Blackwattle Investment Partners

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Comments332

Companies121

Positions opened11

Positions exited9

Last published14 Oct 2026

Companies discussed, last 12 months

78 companies, monthly, latest action on the right

NovJanMarMayJulSepLatest

GLCGlencoreHeld NCKNick ScaliHeld ALLAristocrat LeisureHeld CBACommonwealth Bank of AustraliaHeld WESWesfarmersHeld

73 more companiesEvery company Blackwattle Investment Partners has discussed in the past year.

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Commentary

DateManagerCompanyActionSummary

14 Oct 2026Blackwattle Investment Partners GLCHeldBlackwattle Investment Partners continues to hold Glencore (ASX:GLC), viewing it as an example of enduring quality following its quiet ASX secondary listing. Blackwattle believes Glencore's marketing and trading arm is a competitive advantage, offering earnings less correlated with commodity prices, positive EBIT every year since 2008 and upside in volatile markets, with 2026 guidance above US$5 billion. Glencore targets more than 1 million tonnes of copper a year by end-2028 from about 800,000 tonnes, with a path to roughly 1.6 million tonnes by 2035. Trading on about 4.9 times FY27 EV/EBITDA versus 8.1 times for BHP, with an 11% free cash flow yield, Blackwattle believes the valuation gap is too wide and could attract M&A interest.

Diversified Mining Free Cash FlowArticle, price recorded $11.23

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2 Oct 2026Blackwattle Investment Partners NCKHeldBlackwattle Investment Partners rates Nick Scali a hold because, while it rates management highly and sees strong traction in the UK expansion, macroeconomic headwinds pose near-term earnings risk. The manager notes like-for-like sales at Nick Scali branded UK stores are up around 19%, and that best-selling products are the same in Australia and the UK, indicating consistent consumer preferences. However, furniture retail is cyclical, written sales orders declined in the second half, and Blackwattle sees downside risk to flat FY27 market expectations as housing market weakness is only beginning, potentially leading to near-term earnings downgrades.

Article, price recorded $14.06

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About Blackwattle Investment Partners

Value Focused, All-Cap

Blackwattle Investment Partners is a Sydney-based boutique Australian equities manager founded by Michael Skinner, its Managing Director and Chief Investment Officer, launching in 2023 with significant seed capital and personal capital commitment from its founding team. Blackwattle runs a suite of quality-focused Australian equity funds spanning small, mid and large-cap mandates, a long-short 130/30 strategy, and an equity income fund using options to enhance returns, all built around investing in businesses with a durable competitive advantage, aligned management, and share prices below intrinsic value. The firm emphasizes founder and team alignment with investors, transparency, and disciplined valuation-based stock selection. Blackwattle has grown quickly, adding new fund launches including an income-focused strategy aimed at Australia's retiree market.

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.

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