31 May 2026BKI Investment CompanyBHPHeldBKI Investment Company continues to hold BHP Group Ltd, maintaining a 12.6% portfolio weighting, after BHP walked away from its $49 billion takeover bid for Anglo American when Anglo rejected a deadline extension. The manager notes the deal collapsed over disagreements about unbundling Anglo's South African platinum and iron ore units, and that BHP is now barred from a fresh approach for six months. Despite the failed bid, BKI views the outcome positively, framing it as evidence of BHP's capital discipline rather than overpaying. With shares up 16% in the month and trading at record highs on a ~17.9x PE, BKI expects a significantly higher dividend and a grossed-up yield that could support a share price above $62.
31 Mar 2026BKI Investment CompanyAPAHeldThe manager continues to hold because APA Group continues to provide exposure to domestic energy security themes, up 8.2% in March and 34.6% for the year to 31 March 2026. As the owner and operator of essential gas transmission infrastructure, APA's earnings profile is characterised by regulated or contracted revenues, long asset lives and limited technological displacement risk. Its relevance has increased rather than diminished during periods of market dislocation, reinforcing the defensive qualities that underpin BKI's investment philosophy.
BKI Investment Company is a long-standing ASX-listed investment company managed by Contact Asset Management (previously Ellerston/Sofitel-linked management arrangements), historically led by Tom Millner, focused on high-quality Australian equities that pay strong, growing fully franked dividends. BKI applies a long-term, low-turnover investment approach, typically holding core Australian blue-chip and mid-cap industrial companies for extended periods rather than actively trading. The listed investment company structure allows BKI to smooth dividend payments to shareholders over time using retained earnings reserves, making it popular among income-focused retail investors and self-managed superannuation funds. BKI is known for its conservative, buy-and-hold philosophy and consistent dividend track record.
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.
31 May 2026BKI Investment CompanyBHPHeldBKI Investment Company continues to hold BHP Group Ltd, maintaining a 12.6% portfolio weighting, after BHP walked away from its $49 billion takeover bid for Anglo American when Anglo rejected a deadline extension. The manager notes the deal collapsed over disagreements about unbundling Anglo's South African platinum and iron ore units, and that BHP is now barred from a fresh approach for six months. Despite the failed bid, BKI views the outcome positively, framing it as evidence of BHP's capital discipline rather than overpaying. With shares up 16% in the month and trading at record highs on a ~17.9x PE, BKI expects a significantly higher dividend and a grossed-up yield that could support a share price above $62.
31 Mar 2026BKI Investment CompanyAPAHeldThe manager continues to hold because APA Group continues to provide exposure to domestic energy security themes, up 8.2% in March and 34.6% for the year to 31 March 2026. As the owner and operator of essential gas transmission infrastructure, APA's earnings profile is characterised by regulated or contracted revenues, long asset lives and limited technological displacement risk. Its relevance has increased rather than diminished during periods of market dislocation, reinforcing the defensive qualities that underpin BKI's investment philosophy.
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