First Samuel

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Comments183

Companies60

Positions opened4

Positions exited2

Last published21 Aug 2026

Companies discussed, last 12 months

47 companies, monthly, latest action on the right

NovJanMarMayJulSepLatest

AMCAmcorHeld CSLCSL LtdHeld BSLBlueScope SteelReduced SEKSeekHeld RWCReliance WorldwideHeld

42 more companiesEvery company First Samuel has discussed in the past year.

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Commentary

DateManagerCompanyActionSummary

21 Aug 2026First Samuel AMCHeldFirst Samuel continues to hold Amcor because the FY26 result offers the first tangible evidence that its multi-year volume weakness may be stabilising, with group volumes turning positive for the first time in two years, up 0.5% in the June quarter, a 200bp sequential improvement, and management noting July trends held up alongside a broader customer pivot toward volume over price. The manager notes synergy delivery has consistently outpaced targets, with FY26 synergies of $285 million landing 10% ahead of the original goal and a further $650 million long-term target reaffirmed through FY28, though the improvement should be kept in context given an easy prior-year comparison and free cash flow missing guidance by roughly $200 million on higher receivables and inventory, leaving leverage elevated at around 3.5x. First Samuel notes valuation remains undemanding on a forward earnings and yield basis, but the case now rests more on execution, sustained volume delivery and working capital recovery, than on multiple expansion alone.

Article, price recorded $66.81

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21 Aug 2026First Samuel CSLHeldFirst Samuel continues to hold CSL because the company's result illustrates why result-day share-price moves need careful interpretation: despite reporting very large impairments, mostly tied to Vifor, that confirmed the acquisition had destroyed substantial shareholder value, CSL shares rose more than 17% and had recovered strongly from their 30 June level. The manager explains that by June expectations for CSL had already been reduced substantially, so the market did not need a return to historical growth, only evidence that the sequence of deteriorating expectations was nearing an end, which this result provided.

BiotechnologyArticle, price recorded $168.30

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181 more commentsEvery comment this manager has published, with sources.

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About First Samuel

Multi-Strategy Focused, Multi-Asset

First Samuel is a Melbourne-based, ASX-listed wealth management group offering fully integrated services spanning strategic financial planning, tailored investment management, and administration and reporting for private clients. Rather than running a single retail managed fund, First Samuel manages individually tailored portfolios (often through individually managed account structures) for its clients, blending Australian and international equities, fixed income and other asset classes based on each client's specific circumstances. The firm's investment team, led by chief investment officer Craig Shepherd (previously a senior portfolio manager at JCP Investment Partners), applies fundamental, research-driven analysis to portfolio construction. First Samuel differentiates itself through its integrated, holistic approach combining advice, investment management and reporting under one roof, primarily serving high-net-worth private clients.

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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