30 Sep 2026Sandon CapitalFWDHeldSandon Capital continues to hold Fleetwood (ASX: FWD) and notes that the company announced the resignation of its chief financial officer near the end of the month, with no other news released. Looking ahead, Sandon identifies the next likely catalysts as completion of the acquisition of the Red Dog village in Karratha at the end of the year, followed by the award of accommodation contracts. The manager treats the CFO departure as a management change to monitor, while the investment case continues to centre on the Karratha accommodation acquisition and the contracting activity expected to follow.
30 Sep 2026Sandon CapitalKARHeldSandon Capital continues to hold Karoon Energy (ASX: KAR) but flags a further operational setback. Karoon announced a fault in the newly installed power cable for the downhole electrical submersible pump at its SPS-92 well in Bauna, after the new pump had been operating for less than three months, with repairs likely to take around six months. Sandon notes the problem appears to stem from faulty equipment and should therefore be subject to equipment warranty and insurance recoveries. However, the manager believes the incident extends Karoon's track record of disappointing production updates at its operating assets, signalling ongoing concern about operational reliability.
Sandon Capital is a Sydney-based activist fund manager founded by Gabriel Radzyminski, specializing in Australian small and micro-cap equities where the firm believes it can influence corporate outcomes to unlock shareholder value. Sandon takes meaningful stakes in undervalued or underperforming companies and actively engages boards and management, sometimes publicly, to advocate for changes such as capital management, governance improvements or strategic reviews. The firm operates both an unlisted fund and the ASX-listed Sandon Capital Investments listed investment company, giving retail investors access to its activist strategy. Sandon's approach differs from passive value investing by combining fundamental undervaluation analysis with a willingness to actively campaign for change.
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 2026Sandon CapitalFWDHeldSandon Capital continues to hold Fleetwood (ASX: FWD) and notes that the company announced the resignation of its chief financial officer near the end of the month, with no other news released. Looking ahead, Sandon identifies the next likely catalysts as completion of the acquisition of the Red Dog village in Karratha at the end of the year, followed by the award of accommodation contracts. The manager treats the CFO departure as a management change to monitor, while the investment case continues to centre on the Karratha accommodation acquisition and the contracting activity expected to follow.
30 Sep 2026Sandon CapitalKARHeldSandon Capital continues to hold Karoon Energy (ASX: KAR) but flags a further operational setback. Karoon announced a fault in the newly installed power cable for the downhole electrical submersible pump at its SPS-92 well in Bauna, after the new pump had been operating for less than three months, with repairs likely to take around six months. Sandon notes the problem appears to stem from faulty equipment and should therefore be subject to equipment warranty and insurance recoveries. However, the manager believes the incident extends Karoon's track record of disappointing production updates at its operating assets, signalling ongoing concern about operational reliability.
Thesis Tracker