15 Jul 2026Elston Asset ManagementCSLHeldElston Asset Management continues to hold CSL because, despite a challenging 12 months marked by both external industry headwinds and internal execution issues weighing on sentiment, discussions with competitors, former employees and the company itself suggest CSL is further along in addressing its shortcomings than the market appreciates. Elston notes the inventory adjustment announced in May was disappointing but overshadowed the fact that underlying performance, particularly in the Behring immunoglobulin business, was meeting or exceeding expectations in the first half of FY26, and believes a turnaround will take time but the stock offers good value at today's multiple.
15 Jul 2026Elston Asset ManagementCOHHeldElston Asset Management continues to hold Cochlear because the key market debate centres on the behaviourally, rather than economically, discretionary nature of its products, with more patients recently choosing to defer the lengthy post-surgery rehabilitation process, creating uncertainty that has driven reduced revenue growth expectations and a material de-rating. Elston believes, from its conversations with the company, that there is a disconnect between the market's focus on consumer sentiment and the more relevant factor of the patient journey, and views the sell-off as overdone, seeing upside particularly if execution on the new Nexa platform is strong and reinvestment supports sales momentum even as growth runs below historical levels.
Elston Asset Management is a Brisbane-based boutique Australian equities fund manager co-founded by Andrew McKie, specializing in a deliberately narrow, benchmark-relative strategy focused purely on the ASX100 largest companies, alongside emerging leaders and large companies funds. Elston's philosophy holds that genuine outperformance is more achievable by knowing a limited universe (the top 100 stocks) exceptionally well than by spreading research across 200-300 names, and its Australian Large Companies strategy has built a strong long-term track record since 2012 while charging notably low fees relative to peers. The firm also runs an Emerging Leaders fund targeting mid and small-cap growth companies. Elston distributes its funds through Equity Trustees as responsible entity, serving retail, adviser and wholesale investors seeking a low-cost, non-index-weighted approach to Australian equities.
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.
15 Jul 2026Elston Asset ManagementCSLHeldElston Asset Management continues to hold CSL because, despite a challenging 12 months marked by both external industry headwinds and internal execution issues weighing on sentiment, discussions with competitors, former employees and the company itself suggest CSL is further along in addressing its shortcomings than the market appreciates. Elston notes the inventory adjustment announced in May was disappointing but overshadowed the fact that underlying performance, particularly in the Behring immunoglobulin business, was meeting or exceeding expectations in the first half of FY26, and believes a turnaround will take time but the stock offers good value at today's multiple.
15 Jul 2026Elston Asset ManagementCOHHeldElston Asset Management continues to hold Cochlear because the key market debate centres on the behaviourally, rather than economically, discretionary nature of its products, with more patients recently choosing to defer the lengthy post-surgery rehabilitation process, creating uncertainty that has driven reduced revenue growth expectations and a material de-rating. Elston believes, from its conversations with the company, that there is a disconnect between the market's focus on consumer sentiment and the more relevant factor of the patient journey, and views the sell-off as overdone, seeing upside particularly if execution on the new Nexa platform is strong and reinvestment supports sales momentum even as growth runs below historical levels.
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