NEWS
6 May 2026 - Stock Story: Ampol
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Stock Story: Ampol Airlie Funds Management March 2026 (5-minute read) |
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Pathway to unlocking value outside the headlines. Ampol is Australia's largest fuel refiner and distributor, playing a critical role in supplying fuel to Australian consumers and industries. While Ampol is widely recognised for its national convenience retail network, we believe the market underappreciates the strategic value of their Lytton refinery asset. Lytton is one of only two remaining refineries in Australia. While the recent Iran conflict has drawn attention to the importance of fuel security in Australia, we see the real catalyst for value realisation sitting not in the headlines themselves, but in the evolving policy discussions that underpin Lytton's long-term earnings. Australia's refining capacity has deteriorated dramatically over the past 15 years. In 2011, the country operated seven refineries, supplying around 75% of domestic fuel demand. Today, only two refineries remain, these being Ampol's Lytton Refinery in Brisbane and Viva Energy's Geelong Refinery. Combined, these refineries meet just 20% of Australia's fuel needs. The balance of fuel is imported as refined product, predominantly from South Korea, Singapore, Malaysia, China and Japan. As Australia has shifted from refining self-sufficiency to import dependence, the strategic value of these last two refineries has grown considerably, given their role in national fuel security.
The outbreak of the war against Iran and subsequent closure of the Strait of Hormuz triggered a major global supply disruption. Notably, Ampol does not use Middle Eastern crude oil, yet the cascading effects on Asian refining production and product flows still materially affected supply chains into Australia. With Australia's fuel stockholdings well below the IEA's 90-day requirement, concerns around supply security were heightened.
Ampol is Australia's largest fuel refiner and distributor, playing a critical role in supplying fuel to Australian consumers and industries. While Ampol is widely recognised for its national convenience retail network, we believe the market underappreciates the strategic value of their Lytton refinery asset. Lytton is one of only two remaining refineries in Australia. While the recent Iran conflict has drawn attention to the importance of fuel security in Australia, we see the real catalyst for value realisation sitting not in the headlines themselves, but in the evolving policy discussions that underpin Lytton's long-term earnings. Australia's refining capacity has deteriorated dramatically over the past 15 years. In 2011, the country operated seven refineries, supplying around 75% of domestic fuel demand. Today, only two refineries remain, these being Ampol's Lytton Refinery in Brisbane and Viva Energy's Geelong Refinery. Combined, these refineries meet just 20% of Australia's fuel needs. The balance of fuel is imported as refined product, predominantly from South Korea, Singapore, Malaysia, China and Japan. As Australia has shifted from refining self-sufficiency to import dependence, the strategic value of these last two refineries has grown considerably, given their role in national fuel security. On a regulated basis, we estimate Lytton's value at $1.5-2.0 billion, compared to our estimate of the market's current implied valuation of less than $1.0 billion. This gap implies $3-$5 per share of incremental value to Ampol's current share price from the Lytton re-rate alone, before considering further upside from the EG Group acquisition and the rollout of U-GO conversions across the convenience retail network.
Funds operated by this manager: Airlie Australian Share Fund , Airlie Small Companies Fund Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Airlie Funds Management ('Airlie') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining professional investment advice tailored to your specific circumstances before making a decision about whether to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to an Airlie financial product or service may be obtained by calling +61 2 9235 4760 or by visiting www.airliefundsmanagement.com.au. Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of an Airlie financial product or service may differ materially from those reflected or contemplated in such forward-looking statements. This material may include data, research and other information from third party sources. Airlie makes no guarantee that such information is accurate, complete or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Airlie. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Airlie will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material. Any third party trademarks contained herein are the property of their respective owners and Airlie claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Airlie. |
4 May 2026 - Manager Insights | Altor Capital
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Chris Gosselin, CEO of FundMonitors.com, speaks with Benjamin Harrison, Chief Investment Officer at Altor Capital. In this conversation, Ben shared how the Altor AltFi Income Fund has delivered consistent performance over seven years, combining private credit investments with unique equity kickers. He also discussed their hands-on approach, focus on mid-market corporates, and where he sees the greatest opportunities for growth-making this a valuable watch for investors interested in private credit. |
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1 May 2026 - Expert analysis on what the RBA will do next Tuesday, May 5
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Expert analysis on what the RBA will do next Tuesday, May 5 FundMonitors.com May 2026 |
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Chris Gosselin, CEO of FundMonitors.com, speaks with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, and Renny Ellis, Director & Head of Portfolio Management at Arculus Funds Management. The discussion centres on Australia's latest inflation figures and whether the RBA should hold rates steady ahead of the federal budget. Nick and Renny broadly agree the central bank should wait for more data, while weighing the risks that temporary inflation pressures from energy and geopolitical uncertainty could become more persistent. |
30 Apr 2026 - Airlie Australian Share Fund Quarterly Update
