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Telstra Group Ltd
Diversified Telecommunication Services
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Communication Services
About Telstra Group Ltd
SOURCE
ACTION
FUND MANAGER
DATE
18 Aug 2026
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§ Important Notice
The entries below are records originating from third-party statements. Thesis Tracker does not rank, recommend or endorse any fund manager, fund or security. Investment decisions should be made on the basis of the relevant Product Disclosure Statement and, where appropriate, advice from a licensed adviser.
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Frequently asked questions about Telstra Group Ltd (ASX:TLS)
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, Perennial Partners, Investors Mutual Limited, PM Capital, Paradice Investment Management, Maple-Brown Abbott, Market Partners and Ten Cap have invested in Telstra Group Ltd (ASX:TLS).
What opportunities or catalysts do fund managers highlight for Telstra Group Ltd?
Through 2025-2026, multiple managers (Clime Investment Management, Sterling Managed Investments, Pendal Group, Perpetual Asset Management, Investors Mutual, Perennial Partners, Maple-Brown Abbott) framed Telstra as a core, defensive holding underpinned by its market-leading mobile business, strong cost discipline, a rational industry oligopoly enabling regular above-CPI price increases, and a reliable, growing fully-franked dividend. Results through FY26 showed cash profit growth outpacing accounting profit (Perpetual, Plato Investment Management, March 2026, ~$5.23) due to capex running below depreciation, supporting dividend increases (10.5cps) and an expanded buyback (from $1bn to $1.25bn, later a new $1bn buyback in FY27). Investors Mutual (March 2026) cited +17% cash earnings growth and 20x cash EPS as reasonable given market leadership. By June 2026, Investors Mutual and Plato Investment Management noted Optus becoming more rational and approaching its cost of capital as supportive of the broader mobile pricing environment. Pendal Group (August 2026) viewed prior ACCC scrutiny as unlikely to result in new regulation, called satellite services complementary rather than a direct threat given spectrum limitations, and highlighted AI-driven data upload growth as a tailwind unique to mobile versus satellite.
What are the key risks to the Telstra Group Ltd investment thesis, according to fund managers?
Plato Investment Management (March 2026) flagged cost-of-living pressure risking subscriber down-trading to cheaper plans, questioning the sustainability of mobile earnings growth. By mid-to-late 2026, several managers turned more cautious: Market Partners and Ten Cap (June 2026, ~$5.10) rated Telstra a hold/sell respectively on valuation grounds (paying up to 25x earnings for a low-growth, defensive business) and flagged longer-term competitive threats from Starlink and other satellite technologies reshaping telecom. Ten Cap, Perennial Partners and Paradice Investment Management all trimmed or exited positions mid-2026 after strong outperformance to rebalance risk/reward. Wilson Asset Management (July 2026, SELL rating) and Investors Mutual (July 2026, SELL) both questioned whether direct-to-mobile satellite competition and potential regulatory change to universal coverage could narrow Telstra's competitive moat and pricing power, with Investors Mutual viewing the cost-cutting/price-rising investment case as maturing at a punchy valuation. Pendal Group (July 2026) reported a nationwide mobile outage disrupting voice, data, SMS and Triple Zero emergency access, raising network resilience concerns and potential regulatory penalties, though it viewed the earnings impact as likely limited based on history. Plato Investment Management (August 2026) noted a loss of 23,000 postpaid mobile subscribers during the year as a sign of consumer switching to cheaper alternatives amid cost-of-living pressure.
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., founded in 1992 and headquartered in Melbourne, Australia, provides telecommunications and technology services. It operates through five key segments: Telstra Consumer and Small Business (TC&SB) for consumer and small business mobile and fixed services; Telstra Enterprise (TE) for government and large enterprise cloud, security, and network solutions; Networks and IT (N&IT) for platform reliability and data security; Telstra InfraCo for network-based wholesale services; and All Other. Telstra supports critical digital infrastructure through its diverse domestic telecommunications portfolio.