| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.5% | - | - |
Sandon Capital Activist Fund returned -6.1% in June 2026, underperforming the S&P/ASX 200 Accumulation Index (+0.7%) and bringing annualized returns since inception to 8.5%. The fund operates at 100% net exposure with 0% cash across 23 long positions and 2 short positions, maintaining a concentrated activist strategy in Australian small-cap equities. Positive contributions from BCI Minerals (+1.3%) and Magellan Financial Group (+1.2%) were offset by QPM Energy (-2.3%), COG Financial Services (-2.0%), Southern Cross Media (-1.9%), and Karoon Energy (-1.8%). After month end, QPM entered administration, prompting an expected full write-down of the 3.2% position. Magellan completed its merger with Barrenjoey Capital Partners following ACCC approval. Southern Cross Media downgraded FY26 revenue and EBITDA guidance but announced an expanded cost reduction program. Fleetwood is streamlining operations by exiting RV Solutions and closing its Smithfield facility, with the manager supporting these decisions as positioning the company for improved profitability. The fund's top five positions are COG Financial Services (22%), Fleetwood (16%), BCI Minerals (12%), Magellan (10%), and Southern Cross Media (9%).
Sandon Capital pursues concentrated activist investing in Australian small-cap companies trading below intrinsic value, seeking to influence outcomes through corporate governance, capital management, and operational improvements.
The manager provided no explicit forward outlook beyond noting that further commentary on QPM will be provided as more information becomes available. The tone is operational and matter-of-fact, focused on portfolio developments rather than market or thematic views.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 9 2026 | 2026 Q2 | BCI.AX, COG.AX, FWD.AX, KAR.AX, MFG.AX, QPM.AX, SXL.AX | Activist, Australia, Concentration, Corporate Governance, energy, Media, SmallCap, value | - | Sandon Capital's concentrated Australian small-cap activist fund returned -6.1% in June, underperforming benchmarks as QPM Energy entered administration and will be written to zero. Southern Cross Media downgraded guidance while Fleetwood restructures operations. The fund maintains 100% net exposure with zero cash across 23 positions. Top holdings include COG Financial Services (22%), Fleetwood (16%), and BCI Minerals (12%). Annualized returns since 2009 inception remain at 8.5%. |
| Apr 25 2026 | 2026 Q1 | MFG.AX, QPM.AX | Activist, Asx, Australia, Capital management, Corporate Governance, energy, small caps, value |
QPM.AX MFG.AX |
Australian activist fund delivered -6.1% in March amid geopolitical headwinds. QPM secured major development permits and $72M funding for power station construction. MFG merger with Barrenjoey disappointed on valuation terms despite strategic merit. Fund maintains full deployment across 23 Australian positions, targeting undervalued companies where activist engagement drives governance and capital management improvements. |
| Jan 5 2026 | 2025 Q4 | BCI.AX, COG.AX, CYG.AX, FWD.AX, MFG.AX, QPM.AX, SWM.AX, SXL.AX | Activist, Australia, energy, Media, Mining, small caps | - | Sandon Capital's activist fund posted -0.2% in December, maintaining zero cash with concentrated Australian small-cap exposure. Key developments included QPM Energy securing project funding, Seven West Media's approved acquisition by Southern Cross Media, and BCI Minerals obtaining mining approvals. The fund continues its activist strategy targeting undervalued companies where engagement drives operational and strategic improvements. |
| Oct 7 2025 | 2025 Q3 | BCI.AX, COG.AX, CYG.AX, FWD.AX, MFG.AX, SWM.AX, SXL.AX | activism, Australia, Media, Shareholder rights, small caps, takeover |
SXL COG FWD BCI |
Sandon Capital delivered 9.3% in September despite being blindsided by Southern Cross Media's value-destructive merger announcement. The fund has launched an aggressive activist campaign seeking director removal and challenging inadequate shareholder protections. With zero cash and concentrated positions in undervalued Australian small-caps, they're fighting for shareholder rights ahead of the November AGM. |
