If you want to know where famous investor fund managers such as Regal Funds Management and Paradice Investment Management are putting their money, we’ve been keeping track of substantial holder buys (and sells).

Trading Places is Stockhead’s recap of the substantial holder movements among ASX small caps over the last fortnight.

Substantial shareholders are those holding 5 per cent or more of a company’s shares — these can be directors, individual investors, or institutional investors.

Shareholders are required to announce to the exchange when they cross above or below the 5 per cent threshold, as well as any change in their holdings while they remain above 5 per cent.



Company Code Market Cap Holder Stake Status
MedAdvisor MDR $125.6M Perennial Value Management 5.31% Becoming
Archtis AR9 $78.8M Perennial Value Management 5.41% Becoming
Noronex NRX $17.4M Merchant Funds Management 9.24% Increasing
MSL Solutions MSL $37.1M Microequities Asset Management 5.69% Becoming
Alligator Energy AGE $12.7M Lindsay Carthew 6.00% Becoming
Buddy Technologies BUD $138.1M Fidelity 10.17% Increasing
Saturn Metals STN $74.8M Franklin Resources 9.22% Increasing
Kazia Therapeutics KZA $220.2M Platinum Asset Management 7.83% Increasing
Crowd Media CM8 $21.5M Tigers Domains 6.08% Increasing
Universal Store Holdings UNI $307.4M Tribeca Investment Partners 5.52% Becoming
Deterra Royalties DRR $2.3B United Super 5.05% Becoming
Wagners Holding Company WGN $298.5M Paradice Investment Management 5.14% Becoming
MMA Offshore MMR $2.7M Thorney Opportunities 17.71% Increasing
Noronex NRX $17.4M Larchmont Trust 15.46% Becoming
MinRex Resources MRR $5.8M Lagral Strategies 6.17% Becoming
Crowd Media CM8 $21.5M Rolf Voulon 8.00% Increasing
Powerhouse Ventures PWN $20.9M Raven Investment Holdings 5.32% Becoming
Advertias AV1 $54.8M Mark McConnell 17.10% Increasing
Mayfield Group MFD $27.9M Nightingale Partners 47.26% Increasing
Metallica Minerals MLM $9.1M Osmosis Holdings 5.24% Becoming
Gage Roads Brewing GRB $82.1M Perennial Value Management 13.66% Increasing
Southern Cross Electrical Engineering SXE $134.0M Perennial Value Management 7.56% Increasing
Panoramic Resources PAN $276.9M Zeta Resources 16.60% Increasing
Orocobre ORE $1.3B L1 Capital 5.08% Becoming
Alto Metals AME $44.0M GS Group 11.69% Increasing
Duke Exploration DEX $24.0M Keiran Slee 8.02% Becoming
Immutep IMM $133.1M Australian Ethical Investment 8.44% Increasing
Bravura Solutions BVS $847.8M Maver Investment Management 8.49% Increasing
PointsBet PBH $2.4B Brett Paton 6.33% Increasing
HRL Holdings HRL $59.3M Viburnum Funds 27.15% Increasing
Elixinol EXL $47.0M Regal Funds Management 16.15% Becoming
Estrella Resources ESR $90.6M Christopher Dawes 11.85% Becoming
Tanga Resources TRL $8.6M Capital Di 10.49% Increasing
5G Networks 5GN $175.1M Joseph Demase 16.46% Increasing
