Loading companies…

Tourism Holdings Ltd ASX:THL

0 opened or increased2 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 4 managers in total.

Position history by manager Showing 3 of 4 managersSelect a point to see the comment

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

1 more managers have commented on THLPro shows the full position history for all 4 managers.

Upgrade to Pro

20252026

30 Jun 2024 to today

Commentary Showing 2 of 6

DateManagerActionSummary

30 Sep 2026Forager FundsHeldForager Funds holds Tourism Holdings, noting the company has extended its due diligence window for the two bidders interested in acquiring it. Forager highlights that, including Tourism Holdings, about 12% of its portfolio has been subject to active takeover bids, alongside holdings such as OFX Group and IDP Education. The manager suggests that additional bids elsewhere in the portfolio would not be surprising, reflecting its view that depressed valuations across parts of the market are attracting corporate and private equity interest in strategically valuable businesses like the RV rental and campervan operator.

Quarterly Report, price recorded $2.33

The source document link is a Pro feature

31 May 2026Tamim Funds ManagementExitTamim Funds Management exited Tourism Holdings after the company received a revised non-binding all-cash takeover offer of NZ$3.10 per share from a BGH Capital-led consortium, with the board granting due diligence access on 12 June 2026. The fund manager had accumulated a position over the prior six months, viewing THL as a leading global campervan rental business temporarily impacted by short-term geopolitical disruptions and noting the business's long-term resilience to AI displacement given durable consumer demand for travel and outdoor holidays. Tamim notes the revised FY26 guidance reflected lower vehicle sales, adverse FX impact of $10 million, and working capital movements of $20 million, with net debt forecast at $460–470 million, though banking covenants remained intact with over $300 million headroom.

Monthly Report, price recorded $2.18

The source document link is a Pro feature

4 more comments on THLPro shows every comment, with a link to each source document.

Upgrade to Pro

First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 4 managers first commented on THL.

View Pro

Articles

31 May 2026Tourism Holdings THL Fund Manager Commentary and Investment Thesis

About Tourism Holdings Ltd

Consumer Discretionary, Hotels, Restaurants and Leisure

Tourism Holdings (ASX:THL), the world's largest RV rental operator, revised guidance as it reshapes its portfolio. In May 2026, Wilson Asset Management described Tourism Holdings as the largest recreational vehicle rental operator globally, dual-listed in New Zealand and Australia, discussing an update released on 29 May. Tamim noted revised FY26 guidance, with underlying net profit from continuing operations, excluding the divested UK and Ireland business, expected at $40 million to $43 million, alongside commentary on net debt. Tourism Holdings operates in the Consumer Discretionary sector within the Hotels, Restaurants and Leisure industry, and Thesis Tracker has captured 5 comments from 4 fund managers, including Wilson Asset Management and Tamim. Founded in 1984 and based in Auckland, Tourism Holdings manufactures, rents and sells motorhomes and campervans under brands including Maui, Britz, Apollo and Mighty across New Zealand, Australia, the United States and Canada, and operates RV manufacturing and retail sales businesses.

Market cap: $625m
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%
52-week range: $1.58 to $2.49

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

Questions

Who is investing in Tourism Holdings Ltd (ASX:THL)?

Fund managers including Forager Funds, Centennial Asset Management, Wilson Asset Management and Tamim Funds Management have invested in Tourism Holdings Ltd (ASX:THL).

What opportunities or catalysts do fund managers highlight for Tourism Holdings Ltd?

Wilson Asset Management highlights Tourism Holdings' position as the world's largest RV rental operator, with Tamim noting its portfolio simplification through divesting the UK and Ireland business.

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

Tamim notes revised FY26 guidance and a focus on net debt, indicating earnings pressure from weaker tourism demand and used vehicle sales.

What does Tourism Holdings Ltd (ASX:THL) do?

Tourism Holdings Ltd., founded in 1984 and based in Auckland, New Zealand, is a global tourism company specializing in the manufacture, rental, and sale of motorhomes. Its operations are structured into six key segments: New Zealand Rentals, Australia Rentals, United States Rentals, Action Manufacturing, Tourism Group, and Other. Brands include Maui, Britz, Mighty, Road Bear, and El Monte RV. The company also operates tourism experiences like Kiwi Experience and Discover Waitomo, alongside manufacturing specialty vehicles and providing support services through its Other segment, which includes Cosmos, Outdoria, and the Just go associate.

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.

Disclaimer Terms of Use Privacy Complaints Contact

Loading…