31 Jul 2026Antares CapitalWORExitAntares Capital exited Worley in early July on both near-term and structural concerns. The manager notes continued Middle East conflict has disrupted Gulf project logistics, compressing site equipment buffers and increasing the likelihood of further quarterly slippage as conditions failed to normalise as previously assumed. Additionally, the manager cites growing competition from EPC contractors vertically integrating into front-end design work traditionally owned by engineering houses, eroding Worley's legacy business model where engineers design and EPCs bid on price.
31 Jul 2026Antares CapitalPMEHeldAntares Capital continues to hold Pro Medicus even though the stock detracted over the month without a single identifiable catalyst, falling alongside broader weakness in high-multiple healthcare and growth technology names before stabilising into month-end. The manager characterises the decline as valuation compression extending a longer derating of a richly valued stock rather than a fresh operational setback, noting there was no contract loss, downgrade or regulatory issue, and that management continues to cite ongoing US contract wins against fears of AI disruption to its Visage platform.
Antares Capital Partners is an Australian equities and fixed income fund manager operating within the Insignia Financial (formerly IOOF) group of investment businesses. Antares runs a range of active Australian share and bond strategies for institutional, adviser and retail investors, applying fundamental, research-driven analysis to identify mispriced securities across the market-cap spectrum. As part of a larger diversified financial services group, Antares benefits from significant scale, distribution reach through adviser networks, and access to shared research and risk infrastructure. The firm's strategies span both core and higher-conviction Australian equity mandates alongside credit and income-focused fixed interest funds.
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11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
31 Jul 2026Antares CapitalWORExitAntares Capital exited Worley in early July on both near-term and structural concerns. The manager notes continued Middle East conflict has disrupted Gulf project logistics, compressing site equipment buffers and increasing the likelihood of further quarterly slippage as conditions failed to normalise as previously assumed. Additionally, the manager cites growing competition from EPC contractors vertically integrating into front-end design work traditionally owned by engineering houses, eroding Worley's legacy business model where engineers design and EPCs bid on price.
31 Jul 2026Antares CapitalPMEHeldAntares Capital continues to hold Pro Medicus even though the stock detracted over the month without a single identifiable catalyst, falling alongside broader weakness in high-multiple healthcare and growth technology names before stabilising into month-end. The manager characterises the decline as valuation compression extending a longer derating of a richly valued stock rather than a fresh operational setback, noting there was no contract loss, downgrade or regulatory issue, and that management continues to cite ongoing US contract wins against fears of AI disruption to its Visage platform.
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