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This is a paragraph where the fund manager's comments are surmised. It is typically 4 or 5 lines and lines to the company page. This is a paragraph where the fund manager's comments are surmised. It is typically 4 or 5 lines and lines to the company page.This is a paragraph where the fund manager's comments are surmised. It is typically 4 or 5 lines and lines to the company page.This is a paragraph where the fund manager's comments are surmised. It is typically 4 or 5 lines and lines to the company page.
08 Jan
ASX:CDA
- Montgomery Investment Management notes a decline in Codan’s share price from $36 to $30, which may indicate potential investment opportunities.
- The rise in gold prices by 65% in the past year could benefit Codan.
- Codan’s growing expertise in the defense sector, particularly in supplying communications technology to the Australian Defense Force, is a strong point.
- Recent outcomes from Codan’s Annual General Meeting (AGM) were positive, reinforcing confidence.
- Montgomery Investment Management highlights Codan's dual exposure to both the gold and defense industries as a favorable aspect.
08 Jan
ASX:MP1
- Montgomery Investment Management highlights Megaport (ASX:MP1) as a key investment opportunity.
- The recent acquisition of Latitude.sh will support Megaport's AI and machine learning initiatives.
- Megaport's share price has declined by 30% from $17.70 to $12.40, presenting a potential buying opportunity.
- The acquisition of Latitude.sh is perceived as a strategic move that could enhance the company’s valuation.
- There is optimism that the stock could be valued at over $20 in light of the acquisition.
- Montgomery Investment Management continues to hold its investment, noting the growth potential despite recent share price challenges.
07 Jan
ASX:ALV
- Lowell Resources Funds Management focuses on smaller market opportunities.
- Alvo Minerals has a market capitalization of $19 million.
- Company has made an interesting base metals discovery in Brazil.
- Led by experienced Victorian geologist Rob Smakman.
- The fund holds a 10 percent stake in Alvo Minerals.
07 Jan
ASX:BPT
- Collins St Asset Management highlights Beach Energy (BPT) as a key investment.
- Past operational issues and downgrades appear to be largely resolved.
- Watsia is operational and contributing positively to the company’s stability.
- The company exhibits a strong balance sheet, characterized by good cash flow and low debt levels.
- Future opportunities may arise in 2026, encompassing acquisitions and capital management.
- Beach Energy is trading at approximately seven times estimated forward earnings, providing a margin of safety.
- Collins St Asset Management is focused on future potential rather than past performance.
- Exciting opportunities exist for the company to leverage its strong balance sheet.
07 Jan
ASX:BGL
- Bellevue Gold Ltd is recognized as an emerging gold producer.
- The company faced challenges in 2025 related to the start-up of its high-grade underground operation.
- Recently, Bellevue has successfully raised additional funds and adjusted its operational guidance.
- Acorn Capital continues to hold due to the potential for Bellevue to be hedge- and debt-free by late 2026.
- Achieving this could lead to a significant re-rating for the company.
07 Jan
ASX:CSL
- Atlas Funds Management identifies CSL Ltd as a key recovery candidate for 2026.
- The firm emphasizes that CSL's challenges are primarily company-specific.
- Last year, CSL faced hardships due to a surprise corporate restructure and a 15% reduction in workforce.
- There was a notable decline in flu vaccine sales in the USA, coupled with negative sentiment towards the healthcare sector.
- Atlas expects margin expansion from improved efficiencies in plasma collection and better cost controls.
- The ongoing flu season is reportedly the worst in 25 years, with 11 million Americans hospitalized.
- This situation may lead to a late rebound in flu vaccine sales and enhanced acceptance in 2026.
07 Jan
ASX:KAR
- Collins St Asset Management recognizes Karoon Energy Ltd as a compelling investment opportunity due to its productive status.
- The company is trading at a valuation of around seven times estimated forward earnings.
- Despite recent issues related to one of their wells and undersea cabling, Karoon has reaffirmed guidance for 2026, which aligns with the fund's investment outlook.
- The market has a big disconnect regarding Karoon, with approximately 9% of its stock shorted while the company actively engages in share buybacks.
- Following a share buyback announcement of 75 million USD, the ongoing repurchases indicate management's confidence in the company's assets and production capabilities.
- Karoon's operational presence in Brazil, North America, and Australia offers significant geopolitical diversification, reducing dependence on OPEC regions.
- This diversification enables Karoon to access refineries and markets in Europe and the US, making it an attractive prospect for potential growth.
07 Jan
ASX:LIN
- Lindian Resources is an ASX-listed mining company poised for growth in the critical rare earth minerals sector.
- Terra Capital highlights that the timeline to production is short, indicating a quick path to revenue generation.
- The capital required for production is low, making it a cost-effective investment opportunity.
- In a market bereft of new production, Lindian Resources is positioned to produce significant returns.
- Terra Capital continues to hold its position in Lindian Resources due to favorable market conditions and the company's promising outlook.
07 Jan
ASX:NXG
- Argonaut Funds Management is most bullish on NexGen Energy as an emerging major in the uranium sector.
- The Arrow project located in the Athabasca Basin, Canada, positions NexGen as a global leader.
- Final environmental approvals are expected in the first half of 2026.
- Argonaut Funds Management continues to hold due to the strong potential of NexGen in the shifting uranium landscape.
07 Jan
ASX:PC2
- Perennial Partners continues to hold a positive outlook on PC Gold Ltd based on its potential for growth in 2026.
- The company has an established gold resource of 821,000 ounces, providing a solid foundation for future development.
- Its resource is located two hours south of Darwin and is mineralised from surface, suggesting accessibility and ease of extraction.
- PC Gold boasts a low stripping ratio, enhancing the economic viability of the project.
