to $1.6 billion, with management reporting no signs of stress given a focus on downside protection. Soul Patts also proved resilient through recent volatility, with a maximum share price drawdown of just 2.25% since the onset of the US-Iran conflict.

Monthly Report, price recorded $46.15

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17 more comments on SOLPro 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 9 managers first commented on SOL.

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Articles

About Washington H. Soul Pattinson and Co Ltd

Financials, Diversified Financial Services

Washington H. Soul Pattinson (ASX:SOL) is widely favoured by fund managers as a unique diversified investment house following its Brickworks merger. In September 2026, Perpetual named Soul Patts a guest pick, describing it as a strong defensive holding. Ten Cap and Market Partners both rated it a buy in June, with Ten Cap calling it an amazing and unique business that offers access to many asset classes, and Market Partners highlighting a big year including the Brickworks merger and an evolved investment approach. Perpetual noted a 15.5% return in the quarter as it continued to re-rate after its first result post-merger. Soul Patts operates in the Financials sector within the Diversified Financial Services industry, and Thesis Tracker has captured 18 comments from 9 fund managers, including Perpetual, Ten Cap and Market Partners. Founded in 1872 and headquartered in Sydney, Soul Patts invests across listed equities, private equity, credit, property and strategic holdings in companies such as Brickworks, TPG Telecom and New Hope.

Market cap: $17.5b
Price to earnings: 6.8x
Return on equity: 20.7%
Dividend yield: 2.4%
Price to book: 1.26x
Net margin: 82.5%
52-week range: $34.78 to $49.43

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

Questions

Who is investing in Washington H. Soul Pattinson and Co Ltd (ASX:SOL)?

Fund managers including Oracle Advisory Group, Ausbil Investment Management, Yarra Capital Management, Perpetual Asset Management, Airlie Funds Management, Plato Investment Management, Ellerston Capital, Ten Cap and Market Partners have invested in Washington H. Soul Pattinson and Co Ltd (ASX:SOL).

What opportunities or catalysts do fund managers highlight for Washington H. Soul Pattinson and Co Ltd?

Managers highlight a unique, diversified investment model, the completed Brickworks merger simplifying the structure, a strong management team under Todd Barlow and continued re-rating after recent results, according to Perpetual, Ten Cap and Market Partners.

What are the key risks to the Washington H. Soul Pattinson and Co Ltd investment thesis, according to fund managers?

The available commentary is positive and does not identify specific risks, though Soul Patts' value depends on the performance of its large listed holdings and investment portfolio.

What does Washington H. Soul Pattinson and Co Ltd (ASX:SOL) do?

Washington H. Soul Pattinson & Co. Ltd. (WHSP), founded in 1872 and headquartered in Sydney, is a diversified investment company. Its operations span coal mining, pharmaceutical distribution, and building products. WHSP manages capital through six core segments: Strategic Portfolio (significant listed holdings), Large Caps Portfolio (long-term equity income), Private Equity Portfolio (unlisted growth investments), Credit Portfolio (risk-adjusted financial instruments), Emerging Companies Portfolio (high-growth domestic and global trends), and Property Portfolio (Australian real estate and joint ventures). WHSP focuses on delivering consistent long-term returns across its varied industrial and financial investment asset classes.

Washington H. Soul Pattinson and Co Ltd ASX:SOL

Position history by manager Showing 3 of 9 managersSelect a point to see the comment

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About Washington H. Soul Pattinson and Co Ltd

Questions

Washington H. Soul Pattinson and Co Ltd ASX:SOL

Position history by manager Showing 3 of 9 managersSelect a point to see the comment

Commentary Showing 2 of 19

First mention by manager

Washington H. Soul Pattinson and Co Ltd ASX:SOL

Position history by manager Showing 3 of 9 managersSelect a point to see the comment

Commentary Showing 2 of 19

First mention by manager

Articles

About Washington H. Soul Pattinson and Co Ltd

Questions

Washington H. Soul Pattinson and Co Ltd ASX:SOL

Position history by manager Showing 3 of 9 managersSelect a point to see the comment

Commentary Showing 2 of 19

First mention by manager