Maggie Beer MBH $93.4M Ellerston Capital 7.20% Becoming
Empired EPD $116.2M Microequities Asset Management 14.15% Increasing
City Chic Collective CCX $689.3M AustralianSuper 7.20% Increasing
Readcloud RCL $63.8M Thorney Opportunities 12.16% Increasing
Anax Metals ANX $13.5M Brian Clayton 6.01% Becoming
SmartPay Holdings SMP Milford Asset Management 11.08% Increasing
Pacifico Minerals PMY $68.5M Paul Brosnan Trust 10.20% Increasing
OFX OFX $300.0M Australian Ethical Investment 5.27% Becoming
PropTech Group PTG $3.4M Perennial Value Management 6.92% Becoming
AML3D AL3 $68.8M Perennial Value Management 7.83% Increasing
Alterity Therapeutics ATH $67.0M Regal Funds Management 12.94% Becoming
WPP WPP $349.4M Paradice Investment Management 5.05% Becoming
Duke Exploration DEX $24.0M Misty Grange 6.41% Becoming
Readcloud RCL $63.8M Kinderhook 2 L.P. 8.46% Becoming
Janison Education JAN $101.1M Ryder Capital 6.50% Becoming
Metgasco MEL $15.4M KEybridge Capital 14.77% Increasing
Viking Mines VKA $8.2M Syracuse Capital 8.90% Increasing
Pursuit Minerals PUR $10.6M Jason Peterson 9.83% Increasing
Living Cell Technologies LCT $8.0M Jimmy Thomas 5.26% Becoming
Red Emperor Resources RMP $10.0M Kenneth Baker 6.18% Becoming
Catapult Group CAT $409.9M ICE Investors 5.03% Becoming
Secos Group SES $101.4M Donald Haller 8.50% Increasing
Life360 360 $595.5M Regal Funds Management 11.37% Increasing
Coventry Group CYG $85.1M Viburnum Funds 35.69% Increasing
Karoon Energy KAR $548.1M Aviva Investors 5.20% Becoming
Swift Media SW1 $18.5M Regal Funds Management 8.82% Becoming
Funtastic FUN $82.0M Regal Funds Management 7.24% Becoming
Chalice Gold Mines CHN $1.3B Regal Funds Management 5.17% Becoming
Village Roadshow VRL $576.1M Aimia 15.63% Increasing
Maggie Beer MBH $94.5M Perennial Value Management 6.67% Becoming
Kyckr KYK $28.9M Perennial Value Management 6.94% Increasing
Stone Resources SHK $27.5M Copulos Group 5.04% Becoming
Micro-X MX1 $113.2M Perennial Value Management 12.21% Increasing
MMA Offshore MRM $98.9M Perennial Value Management 7.27% Increasing
MNF Group MNF $384.4M Australian Ethical Investment 5.06% Becoming
Syrah Resources SYR $392.0M Paradice Investment Management 6.15% Increasing
West African Resources WAF $812.7M L1 Capital 5.35% Becoming
Emperor Energy EER $3.1M Carl Dumbrell 5.77% Increasing
Tyranna Resources TYX $7.7M Jason Peterson 7.27% Increasing
Posedion Nickel POS $182.3M Tattarang - Andrew Forrest 16.65% Increasing
Blackstone Minerals BSX $115.3M Delphi 13.43% Increasing
Frugl FGL $4.3M Jason Peterson 6.07% Becoming
Readcloud RCL $75.7M West Elk Partners 5.80% Becoming
Benjamin Hornigold BHD $6.8M Dwney & Co 10.73% Increasing
Metals X MLX $80.8M Old Peak Group 9.43% Increasing
K2Fly K2F $34.3M Mark Forster 5.69% Becoming
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One of the more well known fund managers is Sydney-based Regal Funds Management.

