31 Aug 2026Cerutty Macro FundCGSHeldCerutty Macro Fund continues to hold Cogstate (ASX: CGS), featuring it as a position spotlight and a picks-and-shovels exposure to a recovering global biotechnology and clinical trials cycle without the binary risk of owning drug developers. Cogstate provides digital cognitive assessments, rater training, central rating and quality-control tools for CNS clinical trials, and is paid throughout development regardless of whether a drug is approved. The manager notes the business has diversified beyond Alzheimer's, with 1H26 new contracts up 105% to US$41.7m and only 38% Alzheimer's-related. FY26 new contracts more than doubled to a record US$89m, trial starts rose from 35 to 90, and contracted future revenue reached a record US$118.5m. Cerutty highlights the Medidata-led partner channel, which generated around 40% of new contract value, rising revenue per trial and operating leverage, citing FY25 EBITDA growth of 72% on 22% revenue growth. At around 20x FY28 earnings with net cash, the manager believes the market may be underestimating the earnings leverage on offer, with AI-enabled automation providing further margin optionality. Catalysts include contract wins, backlog conversion, Medidata growth and margin expansion.
31 Jul 2026Cerutty Macro FundRICHeldCerutty Macro Fund continues to hold Ridley Corporation because it believes the acquisition of the Incitec Pivot Fertilisers distribution business, which transforms Ridley from an animal nutrition company into a broader agricultural inputs platform, is being underestimated by a market wary of increased scale, working capital requirements and complexity. The manager cites management's demonstrated turnaround playbook in Bulk Stockfeeds, including decentralised decision-making, plant utilisation gains and disciplined bolt-on acquisitions, as reason to expect similar success in Fertilisers, where early results already show EBITDA above the top end of expectations and working capital falling $98 million post-completion. The manager builds a bridge to a steady-state earnings base of roughly $200 million EBITDA through legacy Ridley earnings, IPF's historical earnings, and regional restructuring plus IT synergies, noting risks around Phosphate Hill supply continuity, integration complexity and seasonal working capital needs, but sees scope for both earnings growth and multiple expansion as the stock trades below its historical average price-to-earnings multiple, with the FY26 result on 20 August as the next milestone.
Cerutty Macro Fund is an Australian fund manager led by Chris Judd, a former AFL premiership footballer who transitioned into professional funds management after his playing career. The fund pursues a macro-informed investment approach, combining top-down thematic views on economic and market cycles with stock selection across Australian and global equities, including exposure to resources and other cyclical sectors. Judd built credibility in the investment community partly through his public commentary and media presence, discussing markets and portfolio positioning at industry events and in interviews. Cerutty targets wholesale investors seeking an actively managed, cycle-aware alternative to purely bottom-up stock-picking funds.
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11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
31 Aug 2026Cerutty Macro FundCGSHeldCerutty Macro Fund continues to hold Cogstate (ASX: CGS), featuring it as a position spotlight and a picks-and-shovels exposure to a recovering global biotechnology and clinical trials cycle without the binary risk of owning drug developers. Cogstate provides digital cognitive assessments, rater training, central rating and quality-control tools for CNS clinical trials, and is paid throughout development regardless of whether a drug is approved. The manager notes the business has diversified beyond Alzheimer's, with 1H26 new contracts up 105% to US$41.7m and only 38% Alzheimer's-related. FY26 new contracts more than doubled to a record US$89m, trial starts rose from 35 to 90, and contracted future revenue reached a record US$118.5m. Cerutty highlights the Medidata-led partner channel, which generated around 40% of new contract value, rising revenue per trial and operating leverage, citing FY25 EBITDA growth of 72% on 22% revenue growth. At around 20x FY28 earnings with net cash, the manager believes the market may be underestimating the earnings leverage on offer, with AI-enabled automation providing further margin optionality. Catalysts include contract wins, backlog conversion, Medidata growth and margin expansion.
31 Jul 2026Cerutty Macro FundRICHeldCerutty Macro Fund continues to hold Ridley Corporation because it believes the acquisition of the Incitec Pivot Fertilisers distribution business, which transforms Ridley from an animal nutrition company into a broader agricultural inputs platform, is being underestimated by a market wary of increased scale, working capital requirements and complexity. The manager cites management's demonstrated turnaround playbook in Bulk Stockfeeds, including decentralised decision-making, plant utilisation gains and disciplined bolt-on acquisitions, as reason to expect similar success in Fertilisers, where early results already show EBITDA above the top end of expectations and working capital falling $98 million post-completion. The manager builds a bridge to a steady-state earnings base of roughly $200 million EBITDA through legacy Ridley earnings, IPF's historical earnings, and regional restructuring plus IT synergies, noting risks around Phosphate Hill supply continuity, integration complexity and seasonal working capital needs, but sees scope for both earnings growth and multiple expansion as the stock trades below its historical average price-to-earnings multiple, with the FY26 result on 20 August as the next milestone.
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