CAR-AX

CAR-AX

CAR-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	Devon Alpha Fund	6.0%	-	BHP.AX, CAR.AX, CSL.AX, CWY.AX, GMG.AX, JHX.AX, MFT.NZ, MQG.AX, MTS.AX, NEM, NPH.NZ, ORI.AX, POT.NZ, SCL.NZ, SKT.NZ, SPK.NZ, VUL.NZ, WES.AX, WOW.AX	Australia, dividends, equities, infrastructure, New Zealand, technology	Goodman Group continues to execute on their 5GW global data centre pipeline with expectations to commence development of new powered shells and fully fitted projects by June 2026, reflecting approximately 0.5 GW of power with an estimated end value exceeding $10 billion.		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 30, 2026	Auscap Asset Management	-14.6%	-14.6%	360.AX, ARB.AX, CAR.AX, GMD.AX, HDN.AX, IEL.AX, MQG.AX, NCK.AX, NST.AX, REC.AX, RMD.AX, SHL.AX	active management, AI, Australia, Banking, inflation, small caps, technology, value			View
2026 Q1	Apr 15, 2026	Forager International Shares Fund	-12.7%	-12.7%	3673.T, 4194.T, 5038.T, AUTO.L, BVS.AX, CAR.AX, FIX, SGE.L, XRO.AX	AI, Cash Deployment, disruption, Japan, software, technology, value		AUTO.L SGE.L	View
2026 Q1	Apr 15, 2026	Forager Australian Shares Fund	-19.5%	-19.5%	3673.T, 4194.T, 5038.T, AUTO.L, BVS.AX, CAR.AX, CAT.AX, CCL.AX, EML.AX, FIX, HSN.AX, IEL.AX, MAH.AX, NAN.AX, NWL.AX, PPS.AX, RDY.AX, SGE.L, TNE.AX, XRO.AX	AI, Australia, small caps, software, technology, value			View
2024 Q1	Apr 15, 2024	Auscap Asset Management	0.0%	0.0%	APE.AX, ARB.AX, BRG.AX, CAR.AX, CQR.AX, HDN.AX, HMC.AX, HUB.AX, JHX.AX, MIN.AX, MQG.AX, NCK.AX, NHF.AX, PLS.AX, PSI.AX, PWH.AX, REA.AX, REH.AX, RMD.AX, SHL.AX	Australia, Economy, Housing, inflation, rates, RBA	Australian inflation remains at 3.4%, above the RBA's 2-3% target band, with services inflation particularly problematic at 4.2% and rising. Housing inflation at 4.6% is driven by tight rental markets and record population growth, while wage growth continues without signs of abating.		View
2025 Q1	Mar 31, 2025	Devon Alpha Fund	-6.3%	-6.3%	AIA.NZ, BHP.AX, CAR.AX, CEN.AX, CNU.AX, CWY.AX, HSO.AX, MET.NZ, MFT.NZ, NPH.NZ, NST.AX, OML.AX, ORI.AX, RHC.AX, RIO.AX, SEK.AX, SFI.AX, TLS.AX, VGL.AX, WFD.AX	Australia, China, commodities, equities, gold, New Zealand, tariffs, Trade Policy	Trump's escalating tariff regime dominated March markets, with 25% tariffs on Canada/Mexico briefly implemented, 20% tariffs on China maintained, and reciprocal tariffs on 180+ countries announced. The administration views tariffs as deficit reduction and debt payoff tools, though demand destruction and broader economic impacts remain uncertain.		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	Devon Alpha Fund	0.4%	-	AIA.NZ, ALL.AX, ANZ.AX, BXB.AX, CAR.AX, CEN.AX, CWY.AX, GMG.AX, HSO.AX, MCY.NZ, MET.NZ, MFT.NZ, MWE.NZ, NPH.NZ, OML.AX, POT.NZ, RMD, SEK.AX, SPI.AX, VGL.NZ, WOW.AX	Australia, dividends, gaming, infrastructure, Logistics, New Zealand	Multiple infrastructure assets featured prominently including Contact Energy benefiting from new geothermal capacity commissioning, Port of Tauranga positioned for recovery in export shipments, and Auckland International Airport removing overhang through council stake sale.		View
2025 Q3	Oct 7, 2025	Devon Alpha Fund	3.0%	-	ABB.AX, AMC.AX, CAR.AX, CCS.TO, CNU.AX, EBO.AX, FRE.AX, GMG.AX, GPT.AX, IFT.NZ, MQG.AX, NEM, ORI.AX, POT.NZ, RIO.AX, SCL.NZ, VSL.AX, WTC.AX	APAC, Copper, energy, gold, infrastructure, Mining, Utilities	Electricity demand is rising rapidly driven by surging data centre expansions and AI adoption. Data centres now responsible for up to 4% of US electricity consumption and expected to double to 8% by 2035 due to AI workloads.		View
