30 Sep 2025Swell Asset ManagementXYZHeldThe fund manager notes that Block's CFO outlined at a Goldman Sachs conference how restructuring into a functional technology model has accelerated innovation and revenue growth. The manager notes Cash App continues to scale with 8 million users depositing a paycheck or spending materially in June, up 16% year-on-year, while Square recorded its highest-ever quarter of new volume. The manager observes that new product initiatives, including Cash App Pools and the Square neighbourhood campaign, are aimed at deepening user engagement and driving organic seller growth.
31 Jul 2025Swell Asset ManagementXYZHeldThe fund manager continues to hold Block Inc because the manager notes the company's Q2 results showed accelerating growth, with gross profit up 14% to $2.54 billion, adjusted operating income up 38% to $550 million, and full-year guidance raised to $10.17 billion in gross profit representing 19% year-over-year growth at a 20% adjusted operating income margin. The manager notes that CashApp gross profit grew 16% and Square GPV growth accelerated to 10%, while CEO Jack Dorsey indicated the company has entered a growth phase with increased product velocity and AI functionality rollout. Block was also added to the S&P 500 index and launched Square Cash Advance in the UK.
Swell Asset Management is a boutique Australian investment manager whose name suggests a focus on sustainable, responsible or growth-oriented investing, common among newer entrants to the Australian equities boutique landscape. Firms in this category typically apply fundamental research to identify companies benefiting from structural or thematic tailwinds, often integrating environmental, social and governance (ESG) considerations into stock selection. As a smaller, specialist manager, detailed independently verifiable information on Swell's specific founders, precise strategy and track record is limited in public sources, consistent with many closely-held Australian boutique fund managers that primarily serve wholesale investors directly.
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 2025Swell Asset ManagementXYZHeldThe fund manager notes that Block's CFO outlined at a Goldman Sachs conference how restructuring into a functional technology model has accelerated innovation and revenue growth. The manager notes Cash App continues to scale with 8 million users depositing a paycheck or spending materially in June, up 16% year-on-year, while Square recorded its highest-ever quarter of new volume. The manager observes that new product initiatives, including Cash App Pools and the Square neighbourhood campaign, are aimed at deepening user engagement and driving organic seller growth.
31 Jul 2025Swell Asset ManagementXYZHeldThe fund manager continues to hold Block Inc because the manager notes the company's Q2 results showed accelerating growth, with gross profit up 14% to $2.54 billion, adjusted operating income up 38% to $550 million, and full-year guidance raised to $10.17 billion in gross profit representing 19% year-over-year growth at a 20% adjusted operating income margin. The manager notes that CashApp gross profit grew 16% and Square GPV growth accelerated to 10%, while CEO Jack Dorsey indicated the company has entered a growth phase with increased product velocity and AI functionality rollout. Block was also added to the S&P 500 index and launched Square Cash Advance in the UK.
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