Thesis TrackerAfter two failed takeover processes, a Takeovers Panel ruling and a boardroom overhaul, fund managers argue the lender's value has been trapped by governance rather than performance, and that asset sales could release it.
Airlie Funds Management initiated a position in CSL (ASX:CSL) by re-entering the stock in early August 2026 at a share price in the high $120s. Airlie had gone underweight in January after channel checks suggested Albumin pricing pressure in China, and later exited entirely through repeated downgrades. That decision proved one of its biggest contributors in the June quarter. Before CSL's result, Airlie's channel checks suggested the company had turned the corner in immunoglobulin, its most important product at about 40% of revenue. If CSL was returning to market growth of 6 to 8%, or above, consensus forecasts looked achievable. Airlie also cited confidence in interim CEO Gordon Naylor, whose earlier turnaround of the Seqirus flu business it admires. The result validated the thesis, with guidance for high single-digit immunoglobulin growth.
PM Capital exited CSL (ASX:CSL) through written call options after a short-lived investment, as the stock rallied sharply on a solid full-year outlook. PM Capital notes CSL now trades on about 20 times earnings despite unresolved issues including a new CEO appointment. It believes the Behring plasma unit's implied valuation of about 25 times is at or above fair value.
General information only. Thesis Tracker is a database of what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
12,463 comments from 167 managers on 778 companies, snapshot 2 Nov 2026.
After two failed takeover processes, a Takeovers Panel ruling and a boardroom overhaul, fund managers argue the lender's value has been trapped by governance rather than performance, and that asset sales could release it.
Airlie Funds Management initiated a position in CSL (ASX:CSL) by re-entering the stock in early August 2026 at a share price in the high $120s. Airlie had gone underweight in January after channel checks suggested Albumin pricing pressure in China, and later exited entirely through repeated downgrades. That decision proved one of its biggest contributors in the June quarter. Before CSL's result, Airlie's channel checks suggested the company had turned the corner in immunoglobulin, its most important product at about 40% of revenue. If CSL was returning to market growth of 6 to 8%, or above, consensus forecasts looked achievable. Airlie also cited confidence in interim CEO Gordon Naylor, whose earlier turnaround of the Seqirus flu business it admires. The result validated the thesis, with guidance for high single-digit immunoglobulin growth.
PM Capital exited CSL (ASX:CSL) through written call options after a short-lived investment, as the stock rallied sharply on a solid full-year outlook. PM Capital notes CSL now trades on about 20 times earnings despite unresolved issues including a new CEO appointment. It believes the Behring plasma unit's implied valuation of about 25 times is at or above fair value.
General information only. Thesis Tracker is a database of what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
12,463 comments from 167 managers on 778 companies, snapshot 2 Nov 2026.
