5 ASX 300 shares this fundie has been buying at bargain prices

Confident male Macquarie Group executive dressed in a dark blue suit leans against a doorway with his arms crossed in the corporate officeConfident male Macquarie Group executive dressed in a dark blue suit leans against a doorway with his arms crossed in the corporate office

The S&P/ASX 300 Index (ASX: XKO) has slipped in line with the more often quoted S&P/ASX 200 Index (ASX: XJO) so far this year.

Both indexes have slumped close to 11% since the start of 2022, and they’ve dragged some of the market’s favourite shares down with them.

But such a selloff has presented a buying opportunity for Perennial Partners.

Let’s take a look at the ASX 300 shares the fundie has snapped up following notable tumbles.

5 embattled ASX 300 shares in this fundie’s cart

The Perennial Value Australian Shares Trust bought into these big-name ASX shares last month following significant price tumbles:

BHP Group Ltd (ASX: BHP)

Shares in the mining giant are down 10% year to date amid volatile commodity prices and the divestment of the company’s petroleum business. They’ve also fallen 28% from their April peak.

But BHP’s future looks to be brighter. The fund believes demand for commodities will stay strong in the second half amid Chinese stimulus measures.

Macquarie Group Ltd (ASX: MQG)

The share price of this financials’ favourite has slipped 18% in 2022 and is currently trading 19% lower than its January peak.

The stock has been battered amid rising inflation, interest rate hikes, and a $400 million capital raise.

James Hardie Industries plc (ASX: JHX)        

Stock in the building products producer has tumbled 39% from its peak in early January.

James Hardie has likely also been hampered by rising inflation, which could spell bad news for the housing market. However, Perennial isn’t the only fund seemingly bullish on James Hardie.

MA Financial Group Ltd (ASX: MAF)

The ASX 300 financial services group’s share price has fallen 38% in 2022 and is currently 42% lower than its January peak.

Perennial noted it sees notable upside (possibly between 50% and 100%) in many of its small-cap holdings, including MA Financial, over the medium term.

QBE Insurance Group Ltd (ASX: QBE)

Finally, the insurer’s stock has slipped 10% from its February peak.

The fund believes QBE is a defensive stock, tipping its earnings to perform well despite rising interest rates and a slower growth environment.

And another thing …

Perrenial also swapped some of its holdings in the Lottery Corporation Ltd (ASX: TLC) for Tabcorp Holdings Limited (ASX: TAH) as it sees more upside in the parent company.

The fund has performed relatively in line with the ASX 300 over the three months ended June. Looking to the longer term, however, it’s significantly outperformed the market. It has slipped just 3% compared to the index’s near-7% tumble over the prior 12 months.

The post 5 ASX 300 shares this fundie has been buying at bargain prices appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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