Trading Places: Check out the latest stock WiseTech’s Michael Gregg has been buying
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Want to know which stocks the fund managers have been putting their money in (and out) of? We’ve keen keeping track so you don’t have to.
Trading Places is Stockhead’s recap of substantial holder movements among ASX small caps in the last fortnight.
Substantial shareholders are shareholders holding 5 per cent or more of a company’s shares and 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 and any change in their holdings while they remain above 5 per cent.
Michael Gregg is a director and the sixth largest shareholder in one of Australia’s biggest tech stocks WiseTech (ASX:WTC). Having invested in 2006 his 4.35 per cent stake is now worth over $274m.
Now he has accumulated a 5.19 per cent stake in Straker Translation (ASX:STG). While last year Gregg announced a $50m private equity fund for software startups, this particular investment is in his name.
Straker’s tech is designed to help human translators by making a translation of its own and farming out errors made by human translators. The company listed in 2018 at $1.51 and climbed to above $2 last year, but COVID-19 sent it plunging below $1.
However, the buy that dominated most headlines in recent days was China’s Tencent buying over 5 per cent of Afterpay (ASX:APT). It spent just over $300m over the month of April accumulating the stake which is already worth 50 per cent more than that figure.
Another early backer of successful gold explorer Predictive Discovery (ASX:PDI), the Lowell Resources Fund, increased its holdings to 5.95 per cent.
Perennial Value Management invested into the IPO of additive manufacturer AML3D (ASX:AL3) and bought more shares on market, now holding 9.17 per cent.
Regal Funds Management bought into one of the ASX’s few x-ray tech stocks Micro-X (ASX:MX1) — taking a 6 per cent stake.
Prominent Perth mining executive Michael Ruane bought even further into gold micro-cap Maximus Resources (ASX:MXR) and now owns 11.53 per cent.
Many of the familiar small cap fund managers appeared more often in the sellers column this week.
Perennial Value Management reduced its holdings in rapid HIV and COVID-19 test kit maker Atomo Diagnostics (ASX:AT1). Atomo only listed on the ASX last month, doubled on debut and has held its ground in recent days.
AustraliaSuper cuts its stake in IVF provider Monash IVF (ASX:MVF). The company had to cut back its services due to COVID-19 restrictions for a few weeks and even though its back to work now, it had to conduct a capital raising.