| Jul 14 2025 | 2025 Q2 | BCI.AX, COG.AX, CVC.AX, FWD.AX, IDT.AX, KAR.AX, QPM.AX, SXL.AX | Activist, Australia, Carbon, energy, SmallCap | - | Sandon Capital's activist fund delivered -1.8% in June despite strong performance from energy holdings. The fund participated in QPM Energy's placement for power station development while Carbon Conscious Investments achieved premium pricing for carbon credits. With 97% net exposure across 23 concentrated positions, the fund awaits upcoming earnings season for portfolio insights. |
| Apr 9 2025 | 2025 Q1 | COG.AX, CYG.AX, FWD.AX, GDC.AX, WLD.AX | Activist, Australia, Governance, small caps, value | - | Sandon Capital Activist Fund posted 2.4% in March despite volatile markets, driven by board changes at COG Financial Services and asset sales at Wellard. The concentrated portfolio maintains 94% exposure with low cash levels. The fund's activist approach continues identifying undervalued opportunities where governance improvements and strategic changes can unlock value in Australian small-cap companies. |
| Sep 30 2024 | 2024 Q3 | BCI.AX, COG.AX, CYG.AX, FWD.AX, GDC.AX, IDT.AX, KAR.AX, MFG.AX, MWY.AX | Activist, Australia, dividends, energy, Mining, SmallCap, undervalued, value | - | Sandon Capital's activist approach is delivering results as portfolio companies emerge from legacy issues with improved operations and cash generation. Global Data Centres exemplifies their value creation strategy, monetizing assets at significant premiums. Multiple holdings now offer attractive dividend yields while the fund continues pushing for enhanced capital allocation at companies like Karoon Energy. |
| Oct 7 2022 | 2024 Q2 | CCX.AX, COG.AX, CYG.AX, FWD.AX, GDC.AX, IDT.AX, MFG.AX, MWY.AX | Activist, Australia, Data centers, small caps, value | - | Australian activist fund returned 0.3% in June with strong performance from data centre and biotech holdings offset by retail disappointments. Portfolio remains concentrated in small-cap value opportunities with 92% net exposure. Key catalysts include asset sales at GDC and potential takeover of IDT at premium valuation. |
| Apr 15 2024 | 2024 Q1 | A2B.AX, BCI.AX, CAF.AX, COG.AX, CYG.AX, FWD.AX, GDC.AX, MFG.AX, MWY.AX | Activist, Australia, Data centers, Mining, SmallCap, value |
COG.AX FWD.AX GDC.AX CYG.AX A2B.AX MFG.AX BCI.AX MWY.AX |
Australian activist fund targeting undervalued small-caps returned -0.9% in March despite strong market. Portfolio shows solid fundamentals with COG delivering 45% revenue growth, Fleetwood turning profitable, and BCI completing project financing. Recent A2B success demonstrates activist value creation capability. Manager maintains conviction in 22-position portfolio trading at attractive valuations relative to intrinsic value. |
| Dec 31 2023 | 2023 Q4 | A2B.AX, CYG.AX, FWD.AX, LNK.AX, MFG.AX | activism, Australia, M&A, small caps, value |
A2B.AX CYG.AX MFG.AX LNK.AX |
Sandon Capital's activist approach delivered exceptional results in December, highlighted by A2B's transformation from a $110M struggling company to a $260M takeover target through strategic board changes and asset optimization. Strong M&A activity across the small-cap portfolio drove 8.6% monthly returns, demonstrating the value creation potential of engaged shareholder activism in undervalued Australian equities. |
| Oct 31 2023 | 2023 Q3 | A2B.AX, BCI.AX, COG.AX, CUP.AX, CYG.AX, DVR.AX, FWD.AX, GDC.AX, MFG.AX | Activist, Australia, Governance, small caps, turnaround, value |
FWD.AX MFG.AX CYG.AX COG.AX BCI.AX |
Australian activist fund targeting undervalued small-caps through strategic engagement. October performance impacted by market volatility but underlying portfolio companies showing operational improvements. Magellan Financial Group campaign intensifies following CEO departure, while Fleetwood turnaround gains traction and Coventry Group achieves positive operating leverage. Low cash levels reflect high conviction positioning ahead of AGM season. |
| Jul 15 2023 | 2023 Q2 | A2B.AX, BCI.AX, COG.AX, CVY.AX, FWD.AX, IDT.AX, MFG.AX, RIO.AX | Activist, Australia, Mining, Pharmaceuticals, small caps, value |
MFG.AX FWD.AX BCI.AX IDT.AX |