- There is a looming resource upgrade anticipated, supported by recent work indicating that historical assay methods may have undervalued the grade.
- In light of these factors, Perennial Partners believes PC Gold appears undervalued relative to its potential as an economically viable gold project.
07 Jan
ASX:REA
- Atlas Funds Management notes the significant user engagement with REA Group Ltd, featuring up to 13 million website visitors each month.
- Despite the potential impact of AI on the industry, REA's existing platform remains robust and substantial.
- With a net cash position, REA has adequate liquidity to continue investing in growth initiatives.
- Even if there is a slowdown in real estate advertising in Australia, REA is well-positioned to navigate these challenges.
- Atlas Funds Management continues to hold their position in REA Group Ltd, given these factors supporting long-term potential.
07 Jan
ASX:STO
- Santos is attractively priced compared to both Woodside and international peers.
- Trading at 11 times forward earnings offers a substantial margin of safety.
- Provides a 6% dividend yield, allowing investors to be compensated while awaiting project developments.
- Santos has a portfolio with exciting prospects for the coming years.
- Recently, Santos paid down its share of debt for Papua New Guinea LNG assets, enhancing project flexibility.
- Engaging in expansion projects in Dorado, in partnership with Taiwan and Carnarvon.
- Despite past failed takeovers, there are opportunities for divesting non-core assets to strengthen the balance sheet.
- If oil prices rise, Santos has potential upside leverage in its financial performance.
07 Jan
ASX:TWE
- Atlas Funds Management continues to hold its position in Treasury Wine Estates Ltd.
- Recent strategy reset in December included a profit downgrade and write-offs of inventory.
- Write-offs also affected the value of acquisitions in the USA.
- Concerns over declining wine consumption in key markets such as the USA, China, and Australia.
- This trend may not be quickly reversed, impacting future performance.
06 Jan
ASX:BSL
- Wilson Asset Management continues to monitor developments around BlueScope Steel Ltd.
- Portfolio manager John Ayoub notes that the current bid is merely an opening gambit.
- Historical bids have been around $33 per share, indicating potential for higher offers.
- BlueScope’s earnings are recovering, suggesting embedded value in the business.
- Ayoub emphasizes that any successful bid should exceed previous bid levels.
- There is strategic rationale for SGH to acquire Australian assets from BlueScope.
- Challenges remain in convincing Australian shareholders to sell mid-cycle.
31 Dec
ASX:AUB
- Totus Capital notes a significant decline in AUB's share price, falling by 17% following a failed bid from private equity.
- Despite this setback, AUB's stock remains 4% lower than its pre-bid price.
- Management has re-affirmed guidance for NPAT growth between 7-13%.
- Prior to the bid, Totus Capital was actively accumulating a position in AUB.
- The recent stock weakness provided an opportunity to increase holdings to just over 4% of the portfolio.
- AUB currently trades at a 15x PE ratio, representing a 20-30% discount compared to global peers.
31-Dec
ASX:ALL
Portfolio Stance: Solaris Investment Management continues to hold an overweight position in Aristocrat Leisure, despite a share price decline of 16.2%, reflecting confidence in the longer-term investment thesis rather than a reaction to short-term market movements.
Consumer Spending Concerns: Solaris Investment Management notes that recent share price weakness has been driven by concerns that slowing consumer spending in Australia and the US may temper near-term gaming activity.
Digital Strategy Uncertainty: The announcement of the Avenue (Awager) digital casino acquisition is acknowledged by Solaris Investment Management as a factor weighing on investor sentiment, as the market awaits clearer strategic detail and execution plans.
Thesis Update: Overall, Solaris Investment Management's updated view reflects near-term caution around consumer and strategic uncertainty, while maintaining conviction in Aristocrat Leisure's longer-term positioning within global gaming markets.
31 Dec
ASX:ABB
- LSN Capital Partners highlights that Aussie Broadband detracted from returns due to an ACCC pricing update on voice interconnection services.
- The fund manager remains constructive on the outlook for Aussie Broadband.
- Continuous market share gains in ultra-high-speed NBN connections support a positive outlook.
- New corporate customer wins enhance growth potential.
- A near net-cash balance sheet provides flexibility and growth optionality.
31-Dec
ASX:BAP
Performance and Guidance: Maple-Brown Abbott notes that Bapcor's share price declined significantly, contributing negatively to performance, following earnings guidance below market expectations in October and a further downgrade in December.
Leadership Changes: Maple-Brown Abbott highlights that the company experienced another leadership transition, including the CEO departing after less than 18 months and resignations of two divisional heads, which added to operational uncertainty.
Valuation vs. Risk: While Maple-Brown Abbott observed that valuations appeared attractive, the combination of increasing earnings uncertainty and a stretched balance sheet influenced their decision-making.
Portfolio Action: Reflecting these factors, Maple-Brown Abbott exited the position in Bapcor to manage risk, noting that it was also a key detractor over the calendar year with a total decline of 55%.
31 Dec
ASX:CSC
- LSN Capital Partners reports positive contributions from their copper exposures, particularly Capstone Copper.
- Copper prices ended the month at US$5.65/lb, reaching levels not seen in decades.
- The firm sees copper as a key structural beneficiary of electrification, grid investment, and AI-driven infrastructure demand.
- There are supportive long-term supply-demand fundamentals for copper.
31 Dec
ASX:CAT
- QVG Capital views Catapult Sports as relatively insulated from artificial intelligence disruptions.
- The company's blend of hardware and software now serves as a defensive advantage.
- Embedded devices, proprietary data, and workflow integration make displacement by AI unlikely.
- While generic AI may seem promising, Catapult still owns the playbook in its field.
