Author: therawinformant

The Hydrix Ltd (ASX: HYD) share price is soaring higher today after the company announced its ‘AngelMed’ platform has successfully carried out its first implant. At the time of writing, the Hydrix share price is trading 53.57% higher at 43 cents.

What Hydrix does

Hydrix is essentially a product innovation company. The company states its purpose as enhancing the health, safety, and wellbeing of one billion people. In order to do this, Hydrix leverages its product innovation capability across multiple growth platforms; services, ventures and medical.

The most notable of these platforms is Hydrix Medical. The medical platform aims to bring innovative medical technologies to market such as the implantable heart attack warning system driving the Hydrix share price today.

What happened?

The Hydrix share price took off again after the medical product innovation company released an announcement to the ASX today. The announcement was regarding the company’s AngelMed System that can be used to prevent silent heart attacks.

It was announced that a patient had received the first implant of the AngelMed Guardian System as part of the ALERTS continued access study.

The United States Food and Drug Administration (FDA) granted Hydrix approval to re-implant 260 clinical trial patients under its continued access study. The objective of the ALERTS continued access study is to provide its former clinical trial patients access to the next generation device and its life-saving features. 

Earlier in the year, the initial supply of the device caused the Hydrix share price to jump 250%.

Groundbreaking technology driving the Hydrix share price

As discussed briefly above, the AngelMed Guardian system is designed to track significant changes in the heart’s electrical signals, which includes detection of silent heart attacks, and then alert patients to seek medical attention. It is an implantable cardiac monitor with patient alerting for patients who have had prior acute coronary syndromes, or other heart related diseases.

Hydrix’s device has received high praise from the medical community, with the implanting surgeon, Kelly Tucker, M.D., stating:

The AngelMed Guardian represents a real game changer in the management of coronary artery disease. This is the first ever surveillance tool for patients with a prior coronary event and has the potential to save countless lives and bring peace of mind to thousands of families. It is a great honour to be involved in this amazing technology.

With today’s gain, the Hydrix share price is now up 95% so far this year.

More reading

• Where should you invest your Wesfarmers (ASX:WES) dividends?
• Why the Envirosuite (ASX:EVS) share price is zooming up 26% today
• Brokers name 3 ASX shares to buy right now
• 3 ASX shares poised for huge growth in FY21
• Lynas (ASX: LYC) share price boosted 5% by PM’s budget plan

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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I think that some ASX shares are poised to generate huge growth in FY21 after displaying large growth in the first month or two of the new financial year.

Really low interest rates are helping boost business valuations, but they may still be opportunities. 

Who knows how long they can keep it up? But I think these ASX shares are definitely worth watching:

JB Hi-Fi Limited (ASX: JBH)

JB Hi-Fi had a strong FY20 with total sales growth of 11.6% and underlying earnings per share (EPS) rising by 33.2% as lots of people spent more time working, learning and getting entertainment at home. The final dividend was impressive too, rising by 76.5% to 90 cents per share.

July 2020 sales, being the first month of FY21, were particularly strong. Total sales growth for JB Hi-Fi Australia was 42.1%. Total sales growth for JB Hi-Fi New Zealand was 9.1%. The Good Guys saw total sales growth of 40.4%.

It will be interesting to see if that level of growth can continue for the rest of FY21. Sales may have been impacted in Melbourne due to COVID-19 restrictions. Government stimulus is going to reduce over the next two quarters. This could also make things tricky for retailers.

The ASX share has continually impressed me over the years and FY21 could be another strong year, particularly if its FY21 first half result is strong enough to carry the full year result.

At the current JB Hi-Fi share price, it’s trading at 16x FY21’s estimated earnings.

Nick Scali Limited (ASX: NCK)

Nick Scali is another business that you’d assume wouldn’t do that well in a recession, but it’s showing astonishing growth.

The ASX share revealed July trading was very elevated with written order sales growing by 70% compared to the prior corresponding period. That growth was similar to the growth in May and June.

Typically, about two thirds of Nick Scali products are made to order with a typical delivery lead time of 9 to 13 weeks. The company said these orders will be delivered in the first quarter and contribute to FY21 revenue.

