Maple-Brown Abbott

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Comments94

Companies61

Positions opened7

Positions exited2

Last published2 Oct 2026

Companies discussed, last 12 months

42 companies, monthly, latest action on the right

NovJanMarMayJulSepLatest

CBACommonwealth Bank of AustraliaHeld CSLCSL LtdInitiated MINMineral ResourcesHeld S32South32Held RIORio TintoReduced

37 more companiesEvery company Maple-Brown Abbott has discussed in the past year.

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Commentary

DateManagerCompanyActionSummary

2 Oct 2026Maple-Brown Abbott CBAHeldMaple-Brown Abbott does not hold Commonwealth Bank of Australia because it believes the bank is overvalued and could fall to $100 per share. The manager notes CBA peaked near $200 about a year ago, trading at around 33 times forward earnings as the most expensive bank in the world, before falling below $150. Maple-Brown highlights that Westpac, NAB and ANZ trade on 15 times forward earnings, and that ANZ and Westpac traded on 10 times only two and a half years ago. He also points to a weakening earnings outlook, with slowing credit growth, rising costs and likely higher credit losses all weighing on bank earnings.

Article, price recorded $151.45

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23 Sep 2026Maple-Brown Abbott CSLInitiatedMaple-Brown Abbott initiated a position in CSL, buying heavily after the stock fell to decade lows of around $90 in May, when it traded at roughly 10 times forward earnings. The manager did not hold CSL at its $300 peak, when it traded near 50 times earnings. Maple-Brown Abbott predicted CSL would double from its lows, and with the share price near $179.24, notes this has largely occurred through the earnings multiple re-rating from about 10 to 20 times while earnings stayed flat. The manager believes CSL had simply become too cheap, so even a fairly flat August result was enough to drive shares higher, reinforcing its view that valuations always matter.

BiotechnologyArticle, price recorded $179.24

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

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About Maple-Brown Abbott

Value Focused, All-Cap

Maple-Brown Abbott is one of Australia's longest-running independent fund managers, founded in 1984 by Robert Maple-Brown and Chris Abbott, known for disciplined, value-based investing. The firm manages Australian and international equities, listed infrastructure and credit/fixed income strategies for institutional, adviser and retail clients. Maple-Brown Abbott built its reputation on a conservative, valuation-anchored approach to stock selection, emphasizing downside protection and long-term capital preservation over short-term performance chasing. The firm remains majority owned by its staff and has expanded over time from its original Australian equities heritage into global equities and specialist listed infrastructure mandates, serving both domestic and offshore institutional investors.

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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