Fund Manager Summary on Telstra Group Ltd (ASX:TLS)
In March 2026, Perpetual Asset Management commented that Telstra Group Ltd (ASX:TLS) delivered a strong result, with cash profits and dividends rising, supported by lower capex, cost control, and continued mobile subscriber growth. Overall, fund manager commentary on Telstra has been consistently positive, especially in the more recent period, with managers citing the company’s market-leading mobile network, defensive earnings, disciplined capital management, buybacks, and progressive dividend policy as key supports. Recent updates in February and March 2026 reinforced that operating momentum remains solid, driven by mobile revenue growth, rational industry pricing, and improved capital efficiency, while several managers highlighted the gap between cash earnings and accounting profit as evidence of underlying cash generation. At the same time, some managers have reduced or moderated positions after share price outperformance and softer outlook signals, and Plato noted that cost-of-living pressures could pressure subscribers toward lower-value plans, creating a watchpoint for future mobile growth. Earlier commentary also emphasized Telstra’s strategy execution, infrastructure quality, AI-enabled automation, and long-duration cash flow assets such as NBN, towers, and fibre, but valuation has become a more important consideration as the shares rerated. The consensus view is that Telstra remains a high-quality defensive holding with structural tailwinds from network leadership and capital returns, but investors are increasingly focused on whether current earnings momentum, pricing power, and mobile subscriber resilience can sustain the higher valuation.
Commentary From The Managers
There are 20 insights from 14 fund managers regarding their investment in Telstra Group Ltd (ASX:TLS) available on Thesis Tracker.
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Commentary From The Managers
The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Frequently Asked Questions
Who is investing in Telstra Group Ltd (ASX:TLS)?
Fund managers including Endeavor Asset Management, Pengana Capital Group, Cooper Investors, Blackwattle Investment Partners, Wilson Asset Management, Clime Investment Management, Sterling Managed Investments, BKI Investment Company, Pendal Group, Perpetual Asset Management, Plato Investment Management, Pengana Capital, Perennial Partners and Investors Mutual Limited have invested in Telstra Group Ltd (ASX:TLS).
Why do fund managers invest in Telstra Group Ltd?
Fund managers invest in Telstra Group Ltd for its defensive earnings, market-leading mobile network, and infrastructure assets such as mobile towers, fibre and NBN-related assets. Professional commentary also points to disciplined cost control, capital management through buybacks, and a growing, fully franked dividend stream. Telstra is often seen as offering reliable cash flow with moderate growth from mobile services, while the risk reward case depends on sustaining returns in a competitive telco market.
What happened to Telstra Group Ltd (ASX:TLS)?
There have been no recent updates from fund managers regarding Telstra Group Ltd although fund managers including Endeavor Asset Management, Pengana Capital Group, Cooper Investors, Blackwattle Investment Partners, Wilson Asset Management, Clime Investment Management, Sterling Managed Investments and BKI Investment Company have previously commented.
What is the short interest in Telstra Group Ltd (ASX:TLS)?
The short interest in Telstra Group Ltd (ASX:TLS) is 0.36% which makes it the 313th most shorted stock on the ASX. Of the 11.3B shares that Telstra Group Ltd has on issue, 40.1M have been sold short.
What does Telstra Group Ltd (ASX:TLS) do?
Telstra Group Ltd. engages in the provision of telecommunications and technology services. It operates through the following segments: Telstra Consumer and Small Business (TC&SB), Telstra Enterprise (TE), Networks and IT (N&IT), Telstra InfraCo, and All Other. The TC&SB segment consists of telecommunication, media, and technology products and services to consumer and small business customers, using mobile and fixed network technologies. The TE segment offers telecommunication services, technology solutions, network capacity and management, unified communications, cloud, security, industry solutions, and monitoring services to government and large enterprise. The N&IT segment maintains reliability and security network platforms and data. Telstra InfraCo covers telecommunication products and services delivered over Telstra networks to other carriers, carriage service providers, and internet service providers. The company was founded in 1992 and is headquartered in Melbourne, Australia.