Company profit reporting season continues – CSL Limited, Judo Capital, Seek Limited, BlueScope Steel, Origin Energy
During reporting season, Investment Matters will update clients on all the results for portfolio companies in a simple table that outlines the share price impact of the results, along with short notes on our views of the results.
Reporting Season: Life360, Seven Group Holdings, QBE Insurance Group
Deeper into Profit Reporting Season this week, with several portfolio companies reporting results. We flagged in recent weeks that we expect significant volatility in share prices associated with this year’s results. Twenty years ago, share price changes were more muted, but several issues have arisen that increase the volatility of results in ASX’s two reporting seasons in February and August.
Steady start to reporting season: Beach Energy and Garda Property Group
An uneventful first week of Profit Reporting Season with only Beach Energy bringing forward its results to Monday. We also caught up with the management team of our strong-performing Garda Property Group this week.
In this edition of Investment Matters, we update clients on the Beach Energy and Garda results.
The Calm Before the Storm: What to Expect from the August Reporting Season
The first of August marks the beginning of the financial reporting season for most ASX-listed companies. This period, commonly referred to as “reporting season,” sees companies with a June year-end update the market—usually in August—on recent trading activity and provide interim reports on their financial position for the past six or twelve months. Craig Shepherd outlines what we anticipate will contribute to a particularly volatile reporting season.
In this edition of Investment Matters, we also update clients on three smaller portfolio positions: Imdex, Bapcor, and Viva Energy (recently added to select portfolios based on individual preferences and tax positions).
Familiarising investors with your portfolio’s largest positions
This week we will review First Samuel’s approach to risk management; examine Australian Equity sub-portfolio’s largest holdings, some of the influences behind our stock selection and each stock’s respective share price performance.
FY-25 in Review: Navigating Markets with Discipline, Diversification and Perspective
The 2025 financial year has been shaped by a dynamic mix of economic shifts, policy recalibration, and geopolitical developments that continue to test established market assumptions.
Looking more broadly, the global economic and political landscape in FY25 has been shaped by significant challenges and unexpected developments. Arguably, the greatest single source of volatility has been the election and early presidency of Donald Trump, whose return to office has unsettled markets and policy norms alike. Many established pillars of economic thinking have been tested, sparking renewed debates over the roles of tariffs, protectionism, and central bank independence. These tensions have played out within an increasingly bipolar geopolitical context, heightening uncertainty and underscoring the value of a resilient, diversified investment approach to navigate the years ahead.
Is the ASX shrinking?
ASIC, the corporate regulator is taking the first step to make it easier for companies to join the ASX and bolster a dwindling market for floats. This move is considered by some to be the most significant change to listings for almost a decade.
In this week’s Investment Matters, Craig Shepherd explains why the ASX is failing to attract new companies and how we manage this decline in listed companies while positioning clients’ portfolios for growth.
Portfolio Update – May – the “mini” reporting season
During May there are many opportunities for companies to update the market. These include investor conferences such as Macquarie Bank in early May and dedicated Investor Day’s that individual companies provided to analysts and the broader investment community.
In addition, some companies with different financial year reporting timetables update the market. Companies such as Macquarie Bank and Nufarm are examples from this month.
Clients may have noticed the sharp rebound in the share market in recent weeks, and we would note that the opportunity the sell-off in April provided proved beneficial to returns. We were net buyers, reducing our cash holdings in April, and the sell provides opportunities to add to Oil / Energy and Technology companies. A number of these positions have been handsomely rewarded.
The Macquarie Bank update pointed to long-run value creation.
This week’s Investment Matters will focus on the Nufarm result, Investor Day presentations from Seek Limited and Worley Limited, and a quick note on the rare earth miner / industrial processing company Lynas Corporation.
ParagonCare – the virtue of new management and new business lines
In this week’s update, we delve into insights regarding ParagonCare’s recent strategic movements. Read the previous week’s Investment Matters. Photo © Bambambu from Via Canva.com` Copyright 2025 First Samuel Limited ParagonCare (PGC) has been a long-held position in clients’ Australian equities sub-portfolios. First Samuel clients are collectively one of the largest institutional shareholders of the […]
Aurelia Metals
Aurelia Metals is a polymetallic mining company based in the Cobar region of western New South Wales.
Clients have appreciated the strong growth in the Aurelia Metals’ share price over the past couple of years. FY25 YTD, the stock is up more than 50% after doubling in FY24. Aurelia’s share price was above 30c this week, and we have trimmed the position slightly in recent weeks.
How Relevant is the ASX in View of Large Takeovers?
A client recently asked some questions about the affect on the ASX of the takeover of companies by private equity funds and large industry superannuation funds. Craig Shepherd, our CIO, responds.