30 Sep 2026Investors Mutual LimitedBXBHeldInvestors Mutual Limited continues to hold Brambles Ltd despite the global supply chain and logistics company being a key detractor in the September 2026 quarter, falling 13.8%. The decline followed a May trading update that cut FY26 profit growth guidance to 3–5% from 8–11%, due to repair capacity constraints in parts of its US service centre network caused by subcontractor issues and higher pallet quality standards required by customers' automated distribution centres. The manager notes underlying demand remains solid, free cash flow guidance was maintained and a US$400 million buyback was announced. It views the network issues as transitory, though unlikely to be resolved before the end of the first half of FY27.
Share BuybackQuarterly Report, price recorded $19.52
30 Sep 2026Investors Mutual LimitedSDFReducedInvestors Mutual Limited reduced their position in Steadfast Group Ltd after the shares rose strongly on a takeover proposal during the September 2026 quarter. Steadfast, Australasia's largest insurance broker and underwriting agency, received a $6.00 per share cash proposal from US broker Amwins and investment firm Dragoneer, representing a 52% premium to the prevailing share price. The manager believes the bid validates its long-held view that the market was undervaluing the quality and resilience of Steadfast's earnings and overstating AI disruption risks. Steadfast was a strong contributor to performance, and the manager trimmed the holding as it appreciated.
Investors Mutual Limited (IML) is a long-established Sydney-based Australian equities fund manager founded in 1998 by Anton Tagliaferro, known for its disciplined value investing philosophy. IML seeks quality companies with strong balance sheets, reliable earnings and sustainable competitive advantages, purchased at a reasonable price relative to intrinsic value, and avoids speculative or highly leveraged businesses. The firm runs a family of Australian share funds spanning core, small-cap and industry-focused strategies for retail, adviser and institutional investors. IML has built a long-term reputation for capital preservation and consistent, benchmark-beating performance through a conservative, research-intensive value approach maintained over more than two decades.
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.
30 Sep 2026Investors Mutual LimitedBXBHeldInvestors Mutual Limited continues to hold Brambles Ltd despite the global supply chain and logistics company being a key detractor in the September 2026 quarter, falling 13.8%. The decline followed a May trading update that cut FY26 profit growth guidance to 3–5% from 8–11%, due to repair capacity constraints in parts of its US service centre network caused by subcontractor issues and higher pallet quality standards required by customers' automated distribution centres. The manager notes underlying demand remains solid, free cash flow guidance was maintained and a US$400 million buyback was announced. It views the network issues as transitory, though unlikely to be resolved before the end of the first half of FY27.
Share BuybackQuarterly Report, price recorded $19.52
30 Sep 2026Investors Mutual LimitedSDFReducedInvestors Mutual Limited reduced their position in Steadfast Group Ltd after the shares rose strongly on a takeover proposal during the September 2026 quarter. Steadfast, Australasia's largest insurance broker and underwriting agency, received a $6.00 per share cash proposal from US broker Amwins and investment firm Dragoneer, representing a 52% premium to the prevailing share price. The manager believes the bid validates its long-held view that the market was undervaluing the quality and resilience of Steadfast's earnings and overstating AI disruption risks. Steadfast was a strong contributor to performance, and the manager trimmed the holding as it appreciated.
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