Want to know which stocks the fund managers have been putting their money in (and out) of? We’ve been 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.



Company Code Market Cap Holder Stake Status
Janison Education Group JAN $66.0M Perennial Value Management 14.98% Increasing
Alt Resources ARS $27.9M Aurenne Group 12.13% Increasing
HotCopper HOT $18.9M SG Hiscock 6.62% Becoming
Nanollose NC6 $2.7M John Moursounidis 5.61% Increasing
Alumina AWC $4.4B Allan Gray 9.00% Increasing
Metcash MTS $2.5B Pendal Group 10.26% Increasing
Alderan Resources AL8 $12.9M Petar Jurkovic 5.95% Becoming
Anova Metals AWV $23.7M Au Xingao Investment 19.90% Increasing
Redbank Copper RCP $2.2M Lantech Developments - Daryl Henthorn 8.13% Becoming
9Spokes 9SP $20.7M Alium Alpha Fund 6.46% Increasing
Pro-Pac Packaging PPG $117.6M Investors Mutual 12.00% Increasing
LawFinance LAW $38.7M EGP Capital 10.00% Increasing
Austar Gold AUL $8.3M Peter Kampfner 6.41% Becoming
Kula Gold KGD $2.2M Discovery Trust - David Izzard 16.87% Increasing
Kula Gold KGD $2.2M John Hannaford 14.82% Increasing
CardieX CDX $18.1M Paul Cozzi 14.54% Increasing
Swift Media SW1 $13.2M Medical Media Investments 6.20% Becoming
Emeco Holdings EHL $412.7M Perennial Value Management 5.21% Becoming
MCS Services MSG $3.8M Capital H Management 16.80% Increasing
Village Roadshow VRL $406.0M Mithril Investment Management 5.02% Becoming
Accelerate Resources AX8 $3.0M GTT Global Opportunities 14.80% Increasing
ArchTIS AR9 $8.3M Merchant Funds Management 14.07% Increasing
Zoono ZNO $307.4M Regal Funds Management 10.18% Increasing
Volt Power Group VPR $18.0M Adam Boyd 17.61% Increasing
Celamin Holdings CNL $12.3M Polo Resources 14.29% Increasing
Jayride Group JAY $16.3M Thorney Technologies 6.56% Increasing
Schrole Group SCL $17.5M Capital H Management 15.00% Increasing
OneVue Holdings OVH $54.9M Thorney Technologies 14.96% Increasing
Oilex OEX $7.3M Republic Investment Management 14.32% Increasing
Redbank Copper RCP $4.6M Wyllie Geoup 14.22% Increasing
LawFinance LAW $41.6M Lucerne Asset Management 19.79% Increasing
Westgold Resources WGX $1.0B L1 Capital 5.11% Becoming
Kangaroo Island Plantation Timbers KPT $45.1M Samuel Terry Asset Management 26.30% Increasing
Musgrave Minerals MGV $64.8M Westgold Resources 14.25% Increasing
Monash IVF MVF $203.7M Argo Investments 5.13% Becoming
McPhersons MCP $288.4M Challenger 5.01% Becoming
Citadel Group CGL $229.8M Microequities Asset Management 6.37% Increasing
MSM Corporation MSM $23.5M Timothy 10.19% Increasing
Tempo Australia TPP $14.7M Anthony Barton 11.20% Becoming
Redhill Education RDH $17.0M Perpetual 12.58% Increasing
Monash IVF MVF $203.7M Allan Gray 14.38% Increasing
Pivotal Systems PVS $147.8M Perennial Value Management 9.56% Becoming
Odin Metals ODM $10.4M Jason Peterson 6.40% Becoming
Dropsuite DSE $33.7M Topline Capital Partners 10.57% Increasing
Surefire Resources SRN $1.9M Kyle Haynes 6.37% Increasing
Riversgold RGL $7.7M Tolga Kumova 7.36% Increasing
Mithril Resources MTH $15.3M Dudley Leitch 5.45% Becoming
Mithril Resources MTH $15.3M Garry & Nancy-Lee Thomas 10.64% Becoming
Lifespot Health LSH $3.0M Niv Dagan 9.43% Increasing
Liontown Resources LTR $213.9M Timothy Goyder 17.89% Increasing
Gullewa GUL $10.6M David Deitz 20.31% Increasing
Mandrake Resources MAN $7.2M JM Financial 5.26% Becoming
Monash IVF MVF $222.9M Challenger 9.50% Increasing
GTN GTN $114.1M Spheria Asset Management 9.07% Increasing
Star Combo Pharma S66 $70.5M Goldenstar Pharmaceutical Investment 36.10% Becoming
Spirit Telecom ST1 $87.4M Regal Funds Management 15.20% Becoming
Black Cat Syndicate BC8 $58.0M Les Davis 5.21% Becoming
Smiles Inclusive SIL $5.1M Phi Long Investment 14.51% Increasing
Aura Energy AEE $10.2M Lind Partners 18.90% Increasing
TerraCom TER $100.1M Rainbow Max 9.42% Becoming
Macmahon Holdings MAH $581.9M Paradice Investment Management 5.00% Becoming
Zenith Energy ZEN $146.4M Apex Opportunities Fund 17.60% Becoming
Alpha HPA A4N $105.5M Budworth Capital 5.86% Increasing
Pure Alumina PUA $3.8M Tolga Kumova 8.58% Increasing
Infigen Energy IFN $773.7M TCI Fund Management 33.09% Increasing
Wingara WNR $27.6M Naos Asset Management 28.87% Increasing
Citadel Group CGL $238.5M Perennial Value Management 11.48% Increasing
Atomo Diagnostics AT1 $173.9M Perennial Value Management 6.42% Increasing
Marley Spoon MMM $169.8M Perennial Value Management 12.68% Increasing
Zenith Energy ZEN $146.4M Westoz Funds Management 10.04% Increasing
Alpha HPA A4N $105.5M Permgold 9.89% Increasing
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Last year’s most successful group was telco Uniti Group (ASX:UWL), which expanded following several acquisitions. One target was fellow listed telco Spirit Telecom (ASX:ST1), which said no and went on a buying spree of its own.