FY21 first half net profit is expected to be up by at least 50% to 60%. That would be astonishing in the current environment. Nick Scali hasn’t withdrawn that guidance.

As a useful bonus, Nick Scali has a grossed-up dividend yield of 8%.

Temple & Webster Group Ltd (ASX: TPW)

This has been one of the hottest ASX shares since the COVID-19 crash. Since 23 March 2020, the Temple & Webster share price has risen by 710%.

It was growing quite well before COVID-19. But the shift to e-commerce has really accelerated things. In FY20 it grew revenue by 74%, second half revenue rose 96% and fourth quarter revenue soared 130%.

Active customers rose 77% to 480,000 and earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 467% to $8.5 million.

It was the trading update for the first two months of FY21 that was particularly eye-opening. Revenue was up by 161% and it generated EBITDA of around $6 million – more than two thirds of FY20’s EBITDA.

The ASX share is in a strong financial position. In its announcement at the end of August 2020 the company said that it had $81 million of cash and no debt. It’s cashflow positive, so its balance sheet seems quite safe.

At the current Temple & Webster share price it’s trading at 61x FY22’s estimated earnings.

Foolish takeaway

Each of these ASX shares have very interesting growth prospects over FY21. I’ve been pleasantly surprised by JB Hi-Fi and Nick Scali before, so it may be unwise to write them off. Of the three opportunities I’m probably most attracted to Temple & Webster because it’s growing so fast, becoming more profitable and there is an undeniable shift to online shopping. It could be one to watch for years to come. 

More reading

• 5 ASX shares held by leading fund managers
• 3 ASX shares making all-time highs today
• Why these ASX tech shares just hit record highs
• The ASX stocks most leveraged to the Victorian economy re-start
• Can the Harvey Norman (ASX:HVN) share price maintain its momentum?

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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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The Lynas Corporation Ltd (ASX: LYC) share price was up by 4.74% at the time of writing to $2.43. The rise in the Lynas share price came following media reports that Australia’s Prime Minister, Mr Scott Morrison, has promised to include stimulus for critical minerals processing in the coming budget.

What has been reported?

According to media reports, the Prime Minister will give an address at the Press Club in Canberra today that will outline a plan to boost the economy through stimulus for the manufacturing industry. Of the six key areas identified to receive government help, critical mineral processing was included.

The stimulus will be up to $1.6 billion in the form of grants. Additionally, the Prime Minister hinted toward more favourable industrial relations for manufacturers, coordination between different levels of government and assistance from the scientific and research community. 

All of these policies will be good news for the Lynas share price, with the company planning to build a rare earth processing centre in Western Australia.

In his pre-released speech, the Prime Minister outlined that his strategy has three main elements, all of which are relevant to Lynas. The elements include making manufacturers more competitive through a more favourable business environment, building scale in areas of competitive strength and securing sovereign capability in areas that are of national interest. Lynas could benefit from more favourable regulation. Additionally, rare earth production by Lynas is of importance to Australia’s national interest and it will be likely to benefit from the government’s ambition to create sovereign capability in critical mineral production.

Although the Prime Minister did not name any companies specifically, his speech seemed to target rare earth processing among a few other vital industries, which could explain the boost to the Lynas share price today.

About the Lynas share price

Lynas is a rare earths miner and processor with assets in Australia and Malaysia. It also has plans to build a processing plant in the United States. The company has been listed on the ASX since 1986.

Recently, Lynas raised capital through an institutional placement, an institutional rights issue and an underwritten retail entitlement offer, raising $425 million at $2.30 per share. 

Lynas had earnings before interest, tax, depreciation and amortisation (EBITDA) of $59.8 million in the 2020 financial year. This figure was affected by production halts due to COVID-19.

The Lynas share price is up 318.97% since its 52-week low of 58 cents, it has risen by 6.11% since the beginning of the year. 