- Catapult Sports is now valued more reasonably after its inclusion in the ASX200.
- Despite rising above $7 previously, the stock is currently around $4, presenting a potential opportunity.
- QVG Capital continues to hold because it believes it’s time to let the CAT out of the bag.
31 Dec
ASX:ELV
- Elevra Lithium was a standout contributor following a sharp rebound in lithium prices.
- The recovery was driven by improving demand from the battery energy storage system (BESS) market.
- There is growing confidence that supply rationalisation is beginning to rebalance the market.
- LSN Capital Partners continues to view the company as well positioned.
- The company's assets are strategically located in North America.
- Elevra Lithium benefits from a low cost of production.
- It has a clear production growth profile that stands to benefit from sustained improvement in lithium pricing.
31 Dec
ASX:FFM
- LSN Capital Partners updates investment thesis on Firefly Metals Ltd.
- The Fund’s copper exposures positively impacted performance due to rising copper prices.
- Copper prices reached US$5.65/lb, a record level not seen in decades.
- Continued belief in copper as a key structural beneficiary of electrification.
- Ongoing support from grid investment and AI-driven infrastructure demand.
- Favorable long-term supply-demand fundamentals for copper.
31 Dec
ASX:FWD
- Cromwell Funds Management notes the unexpected departure of Fleetwood's managing director.
- Investor concerns have arisen about near-term earnings outcomes following the announcement.
- The stock experienced a significant decline of 14.7% over the quarter, impacting portfolio performance.
- Despite the share price reaction, there has been no change to earnings guidance from the company.
- The expectation is that earnings will align broadly with consensus, with potential offset from the Searipple accommodation village.
- Cromwell believes the board's communication regarding the managing director's departure was poorly handled, contributing to the share price drop.
- Long-term potential remains in Fleetwood's Building Solutions business, which focuses on modular construction.
- However, mixed near-term operating performance has been a point of disappointment.
- As of the end of the period, Fleetwood constitutes 2.4% of the fund's assets.
31 Dec
ASX:IPG
- QVG Capital continues to hold their investment in IPD Group Ltd due to strategic acquisitions.
- The acquisition of an electrical cable supplier aligns well with IPD's core business.
- This acquisition is expected to yield a ~20% return on funds, which helps mitigate some current challenges.
- There is disappointment in slowing commercial construction revenues impacting overall performance.
- The previous acquisition of CMI has underperformed, adding to the need for strategic realignment.
31 Dec
ASX:IVR
- Cromwell Funds Management continues to hold a positive stance on Investigator Silver Ltd (IVR) due to its significant performance increase of 195% over the quarter.
- Investigator Silver is focused on the Paris Silver Project, situated in the Central Eyre Peninsula, South Australia.
- The project has been historically constrained by lower silver prices and challenges in funding access.
- With the recent strength in silver prices, the project economics have improved significantly.
- Silver production is primarily a by-product of other metals, making Paris a unique, pure silver project compared to competitors.
- Limited listed silver exposures in Australia and abroad suggest potential for a scarcity premium over time.
- Cromwell Funds Management has confidence in the newly appointed managing director's capability to advance the project, noting his exceptional communication of the investment case for IVR.
31 Dec
ASX:MAF
- MA Financial was a key contributor to recent performance.
- Research highlighted Chris Lock, Head of Core Real Estate, as a pivotal figure, with his property deals enhancing earnings revisions and share price momentum.
- Future fees from Rokt and the strength of MA money are expected to positively influence the share price.
- QVG Capital emphasizes the quality of MA Financial's people and strong alignment of incentives.
- MA's success in attracting and retaining talent, as exemplified by the team from IP Generation, is seen as a critical driver for future growth.
31 Dec
ASX:MGH
- QVG Capital notes that Maas Group’s recent December rally was fueled by a significant $200m contract with neo-cloud player Firmus, reinforcing its growth narrative.
- Maas Group has historically traded at a modest rating due to consistent missed earnings expectations and underperformance in returns on invested capital against management's targets.
- Key changes include the divestment of commercial property, simplifying the balance sheet and potentially increasing cash flows.
- The Firmus contract brings in capital-lite earnings, a positive shift for Maas Group.
- Execution remains critical; improved returns could adjust the current discount on Maas Group’s valuation.
- Although there is limited understanding of the AI factories in Tasmania, it suggests a strong revenue potential with good margins for Maas Group.
31 Dec
ASX:NWH
- LSN Capital Partners notes a recent pullback in NRW Holdings share price after a robust performance.
- Despite this pullback, LSN Capital Partners highlights that there has been no material change to the company’s fundamentals.
- The outlook for NRW Holdings remains strong, supporting continued interest from LSN Capital Partners.
- LSN Capital Partners believes the recent volatility presents an opportunity for long-term investors.
- Continued monitoring of market conditions and company performance is a priority for LSN Capital Partners.
31 Dec
ASX:PPC
- Cromwell Funds Management updates its investment thesis on Peet Ltd following significant changes in leadership and strategic direction.
- Brendan Gore's departure as Managing Director prompted a strategic review, requested by major shareholders.
- Goldman Sachs has been appointed to conduct the review, with results expected to be announced in November 2025.
- Peet has guided a Net Profit After Tax of $74–78 million for FY26, indicating an earnings growth of 26–34%.
- Strong performance in key markets, notably Queensland and Western Australia, supports this positive outlook.
- The company reported $750 million in contracts on hand, up 23%, enhancing visibility for FY26 and potentially FY27 earnings.
- Double-digit price growth in Peet's core residential markets strengthens the earnings outlook further.
- The strategic review indicated no major shifts in strategy; it emphasized cost optimisation and disciplined capital management.
