12 Oct 2026Pendal GroupCSLHeldPendal Group notes CSL announced another R&D pipeline deal consistent with its strategy, agreeing to co-develop and co-promote Lixudebart with private Alentis Therapeutics as a potential first-in-class treatment for rare kidney and liver disease; the shares rose 4.8%. CSL will pay US$355m upfront, with up to US$1.2bn more in commercial milestones. Pendal flags risk given the Phase 2 stage in AAV-RPGN, but on success the NPV exceeds US$2bn with a teens IRR. CSL also announced it is moving its plasma collection platform from Terumo Rika back to Haemonetics Persona Plus, which can lift yield around 5%. Pendal views this as an accretive commercial decision rather than a forced shift.
12 Oct 2026Pendal GroupFMGHeldPendal Group notes Fortescue reported weak first-quarter sales, with shipments 6% below consensus and sales a further 8% below shipments, and the shares fell 5.3%. The shortfall stems from Fortescue's dispute with Chinese buying group China Mineral Resources Group (CMRG), which has dried up sales of its Super Special Fines product. Pendal contrasts this with BHP, observing that Fortescue's reluctance to sign a similar deal is having a more acute impact, with net debt rising to US$2.8bn from US$0.9bn at June after a US$1bn dividend. Price realisations fell to 82% from 84%. Pendal expects resolution eventually, but notes a prolonged impasse grows more painful amid weak iron ore prices and higher decarbonisation capex.
Pendal Group was a major ASX-listed Australian investment management business, formerly known as BT Investment Management, offering equities, fixed income and multi-asset strategies for institutional and retail investors across Australia, the UK and other markets (through its former JOHCM subsidiary). Pendal ran a wide range of active Australian equity strategies alongside global fixed income and credit capabilities, serving superannuation funds, financial advisers and direct retail clients. The group emphasized fundamental, research-driven active management and diversified its offering through boutique acquisitions over the years. Pendal was acquired by Perpetual Limited in 2023, merging its investment capabilities and distribution network into the enlarged Perpetual Asset Management business.
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11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
12 Oct 2026Pendal GroupCSLHeldPendal Group notes CSL announced another R&D pipeline deal consistent with its strategy, agreeing to co-develop and co-promote Lixudebart with private Alentis Therapeutics as a potential first-in-class treatment for rare kidney and liver disease; the shares rose 4.8%. CSL will pay US$355m upfront, with up to US$1.2bn more in commercial milestones. Pendal flags risk given the Phase 2 stage in AAV-RPGN, but on success the NPV exceeds US$2bn with a teens IRR. CSL also announced it is moving its plasma collection platform from Terumo Rika back to Haemonetics Persona Plus, which can lift yield around 5%. Pendal views this as an accretive commercial decision rather than a forced shift.
12 Oct 2026Pendal GroupFMGHeldPendal Group notes Fortescue reported weak first-quarter sales, with shipments 6% below consensus and sales a further 8% below shipments, and the shares fell 5.3%. The shortfall stems from Fortescue's dispute with Chinese buying group China Mineral Resources Group (CMRG), which has dried up sales of its Super Special Fines product. Pendal contrasts this with BHP, observing that Fortescue's reluctance to sign a similar deal is having a more acute impact, with net debt rising to US$2.8bn from US$0.9bn at June after a US$1bn dividend. Price realisations fell to 82% from 84%. Pendal expects resolution eventually, but notes a prolonged impasse grows more painful amid weak iron ore prices and higher decarbonisation capex.
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