AUB-AX

AUB-AX

AUB-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Auscap Asset Management	-	12.5%	360.AX, ALQ.AX, AMC.AX, APE.AX, ARB.AX, AUB.AX, BRG.AX, BXB.AX, CAR.AX, CQR.AX, CSL.AX, GMD.AX, HDN.AX, MQG.AX, NCK.AX, NHF.AX, NST.AX, ORG.AX, QUB.AX, REA.AX, REH.AX, RMD.AX, RWC.AX, SHL.AX, SIG.AX, WTC.AX	Australia, equities, Performance, portfolio			View
2025 Q2	Jun 30, 2025	Ganes Focused Value Fund	7.5%	-	ALU.AX, APE.AX, ARB.AX, AUB.AX, CBA.AX, COH.AX, DDR.AX, FID.AX, LOV.AX, MFF.AX, NHC.AX, PSI.AX, PWH.AX, RDX.AX, REH.AX, SMP.NZ	Australia, Automotive, retail, takeovers, value, volatility	The fund experienced extreme volatility with four top 10 holdings falling more than 50% during the year, which is highly unusual when the broader market delivered positive returns. The manager views this volatility as advantageous for long-term returns, noting that having some investors willing to pay optimistic prices and others selling at depressed prices can benefit patient investors.	FID.AX PWH AU SPY NZ APE AU LOV AU FID AU	View
2024 Q2	Jun 30, 2024	Devon Alpha Fund	-3.7%	-	AUB.AX, CEN.NZ, CHI.NZ, HSO.AX, IFT.NZ, JHX.AX, LNW, MCY.NZ, MET.NZ, MEZ.NZ, MQG.AX, NAB.AX, OML.AX, RIO.AX, RMD, SKC.NZ, SKI.AX, SUN.AX, TLS.AX, VGH.NZ, WEB.AX, WOW.AX	AI, Australia, Banking, dividends, infrastructure, insurance, New Zealand, technology	AI has been a dominant theme this year and has arguably driven the Fed to the back seat of investor considerations. US equity markets continued their bull run led by technology sector and AI-related names, with Nvidia surpassing US$3 trillion in market cap. Infratil performed well after raising capital to support investment in data centre operator CDC, with shift to cloud computing and artificial intelligence as key drivers to demand.		View
2023 Q2	Jun 30, 2023	Devon Alpha Fund	4.1%	-	AAPL, APM.AX, AUB.AX, BXB.AX, EBO.AX, FBU.NZ, FCG.NZ, FPH.NZ, IFT.NZ, JHX.AX, MSFT, MTS.AX, NVDA, PCT.NZ, PLS.AX, RIO, RYM.AX	Australia, dividends, healthcare, infrastructure, Mining, New Zealand, value	Strong performance from mining companies including Rio Tinto (+7.2%), Pilbara Minerals (+10.9%), and Brambles benefiting from improved cost pressures with significant falls in lumber prices. Mining sector performance was a key driver across multiple funds.		View
2025 Q1	Apr 8, 2025	Auscap Asset Management	-	-	APX.AX, ARB.AX, AUB.AX, BHP.AX, BRG.AX, CAR.AX, CQR.AX, CSL.AX, DEG.AX, HDN.AX, JHX.AX, MQG.AX, NCK.AX, NHF.AX, QUB.AX, REA.AX, REH.AX, RGN.AX, RMD.AX, SHL.AX	Australia, equities, financials, healthcare, industrials, materials, technology			View
2026 Q1	Apr 14, 2026	Ganes Focused Value Fund	-12.4%	-12.4%	ARB.AX, AUB.AX, BVS.AX, LOV.AX, PWH.AX, RDX.AX	AI, Australia, retail, technology, value, volatility		BVS.AX AUB.AX LOV.AX	View
2025 Q4	Feb 18, 2026	Harvest Lane Asset Management	3.3%	9.1%	ASK.AX, AUB.AX, BBT.AX, DSE.AX, MYX.AX, NWC.AX, PBH.AX, PEK.AX, SLH.AX, STO.AX, WA8.AX, XAM.AX, XF1.AX	Absolute return, activism, Australia, Merger Arbitrage, special situations, takeovers	The fund participated in merger arbitrage opportunities across multiple sectors, with notable activity in pharmaceutical deals including Mayne Pharma Group Limited where the bidder attempted to walk from the deal. The fund was publicly outspoken about Cosette Pharmaceuticals acting in bad faith when trying to exit their acquisition of Mayne Pharma. May saw three deals in the copper space within a week, with the fund thinking at least one was ripe for a contest. New World Resources Limited saw significant action with multiple bidders, starting as a friendly scheme and ultimately seeing nine bids total with Kinterra Capital emerging as the victor.	MYX AU XF1 AU STO AU	View
2024 Q4	Dec 31, 2024	Auscap Asset Management	-	6.9%	ANZ.AX, APE.AX, ARB.AX, AUB.AX, BHP.AX, BRG.AX, CAR.AX, CBA.AX, CQR.AX, CSL.AX, HMC.AX, JHX.AX, MIN.AX, MQG.AX, NAB.AX, NCK.AX, NHF.AX, QUB.AX, REA.AX, WBC.AX	Australia, banks, private markets, risk, value, volatility	Auscap discusses the significant increase in private credit funds and warns about their short operating history and limited experience with defaults. They note these funds have operated during relative calm with consistently rising property prices.		View
2024 Q4	Dec 31, 2024	Ganes Focused Value Fund	-	5.9%	AMZN, APE.AX, ARB.AX, AUB.AX, AXP, DDR.AX, DMP.AX, GOOGL, LOV.AX, MA, MFF.AX, NHC.AX, PWH.AX, RDX.AX, REH.AX, V	Australia, Concentration, long-term, Quality, retail, technology, value	The fund maintains a concentrated portfolio approach with top 10 holdings representing approximately 80% of the portfolio. This concentration has driven long-term outperformance but creates short-term volatility when individual holdings underperform. The manager emphasizes this concentrated strategy as their north star for finding high quality companies to own long-term.	DMP.AX MFF.AX PWH.AX LOV.AX	View