- A potential take-private transaction is deemed unlikely given the recent share price re-rating and current valuations.
- Cromwell Funds Management appreciates the current management team and acknowledges the solid earnings foundation built over many years.
- The Peet share price increased by 42.6% in 2025 and now aligns closer to its assessed intrinsic value.
- The fund reduced its portfolio weighting in Peet to 2% following share price strength.
31 Dec
ASX:RMD
- Totus Capital highlights that there was no material new news for Resmed despite a share price decline of -8.6% for the month.
- The year-to-date return for Resmed stands at -2.3%.
- Resmed remains affected by the GLPI loser trade in global markets, yet there has been no significant impact on its financials.
- Currently trading at just over 20x PE, Resmed is expected to achieve high single-digit to low double-digit EPS growth.
- Totus Capital views this valuation as attractive for a standards-based medical device company with a leading market share.
- In response to the recent weakness, Totus Capital has increased their position in Resmed to just over 8% of the portfolio.
31 Dec
ASX:RIO
- Rio Tinto conducted a site visit in Argentina to elaborate on its lithium growth strategy.
- Management outlined plans to achieve 200ktpa of installed lithium production capacity by 2028.
- Growth will be driven by staged expansions at Rincon, Fenix, and Sal de Vida projects.
- Additional medium-to-long term growth opportunities identified at Cauchari, Maricunga, and Altoandinos.
- The company aims for lower capital intensity with first lithium production expected within 30 months post-approval.
- Rio Tinto's focus on structurally low operating costs positions its brine assets favorably on the global cost curve.
- Wilson Asset Management continues to hold Rio Tinto due to its catalyst-rich outlook.
- The company’s disciplined capital allocation and portfolio simplification initiatives are key factors in this outlook.
- A renewed focus on costs under the new Chief Executive Officer bolsters confidence in the investment thesis.
31-Dec
ASX:TEA
Wilson Asset Management updates its investment thesis on Tasmea Ltd.
Tasmea operates a diversified portfolio of trade/skilled services including electrical, mechanical, civil and water/fluids services.
Completed acquisition of WorkPac Group in December, a leading provider of workforce solutions in Australia.
The deal is high single digit earnings accretive and is expected to deliver revenue and cost synergies that support multi-year earnings growth.
Share price declined with the broader market amid concerns the acquisition is 'off strategy'.
Wilson Asset Management believes the market is underestimating emerging pressures in the east coast labour market.
WorkPac positions Tasmea to capitalise on an expected surge in activity associated with the Brisbane Olympics.
The broader commodity price backdrop remains supportive for demand in Tasmea's core verticals.
Wilson Asset Management continues to hold because it views the WorkPac acquisition as strategically strengthening labour capability, creating synergies and supporting multi?year earnings upside.
31 Dec
ASX:TCG
- Turaco Gold Ltd. released positive drill results during December.
- Increased African gold M&A activity contributed to a 61% rise in share price for the month.
- Drilling at Woulo Woulo confirmed the highly predictable nature of the deposit.
- Drilling at the nearby Herman prospect returned high grade gold intersections.
- These results are expected to positively impact the next Turaco resource update, anticipated by the end of this quarter.
31 Dec
ASX:VYS
- Vysarn delivered strong performance during the month.
- Growing investor appreciation for demand in water related services.
- Robust activity levels across infrastructure, resources, and government end-markets.
- Positive earnings momentum and visibility for the company.
- Strong cash flow generation and balance sheet position.
- Well positioned to execute accretive M&A opportunities.
- Accelerating growth and increasing exposure to structural tailwinds in water infrastructure investment.
31 Dec
ASX:WHC
- Whitehaven Coal is a leading Australian coal producer with high quality assets and a robust balance sheet.
- Wilson Asset Management increased their holding in Whitehaven Coal as coal prices began to firm after bottoming earlier in the year.
- The company continues to deliver sound operational results despite a challenging backdrop.
- Cost out initiatives are being executed, with increased volumes at Blackwater and Daunia mines expected to drive unit cost reductions from FY2027.
- Whitehaven Coal maintains strong capital management flexibility, supporting shareholder returns through buybacks and dividends.
29 Dec
ASX:ASG
- Wilson Asset Management continues to hold a positive outlook on Autosports Group Ltd.
- The company is poised for success as prestige European car brands experience a recovery.
- Chinese brands like Geely, Zeekr, and Polestar are expected to grow rapidly, benefiting Autosports.
- Industry consolidation may feature heavily in the next 12 months, potentially boosting earnings.
29 Dec
ASX:FCL
- FINEOS Corporation Holdings PLC is a technology company specializing in the global life insurance market.
- Profitability: The company has achieved profitability.
- Positive Free Cash Flow: FINEOS is generating positive free cash flow projected to continue into 2026.
- Growth Potential: Anticipated growth with new contracts expected to be secured.
- Wilson Asset Management continues to hold its position due to these positive developments.
29 Dec
ASX:GDG
- Generation Development Group is led by former Olympian Grant Hackett.
- QVG Capital notes that GDG is ‘swimming in tailwinds’ due to its winning investment bonds.
- The Lonsec research arm of GDG is continuing to expand.
- GDG's managed accounts business is benefiting from the advice sector’s shift to outsourced portfolio solutions.
- QVG Capital believes GDG should continue to broadens its lanes and add new revenue streams.
- There is potential for GDG to dive into adjacent pools for further growth.
29 Dec
ASX:NXG
- NexGen Energy is advancing the Rook I project in Canada.
- Rook I hosts the Arrow deposit, identified as the largest undeveloped uranium deposit globally.
- This project is viewed as a strategically important source of supply for Western markets.
