COG-AX

COG-AX

COG-AX

Letters With This Ticker

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
2025 Q1	Apr 9, 2025	Sandon Capital	-	-	COG.AX, CYG.AX, FWD.AX, GDC.AX, WLD.AX	Activist, Australia, Governance, small caps, value	The 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.		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 Q4	Dec 31, 2025	1851 Capital	-	29.4%	ABB.AX, CKF.AX, COB.AX, COG.AX, FLT.AX, IRE.AX, MAF.AX, MAH.AX, PFP.AX	Australia, gold, industrials, Resources, small caps, value	Gold experienced its best annual return since 1979 driven by seemingly insatiable appetite, entering bubble territory. The precious metal drove the Small Resources index to a 45.3% increase in the December half. Mining contractor Macmahon Holdings renewed a key Queensland resources contract whilst announcing new wins in iron ore and renewables markets, contributing positively to performance.		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	View
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	View
2024 Q2	Oct 7, 2022	Sandon Capital	0.0%	0.0%	CCX.AX, COG.AX, CYG.AX, FWD.AX, GDC.AX, IDT.AX, MFG.AX, MWY.AX	Activist, Australia, Data centers, small caps, value	Global 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.		View
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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Sandon Capital	COG Financial Services Ltd	Financials	Consumer Finance	Bull	ASX	acquisition, Australia, financial services, Funds Management, Novated Leasing, organic growth, recurring revenue	View Pitch
Apr 13, 2026	Fund Letters	Sandon Capital	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	View Pitch

BSD Shareholders of COG-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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