In recent days it has chipped $7m into both Chalice Gold Mines (ASX:CHN) and Funtastic (ASX:FUN).

Chalice has been one of 2020’s exploration success stories with its company-making Julimar nickel & PGE discovery in March this year.

Funtastic meanwhile was an ASX laggard for many months until a major ecommerce acquisition that sent shares rallying.

Regal also topped up its holdings in US tech listee Life360 (ASX:360) and now owns 11.37 per cent.

Perennial Value Management’s moves included becoming a substantial holder of food stock Maggie Beer Holdings(ASX:MBH) with a 6.67 per cent stake while increasing its holdings in portable X-ray maker Micro-X (ASX:MX1).

One of the ASX’s few PR firms WPP (ASX:WPP) welcomed Paradice Investment Management as a substantial holder with a 5.05 per cent last week.

But only a few days later its parent company in the UK, and its largest ASX shareholder, announced a takeover bid for the remaining shares.

L1 Capital became a substantial holder of the ASX gold success story and the newest Africa-focused miner West African Resources (ASX:WAF).

Ed tech ReadCloud (ASX:RCL) received an investment from US investment firm Kinderhook, which bought 8.46 per cent.

Australian Ethical, which typically appears in this column as a health sector investor, bought into money transfer service OFX (ASX:OFX).



Company Code Market Cap Holder Current Stake Status
Aeris Resources AIS $142.2M PAG 9.88% Decreasing
UUV Aquabotix UUV $4.8M Eagle's View Fund <5% Ceasing
Marley Spoon MMM $444.2M Perennial Value Management 9.01% Decreasing
Knosys KNO $22.2M Earthrise Holdings <5% Ceasing
Victory Offices VOL $27.8M Regal Funds Management <5% Ceasing
ICS Global ICS $19.7M Pie Funds Management 13.23% Decreasing
MedAdvisor MDR $132.7M Perennial Value Management <5% Ceasing
HRL Holdings HRL $59.3M Perennial Value Management 10.53% Decreasing
Uniti UWL $942.5M Perennial Value Management <5% Ceasing
Siren Gold SNG Perennial Value Management <5% Ceasing
Healthia HLA $97.0M Monash Investors <5% Ceasing
MACA MLD $268.0M Schroder 8.50% Decreasing
NTM Gold NTM $78.6M Regal Funds Management 8.50% Decreasing
Adveritas AV1 $54.8M Regal Funds Management 5.06% Decreasing
Decmil Group DCG $90.1M Thorney Opportunities 18.26% Decreasing
Ava Risk Group AVA $170.0M Alkasab United 6.80% Decreasing
Life360 360 $591.0M Fontinalis Capital Partners <5% Ceasing
Empired EPD $116.2M Australian Ethical Investment 14.24% Decreasing
MNF Group MNF $397.0M Naos Asset Management 5.47% Decreasing
Marley Spoon MMM $537.7M Perennial Value Management 7.07% Decreasing
Life360 360 $591.0M Seraph Investments <5% Ceasing
BTC Health BTC $22.2M Peter & Helen Jones 5.91% Decreasing
Maggie Beer MBH $93.4M Perennial Value Management 6.67% Decreasing
PSC Insurance PSI $900.9M Melissa Dwyer 18.30% Decreasing
PSC Insurance PSI $900.9M Austin Superannuation 10.33% Decreasing
Tombador Iron TI1 $74.4M Regal Funds Management 5.00% Decreasing
Latin Resources LRS $34.3M Lind Asset Management 5.18% Decreasing
Elixinol EXL $45.8M Regal Funds Management 15.11% Decreasing
Australian Vintage AVG $175.4M Renaissance Smaller Companies 6.08% Decreasing
Atomos AMS $225.0M Perennial Value Management 5.93% Decreasing
iSentia ISD $24.0M DUMAC 8.78% Decreasing
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The most notable trade came from Fortescue Metals Group (ASX:FMG) founder Andrew “Twiggy” Forrest.

While Forrest is best known for Fortescue, the fourth largest iron ore producer in the world, it isn’t the only stock he has invested in.

One of his other shareholding is in WA nickel play Poseidon Nickel (ASX:POS) which has more than doubled in FY21.

Forrest, through his private investment company Tattarang, now owns 16.65 per cent. While he has net increased his position since the last substantial holder notice, he has sold nearly $2.5 million in the last month.

Meanwhile, Regal Funds Management made several trades. The most notable was a sale of its shares in serviced office provider Victory Offices (ASX:VOL) below the 5 per cent level.