- At a uranium price of $US80 per pound, Rook I is projected to generate approximately $CAD2.8 billion of EBITDA.
- This projection suggests an enterprise value to EBITDA multiple of 3.5 times.
- Given these insights, L1 Capital continues to hold its position in NexGen Energy.
08 Jan
ASX:CDA
- Montgomery Investment Management notes a decline in Codan’s share price from $36 to $30, which may indicate potential investment opportunities.
- The rise in gold prices by 65% in the past year could benefit Codan.
- Codan’s growing expertise in the defense sector, particularly in supplying communications technology to the Australian Defense Force, is a strong point.
- Recent outcomes from Codan’s Annual General Meeting (AGM) were positive, reinforcing confidence.
- Montgomery Investment Management highlights Codan's dual exposure to both the gold and defense industries as a favorable aspect.
08 Jan
ASX:MP1
- Montgomery Investment Management highlights Megaport (ASX:MP1) as a key investment opportunity.
- The recent acquisition of Latitude.sh will support Megaport's AI and machine learning initiatives.
- Megaport's share price has declined by 30% from $17.70 to $12.40, presenting a potential buying opportunity.
- The acquisition of Latitude.sh is perceived as a strategic move that could enhance the company’s valuation.
- There is optimism that the stock could be valued at over $20 in light of the acquisition.
- Montgomery Investment Management continues to hold its investment, noting the growth potential despite recent share price challenges.
07 Jan
ASX:ALV
- Lowell Resources Funds Management focuses on smaller market opportunities.
- Alvo Minerals has a market capitalization of $19 million.
- Company has made an interesting base metals discovery in Brazil.
- Led by experienced Victorian geologist Rob Smakman.
- The fund holds a 10 percent stake in Alvo Minerals.
07 Jan
ASX:BPT
- Collins St Asset Management highlights Beach Energy (BPT) as a key investment.
- Past operational issues and downgrades appear to be largely resolved.
- Watsia is operational and contributing positively to the company’s stability.
- The company exhibits a strong balance sheet, characterized by good cash flow and low debt levels.
- Future opportunities may arise in 2026, encompassing acquisitions and capital management.
- Beach Energy is trading at approximately seven times estimated forward earnings, providing a margin of safety.
- Collins St Asset Management is focused on future potential rather than past performance.
- Exciting opportunities exist for the company to leverage its strong balance sheet.
07 Jan
ASX:BGL
- Bellevue Gold Ltd is recognized as an emerging gold producer.
- The company faced challenges in 2025 related to the start-up of its high-grade underground operation.
- Recently, Bellevue has successfully raised additional funds and adjusted its operational guidance.
- Acorn Capital continues to hold due to the potential for Bellevue to be hedge- and debt-free by late 2026.
- Achieving this could lead to a significant re-rating for the company.
07 Jan
ASX:CSL
- Atlas Funds Management identifies CSL Ltd as a key recovery candidate for 2026.
- The firm emphasizes that CSL's challenges are primarily company-specific.
- Last year, CSL faced hardships due to a surprise corporate restructure and a 15% reduction in workforce.
- There was a notable decline in flu vaccine sales in the USA, coupled with negative sentiment towards the healthcare sector.
- Atlas expects margin expansion from improved efficiencies in plasma collection and better cost controls.
- The ongoing flu season is reportedly the worst in 25 years, with 11 million Americans hospitalized.
- This situation may lead to a late rebound in flu vaccine sales and enhanced acceptance in 2026.
07 Jan
ASX:KAR
- Collins St Asset Management recognizes Karoon Energy Ltd as a compelling investment opportunity due to its productive status.
- The company is trading at a valuation of around seven times estimated forward earnings.
- Despite recent issues related to one of their wells and undersea cabling, Karoon has reaffirmed guidance for 2026, which aligns with the fund's investment outlook.
- The market has a big disconnect regarding Karoon, with approximately 9% of its stock shorted while the company actively engages in share buybacks.
- Following a share buyback announcement of 75 million USD, the ongoing repurchases indicate management's confidence in the company's assets and production capabilities.
- Karoon's operational presence in Brazil, North America, and Australia offers significant geopolitical diversification, reducing dependence on OPEC regions.
- This diversification enables Karoon to access refineries and markets in Europe and the US, making it an attractive prospect for potential growth.
07 Jan
ASX:LIN
- Lindian Resources is an ASX-listed mining company poised for growth in the critical rare earth minerals sector.
- Terra Capital highlights that the timeline to production is short, indicating a quick path to revenue generation.
- The capital required for production is low, making it a cost-effective investment opportunity.
- In a market bereft of new production, Lindian Resources is positioned to produce significant returns.
- Terra Capital continues to hold its position in Lindian Resources due to favorable market conditions and the company's promising outlook.
07 Jan
ASX:NXG
- Argonaut Funds Management is most bullish on NexGen Energy as an emerging major in the uranium sector.
- The Arrow project located in the Athabasca Basin, Canada, positions NexGen as a global leader.
- Final environmental approvals are expected in the first half of 2026.
- Argonaut Funds Management continues to hold due to the strong potential of NexGen in the shifting uranium landscape.
07 Jan
ASX:PC2
- Perennial Partners continues to hold a positive outlook on PC Gold Ltd based on its potential for growth in 2026.
- The company has an established gold resource of 821,000 ounces, providing a solid foundation for future development.
- Its resource is located two hours south of Darwin and is mineralised from surface, suggesting accessibility and ease of extraction.
- PC Gold boasts a low stripping ratio, enhancing the economic viability of the project.
- There is a looming resource upgrade anticipated, supported by recent work indicating that historical assay methods may have undervalued the grade.
- In light of these factors, Perennial Partners believes PC Gold appears undervalued relative to its potential as an economically viable gold project.
