Thesis TrackerSamuel Terry Asset Management
Companies discussed, last 12 months
1 companies, monthly, latest action on the rightCommentary
31 Mar 2026Samuel Terry Asset ManagementMI6HeldSamuel Terry Asset Management continues to hold Minerals 260, a 10% position in the fund, because it believes a recent financing deal points to value well above the share price. The Australian gold developer rose 63% in the quarter after selling a roughly 2% royalty over its Bullabulling gold mine to Franco-Nevada for $170 million in February 2026, having purchased Bullabulling for $166 million in January 2025. Franco-Nevada also bought $50 million of shares, which Samuel Terry views as reinforcing its valuation view.
31 Dec 2024Samuel Terry Asset ManagementHZNHeldThe manager holds Horizon Oil as a 20% stakeholder with board representation because the manager believes the ASX-listed oil producer with interests in New Zealand and China has a break-even operating cost of less than USD20 per barrel, making it highly cash generative at current oil prices. The manager notes the low-cost production profile, existing board influence, and discount to intrinsic value support the investment case.
About Samuel Terry Asset Management
Value Focused, All-CapSamuel Terry Asset Management is a Sydney-based boutique fund manager founded by Fred Woollard, known for a deep-value, contrarian investment philosophy applied across Australian and international equities. The firm seeks severely mispriced securities, often in unloved, distressed or complex situations overlooked by mainstream investors, and is willing to hold concentrated positions for extended periods until value is realized. Samuel Terry's approach draws inspiration from classic value investing principles, emphasizing margin of safety and independent thinking over consensus market views. The fund has built a strong long-term track record through disciplined patience and a willingness to differ meaningfully from benchmark index composition.
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.