24 Jul 2026Vertium Asset ManagementCSLExitVertium Asset Management rates CSL a sell for long-term holders, citing competition as the core issue across its three businesses: Seqirus, Vifor and IVIg, which represents roughly two-thirds of revenue. The manager notes China's 2025 approval of recombinant (synthetic) albumin threatens to halve CSL's largest albumin export market as authorities target displacing 50% of albumin sales with in-country production at a cheaper price point, while in the US, CSL's last result showed excess IVIg inventory needing clearance even as the industry grew high single digits, with competitor Grifols growing 15% and pursuing a phase three product that could further attack CSL's high-margin Hizentra product in the CIDP market by 2028. The manager notes the absence of a CEO amid these pressures and, while acknowledging the stock looks cheap, is waiting for the earnings bottom before turning positive.
24 Jul 2026Vertium Asset ManagementXROHeldVertium Asset Management rates Xero a hold, distinguishing it from WiseTech's structural issues by noting the Melio acquisition, while overpriced, is still growing nicely without market share loss, unlike e2open. The manager believes Xero's core accounting software is very hard to displace and cannot easily be replicated via vibe coding given its low price point, with annual price increases unlikely to trigger customer switching, though the manager stops short of a buy rating, noting the company hasn't yet hit breakeven profits (targeted for 2028) and will need time to prove the case further.
Vertium Asset Management is a Sydney-based boutique fund manager led by Jason Teh, specializing in an equity income-focused Australian shares strategy. Vertium aims to generate strong, sustainable income alongside capital growth, selecting quality Australian companies with reliable dividend-paying capacity and using option strategies to enhance income where appropriate. The firm's approach appeals particularly to retirees and income-focused investors seeking an alternative to pure growth or index-based Australian equity funds. Vertium applies fundamental research combined with active risk management, aiming to balance income generation with capital preservation across varying market conditions.
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.
24 Jul 2026Vertium Asset ManagementCSLExitVertium Asset Management rates CSL a sell for long-term holders, citing competition as the core issue across its three businesses: Seqirus, Vifor and IVIg, which represents roughly two-thirds of revenue. The manager notes China's 2025 approval of recombinant (synthetic) albumin threatens to halve CSL's largest albumin export market as authorities target displacing 50% of albumin sales with in-country production at a cheaper price point, while in the US, CSL's last result showed excess IVIg inventory needing clearance even as the industry grew high single digits, with competitor Grifols growing 15% and pursuing a phase three product that could further attack CSL's high-margin Hizentra product in the CIDP market by 2028. The manager notes the absence of a CEO amid these pressures and, while acknowledging the stock looks cheap, is waiting for the earnings bottom before turning positive.
24 Jul 2026Vertium Asset ManagementXROHeldVertium Asset Management rates Xero a hold, distinguishing it from WiseTech's structural issues by noting the Melio acquisition, while overpriced, is still growing nicely without market share loss, unlike e2open. The manager believes Xero's core accounting software is very hard to displace and cannot easily be replicated via vibe coding given its low price point, with annual price increases unlikely to trigger customer switching, though the manager stops short of a buy rating, noting the company hasn't yet hit breakeven profits (targeted for 2028) and will need time to prove the case further.
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