2023 Q4	Dec 31, 2023	Devon Alpha Fund	6.1%	-	AIA.NZ, AUB.AX, CEN.NZ, CSL.AX, GMG.AX, GPT.AX, JHX.AX, LNW, MIN.AX, PCT.NZ, RHC.AX, SEK.AX, SFR.AX, SGP.AX, SUN.AX, THL.NZ, VGL.NZ	Australia, dividends, Mining, New Zealand, real estate, technology, Tourism	Real estate holdings provided strong contributions across multiple funds, with Goodman Group, GPT Group, Stockland, and Precinct Properties all posting significant gains. Falling bond yields provided valuation support for the real estate sector rally.		View
2025 Q3	Oct 12, 2025	Ganes Focused Value Fund	16.2%	-	APE.AX, ARB.AX, AUB.AX, DDR.AX, FID.AX, LOV.AX, MFF.AX, NHC.AX, PWH.AX, RDX.AX, REH.AX	Australia, Automotive, insurance, retail, small caps, value	Eagers Automotive was the strongest performer, rising 68% during the quarter and contributing about 30% of fund gains. The shares are up 168% over the past year while paying 74c per share in fully-franked dividends.	REH AU AUB AU PWH AU LOV AU	View
2025 Q3	Oct 10, 2025	Auscap Asset Management	-	-	360.AX, AMC.AX, APE.AX, ARB.AX, AUB.AX, BRG.AX, CAR.AX, CQR.AX, CSL.AX, GMD.AX, HDN.AX, IEL.AX, MQG.AX, NCK.AX, NHF.AX, NST.AX, ORG.AX, PLS.AX, QUB.AX, REA.AX, REH.AX, RMD.AX, SHL.AX, WTC.AX	Australia, consumer, equities, healthcare, materials, real estate			View
2025 Q4	Jan 9, 2026	Ganes Focused Value Fund	-6.7%	0.0%	APE.AX, ARB.AX, AUB.AX, BVS.AX, DDR.AX, FID.AX, LOV.AX, MFF.AX, NHC.AX, PWH.AX, RDX.AX	Australia, Automotive, Founders, software, value	Eagers Automotive made a $1 billion investment in Canadian dealership CanadaOne, acquiring 65% stake. The Canadian market is less competitive with only 36 car brands versus 75 in Australia, and CanadaOne covers fixed costs through service departments before selling cars. Bravura Solutions provides mission-critical software to financial institutions globally with high switching costs. The company was acquired by interests connected to Constellation Software's playbook of buying sticky software businesses.		View
2024 Q3	Sep 30, 2024	Ganes Focused Value Fund	1.5%	-	APE.AX, ARB.AX, AUB.AX, DDR.AX, LOV.AX, MFF.AX, PSI.AX, PWH.AX, RDX.AX, REH.AX, SMP.AX	Australia, Automotive, Concentration, growth, retail, value	ARB Corporation reported strong profit growth of 18% to $102.7m with record OEM sales of $59.6m. The company is taking greater control of its US distribution through building a Seattle store and purchasing a stake in Off Road Warehouse with 11 stores. This vertical integration strategy positions ARB well for the next decade by controlling intellectual property, manufacturing, and distribution.	APE.AX ARB.AX PWH.AX LOV.AX	View
2024 Q2	May 7, 2024	Ganes Focused Value Fund	-2.2%	0.0%	ALU.AX, ARB.AX, AUB.AX, COH.AX, DDR.AX, DMP.AX, LOV.AX, MFF.AX, PSI.AX, PWH.AX, REH.AX, SMP.AX	Australia, long-term, Patience, Quality, takeovers, value	Fund follows a value investing philosophy focused on finding good quality companies and holding them for the long term, decades if possible. The manager emphasizes patience and low portfolio turnover as key to delivering attractive returns and outperforming the market over time.		View
2025 Q1	Mar 31, 2025	Ganes Focused Value Fund	-10.1%	-10.1%	APE.AX, ARB.AX, AUB.AX, DDR.AX, LOV.AX, MFF.AX, NHC.AX, PWH.AX, RDX.AX, REH.AX, SMP.AX	Australia, dividends, industrials, Quality, retail, value	The fund focuses on high quality businesses that are better value now after share price declines. The manager emphasizes that the economics of their holdings remain largely unchanged despite poor short-term performance, making them more attractive investments at current prices.	RDX.AX REH.AX AUB.AX PWH.AX LOV.AX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 15, 2026	Fund Letters	Ganes Focused Value Fund	AUB Group	Insurance Brokers	Insurance	Bull	Australian Securities Exchange	AI disruption, Bizcover Platform, Commercial Insurance, Dividend Growth, Insurance Broking, takeover target, UK Acquisition	View Pitch
Apr 13, 2026	Fund Letters	Ganes Focused Value Fund	AUB Group	Financials	Insurance	Bull	ASX	Acquisitions, Dividend Growth, Insurance Broking, margin expansion, predictable revenue, small business, technology, UK Expansion	View Pitch

BSD Shareholders of AUB-AX

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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