30 Sep 2026Totus CapitalLNWHeldTotus Capital continues to hold Light & Wonder (ASX: LNW) despite a roughly 17% fall in September. The manager attributes the decline to a discounted block trade by the major shareholder early in the month, which created an overhang, and the resignation of SciPlay's long-serving divisional CEO, which sent shares down about 8% in a day. Totus notes SciPlay, the social casino business, represents only 18% of group profit and is not the main value driver, viewing the market reaction, which implied nearly half of SciPlay's value had been lost, as highly irrational. With Light & Wonder on 9.5x forward earnings, its lowest multiple since listing in Australia, compared with peers such as Aristocrat on 22x, Totus believes execution and patience will close the valuation gap.
31 Aug 2026Totus CapitalLNWHeldTotus Capital continues to hold Light & Wonder without change, noting the stock remains down year-to-date but the manager views it as trading at an attractive valuation relative to the quality and growth profile of the underlying gaming technology business, supporting the decision to maintain the position through the current period of share price weakness rather than reduce exposure.
Totus Capital is a Sydney-based boutique fund manager founded by Ben McGarry, a former Caledonia Investments and Fidelity portfolio manager, specializing in concentrated, high-conviction global and Australian equity long/short strategies. The fund seeks structural growth stories and significant mispricings across global markets, combining detailed fundamental research with a willingness to take meaningful short positions to protect capital and generate alpha in falling markets. Totus is known for a flexible, benchmark-unaware mandate that allows the manager to size positions according to conviction rather than index weightings. The strategy targets sophisticated and wholesale investors seeking genuinely active, unconstrained global equity exposure.
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 2026Totus CapitalLNWHeldTotus Capital continues to hold Light & Wonder (ASX: LNW) despite a roughly 17% fall in September. The manager attributes the decline to a discounted block trade by the major shareholder early in the month, which created an overhang, and the resignation of SciPlay's long-serving divisional CEO, which sent shares down about 8% in a day. Totus notes SciPlay, the social casino business, represents only 18% of group profit and is not the main value driver, viewing the market reaction, which implied nearly half of SciPlay's value had been lost, as highly irrational. With Light & Wonder on 9.5x forward earnings, its lowest multiple since listing in Australia, compared with peers such as Aristocrat on 22x, Totus believes execution and patience will close the valuation gap.
31 Aug 2026Totus CapitalLNWHeldTotus Capital continues to hold Light & Wonder without change, noting the stock remains down year-to-date but the manager views it as trading at an attractive valuation relative to the quality and growth profile of the underlying gaming technology business, supporting the decision to maintain the position through the current period of share price weakness rather than reduce exposure.
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