Despite the challenging macroeconomic environment, Spirit reported a record trading result last month. It made $14.3m in revenue between January and April this year — double that booked in the same period last year.

One of Spirit’s institutional investors, Regal Funds Management took its stake to 15.2 per cent after buying another parcel of shares worth $3.2m.

Regal also bought more shares in hand sanitiser maker Zoono (ASX:ZNO) and now owns 10.18 per cent. Since late February it has made 1.65 million in net buys at varying market prices between $1.28 and $2.28 per share.

In our last Trading Places column we reported that well known mining investor Tolga Kumova had bought into gold junior Riversgold (ASX:RGL)

Since then he bought another package of shares, worth $124,266 taking his stake to 7.36 per cent. Kumova also topped up his holdings in Pure Alumina (ASX:PUA) to 8.58 per cent after dropping another $54k on the stock.

Timothy Goyder took his stake in lithium play Liontown Resources (ASX:LTR) to nearly 18 per cent with a buy of just under $300,000 worth of shares.

Alex Waislitz’s investment vehicle, Thorney Technologies, bought shares in tech plays Jayride Group (ASX:JAY) and OneVue Holdings (ASX:OVH). The latter of these stocks got a takeover offer on Monday and appears keen to accept the deal.

Samuel Terry Asset Management took its stake in Kangaroo Island Plantation (ASX:KPT) to 26.3 per cent. No small cap was hit by the summer’s bushfires worse than this one losing much of its land on the island that it is named after.

But hopes are high it can rebuild. As of yesterday it has received $30m in insurance payments.



