NWL-AX

NWL-AX

NWL-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 15, 2024	Lakehouse Small Companies Fund	0.0%	0.0%	AD8.AX, NWL.AX, PME.AX, PNI.AX, SDR.AX	Australia, financials, healthcare, small caps, technology	The fund focuses exclusively on Australian small cap companies, holding 22 positions with strong balance sheets. 19 of the 22 holdings maintain net cash positions, providing defensive characteristics and offensive capabilities during economic downturns.	SDR.AX NWL.AX	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 Q4	Dec 31, 2024	Lakehouse Small Companies Fund	-	36.0%	CAT.AX, NWL.AX, PNI.AX, RDX.AX, SDR.AX, XRO.AX	Australia, financials, healthcare, small caps, technology	The fund focuses exclusively on Australian small cap companies, with the S&P/ASX Small Ordinaries as its benchmark. The fund significantly outperformed this benchmark in 2024, returning 36.0% versus 8.4% for the index.		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
2025 Q4	Jan 23, 2026	LHC Capital	0.0%	3.1%	DBI.AX, HUB.AX, LIFE.AX, MAF.AX, NWL.AX, PME.AX, REA.AX, WTC.AX	AI, Australia, Concentration, Financial Services, Long/Short, Quality, technology, Wealth management	The fund discusses concerns around agentic artificial intelligence including circular financing structures, uncertainty regarding returns on increasing capital expenditure budgets, and fears that AI may commoditize large segments of software-as-a-service businesses. However, they believe AI will enhance rather than replace diagnostic imaging viewers, positioning Pro Medicus favorably as AI adoption accelerates across medical imaging. The fund highlights the structural growth in wealth advisory despite declining numbers of financial advisers. Next generation wealth platform providers like HUB24 and Netwealth are capturing over 90% of incremental industry flows by offering modern platforms that enhance adviser efficiency and scalability, while incumbent providers have underinvested in systems. MA Financial is viewed as an alternative asset manager experiencing strong momentum across its platform, particularly in Asset Management which drives long-term shareholder value. The company has invested ahead of the curve to build scalable operating platforms, with operating leverage becoming evident as revenues scale over a largely fixed cost base.	DBI AU PME AU HUB AU MAF AU	View
2024 Q3	Sep 30, 2024	Lakehouse Small Companies Fund	0.0%	0.0%	NWL.AX, PNI.AX, PXA.AX, SDR.AX, TYR.AX, XRO.AX	Australia, growth, monetary policy, small caps, technology	The fund focuses exclusively on small-cap Australian companies, with the benchmark being the S&P/ASX Small Ordinaries Accumulation Index. The manager notes that historically, an environment of easing monetary policy has favoured both small-cap and growth stocks. The fund holds 22 companies with concentrated exposure to their highest conviction small-cap ideas.		View
2024 Q2	Jul 29, 2024	Lakehouse Small Companies Fund	0.0%	0.0%	AD8.AX, ALU.AX, CGS.AX, CTT.AX, IPD.AX, NAN.AX, NWL.AX, PME.AX, PNI.AX, SDR.AX, XRO.AX	Australia, growth, healthcare, long-term, Quality, small caps, technology	Healthcare positions faced challenges with Nanosonics declining 36.9% due to tougher hospital budgets, Impedimed experiencing board overhaul and sales difficulties, and new position Cogstate providing exposure to Alzheimer's research as a picks and shovels approach to the growing treatment development pipeline.	CGS.AX IPD.AX NAN.AX AD8.AX ALU.AX PME.AX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Lakehouse Small Companies Fund	Netwealth Group Limited	Financials	Asset Management & Custody Banks	Bull	ASX	Australia, Funds Under Administration, Net Inflows, network effects, platform, recurring revenue, Structural Growth, wealth management	View Pitch

BSD Shareholders of NWL-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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