PLS-AX

PLS-AX

PLS-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jun 30, 2023	Devon Alpha Fund	4.1%	-	AAPL, APM.AX, AUB.AX, BXB.AX, EBO.AX, FBU.NZ, FCG.NZ, FPH.NZ, IFT.NZ, JHX.AX, MSFT, MTS.AX, NVDA, PCT.NZ, PLS.AX, RIO, RYM.AX	Australia, dividends, healthcare, infrastructure, Mining, New Zealand, value	Strong performance from mining companies including Rio Tinto (+7.2%), Pilbara Minerals (+10.9%), and Brambles benefiting from improved cost pressures with significant falls in lumber prices. Mining sector performance was a key driver across multiple funds.		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 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	May 2, 2024	Massif Capital	2.4%	12.0%	AKE.AX, ALB, GM, LAAC, LAC, LIT, LTHM, LTR.AX, MIN.AX, PLL, PLS.AX, SGML, SQM	Electric Vehicles, Energy Transition, Geopolitical, Lithium, Mining, Shorts	Manager maintains concentrated positions in Lithium Argentina and Lithium America despite 75-80% spot price decline in 2023. Views current market as creating compelling value opportunities with supply-demand fundamentals supporting medium-term outlook. Expects Chinese lepidolite production challenges and African logistics issues to constrain supply growth.	KLAC LAAC	View
2025 Q1	Mar 31, 2025	Harvest Lane Asset Management	0.8%	0.8%	DCN.AX, DEG.AX, GMD.AX, HRZ.AX, LRS.AX, NST.AX, PLS.AX, POS.AX, RMS.AX, SPR.AX	arbitrage, Australia, commodities, Consolidation, gold, M&A, materials, Mining	The gold sector is considered hot with over 50% of materials sector M&A deals occurring in gold. This represents disproportionate clustering of M&A activity, with major deals including Ramelius acquiring Spartan for $2.4bn and Northern Star acquiring De Grey Mining for $5bn.		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 PLS-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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