07 Jan
ASX:REA
- Atlas Funds Management notes the significant user engagement with REA Group Ltd, featuring up to 13 million website visitors each month.
- Despite the potential impact of AI on the industry, REA's existing platform remains robust and substantial.
- With a net cash position, REA has adequate liquidity to continue investing in growth initiatives.
- Even if there is a slowdown in real estate advertising in Australia, REA is well-positioned to navigate these challenges.
- Atlas Funds Management continues to hold their position in REA Group Ltd, given these factors supporting long-term potential.
07 Jan
ASX:STO
- Santos is attractively priced compared to both Woodside and international peers.
- Trading at 11 times forward earnings offers a substantial margin of safety.
- Provides a 6% dividend yield, allowing investors to be compensated while awaiting project developments.
- Santos has a portfolio with exciting prospects for the coming years.
- Recently, Santos paid down its share of debt for Papua New Guinea LNG assets, enhancing project flexibility.
- Engaging in expansion projects in Dorado, in partnership with Taiwan and Carnarvon.
- Despite past failed takeovers, there are opportunities for divesting non-core assets to strengthen the balance sheet.
- If oil prices rise, Santos has potential upside leverage in its financial performance.
07 Jan
ASX:TWE
- Atlas Funds Management continues to hold its position in Treasury Wine Estates Ltd.
- Recent strategy reset in December included a profit downgrade and write-offs of inventory.
- Write-offs also affected the value of acquisitions in the USA.
- Concerns over declining wine consumption in key markets such as the USA, China, and Australia.
- This trend may not be quickly reversed, impacting future performance.
06 Jan
ASX:BSL
- Wilson Asset Management continues to monitor developments around BlueScope Steel Ltd.
- Portfolio manager John Ayoub notes that the current bid is merely an opening gambit.
- Historical bids have been around $33 per share, indicating potential for higher offers.
- BlueScope’s earnings are recovering, suggesting embedded value in the business.
- Ayoub emphasizes that any successful bid should exceed previous bid levels.
- There is strategic rationale for SGH to acquire Australian assets from BlueScope.
- Challenges remain in convincing Australian shareholders to sell mid-cycle.
31 Dec
ASX:AUB
- Totus Capital notes a significant decline in AUB's share price, falling by 17% following a failed bid from private equity.
- Despite this setback, AUB's stock remains 4% lower than its pre-bid price.
- Management has re-affirmed guidance for NPAT growth between 7-13%.
- Prior to the bid, Totus Capital was actively accumulating a position in AUB.
- The recent stock weakness provided an opportunity to increase holdings to just over 4% of the portfolio.
- AUB currently trades at a 15x PE ratio, representing a 20-30% discount compared to global peers.
31-Dec
ASX:ALL
Portfolio Stance: Solaris Investment Management continues to hold an overweight position in Aristocrat Leisure, despite a share price decline of 16.2%, reflecting confidence in the longer-term investment thesis rather than a reaction to short-term market movements.
Consumer Spending Concerns: Solaris Investment Management notes that recent share price weakness has been driven by concerns that slowing consumer spending in Australia and the US may temper near-term gaming activity.
Digital Strategy Uncertainty: The announcement of the Avenue (Awager) digital casino acquisition is acknowledged by Solaris Investment Management as a factor weighing on investor sentiment, as the market awaits clearer strategic detail and execution plans.
Thesis Update: Overall, Solaris Investment Management's updated view reflects near-term caution around consumer and strategic uncertainty, while maintaining conviction in Aristocrat Leisure's longer-term positioning within global gaming markets.
31 Dec
ASX:ABB
- LSN Capital Partners highlights that Aussie Broadband detracted from returns due to an ACCC pricing update on voice interconnection services.
- The fund manager remains constructive on the outlook for Aussie Broadband.
- Continuous market share gains in ultra-high-speed NBN connections support a positive outlook.
- New corporate customer wins enhance growth potential.
- A near net-cash balance sheet provides flexibility and growth optionality.
31-Dec
ASX:BAP
Performance and Guidance: Maple-Brown Abbott notes that Bapcor's share price declined significantly, contributing negatively to performance, following earnings guidance below market expectations in October and a further downgrade in December.
Leadership Changes: Maple-Brown Abbott highlights that the company experienced another leadership transition, including the CEO departing after less than 18 months and resignations of two divisional heads, which added to operational uncertainty.
Valuation vs. Risk: While Maple-Brown Abbott observed that valuations appeared attractive, the combination of increasing earnings uncertainty and a stretched balance sheet influenced their decision-making.
Portfolio Action: Reflecting these factors, Maple-Brown Abbott exited the position in Bapcor to manage risk, noting that it was also a key detractor over the calendar year with a total decline of 55%.
31 Dec
ASX:CSC
- LSN Capital Partners reports positive contributions from their copper exposures, particularly Capstone Copper.
- Copper prices ended the month at US$5.65/lb, reaching levels not seen in decades.
- The firm sees copper as a key structural beneficiary of electrification, grid investment, and AI-driven infrastructure demand.
- There are supportive long-term supply-demand fundamentals for copper.
31 Dec
ASX:CAT
- QVG Capital views Catapult Sports as relatively insulated from artificial intelligence disruptions.
- The company's blend of hardware and software now serves as a defensive advantage.
- Embedded devices, proprietary data, and workflow integration make displacement by AI unlikely.
- While generic AI may seem promising, Catapult still owns the playbook in its field.
- Catapult Sports is now valued more reasonably after its inclusion in the ASX200.
- Despite rising above $7 previously, the stock is currently around $4, presenting a potential opportunity.
- QVG Capital continues to hold because it believes it’s time to let the CAT out of the bag.