Australian activist fund targeting undervalued companies through governance engagement. Strong June performance led by Fleetwood's contracted revenue growth and new MFG campaign launch. Concentrated portfolio with 94% net exposure focuses on mining services, asset management, and pharmaceuticals where activist approach can unlock value through board engagement and strategic recommendations. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
ActivistThe fund pursues activist strategies by investing in companies trading below intrinsic value where investors can positively influence outcomes through proposals on corporate governance, capital management, strategic and operational issues, and management arrangements. The portfolio is concentrated with 23 long positions and 2 short positions at 100% net exposure. |
Activist Corporate Governance Capital Management Intrinsic Value |
EnergyKaroon Energy downgraded CY26 production guidance to 7.2-8.2 MMboe from 8.1-9.2 MMboe due to delayed reinstatement of production at Who Dat. The company announced restoration of production from the Bauna SPS-92 well following a successful intervention program, albeit at higher capital expenditure than expected. KAR was a negative contributor at -1.8% for the month. |
Oil Production Offshore Producers | |
MediaSouthern Cross Media announced a trading update with FY26 revenue expected to be $1,860-1,870 million (-2.6% vs previous guidance) and FY26 underlying EBITDA expected to be $185-190 million (-10.7% vs previous guidance). In conjunction with the trading update, SXL announced an expanded cost reduction program expected to deliver annual run rate benefits of $145-150 million. SXL was a negative contributor at -1.9% for the month. |
Media Cost Reduction EBITDA | |
Building ProductsFleetwood is streamlining its business by exiting its RV Solutions business and optimising its Building Solutions manufacturing footprint by closing its Smithfield facility in NSW. The net cash cost of these decisions is expected to be minimal. The company announced its 30 June net cash balance was $61.5 million indicating exceptionally strong free cash flow in 2HFY26. The manager supports these decisions as they set FWD up to be a more simplified and profitable business over the long term. |
Building Products Restructuring Free Cash Flow | |
Asset ManagersMagellan Financial Group received ACCC approval for its merger with Barrenjoey Capital Partners with the merger completing on 1 July. MFG was a positive contributor at +1.2% for the month and represents 10% of the portfolio as a top 5 position. |
Asset Managers M&A Capital Markets | |
| 2026 Q1 |
EnergyQPM received development permits for Isaac Power Station and upgraded gas reserves at Moranbah Gas Project. The company secured a $72 million loan facility from NAIF for construction funding. These developments provide pathways to monetize significant gas reserves through both power generation and potential pipeline connections. |
Gas Power Generation Energy Infrastructure Development Permits Reserves |
Capital MarketsMFG announced a merger with subsidiary Barrenjoey Capital Partners at disappointing terms. The merger values MFG's funds management business at less than two times profit after tax. Poor disclosure practices included a previously undisclosed $45 million special dividend revealed only after media scrutiny. |
Mergers Asset Management Capital Management Corporate Governance Disclosure | |
AustraliaThe fund focuses exclusively on Australian listed companies across various sectors. Portfolio includes positions in energy, financial services, media, and industrial companies. All holdings are Australian Stock Exchange listed entities with activist investment approach targeting undervalued opportunities. |
ASX Australian Equities Domestic Market Local Companies | |
| 2025 Q4 |
MediaSeven West Media shareholders approved acquisition by Southern Cross Media Group via Scheme of Arrangement, becoming legally effective on Christmas eve with implementation expected January 7th. Manager views this acquisition as a diworsification of the SXL business. |
Media M&A Broadcasting |