More reading

• Potential ASX winners from government’s $1.5bn manufacturing blueprint
• Why I like Saracen (ASX:SAR) and these ASX mining shares today
• Lynas (ASX:LYC) share price stands its ground as retail offer finalised

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The Zip Co Ltd (ASX: Z1P) share price was the worst performer on the S&P/ASX 200 Index (ASX: XJO) in September.

Over the 30 days, the buy now pay later provider’s shares lost a disappointing 33% of their value.

Why did the Zip share price crash 33% lower in September?

As well as getting dragged lower in a tech selloff that led to the S&P/ASX All Technology Index (ASX: XTX) falling 4.9% last month, investors were selling Zip and other buy now pay later providers due to increasing competition in the United States.

For example, the Afterpay Ltd (ASX: APT) share price fell 12.5% in September and the Sezzle Inc (ASX: SZL) share price lost almost 33% of its value.

What is happening in the US market?

At the start of September payments giant Paypal announced its intention to enter the buy now pay later market with its Pay in 4 product.

Pay in 4 is a short-term payment solution that will allow consumers to make a purchase and pay over four interest-free instalments. This is just like Afterpay Ltd (ASX: APT), Sezzle, and Zip’s US-based QuadPay business.

PayPal is due to launch Pay in 4 in the United States in the final quarter of 2020.

Investors appear concerned that its entry in the market will increase competition greatly and squeeze out some of the smaller players.

And although Zip’s QuadPay business has a large and growing customer base in the country, it has nowhere near the same level of traction as market leaders Afterpay and Klarna. This could mean that PayPal’s entry stifles QuadPay’s growth and leads to Zip falling short of the market’s lofty expectations.

Is this a buying opportunity?

While there is a lot of uncertainty given PayPal’s entry, I still believe Zip would be worth considering as a long term option.

Especially considering the size of the US market. Management has previously noted that it is worth an estimated $5 trillion a year. This means there’s plenty of room for multiple players to operate successfully in this market.

Though, I can’t help but feel that it might be worth the company adjusting its US business model to be more in line with its Australian business to help it stand out in the crowded market. 

More reading

• These were the worst performing ASX 200 shares in September
• BrainChip (ASX:BRN) and Novonix (NVX) were among the most traded shares on the ASX last week
• Why Flight Centre, MoneyMe, Paradigm, & Zip shares are pushing higher today
• Could these small cap ASX shares be the next Afterpay (ASX:APT) or Zip (ASX:Z1P)?
• The Zip (ASX:Z1P) share price is down 38% in a month: Is this a buying opportunity?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. and Sezzle Inc. 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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The Bellevue Gold Ltd (ASX: BGL) share price is currently trading higher as the company released mining results that will pave the way for future drilling. At the time of writing, the Bellevue share price is trading 4.9% higher at $1.07.

What Bellevue does

Bellevue is an ASX listed company which boasts one of the highest-grade, under-developed gold discoveries in the world at the historic Bellevue Gold Mine in Western Australia.

Prior to its reopening, the mine was in operation from 1986 to 1997 and was, in its day, one of Australia’s highest-grade gold mines. Bellevue is rapidly expanding the current gold resource, with further exploration and step out and infill drilling ongoing at the property.

Bellevue Gold posts impressive results

This morning, Bellevue announced that extensional and infill exploration drilling at the Bellevue Gold Project in Western Australia has intersected high-grade mineralisation both outside and within the existing known resource boundary.

Drilling has been continuing on site despite impacts of the global pandemic.

Bellevue’s share price has been rising as the company’s investment in exploration drilling continues to create significant value for Bellevue stakeholders.

Managing Director, Steve Parsons commented that:

“This all points to a larger overall mineralised envelope with more gold in the high-confidence indicated category, which in turn gives us even greater scale while continuing to de-risk the project.”

Furthermore, drilling is on track to deliver a further increase in the indicated resource in the December quarter, with stage two infill drilling to upgrade more of the resource, which currently stands at 2.3Moz at 10g/t gold.

What now for the Bellevue share price?

The Bellevue share price has been on an amazing run in 2020, soaring 98% since the start of the year. This is largely thanks to the strong tailwinds that a rising gold price has provided. Gold is largely being tipped as a new standard in portfolios.

