13 Oct 2026Bell Asset ManagementMGHReducedBell Asset Management reduced its position in Maas Group Holdings, having been lightening its holding ahead of the planned Firmus IPO to take profits. Portfolio manager James Nguyen believes Maas shares now trade at fair value even if its Firmus stake and future earnings tied to Firmus were completely written off. However, Bell is not planning to add to its holding soon, citing extremely bearish sentiment and concern that further hate-selling could follow. Nguyen acknowledged that, in hindsight, he wishes Bell had fully exited before Firmus pulled its IPO.
23 Sep 2026Bell Asset ManagementMGHHeldBell Asset Management continues to hold a positive view on Maas Group, with small companies portfolio manager Tim Johnston highlighting the Dubbo-based construction group, whose shares have risen nearly 50% over 12 months to approximately $6.43. Bell notes Maas spent $300 million in August to lift its stake in data centre developer Firmus to 3.2%, while also securing $855 million in new electrical contracts with Firmus, which is building AI factories in Tasmania and South Australia. Bell Asset Management believes Maas has pivoted to focus almost exclusively on its electrical business, positioning it as a meaningful player in the data centre build-out.
Bell Asset Management is a Melbourne-based global equities fund manager, known for its disciplined, valuation-focused approach to international shares, led for many years by chief investment officer Ned Bell. The firm applies a global small, mid and large-cap investment process emphasizing quality companies trading at reasonable valuations relative to their growth prospects. Bell Asset Management's global small-cap strategy, in particular, has attracted institutional and wholesale investor interest as a specialist complement to broader global equity mandates. The firm's investment philosophy centres on identifying durable, well-managed businesses worldwide while maintaining strict valuation discipline to avoid overpaying for growth.
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.
13 Oct 2026Bell Asset ManagementMGHReducedBell Asset Management reduced its position in Maas Group Holdings, having been lightening its holding ahead of the planned Firmus IPO to take profits. Portfolio manager James Nguyen believes Maas shares now trade at fair value even if its Firmus stake and future earnings tied to Firmus were completely written off. However, Bell is not planning to add to its holding soon, citing extremely bearish sentiment and concern that further hate-selling could follow. Nguyen acknowledged that, in hindsight, he wishes Bell had fully exited before Firmus pulled its IPO.
23 Sep 2026Bell Asset ManagementMGHHeldBell Asset Management continues to hold a positive view on Maas Group, with small companies portfolio manager Tim Johnston highlighting the Dubbo-based construction group, whose shares have risen nearly 50% over 12 months to approximately $6.43. Bell notes Maas spent $300 million in August to lift its stake in data centre developer Firmus to 3.2%, while also securing $855 million in new electrical contracts with Firmus, which is building AI factories in Tasmania and South Australia. Bell Asset Management believes Maas has pivoted to focus almost exclusively on its electrical business, positioning it as a meaningful player in the data centre build-out.
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