Company Code Market Cap Holder Current Stake Status
Alcidion Group ALC $153.6M Caledonia Trust 6.64% Decreasing
Emeco Holdings EHL $458.9M Perennial Value Management 4.68% Ceasing
PWR Holdings PWH $404.4M Perennial Value Management 9% Decreasing
Identitii ID8 $7.8M Regal Funds Management 6.19% Decreasing
CarbonXT Group CG1 $24.6M Capital H Management 4.47% Ceasing
MMA Offshore MRM $74.1M First Samuel 4.80% Ceasing
MG Unit Trust MGC $94.4M Nordlys Investments - Rodney Pryor 18.34% Decreasing
Veris VRS $13.0M Perennial Value Management 7.88% Decreasing
Integral Diagnostics IDX $648.3M Perennial Value Management 7.24% Decreasing
New Age Exploration NAE $4.4M Resource Capital Fund 0.09% Ceasing
Mithril Resources MTH $12.6M Kenneth Baker 0.56% Ceasing
MNF Group MNF $434.2M Naos Asset Management 9.84% Decreasing
Lithium Consolidated LI3 $3.1M Australian Consolidated Venture Capital 13.60% Decreasing
The Reject Shop TRS $179.8M Regal Funds Management 5.02% Decreasing
Fraser Range Metals FRN $13.1M Croesus Mining - Steinepreis family 6.44% Decreasing
Antisense Therapeutics ANP $35.2M Australian Ethical Investments 6.65% Decreasing
Chant West Holdings CWL $9.8M Harvest Lane Asset Management 4.82% Ceasing
MG Unit Trust MGU $9.1M Nordlys Investments - Rodney Pryor 14.27% Decreasing
Adairs ADH $284.1M Perennial Value Management 0.06% Ceasing
Alto Metals AME $18.2M Contento Investments 0% Ceasing
Tempo Austraia TPP $18.8M Spheria Asset Management 8.52% Decreasing
Hills HIL $41.8M Wilson Asset Management 0.00% Ceasing
Shaver Shop SSG $72.7M Microequities Asset Management 5.48% Decreasing
Wagners Holdings WGN $219.0M LHC Capital Partners 5.95% Decreasing
Variscan Mines VAR $3.1M Slipstream Resources Investments 15.97% Decreasing
Gladiator Resources GLA $2.8M Parry Capital Management 0.00% Ceasing
Southern Cross Media SXL $613.0M Challenger 5.83% Decreasing
Flexigroup FXL $449.6M Renaissance Smaller Companies 6.91% Decreasing
Medadvisor MDR $156.7M Regal Funds Management 7.23% Decreasing
Whispir WSP $259.4M AustralianSuper 4.69% Ceasing
Pivotal Systems PVS $94.5M LHC Capital Partners 9.68% Decreasing
Identitii ID8 $9.8M Regal Funds Management 5.14% Decreasing
The Reject Shop TRS $236.3M Regal Funds Management 3.70% Ceasing
Perpetual Resources PEC $15.0M Regal Funds Management 10.54% Decreasing
Visioneering Technologies VTI $6.0M Regal Funds Management 11.37% Decreasing
Droneshield DRO $36.6M Regal Funds Management 8.82% Decreasing
Invex Therapeutics IVX $44.0M Anthony J Girst 5.25% Decreasing
Veris VRS $13.8M Perennial Value Management 6.22% Decreasing
Redbubble RBL $317.4M Perennial Value Management 8.60% Decreasing
Nick Scali NCK $469.0M Ethical PArtners Funds 5.37% Decreasing
Opthea OPT $915.1M Regal Funds Management 10.67% Decreasing
Medical Developments International MVP $521.1M Regal Funds Management 6.05% Decreasing
Nickel Mines NCK $469.0M Norman Seckold 6.11% Decreasing
Xanadu Mines XAM $37.1M Noble Resources 6.91% Decreasing
Constellation Resources CR1 $10.2M Steinepreis Family 4.09% Decreasing
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Sales by Regal Funds Management included discount retailer The Reject Shop (ASX:TRS) and optometry play Visioneering Technologies (ASX:VTI).

Perennial Value Management’s most notable sales included almost all of its holdings in homewares seller Adairs (ASX:ADH).

It also sold shares in Redbubble (ASX:RBL) while remaining above the 5 per cent threshold.

One particularly notable sale was in micro-cap explorer Gladiator Resources (ASX:GLA). Parry Capital Management, sold its entire 8 per cent stake on market last Thursday, giving other investors the opportunity to buy in and the stock doubled.