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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 14, 2025 | Sandon Capital | - | - | BCI.AX, COG.AX, CVC.AX, FWD.AX, IDT.AX, KAR.AX, QPM.AX, SXL.AX | Activist, Australia, Carbon, energy, SmallCap | The 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. | View | |
| 2024 Q1 | Apr 15, 2024 | Sandon Capital | 0.0% | 0.0% | 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 | Fund 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. | MWY.AX BCI.AX MFG.AX A2B.AX CYG.AX GDC.AX FWD.AX COG.AX |
View |
| 2025 Q3 | Oct 7, 2025 | Sandon Capital | - | - | BCI.AX, COG.AX, CYG.AX, FWD.AX, MFG.AX, SWM.AX, SXL.AX | activism, Australia, Media, Shareholder rights, small caps, takeover | The 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. | BCI FWD COG SXL |
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| 2023 Q3 | Oct 31, 2023 | Sandon Capital | 0.0% | 0.0% | 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 | Fund 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. | BCI.AX COG.AX CYG.AX MFG.AX FWD.AX |
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| 2025 Q4 | Jan 5, 2026 | Sandon Capital | 0.0% | 20.5% | BCI.AX, COG.AX, CYG.AX, FWD.AX, MFG.AX, QPM.AX, SWM.AX, SXL.AX | Activist, Australia, energy, Media, Mining, small caps | BCI Minerals secured all primary approvals from Federal and WA State governments for optimized dredging at Cape Preston West Port, with dredging expected to commence in April 2026. Australian Super converted Series 1 Convertible Notes into approximately 50 million shares at $0.5811 per share. The company remains on target for first salt on ship before the end of this calendar year. QPM Energy announced successful completion of an oversubscribed $30 million placement and signing of a $40 million non-binding convertible note facility term sheet. Funds raised will allow ordering of critical long lead items with Isaac Power Station remaining on target for commissioning in mid-2027. Development expected to be fully funded if convertible note becomes binding and $180 million joint project finance facility is provided. Seven 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. The manager views this acquisition as a diworsification of the SXL business, despite SXL having repaired its balance sheet, reduced costs and returned to profitability growth over past few years. | View | |
| 2024 Q3 | Sep 30, 2024 | Sandon Capital | 0.0% | 0.0% | 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 | The 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. | View | |
| 2023 Q2 | Jul 15, 2023 | Sandon Capital | 0.0% | 0.0% | A2B.AX, BCI.AX, COG.AX, CVY.AX, FWD.AX, IDT.AX, MFG.AX, RIO.AX | Activist, Australia, Mining, Pharmaceuticals, small caps, value | Fund 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. | IDT.AX BCI.AX FWD.AX MFG.AX |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Sandon Capital | BCI Minerals Ltd | Materials | Diversified Metals & Mining | Bull | ASX | Australia, Commodity shortage, development, infrastructure, Mining, Project Finance, salt production | View Pitch |
| Apr 28, 2026 | Fund Letters | Sandon Capital | BCI Minerals Ltd | Materials | Fertilizers & Agricultural Chemicals | Bull | ASX | Australia, Equity Raising, inflation impact, Mining Development, Offtake Agreements, Potash, Project Finance, Salt | View Pitch |
| Apr 13, 2026 | Fund Letters | Sandon Capital | 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 | View Pitch |
| 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. | ||||||||