13 Oct 2026SG Hiscock & CompanyMGHHeldSG Hiscock & Company is not buying Maas Group Holdings, despite the shares starting to look cheap after four consecutive days of heavy selling that took them as low as $3.75. Portfolio manager Phillip Li cautions that a low valuation is not an investment thesis on its own. SG Hiscock believes the central question is where Maas's next leg of orders will come from, which depends on Firmus funding its development pipeline after the AI infrastructure company withdrew its IPO. Until those questions are answered, SG Hiscock intends to stay on the sidelines.
2 Oct 2026SG Hiscock & CompanyLNWHeldSG Hiscock & Company continues to hold Light & Wonder because it believes the gaming company stands out among its interest rate sensitive holdings. The manager notes bond yields have risen to new post-GFC highs, causing rate-sensitive stocks in the portfolio to underperform by more than their historical sensitivity would suggest. If the pace of Reserve Bank of Australia rate rises slows, conditions should improve for longer-duration and domestic cyclical names including Chorus, SGH and Light & Wonder. SG Hiscock highlights that Light & Wonder trades on about half the price-earnings multiple of peer Aristocrat Leisure despite delivering mid-teens earnings growth.
SG Hiscock & Company is a Melbourne-based Australian equities fund manager known for its active, research-driven approach to domestic shares, including a specialist listed property and REIT strategy alongside broader equity mandates. Led for many years by Stephen Hiscock, the firm built a reputation for disciplined fundamental analysis and a willingness to take meaningful active positions away from the benchmark. SG Hiscock's property securities fund became particularly well regarded among specialist Australian real estate investment trust strategies. The firm serves institutional, adviser and wholesale clients, with an investment culture emphasizing direct company engagement and long-standing sector expertise built up over decades in the Australian market.
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.
13 Oct 2026SG Hiscock & CompanyMGHHeldSG Hiscock & Company is not buying Maas Group Holdings, despite the shares starting to look cheap after four consecutive days of heavy selling that took them as low as $3.75. Portfolio manager Phillip Li cautions that a low valuation is not an investment thesis on its own. SG Hiscock believes the central question is where Maas's next leg of orders will come from, which depends on Firmus funding its development pipeline after the AI infrastructure company withdrew its IPO. Until those questions are answered, SG Hiscock intends to stay on the sidelines.
2 Oct 2026SG Hiscock & CompanyLNWHeldSG Hiscock & Company continues to hold Light & Wonder because it believes the gaming company stands out among its interest rate sensitive holdings. The manager notes bond yields have risen to new post-GFC highs, causing rate-sensitive stocks in the portfolio to underperform by more than their historical sensitivity would suggest. If the pace of Reserve Bank of Australia rate rises slows, conditions should improve for longer-duration and domestic cyclical names including Chorus, SGH and Light & Wonder. SG Hiscock highlights that Light & Wonder trades on about half the price-earnings multiple of peer Aristocrat Leisure despite delivering mid-teens earnings growth.
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