Mining ServicesBCI Minerals secured all primary approvals from Federal and WA State governments for optimised dredging method at Cape Preston West Port, with dredging expected to commence April 2026. Australian Super converted Series 1 Convertible Notes into approximately 50 million shares at $0.5811 per share. |
Mining Salt Infrastructure | |
Energy TransitionQPM Energy announced successful completion of oversubscribed $30 million placement and signing of $40 million non-binding convertible note facility term sheet. Isaac Power Station remains on target for commissioning in mid-2027 with potential full funding through joint project finance facility. |
Energy Power Infrastructure | |
| 2025 Q3 |
ActivismThe fund is actively engaged in shareholder activism, particularly with Southern Cross Media Group where they are seeking director removal and opposing a merger with Seven West Media. They have initiated campaigns including private engagement, director removal notices, and Takeovers Panel actions. |
Shareholder activism Director removal Proxy campaigns Takeovers Panel AGM resolutions |
| 2025 Q2 |
EnergyThe fund holds positions in energy companies including Karoon Energy which secured 100% interests in six Santos Basin blocks offshore Brazil, and QPM Energy which announced funding for the 112MW Isaac Power Station development with attractive economics over a 30-year life. |
Oil Gas Power Generation Brazil Infrastructure |
Carbon CreditsCarbon Conscious Investments sold Australian Carbon Credit Units at $54 per unit, representing a significant premium to the generic ACCU price of ~$35 per unit. The company's Environmental Planting carbon farming projects generate high-quality, high-integrity ACCUs with off-take agreements with Origin Energy and BP. |
Carbon Environmental Farming Premium | |
| 2025 Q1 |
ActivistThe fund takes active roles in proposing changes in corporate governance, capital management, strategic and operational issues, and management arrangements. Recent examples include board changes at COG Financial Services and leadership transitions at Coventry Group. |
Activism Governance Board Management Capital |
| 2024 Q3 |
ValueThe fund focuses on buying mispriced or undervalued assets where the status quo is not working. Their investment approach seeks to change the status quo through board-level changes and activist techniques to preserve or enhance value. |
Undervalued Mispriced Discount Premium NAV |
Data CentersGlobal Data Centres has been monetizing data centre assets at significant premiums to reported values. The sale of Etix Everywhere for a 52% premium and AirTrunk stake for a 68% premium demonstrates strong value realization in this sector. |
Data Centers Monetization Premium Assets Infrastructure | |
DividendsMultiple portfolio companies are delivering strong dividend yields, with COG at 9.4%, Fleetwood at 11%, and Magellan at 5.8%. The fund expects fully franked dividend income to grow in line with earnings across several holdings. |
Dividend Yield Franked Payout Income Cash Flow | |
OilKaroon Energy has evolved from explorer to oil producer but the fund believes it should deliver more cash returns to shareholders. BCI Minerals is developing the Mardie salt project which will become a significant supplier to global markets. |
Oil Producer Cash Returns Capital Allocation Production Energy | |
| 2024 Q2 |
Data CentersGlobal Data Centre Group announced completion of Perth data centre sale and issued notice for extraordinary meeting to consider sale of European data centre business Etix Everywhere, plus on-market unit buy-back. |
Data Centers Asset Sales Buy-back |
| 2024 Q1 |
ValueFund focuses on companies trading below intrinsic value with activist potential. Multiple holdings show strong asset backing relative to market prices, including MWY with net tangible assets of $1.64 per share versus current trading levels. |
Undervalued Asset Backing Intrinsic Value Discount Mispriced |
MiningSignificant exposure to mining and resources through BCI Minerals' Mardie salt and potash project, which expects $225m annual free cash flow at steady state. Strong demand environment for mining accommodation services through Fleetwood's Community Solutions business. |
Salt Potash Resources Mining Services Commodities | |