31 Dec
ASX:ELV
- Elevra Lithium was a standout contributor following a sharp rebound in lithium prices.
- The recovery was driven by improving demand from the battery energy storage system (BESS) market.
- There is growing confidence that supply rationalisation is beginning to rebalance the market.
- LSN Capital Partners continues to view the company as well positioned.
- The company's assets are strategically located in North America.
- Elevra Lithium benefits from a low cost of production.
- It has a clear production growth profile that stands to benefit from sustained improvement in lithium pricing.
31 Dec
ASX:FFM
- LSN Capital Partners updates investment thesis on Firefly Metals Ltd.
- The Fund’s copper exposures positively impacted performance due to rising copper prices.
- Copper prices reached US$5.65/lb, a record level not seen in decades.
- Continued belief in copper as a key structural beneficiary of electrification.
- Ongoing support from grid investment and AI-driven infrastructure demand.
- Favorable long-term supply-demand fundamentals for copper.
31 Dec
ASX:FWD
- Cromwell Funds Management notes the unexpected departure of Fleetwood's managing director.
- Investor concerns have arisen about near-term earnings outcomes following the announcement.
- The stock experienced a significant decline of 14.7% over the quarter, impacting portfolio performance.
- Despite the share price reaction, there has been no change to earnings guidance from the company.
- The expectation is that earnings will align broadly with consensus, with potential offset from the Searipple accommodation village.
- Cromwell believes the board's communication regarding the managing director's departure was poorly handled, contributing to the share price drop.
- Long-term potential remains in Fleetwood's Building Solutions business, which focuses on modular construction.
- However, mixed near-term operating performance has been a point of disappointment.
- As of the end of the period, Fleetwood constitutes 2.4% of the fund's assets.
31 Dec
ASX:IPG
- QVG Capital continues to hold their investment in IPD Group Ltd due to strategic acquisitions.
- The acquisition of an electrical cable supplier aligns well with IPD's core business.
- This acquisition is expected to yield a ~20% return on funds, which helps mitigate some current challenges.
- There is disappointment in slowing commercial construction revenues impacting overall performance.
- The previous acquisition of CMI has underperformed, adding to the need for strategic realignment.
31 Dec
ASX:IVR
- Cromwell Funds Management continues to hold a positive stance on Investigator Silver Ltd (IVR) due to its significant performance increase of 195% over the quarter.
- Investigator Silver is focused on the Paris Silver Project, situated in the Central Eyre Peninsula, South Australia.
- The project has been historically constrained by lower silver prices and challenges in funding access.
- With the recent strength in silver prices, the project economics have improved significantly.
- Silver production is primarily a by-product of other metals, making Paris a unique, pure silver project compared to competitors.
- Limited listed silver exposures in Australia and abroad suggest potential for a scarcity premium over time.
- Cromwell Funds Management has confidence in the newly appointed managing director's capability to advance the project, noting his exceptional communication of the investment case for IVR.
31 Dec
ASX:MAF
- MA Financial was a key contributor to recent performance.
- Research highlighted Chris Lock, Head of Core Real Estate, as a pivotal figure, with his property deals enhancing earnings revisions and share price momentum.
- Future fees from Rokt and the strength of MA money are expected to positively influence the share price.
- QVG Capital emphasizes the quality of MA Financial's people and strong alignment of incentives.
- MA's success in attracting and retaining talent, as exemplified by the team from IP Generation, is seen as a critical driver for future growth.
31 Dec
ASX:MGH
- QVG Capital notes that Maas Group’s recent December rally was fueled by a significant $200m contract with neo-cloud player Firmus, reinforcing its growth narrative.
- Maas Group has historically traded at a modest rating due to consistent missed earnings expectations and underperformance in returns on invested capital against management's targets.
- Key changes include the divestment of commercial property, simplifying the balance sheet and potentially increasing cash flows.
- The Firmus contract brings in capital-lite earnings, a positive shift for Maas Group.
- Execution remains critical; improved returns could adjust the current discount on Maas Group’s valuation.
- Although there is limited understanding of the AI factories in Tasmania, it suggests a strong revenue potential with good margins for Maas Group.
31 Dec
ASX:NWH
- LSN Capital Partners notes a recent pullback in NRW Holdings share price after a robust performance.
- Despite this pullback, LSN Capital Partners highlights that there has been no material change to the company’s fundamentals.
- The outlook for NRW Holdings remains strong, supporting continued interest from LSN Capital Partners.
- LSN Capital Partners believes the recent volatility presents an opportunity for long-term investors.
- Continued monitoring of market conditions and company performance is a priority for LSN Capital Partners.
31 Dec
ASX:PPC
- Cromwell Funds Management updates its investment thesis on Peet Ltd following significant changes in leadership and strategic direction.
- Brendan Gore's departure as Managing Director prompted a strategic review, requested by major shareholders.
- Goldman Sachs has been appointed to conduct the review, with results expected to be announced in November 2025.
- Peet has guided a Net Profit After Tax of $74–78 million for FY26, indicating an earnings growth of 26–34%.
- Strong performance in key markets, notably Queensland and Western Australia, supports this positive outlook.
- The company reported $750 million in contracts on hand, up 23%, enhancing visibility for FY26 and potentially FY27 earnings.
- Double-digit price growth in Peet's core residential markets strengthens the earnings outlook further.
- The strategic review indicated no major shifts in strategy; it emphasized cost optimisation and disciplined capital management.
- A potential take-private transaction is deemed unlikely given the recent share price re-rating and current valuations.
- Cromwell Funds Management appreciates the current management team and acknowledges the solid earnings foundation built over many years.