However, investors should be just as wary of a pullback in the gold price, with gold recently witnessing a slight fall from its highs.

More reading

• 3 ASX shares poised for huge growth in FY21
• Lynas (ASX: LYC) share price boosted 5% by PM’s budget plan
• The Zip (ASX:Z1P) share price crashed 33% lower in September
• Why EOS, Jumbo, Nearmap, & OceanaGold shares are dropping lower today
• ASX 200 up 1.6%: CBA higher on COVID-19 loan deferrals update, Reliance rockets

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has returned to form and is charging notably higher. At the time of writing the benchmark index is up a sizeable 1.6% to 5,908.5 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:

The Electro Optic Systems Hldg Ltd (ASX: EOS) share price is down 1.5% to $5.38. On Wednesday the defence and aerospace company announced the conclusion of contract negotiations with the government. These negotiations have resulted in the government purchasing 251 Remote Weapon Stations and related materiel for a total of $94 million. Some investors may have been expecting better terms.

The Jumbo Interactive Ltd (ASX: JIN) share price has tumbled 4.5% lower to $11.94. Investors have been selling the lottery ticket seller’s shares despite it being the subject of two positive broker notes. One of those was out of Citi. This morning its analysts reiterated their overweight rating and $14.30 price target on Jumbo’s shares. This follows news that the company has signed a deal with Lotterywest.

The Nearmap Ltd (ASX: NEA) share price is down 1% to $2.34. This is despite there being no news out of the aerial imagery technology and location data company on Thursday. However, it is worth noting that a number of tech shares are underperforming the rest of the market today.

The OceanaGold Corp (ASX: OGC) share price has crashed 9% lower to $2.15. The catalyst for this was the announcement of a C$150 million equity raising this morning. OceanaGold has entered into an agreement with a syndicate of underwriters who have agreed to purchase 73 million shares at a price of C$2.06 per new share. OceanaGold intends to use the net proceeds to fund organic growth projects. This includes the Haile underground development.

More reading

• ASX 200 sinks 2%, Corporate Travel (ASX:CTD) soars 8%
• 2 exciting ASX mid cap ASX growth shares to buy for the long term
• Why Corp Travel Management, EOS, Evolution, & Recce shares are charging higher
• Why the Jumbo (ASX:JIN) share price is moving higher today
• Electro Optic Systems (ASX:EOS) share price surges higher on $94 million government contract

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Electro Optic Systems Holdings Limited and Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive Limited. The Motley Fool Australia has recommended Electro Optic Systems Holdings Limited and Nearmap Ltd. 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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At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has bounced back and is on course to record a very strong gain. The benchmark index is up 1.6% to 5,909.5 points.

Here’s what has been happening on the market today:

CBA deferrals update.

The Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher following the release of an update on its COVID-19 temporary loan repayment deferrals. At the end of August, Commonwealth Bank’s total loan deferrals stood at 174,000. This was down slightly from 182,000 in July and 210,000 in June. In dollar terms, the balance of these loan deferrals reduced to $59 billion from $62 billion in July and $67 billion in June.

Reliance sales growth impresses

The Reliance Worldwide Corporation Ltd (ASX: RWC) share price is rocketing higher on Thursday after releasing a trading update ahead of its investor day event. The plumbing parts company’s update reveals that its sales growth has been strong during September. Up to and including 25 September, Reliance revealed month to date Americas sales growth of 29%, APAC sales growth of 4%, and EMEA sales growth of 24%.

Mesoblast trading halt.

The Mesoblast limited (ASX: MSB) share price was placed in a trading halt prior to the market open this morning. The biotech company requested the halt pending an announcement in relation to the United States Food and Drug Administration’s review of its Biologics License Application for RYONCIL (remestemcel-L). This is for the treatment of paediatric patients with steroid-refractory acute graft versus host disease. The Food and Drug Administration was scheduled to review RYONCIL on Wednesday (United States times).

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the Reliance share price with a massive 11% gain following its trading update. The Pro Medicus Limited (ASX: PME) share price has been the worst performer on the index today with a 2% decline. This is despite there being no news out of the healthcare technology company.