Data CentersInvestment in Global Data Centres with exposure to growing data center market through Etix Everywhere acquisitions and AirTrunk stake potentially worth $90 million, double current carrying value. |
Data Infrastructure Digital Assets Technology Infrastructure Cloud Digital Growth | |
| 2023 Q4 |
ActivismThe fund demonstrates active shareholder engagement through board changes and strategic influence. The A2B campaign exemplifies successful activist intervention, with the appointment of Mark Bayliss as Executive Chairman leading to significant value creation through asset sales and strategic repositioning. |
Shareholder Activism Board Changes Corporate Governance Value Creation Strategic Influence |
M&ADecember saw significant merger and acquisition activity at the smaller end of the market. The portfolio benefited from multiple M&A transactions including A2B's scheme arrangement with ComfortDelGro and LNK's acquisition by Mitsubishi UFJ Financial Group. |
Mergers Acquisitions Scheme Arrangements Corporate Transactions Takeovers | |
| 2023 Q3 |
ActivistFund actively engages with portfolio companies to drive strategic changes, particularly evident with Magellan Financial Group where they advocate for strategic review, capital management, and CEO change. They push for return of non-operating assets to shareholders rather than acquisitions. |
Activism Governance Strategy Capital Management Shareholder Value |
| 2023 Q2 |
ActivistFund launched new activist campaign targeting Magellan Financial Group with five specific recommendations including returning excess capital, prioritizing existing business, reviewing cost base, providing SPP relief, and accelerating board renewal. Manager believes activist approach can unlock significant value in undervalued companies. |
Activist Governance Capital Board Value |
Mining ServicesStrong performance from accommodation services provider Fleetwood securing additional contracted revenue from Rio Tinto. BCI Minerals updated project economics despite 60% capex increase, with steady state EBITDA rising to $384 million annually. Positive outlook for mining-related services. |
Mining Accommodation Infrastructure Contracts Revenue | |
PharmaceuticalsIDT Australia raised capital to fund growth initiatives and capital expenditure program. New board and management implementing strategy to maximize value of pharmaceutical manufacturing assets. Fund increased ownership from 14% to 17%. |
Pharmaceuticals Manufacturing Growth Capital Assets |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 25, 2026 | Fund Letters | Sandon Capital | QPM.AX | QPM Ltd | Oil & Gas E&P | Oil, Gas & Consumable Fuels | Bull | Australian Securities Exchange | construction, energy, Gas Exploration, Gas reserves, Government Permits, infrastructure, pipeline, Power generation, Project Financing, Queensland | Login |
| Apr 25, 2026 | Fund Letters | Sandon Capital | MFG.AX | Magellan Financial Group Ltd | Asset Management | Asset Management & Custody Banks | Bull | Australian Securities Exchange | activist, asset management, Board Criticism, capital management, Funds Management, Governance, merger, Profitable Investment, Special dividend, valuation | Login |
| Oct 7, 2025 | Fund Letters | Gabriel Radzyminski | SXL | Southern Cross Media Group Ltd. | Communication Services | Media & Entertainment | Bear | Australian Securities Exchange | Activism, Digital, Governance, media, merger, restructuring | Login |
| Oct 7, 2025 | Fund Letters | Gabriel Radzyminski | COG | COG Financial Services Ltd. | Financials | Diversified Financial Services | Bull | Australian Securities Exchange | Finance, growth, Leasing, M&A, recurring revenue | Login |
| Oct 7, 2025 | Fund Letters | Gabriel Radzyminski | FWD | Fleetwood Ltd. | Industrials | Construction & Engineering | Bull | Australian Securities Exchange | construction, growth, Housing, Industrial, infrastructure | Login |
| Oct 7, 2025 | Fund Letters | Gabriel Radzyminski | BCI | BCI Minerals Ltd. | Materials | Industrial Metals & Mining | Bull | Australian Securities Exchange | Australia, Commodities, development, Mining, Potash | Login |
