I like to keep an eye on substantial shareholder notices. This is because these notices give you an idea of which shares large investors, asset managers, and investment funds are buying or selling.
Two notices that have caught my eye today are summarised below. Here’s what these fund managers have been buying:
BWX Ltd (ASX: BWX)
A notice of initial substantial holder reveals that Eley Griffiths Group has been buying this personal care products company’s shares over the last nine months. According to the notice, the investment management company has been building its position between 23 October and 31 July. During this time it has acquired 6,852,439 shares, which gives it a 5.04% stake.
Eley Griffiths appears to have been buying BWX shares for its EGG Small Companies Fund. As of the end of July, this fund has delivered an average return of 8.24% per annum over the last five years. Judging by its purchases, it appears to believe the addition of BWX could help its market beating run continue.
iSelect Ltd (ASX: ISU)
A notice of change of interests of substantial holder shows that Forager Australian Shares Fund (ASX: FOR) has been topping up its position in this price comparison website company. The notice reveals that Forager has picked up around 5.5 million more iSelect shares between 7 June and 3 August. Its biggest purchase came on the latter date, when it picked up 5 million shares for a total of $1,026,628. This equates to an average of 20.5 cents per share. That purchase lifted its holding to a total of 24,053,874 shares, which equates to an 11.04% stake.
The iSelect share price has been an incredibly poor performer over the last few years, but it appears as though Forager believes the tide is turning. Though, with the fund manager’s key Australian Shares Fund lagging the market by an average of 5.7% per annum over the last five years and 16.6% per annum over the last three years, I wouldn’t be in a rush to follow its lead just yet.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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