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Airlie Small Companies Fund Quarterly Update Airlie Funds Management January 2026 (Viewing time: 15 mins) |
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Amid a highly dynamic market environment, Deputy Portfolio Manager Joe Wright and Senior Equities Analyst Jack McNally provide an update on the Airlie Australian Share Fund. They discuss recent performance, including corporate activity and reporting season outcomes, as well as the impact of evolving market narratives such as artificial intelligence and geopolitical developments. Joe and Jack highlight how these dynamics have created opportunities across the portfolio, while reinforcing the fund's focus on quality businesses, disciplined valuation and long-term investment outcomes. Funds operated by this manager: Airlie Australian Share Fund , Airlie Small Companies Fund Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Airlie Funds Management ('Airlie') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining professional investment advice tailored to your specific circumstances before making a decision about whether to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to an Airlie financial product or service may be obtained by calling +61 2 9235 4760 or by visiting www.airliefundsmanagement.com.au. Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of an Airlie financial product or service may differ materially from those reflected or contemplated in such forward-looking statements. This material may include data, research and other information from third party sources. Airlie makes no guarantee that such information is accurate, complete or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Airlie. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Airlie will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material. Any third party trademarks contained herein are the property of their respective owners and Airlie claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Airlie. |
29 Apr 2026 - Manager Insights | East Coast Capital Management
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Chris Gosselin, CEO of FundMonitors.com, speaks with Simone Haslinger, Chief Executive Officer at East Coast Capital Management. Simone discussed the fund's positive March quarter performance, the impact of volatility across energy and commodity markets, and how East Coast Capital's systematic trend-following approach seeks to capture opportunities during periods of market regime change.
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19 Mar 2026 - Expert Analysis of the RBA's March 17 Rate Decision
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Expert Analysis of the RBA's March 17 Rate Decision FundMonitors.com March 2026 |
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Chris Gosselin, CEO of FundMonitors.com, spoke with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, and Renny Ellis, Director & Head of Portfolio Management at Arculus Funds Management, about the RBA's decision to raise interest rates by 0.25% in March. Both described the move as premature, noting the narrow 5-4 board vote reflected significant internal disagreement. They argued that last month's rate rise had yet to flow through to the economy, and that the board was relying on last year's inflation numbers prior to the release of the February figure due next week. In a nutshell, the decision to raise rates in March, rather than wait 6 weeks until the meeting scheduled for May 4th and 5th, was premature. The discussion also considered the role of rising oil prices and geopolitical developments, with both suggesting the RBA may have acted too quickly given the uncertain economic outlook. |
16 Mar 2026 - Manager Insights | Allspring Global Investments
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Chris Gosselin, CEO of FundMonitors.com, speaks with George Bory, Chief Investment Strategist at Allspring Global Investments. They discussed Allspring's public-markets fixed-income approach, focusing on risk-aware portfolio management, steady income above inflation, and global diversification, before turning to how geopolitical tensions, oil prices, inflation, and US politics may shape bond markets and investment positioning. Key topics by timestamp:
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9 Mar 2026 - Manager Insights | Cyan Investment Management & Equitable Investors
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Chris Gosselin, CEO of FundMonitors.com, spoke with Dean Fergie, Director & Portfolio Manager at Cyan Investment Management and Martin Pretty, Director at Equitable Investors. They discussed the sharp market volatility during the latest reporting season, driven by elevated expectations around AI, shifting investor sentiment, and significant valuation resets across industrial stocks. The conversation also explored how changing money flows, speculation, and indexing influenced portfolio management and highlighted the importance of diversification in an increasingly volatile investment environment.
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9 Mar 2026 - How to get the most from Fundmonitors | Webinar Recording 04 August 2025
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How to get the most from Fundmonitors Webinar Recording FundMonitors.com 04 August 2025 |
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To help you get a better understanding of the www.fundmonitors.com database, watch this webinar recording to help you learn to navigate the database and get the most out of its powerful fund analytics. The webinar covered the following:
If you like to see just 1 aspect of the webinar feel free to jump to the relevant timestamp: |
26 Feb 2026 - Manager Insights | East Coast Capital Management
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Chris Gosselin, CEO of FundMonitors.com, speaks with Simone Haslinger, Chief Executive Officer at East Coast Capital Management. They discuss ECCM's systematic global trend-following strategy, recent strong performance driven by broad trends across commodities, currencies, and equity markets, and how disciplined risk management supports consistent results. The interview also highlights the importance of diversification and the role trend-following strategies can play in strengthening portfolios amid changing market conditions.
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