MFG-AX

MFG-AX

MFG-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2026 Q1	Apr 9, 2026	Lakehouse Small Companies Fund	-	-	CAT.AX, CGS.AX, FCL.AX, MFG.AX, PNI.AX, SDR.AX	Australia, Geopolitical, insurance, small caps, software, technology		CAT.AX FIN.AX	View
2026 Q1	Apr 25, 2026	Sandon Capital	-	-	MFG.AX, QPM.AX	Activist, Asx, Australia, Capital management, Corporate Governance, energy, small caps, value		MFG.AX QPM.AX	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
2024 Q4	Dec 31, 2024	East72 Dynasty Trust	7.7%	17.9%	0012.HK, AVES.SW, BOL.PA, BSD.PA, CAT.AX, CFT.SW, CGI.TO, ELF.TO, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFF.AX, MFG.AX, MMB.PA, ODET.PA, SRAD, SVC.TO, VIL.PA, VIRT	Discounts, Europe, Family Control, financials, global, liquidity, small caps, value	Strong performance from liquidity providers Virtu Financial and Flow Traders benefiting from increased volumes and volatility. Manager expects continued volatility in 2025 due to new US administration and high equity valuations, creating promising outlook for liquidity providers across all asset classes.	VIL.PA LPE.PA	View
2023 Q4	Dec 31, 2023	Sandon Capital	0.0%	0.0%	A2B.AX, CYG.AX, FWD.AX, LNK.AX, MFG.AX	activism, Australia, M&A, small caps, value	The 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.	LNK.AX MFG.AX CYG.AX A2B.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	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 Q3	Oct 16, 2024	East72 Dynasty Trust	6.3%	0.0%	0012.HK, BOL.PA, CATG.AX, CGI.TO, DIE.BR, ELF.TO, EXO.AS, FLOW.AS, HAL.AS, HWG.L, MFF.AX, MFG.AX, MME.PA, OXY, RBT.PA, SBMO.AS, SFL.MI, TE.PA, VIRTU, VIV.PA, VPK.AS, WAF.DE	Dredging, Energy Transition, European Holdings, Family Control, Maritime, value	Significant exposure to alternative energy through Vopak, parts of Boskalis, SBMO plus Anthony Veder Group totaling about €4billion worth of exposure. HAL Trust has strong emphasis on offshore wind and LNG across multiple holdings. The energy transition is driving structural demand for dredging services, offshore wind farms, and LNG infrastructure.	HAL.AS	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
2025 Q4	Jan 14, 2026	Lakehouse Small Companies Fund	0.0%	4.9%	CAT.AX, CGS.AX, FCL.AX, MFG.AX, OBJ.AX, SDR.AX	Australia, concentrated, growth, small caps, value	Magellan's Capital Partners segment includes a 36.4% stake in investment bank Barrenjoey, which has successfully disrupted the local investment banking oligopoly and transitioned from capital-intensive build phase to cash-generative harvest phase. Barrenjoey paid its maiden dividend in FY25 and is expanding offshore. Cogstate provided a trading update showing contract sales for H1 FY26 expected at US$37-40 million, up 82-97% on prior period, reflecting record pipeline and diversified wins across disease areas. The company has growing contracted backlog expected to support revenue and margin recovery through second half and beyond.	CGS AU MFG AU	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
2023 Q4	Jun 1, 2024	East72 Holdings	6.3%	0.0%	0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX	Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value	Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation.	MFG.AX MANU	View
2025 Q1	Apr 16, 2025	East72 Dynasty Trust	0.5%	0.5%	0165.HK, 2588.HK, AVLT.SW, BOL.PA, BORR, CFR.SW, CG, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFG.AX, MMB.PA, NVO, ODET.PA, PAH3.DE, SRAD, VIE.PA, VIRT, VIV.PA	Aircraft Leasing, Controlled Companies, European Holdings, Luxury, Regional Aviation, Trade Policy, Value Investing	The fund features extensive analysis of the aircraft leasing industry, particularly focusing on regional aircraft and ATR turboprops. The manager discusses the trillion-dollar industry with limited public market exposure and highlights Avation PLC as a unique specialist lessor with significant optionality through ATR purchase rights.	AVAP.L VIV.PA	View
2023 Q1	Mar 31, 2023	East72 Holdings	6.3%	0.0%	0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE	Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value	The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats.	VOW3.DE BAIN.PA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	East72 Holdings	Magellan Financial Group	Financials	Asset Management & Custody Banks	Bull	ASX	asset management, Australia, financial services, Fund Outflows, investment banking, Retail Funds, strategic investments, turnaround, Value	View Pitch
Apr 28, 2026	Fund Letters	Sandon Capital	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	View Pitch
Apr 28, 2026	Fund Letters	Sandon Capital	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	View Pitch
Apr 28, 2026	Fund Letters	Sandon Capital	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	View Pitch
Apr 28, 2026	Fund Letters	Sandon Capital	Magellan Financial Group Ltd	Financials	Asset Management & Custody Banks	Bull	ASX	activist campaign, asset management, Australia, capital return, Fund Outflows, Governance, turnaround, undervalued	View Pitch
Apr 13, 2026	Fund Letters	Sandon Capital	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	View Pitch

BSD Shareholders of MFG-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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