30 Nov 2025Provenance Value PartnershipJINHeldProvenance Value Partnership continues to hold Jumbo Interactive without change, noting the primarily lottery-retailing company announced two new acquisitions in the prize draw giveaway space, one in the United Kingdom and one in the United States, with the US business seen as carrying particular upside potential. The manager observes that a subdued jackpot run in Australia is weighing on domestic lottery sales in the near term, but views the broader growth story, underpinned by international expansion into adjacent prize-draw formats, as remaining interesting for the fund despite the softer local trading conditions.
30 Nov 2025Provenance Value PartnershipAUBIncreasedProvenance Value Partnership increased its position in AUB Group, adding to the holding on-market at under $37 after a non-binding private equity proposal at $45 evolved into a joint private equity bid, which the manager assessed as raising the probability of completion above 80%, prompting a shift into a risk arbitrage trade. The manager viewed the entry price as reasonable at roughly 19 times forward earnings, with an asymmetric risk-reward profile of over 20% upside to the bid price against 20% downside if it collapsed. The bid subsequently fell through, and the fund remains a long-term holder as AUB continues trading as a listed company.
Ralton Asset Management is a Melbourne-based Australian equities fund manager, part of the Australian Unity group, specializing in equity income and growth strategies for Australian shares. Ralton applies fundamental, valuation-driven stock selection, seeking quality companies capable of delivering reliable income alongside capital growth for retail and wholesale investors. The firm's approach particularly appeals to income-focused investors, including those seeking franking credit benefits from Australian equities. As part of the broader Australian Unity financial services group, Ralton benefits from established distribution channels while maintaining a dedicated, specialist Australian equities investment team and process.
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 Nov 2025Provenance Value PartnershipJINHeldProvenance Value Partnership continues to hold Jumbo Interactive without change, noting the primarily lottery-retailing company announced two new acquisitions in the prize draw giveaway space, one in the United Kingdom and one in the United States, with the US business seen as carrying particular upside potential. The manager observes that a subdued jackpot run in Australia is weighing on domestic lottery sales in the near term, but views the broader growth story, underpinned by international expansion into adjacent prize-draw formats, as remaining interesting for the fund despite the softer local trading conditions.
30 Nov 2025Provenance Value PartnershipAUBIncreasedProvenance Value Partnership increased its position in AUB Group, adding to the holding on-market at under $37 after a non-binding private equity proposal at $45 evolved into a joint private equity bid, which the manager assessed as raising the probability of completion above 80%, prompting a shift into a risk arbitrage trade. The manager viewed the entry price as reasonable at roughly 19 times forward earnings, with an asymmetric risk-reward profile of over 20% upside to the bid price against 20% downside if it collapsed. The bid subsequently fell through, and the fund remains a long-term holder as AUB continues trading as a listed company.
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