| Mar 1, 2024 | Fund Letters | Sandon Capital | COG.AX | COG Financial Services Ltd | Financials | Consumer Finance | Bull | ASX | acquisition growth, Capital-light, Dividend Growth, financial services, Free Cash Flow, Mortgage Broker, Novated Leasing, SME | Login |
| Mar 1, 2024 | Fund Letters | Sandon Capital | FWD.AX | Fleetwood Ltd | Industrials | Construction & Engineering | Bull | ASX | Accommodation Villages, Green Energy, modular construction, oil and gas, Resources Sector, Rio Tinto Contract, turnaround, Western Australia | Login |
| Mar 1, 2024 | Fund Letters | Sandon Capital | GDC.AX | Global Data Centres | Real Estate | Specialized REITs | Bull | ASX | AirTrunk, asset sales, data centers, discount to NAV, Etix Everywhere, net tangible assets, Value Realization | Login |
| Mar 1, 2024 | Fund Letters | Sandon Capital | CYG.AX | Coventry Group Ltd | Industrials | Trading Companies & Distributors | Bull | ASX | Commercial Construction, ERP Upgrade, Industrial distribution, infrastructure, margin expansion, market share gains, Mining, operating leverage | Login |
| Mar 1, 2024 | Fund Letters | Sandon Capital | A2B.AX | A2B Australia Ltd | Industrials | Ground Transportation | Bull | ASX | Activist Investment, board changes, ComfortDelGro, Corporate Turnaround, Scheme of Arrangement, Special dividend, Taxi Dispatch, value creation | Login |
| Mar 1, 2024 | Fund Letters | Sandon Capital | MFG.AX | Magellan Financial Group | Financials | Asset Management & Custody Banks | Bull | ASX | asset management, Board Renewal, capital management, Cost Reduction, FUM Growth, Funds Management, Legacy Issues, Stabilization | Login |
| Mar 1, 2024 | Fund Letters | Sandon Capital | BCI.AX | BCI Minerals | Materials | Fertilizers & Agricultural Chemicals | Bull | ASX | Free Cash Flow, Global Salt Shortage, Mardie Project, Mining Development, Offtake Contracts, Potash, Project Finance, salt production | Login |
| Mar 1, 2024 | Fund Letters | Sandon Capital | MWY.AX | Midway Ltd | Materials | Forest Products | Bull | ASX | asset monetization, Balance Sheet Optimization, capital management, Carbon Management, Grain Strategy, net tangible assets, Port Infrastructure, Woodchips | Login |
| Dec 31, 2023 | Fund Letters | Sandon Capital | A2B.AX | A2B Australia Ltd | Industrials | Ground Transportation | Bull | ASX | Activist Investment, Australia, board changes, M&A Target, payment processing, Property Divestment, Special dividend, Taxi Services, Transportation, turnaround | Login |
| Dec 31, 2023 | Fund Letters | Sandon Capital | CYG.AX | Coventry Group Ltd | Industrials | Trading Companies & Distributors | Bull | ASX | Australia, construction, ERP Upgrade, Fragmented Markets, Industrial distribution, infrastructure, margin expansion, market share growth, Mining Services, operating leverage | Login |
| Dec 31, 2023 | Fund Letters | Sandon Capital | MFG.AX | Magellan Financial Group Ltd | Financials | Asset Management & Custody Banks | Bull | ASX | asset management, Australia, Brand Rehabilitation, capital management, FUM Growth, Leadership Change, Legacy Issues, NAV discount, Options Resolution, turnaround | Login |
| Dec 31, 2023 | Fund Letters | Sandon Capital | LNK.AX | Link Administration Holdings | Financials | Specialized Finance | Bull | ASX | Administration Services, Australia, Board Recommendation, Corporate Interest, financial services, Japanese Acquirer, M&A Target, Scheme Arrangement, Superannuation, Technology Solutions | Login |
| Oct 31, 2023 | Fund Letters | Sandon Capital | FWD.AX | Fleetwood Ltd | Consumer Discretionary | Homebuilding | Bull | ASX | Australia, homebuilding, margin expansion, Modular Buildings, Order Book Growth, Recreational Vehicles, turnaround | Login |
| Oct 31, 2023 | Fund Letters | Sandon Capital | MFG.AX | Magellan Financial Group Ltd | Financials | Asset Management & Custody Banks | Bull | ASX | activist, asset management, Australia, capital management, CEO transition, FUM Outflows, Governance, net asset value | Login |
| Oct 31, 2023 | Fund Letters | Sandon Capital | CYG.AX | Coventry Group Ltd | Industrials | Trading Companies & Distributors | Bull | ASX | Australia, growth, Industrial distribution, margin expansion, operating leverage, Pricing power, Scale Benefits | Login |
