Trading Places is Stockhead’s weekly recap of substantial holder movements among ASX small caps, and fund managers feature prominently in this week’s edition.

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.



Fresh from an earnings upgrade, Australian Ethical Investment (ASX:AEF) bought into Palla Pharma (ASX:PAL).

Palla makes opiate pills using water – a practice the company did not invent but claims to do better. It says it needs just 50-60 people to make 80 tonnes of product compared to 100-150 people.

Spheria Asset Management’s sole move was increasing its holding in esports play Ainsworth Game Technology (ASX:AGI) to 6.23 per cent.

Regal Funds Management made several moves including becoming a substantial holder of Medical Developments International (ASX:MVP). The company sells products that optimise asthma treatment.

Mineral sands play Image Resources (ASX:IMA) welcomed Paradice Investment Management, which now owns 5.37 per cent.

UniSuper bought into Adairs (ASX:ADH), taking a 5.16 per cent stake, very shortly after the retailer announced a major acquisition.

Mining investor Chris Wallin bought more of Venus Metals Corporation (ASX:VMC) and he now owns 17.28 per cent.

Company Code Market Cap Holder Stake Status
Shriro Holdings SHM $64.2M Australian Ethical Investment 14.26% Increasing
Flexigroup FXL $777.0M Pengana Capital 5.04% Becoming
Retail Food Group RFG $182.9M Regal Funds Management 13.14% Increasing
Virtus Health VRT $328.8M Allan Gray 10.77% Increasing
Aspire Mining AKM $43.3M Tserenpuntsag Tserendamba 51.00% Increasing
Royalco Resources RCO $12.4M Susan Thomas 47.76% Becoming
People Infrastructure PPE $235.7M Perennial Value Management 8.34% Increasing
Veriluma VRI $10.6M Antanas Guoga 12.69% Increasing
Athena Resources AHN Suspended Goldway Mega Trade 9.86% Increasing
Inventis IVS $4.0M Richtoll 8.80% Increasing
Stemify SFI $3.8M Anthony Denicola 5.30% Becoming
People Infrastructure PPE $235.7M QVG Capital 5.11% Becoming
XState Resources XST $2.3M Petroleum Ventures 7.02% Becoming
Ainsworth Game Technology AGI $224.0M Spheria Asset Management 6.23% Increasing
Tesserent TNT $12.8M Belgravia Strategic Equities 9.44% Increasing
Southern Cross Media Group SXL $684.4M Challenger 6.14% Increasing
Hazer Group HZR $41.0M Mineral Resources 9.68% Increasing
Inventis IVT $4.0M Toveken Properties 9.14% Increasing
Palla Pharma PAL $103.3M Australian Ethical Investment 6.34% Becoming
Tempo Australia TPP $12.7M Telstra Super 6.48% Becoming
Ariadne Australia ARA $117.9M Phoenix Portfolios 5.34% Becoming
Calix CXL $112.7M AustralianSuper 5.08% Becoming
Ausmon Resources AOA $1.3M Eric Yue 5.93% Becoming
Inventis IVT $4.0M Tony Noun 10.39% Increasing
Adriatic Metals ADT $284.4M Datt Group 5.09% Becoming
Threat Protect Australia TPS $31.5M Black Crane 12.97% Becoming
Inventis IVT $4.0M Peter Bobbin 30.55% Increasing
Adairs ADH $406.4M UniSuper 5.16% Becoming
Viva Leisure VVA $176.2M Bennelong Australian Equity Partners 12.43% Increasing
Rafaella Resources RFR $5.0M Alvin Blumenthal 7.07% Becoming
Threat Protect Australia TPS $31.5M MMS1 6.48% Becoming
Venus Metals Corporation VMC $28.0M Christopher Wallin 17.25% Increasing
Eureka Group EGH $85.1M Naos Asset Management 17.32% Increasing
Medical Developments international MVP $471.7M Regal Funds Management 5.03% Becoming
Wellness & Beauty Solutions WNB $9.0M Regal Funds Management 8.50% Increasing
Image Resources IMA $240.3M Paradice Investment Management 5.37% Becoming
Dampier Gold DAU $3.6M Lance Rosenberg 5.03% Becoming
QANTM QIP $169.0M Fidelity 9.46% Increasing
Viva Leisure VVA $181.6M Harry Konstantinou 49.11% Increasing
Viva Leisure VVA $181.6M Mark McConnell 7.60% Increasing RNT $13.4M SG Hiscock & Company 5.63% Becoming
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It’s been a successful 2019 for almond grower Select Harvests (ASX:SHV) on its balance sheet and the share market. However, Alex Waislitz’s Thorney Holdings sold below the susbtantial holder threshold.

One of Redbubble’s (ASX:RBL) key backers, San Francisco private equity fund Osmium Partners, followed its founder in cashing out of the stock.

Finally, Regal Funds Management reduced its stake in two stocks that have done well — opthamology biotech Opthea (ASX:OPT) and cloud communications platform Whispir (ASX:WSP).

One stock that has not gone well is satellite play Speedcast (ASX:SDA) due to repeated revenue and earnings downgrades. Tennessee-based Southeastern Asset Management cut its stake to 6.7 per cent.

Company Code Market Cap Holder Current Stake Status
Select Harvests SHV $794.6M Thorney Holdings 4.91% Ceasing
Oakdale Resources OAR $5.2M Andrew Knowles 5.65% Decreasing
Capitol Health CAJ $176.7M Regal Funds Management 4.98% Ceasing
Redbubble RBL $484.0M Osmium Partners 6.70% Decreasing
Evolve Education EVO $121.6M Regal Funds Management 16.41% Decreasing
MetalsX MLX $95.3M Perennial Value Management 5.18% Decreasing
Food Revolution Group FOD $60.9M Tao (Normal) Li 35.46% Decreasing
Eon NRG E2E $3.9M Merchant Holdings 0.00% Ceasing
Speedcast SDA $182.0M Southeastern Asset management 6.06% Decreasing
CFOAM CFO $12.4M Brian Joseph & Touchstone Research Laboratory 6.00% Decreasing
Opthea OPT $726.7M Regal Funds Management 11.66% Decreasing
Whispir WSP $167.0M Regal Funds Management 7.46% Decreasing
Adairs ADH $398.1M Brett Blundy 9.10% Decreasing
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