30 Apr 2026Underwood CapitalCGSHeldThe manager continues to hold Cogstate because the company released a quarterly showing Sales Contracts were up substantially both on pcp and prior quarter. This is a good sign that the business continues to accelerate and can convert the significant increase in opportunities into revenue.
30 Apr 2026Underwood CapitalCCLHeldThe manager continues to hold Cuscal because the company announced the acquisition of Paymark, a key piece of payments acquiring infrastructure in New Zealand. CCL paid A$27m for an asset that should generate $6m of annual NPAT. Originally set up by major banks, Ingenico paid NZ$190m for this asset in 2019, and while not a growth asset it appears to be a low-risk bolt on providing strategic opportunities for CCL to expand in New Zealand. CCL raised equity to fund the transaction, with the expanded capital base and liquidity likely to increase the odds of major index inclusion. Another major broker initiated coverage with a buy rating, and the stock is gradually becoming more owned by larger fund managers.
Underwood Capital is a boutique Australian investment manager, likely offering equities or multi-asset strategies to wholesale and private clients. Firms of this type and scale typically apply fundamental, research-driven analysis to construct concentrated portfolios tailored to specific client mandates rather than distributing broadly through retail platforms. As a smaller, closely-held boutique, detailed independently verifiable public information about Underwood Capital's specific founders, precise strategy and track record is limited, consistent with many boutique Australian managers operating with a lower media profile.
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 Apr 2026Underwood CapitalCGSHeldThe manager continues to hold Cogstate because the company released a quarterly showing Sales Contracts were up substantially both on pcp and prior quarter. This is a good sign that the business continues to accelerate and can convert the significant increase in opportunities into revenue.
30 Apr 2026Underwood CapitalCCLHeldThe manager continues to hold Cuscal because the company announced the acquisition of Paymark, a key piece of payments acquiring infrastructure in New Zealand. CCL paid A$27m for an asset that should generate $6m of annual NPAT. Originally set up by major banks, Ingenico paid NZ$190m for this asset in 2019, and while not a growth asset it appears to be a low-risk bolt on providing strategic opportunities for CCL to expand in New Zealand. CCL raised equity to fund the transaction, with the expanded capital base and liquidity likely to increase the odds of major index inclusion. Another major broker initiated coverage with a buy rating, and the stock is gradually becoming more owned by larger fund managers.