| Oct 31, 2023 | Fund Letters | Sandon Capital | COG.AX | COG Financial Services Ltd | Financials | Consumer Finance | Bull | ASX | acquisition, Australia, financial services, Funds Management, Novated Leasing, organic growth, recurring revenue | Login |
| Oct 31, 2023 | Fund Letters | Sandon Capital | BCI.AX | BCI Minerals Ltd | Materials | Diversified Metals & Mining | Bull | ASX | Australia, Commodity shortage, development, infrastructure, Mining, Project Finance, salt production | Login |
| Jun 30, 2023 | Fund Letters | Sandon Capital | MFG.AX | Magellan Financial Group Ltd | Financials | Asset Management & Custody Banks | Bull | ASX | activist campaign, asset management, Australia, capital return, Fund Outflows, Governance, turnaround, undervalued | Login |
| Jun 30, 2023 | Fund Letters | Sandon Capital | FWD.AX | Fleetwood Ltd | Industrials | Construction & Engineering | Bull | ASX | Accommodation Services, Australia, construction, Contracted Revenue, Green Energy, Mining, Resources Sector, Take-or-Pay | Login |
| Jun 30, 2023 | Fund Letters | Sandon Capital | BCI.AX | BCI Minerals Ltd | Materials | Fertilizers & Agricultural Chemicals | Bull | ASX | Australia, Equity Raising, inflation impact, Mining Development, Offtake Agreements, Potash, Project Finance, Salt | Login |
| Jun 30, 2023 | Fund Letters | Sandon Capital | IDT.AX | IDT Australia | Health Care | Pharmaceuticals | Bull | ASX | Australia, capital expenditure, Growth Funding, Manufacturing Assets, new management, pharmaceutical manufacturing, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| BCI.AX | The largest positive contributors were BCI Minerals Ltd (BCI) (+1.3%). |
| MFG.AX | The largest positive contributors were BCI Minerals Ltd (BCI) (+1.3%) and Magellan Financial Group Ltd (MFG) (+1.2%). MFG received ACCC approval for its merger with Barrenjoey Capital Partners (Barrenjoey) with the merger completing on 1 July. |
| QPM.AX | These were more than offset by QPM Energy Ltd (QPM) (-2.3%). After month end, QPM announced the disappointing news that its directors had placed the company into administration. As at 30 June 2026, QPM comprised 3.2% of the portfolio. At this stage, we expect to write this position down to nil. |
| COG.AX | These were more than offset by QPM Energy Ltd (QPM) (-2.3%), COG Financial Services Ltd (COG) (-2.0%). |
| SXL.AX | These were more than offset by QPM Energy Ltd (QPM) (-2.3%), COG Financial Services Ltd (COG) (-2.0%), Southern Cross Media Group Ltd (SXL) (-1.9%). SXL announced a trading update with FY26 revenue expected to be $1,860–1,870 million (-2.6% vs previous guidance) and FY26 underlying EBITDA expected to be $185–190 million (-10.7% vs previous guidance). In conjunction with the trading update, SXL announced an expanded cost reduction program which is expected to deliver annual run rate benefits of $145–150 million. |
| KAR.AX | These were more than offset by QPM Energy Ltd (QPM) (-2.3%), COG Financial Services Ltd (COG) (-2.0%), Southern Cross Media Group Ltd (SXL) (-1.9%) and Karoon Energy Ltd (KAR) (-1.8%). As a result of the delayed reinstatement of production at Who Dat, KAR downgraded CY26 production guidance to 7.2–8.2 MMboe (from 8.1–9.2 MMboe). The company also announced the restoration of production from the Bauna SPS-92 well following a successful intervention program, albeit at higher capital expenditure than expected. |
| FWD.AX | FWD is streamlining its business, announcing its intention to exit its RV Solutions business and optimise its Building Solutions manufacturing footprint by closing its Smithfield facility in NSW, which in contrast to other states, has struggled for some time. The net cash cost of these decisions is expected to be minimal. We support these decisions as they set FWD up to be a more simplified and profitable business over the long term. The company also announced its 30 June net cash balance was $61.5 million indicating exceptionally strong free cash flow in 2HFY26. |
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|---|---|---|---|---|---|
| No Recent Buys Data | |||||
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|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
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