- The Peet share price increased by 42.6% in 2025 and now aligns closer to its assessed intrinsic value.
- The fund reduced its portfolio weighting in Peet to 2% following share price strength.
31 Dec
ASX:RMD
- Totus Capital highlights that there was no material new news for Resmed despite a share price decline of -8.6% for the month.
- The year-to-date return for Resmed stands at -2.3%.
- Resmed remains affected by the GLPI loser trade in global markets, yet there has been no significant impact on its financials.
- Currently trading at just over 20x PE, Resmed is expected to achieve high single-digit to low double-digit EPS growth.
- Totus Capital views this valuation as attractive for a standards-based medical device company with a leading market share.
- In response to the recent weakness, Totus Capital has increased their position in Resmed to just over 8% of the portfolio.
31 Dec
ASX:RIO
- Rio Tinto conducted a site visit in Argentina to elaborate on its lithium growth strategy.
- Management outlined plans to achieve 200ktpa of installed lithium production capacity by 2028.
- Growth will be driven by staged expansions at Rincon, Fenix, and Sal de Vida projects.
- Additional medium-to-long term growth opportunities identified at Cauchari, Maricunga, and Altoandinos.
- The company aims for lower capital intensity with first lithium production expected within 30 months post-approval.
- Rio Tinto's focus on structurally low operating costs positions its brine assets favorably on the global cost curve.
- Wilson Asset Management continues to hold Rio Tinto due to its catalyst-rich outlook.
- The company’s disciplined capital allocation and portfolio simplification initiatives are key factors in this outlook.
- A renewed focus on costs under the new Chief Executive Officer bolsters confidence in the investment thesis.
31-Dec
ASX:TEA
Wilson Asset Management updates its investment thesis on Tasmea Ltd.
Tasmea operates a diversified portfolio of trade/skilled services including electrical, mechanical, civil and water/fluids services.
Completed acquisition of WorkPac Group in December, a leading provider of workforce solutions in Australia.
The deal is high single digit earnings accretive and is expected to deliver revenue and cost synergies that support multi-year earnings growth.
Share price declined with the broader market amid concerns the acquisition is 'off strategy'.
Wilson Asset Management believes the market is underestimating emerging pressures in the east coast labour market.
WorkPac positions Tasmea to capitalise on an expected surge in activity associated with the Brisbane Olympics.
The broader commodity price backdrop remains supportive for demand in Tasmea's core verticals.
Wilson Asset Management continues to hold because it views the WorkPac acquisition as strategically strengthening labour capability, creating synergies and supporting multi?year earnings upside.
31 Dec
ASX:TCG
- Turaco Gold Ltd. released positive drill results during December.
- Increased African gold M&A activity contributed to a 61% rise in share price for the month.
- Drilling at Woulo Woulo confirmed the highly predictable nature of the deposit.
- Drilling at the nearby Herman prospect returned high grade gold intersections.
- These results are expected to positively impact the next Turaco resource update, anticipated by the end of this quarter.
31 Dec
ASX:VYS
- Vysarn delivered strong performance during the month.
- Growing investor appreciation for demand in water related services.
- Robust activity levels across infrastructure, resources, and government end-markets.
- Positive earnings momentum and visibility for the company.
- Strong cash flow generation and balance sheet position.
- Well positioned to execute accretive M&A opportunities.
- Accelerating growth and increasing exposure to structural tailwinds in water infrastructure investment.
31 Dec
ASX:WHC
- Whitehaven Coal is a leading Australian coal producer with high quality assets and a robust balance sheet.
- Wilson Asset Management increased their holding in Whitehaven Coal as coal prices began to firm after bottoming earlier in the year.
- The company continues to deliver sound operational results despite a challenging backdrop.
- Cost out initiatives are being executed, with increased volumes at Blackwater and Daunia mines expected to drive unit cost reductions from FY2027.
- Whitehaven Coal maintains strong capital management flexibility, supporting shareholder returns through buybacks and dividends.
29 Dec
ASX:ASG
- Wilson Asset Management continues to hold a positive outlook on Autosports Group Ltd.
- The company is poised for success as prestige European car brands experience a recovery.
- Chinese brands like Geely, Zeekr, and Polestar are expected to grow rapidly, benefiting Autosports.
- Industry consolidation may feature heavily in the next 12 months, potentially boosting earnings.
29 Dec
ASX:FCL
- FINEOS Corporation Holdings PLC is a technology company specializing in the global life insurance market.
- Profitability: The company has achieved profitability.
- Positive Free Cash Flow: FINEOS is generating positive free cash flow projected to continue into 2026.
- Growth Potential: Anticipated growth with new contracts expected to be secured.
- Wilson Asset Management continues to hold its position due to these positive developments.
29 Dec
ASX:GDG
- Generation Development Group is led by former Olympian Grant Hackett.
- QVG Capital notes that GDG is ‘swimming in tailwinds’ due to its winning investment bonds.
- The Lonsec research arm of GDG is continuing to expand.
- GDG's managed accounts business is benefiting from the advice sector’s shift to outsourced portfolio solutions.
- QVG Capital believes GDG should continue to broadens its lanes and add new revenue streams.
- There is potential for GDG to dive into adjacent pools for further growth.
29 Dec
ASX:NXG
- NexGen Energy is advancing the Rook I project in Canada.
- Rook I hosts the Arrow deposit, identified as the largest undeveloped uranium deposit globally.
- This project is viewed as a strategically important source of supply for Western markets.
- At a uranium price of $US80 per pound, Rook I is projected to generate approximately $CAD2.8 billion of EBITDA.
- This projection suggests an enterprise value to EBITDA multiple of 3.5 times.
- Given these insights, L1 Capital continues to hold its position in NexGen Energy.
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