6 Oct 2026Auscap Asset ManagementLOVHeldAuscap Asset Management continues to hold Lovisa (ASX: LOV), seeing it as a beaten-down consumer discretionary stock with a compelling global rollout story. Auscap notes the jewellery retailer added more than 100 stores over the past year, while the bankruptcy of major competitor Claire's and its rapidly shrinking store network are freeing up attractive locations, allowing Lovisa to pick the best sites. The manager also sees potential in Lovisa's new premium brand, Jewells, adding further avenues for growth, although Auscap's Will Mumford acknowledges the new concept remains loss-making and that competition is emerging.
6 Oct 2026Auscap Asset ManagementCSLHeldAuscap Asset Management points to CSL (ASX: CSL) as an example of how share prices pushed away from underlying earnings by large passive investment flows eventually correct. Auscap notes that during the latest earnings season, CSL's shares roughly doubled from their lows after the stock had become too cheap relative to its fundamentals. The manager uses CSL to illustrate its broader view that the disconnect between valuations and earnings created by passive flows can only stretch so far, supporting its belief that active managers are well placed to benefit as prices revert towards fundamentals.
Auscap Asset Management is a Sydney-based boutique fund manager co-founded by Tim Carleton and Andrew Kirk, specializing in a concentrated Australian equities long/short strategy. Auscap seeks high-quality, well-managed companies with strong growth prospects for its long positions, while using short positions in structurally challenged or overvalued businesses to manage risk and enhance returns. The firm applies detailed fundamental research and maintains a benchmark-unaware approach, sizing positions according to conviction rather than index weightings. Auscap has built a long track record as one of Australia's established long/short equity specialists, targeting strong absolute returns for wholesale investors across varying market conditions.
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.
6 Oct 2026Auscap Asset ManagementLOVHeldAuscap Asset Management continues to hold Lovisa (ASX: LOV), seeing it as a beaten-down consumer discretionary stock with a compelling global rollout story. Auscap notes the jewellery retailer added more than 100 stores over the past year, while the bankruptcy of major competitor Claire's and its rapidly shrinking store network are freeing up attractive locations, allowing Lovisa to pick the best sites. The manager also sees potential in Lovisa's new premium brand, Jewells, adding further avenues for growth, although Auscap's Will Mumford acknowledges the new concept remains loss-making and that competition is emerging.
6 Oct 2026Auscap Asset ManagementCSLHeldAuscap Asset Management points to CSL (ASX: CSL) as an example of how share prices pushed away from underlying earnings by large passive investment flows eventually correct. Auscap notes that during the latest earnings season, CSL's shares roughly doubled from their lows after the stock had become too cheap relative to its fundamentals. The manager uses CSL to illustrate its broader view that the disconnect between valuations and earnings created by passive flows can only stretch so far, supporting its belief that active managers are well placed to benefit as prices revert towards fundamentals.
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