2023 Q3	Oct 6, 2023	Ennismore Global Equity Fund	8.3%	10.9%	9404.T, ADEV.OL, ADM.L, ATLC, AUTO.L, BAX, BSX, BZU.MI, CAR.AX, CUERVO.MX, DIE.BR, GOOGL, IDS.L, IRTC, MRO.L, PHIA.AS, REA.AX, RMV.L, SCHIBSTED-B.OL, STRX.L, TCX	Classifieds, European Equities, healthcare, Long/Short, Medical Devices, technology, value	The fund has significant exposure to online classifieds businesses through Schibsted and Adevinta, which operate property, car, and job listing platforms across Europe. These businesses have strong market positions but have been under-monetized due to poor operational management and fragmented technology platforms. New management teams are implementing verticalisation strategies and tech stack simplification to improve margins and monetization.		View
2024 Q3	Oct 23, 2024	Auscap Asset Management	0.0%	0.0%	APE.AX, ARB.AX, BRG.AX, CAR.AX, CQR.AX, CSL.AX, HDN.AX, HMC.AX, HUB.AX, JHX.AX, MQG.AX, MRL.AX, NCK.AX, NHF.AX, NWL.AX, PWH.AX, QUB.AX, REA.AX, REH.AX, RMD.AX, SIG.AX	Australia, Building Materials, Expansion, growth, infrastructure, Logistics, Manufacturing, retail	James Hardie dominates fibre cement with 90% US market share, consistently taking share from vinyl, brick and wood due to superior aesthetics and resistance properties. The company has demonstrated strong earnings growth at high returns on capital with structural growth opportunities ahead.	QUB.AX PWH.AX NCK.AX JHX.AX	View
2023 Q3	Oct 20, 2023	Auscap Asset Management	0.0%	0.0%	CAR.AX, MIN.AX, RWC.AX	Australia, growth, infrastructure, Lithium, Manufacturing, Mining, technology	MIN's lithium business represents the most attractive part of their investment proposition given strong global momentum behind electric vehicle transition. Wodgina mine is ramping production with fresh ore available from December leading to step-change in production, while processing improvements should enable 1,000,000t/year potential production across three trains.		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 6, 2026	Auscap Asset Management	0.0%	17.8%	360.AX, APE.AX, ARB.AX, BRG.AX, CAR.AX, CQR.AX, DXS.AX, GMD.AX, HMC.AX, IEL.AX, MQG.AX, NCK.AX, NHF.AX, NST.AX, PLS.AX, QUB.AX, REA.AX, REH.AX, RMD.AX, RMX.AX, SDF.AX, SHL.AX, WTC.AX	Australia, equities, healthcare, industrials, materials, Mining	Materials sector was one of the largest positive contributors to returns during November. The Fund's exposures to materials companies like PLS Group, Genesis Minerals, and Northern Star were among the largest contributors to performance. Healthcare sector contributed positively to returns during November. Sonic Healthcare was specifically mentioned as one of the largest positive contributors to performance across both funds. Industrials sector was a significant positive contributor to returns during November. Companies like Reece and Qube Holdings were among the largest positive contributors to performance.		View
2023 Q4	Jan 23, 2024	Auscap Asset Management	0.0%	0.0%	APE.AX, ARB.AX, BRG.AX, CAR.AX, HDN.AX, HMC.AX, HUB.AX, JBH.AX, LOV.AX, MIN.AX, MQG.AX, NCK.AX, NHF.AX, PLS.AX, PSI.AX, REA.AX, REH.AX, RMD.AX, RWC.AX, SHL.AX	Australia, earnings, Long/Short, mid cap, Quality, value	The manager emphasizes that earnings are the ultimate driver of long-term stock price performance. They focus on finding businesses that can sustainably grow their earnings per share over time, as this is what determines total return for investors. The fund targets companies with growing earnings rather than those with flat earnings like the major Australian banks.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of CAR-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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