More reading

• Why BHP, Paradigm, Reliance, & SeaLink shares are charging higher today
• Investors push for 40% women in ASX 200 exec roles
• Commonwealth Bank (ASX:CBA) share price higher on COVID-19 loan deferral update
• Potential ASX winners from government’s $1.5bn manufacturing blueprint
• Why Mirvac (ASX:MGR) and these ASX REITs could boom in 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Reliance Worldwide Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended Reliance Worldwide 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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The Droneshield Ltd (ASX: DRO) share price has rocketed higher today on news the company has bagged a fresh government contract.

The Droneshield share price is up 10% to 22 cents at the time of writing. This compares to the All Ordinaries Index (ASX: XAO) which is also moving higher today, up 1.4% to 6,093 points.

Let’s take a look at Droneshield.

What does Droneshield do?

Droneshield specialises drone security technology, designing and developing detection systems that protect people, organisations and critical infrastructure from drones.

Its multi-layered drone countermeasures include detection and disruption products which are much needed in the current environment.

Its key product is the DroneGun, which is a hand-held, lightweight portable weapon that is highly effective against drones.

New government contract

The global defence contractor received an order for its DroneGun Tactical hand-held counter-drone products. The customer is from a major intelligence government agency from one of the ‘Five Eyes’ countries (a signals intelligence alliance between the United States, Canada, Australia, the United Kingdom and New Zealand).

The deal is worth approximately $900,000 with delivery expected to be through Q4 2020 and Q1 2021.

What did the CEO say?

Droneshield CEO Oleg Vornik was pleased with the new order, saying:

We are excited to see continued conversion of our extensive pipeline, following the hard work in last the several years with this and other customers.

This order cements our relationship with this customer, continuing to set the DroneShield products as the go-to counterdrone solutions for key government agencies globally, in terms of further DroneGun orders, sales of complementary products such as RfPatrol MKII and our vehicle and fixed site systems, and opening the door for custom larger projects in the EW/signals intelligence domain.

Other developments

Just a few weeks ago, Droneshield advised it had won a contract with a Southeast Asian country for a DroneSentry system. The order was a first for this country and anticipated to lead to other multimillion-dollar sales. The agreement will see Droneshield awarded about $1 million before the product ships in Q4 2020.

DroneShield also received funding from the US Department of Defence for the development of its DroneShieldComplete command-and-control (C2) system. The amount invested was not disclosed, but is expected to be updated to the market when available.

Is the Droneshield share price a good investment?

The Droneshield share price has been on a recovery mission since reaching its 52-week low of 8.4 cents in March. However, it’s still a long way off its multi-year high of 46.5 cents achieved last year.

I think that Droneshield offers exciting prospects in the defence area, given the current tense geopolitical environment. I like what Droneshield brings to the market, and will be adding the company to my watchlist.

More reading

• Starpharma (ASX:SPL) share price tumbles on oversubscribed placement
• Which shares to buy now with $10,000
• Why the Paradigm (ASX:PAR) share price has rocketed 8% higher today
• ASX 200 Weekly Wrap: Bank shares push ASX 200 higher
• Village (ASX:VRL) share price edges lower after BGH takeover update

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to bounce back strongly from yesterday’s surprise selloff. At the time of writing the benchmark index is up 1.35% to 5,894.3 points.

Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:

The BHP Group Ltd (ASX: BHP) share price is up almost 3% to $36.58. Investors have been buying the mining giant’s shares after analysts at Credit Suisse upgraded them. According to the note, the broker has upgraded BHP’s shares to an outperform rating and lifted its price target to $39.00. This follows a lift in its iron ore forecasts due to a more positive view on Chinese steel consumption.

The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has jumped 8% to $2.86. This morning the biopharmaceutical company released an update on a study of its Zilosul for the treatment of knee osteoarthritis. According to the release, additional data has shown that Zilosul reduced pain by an average of 47.3%. The Paradigm share price is now up over 25% since the start of the week.

The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has surged over 11% higher to $4.25. Investors have been fighting to get hold of the plumbing parts company’s shares after it revealed strong first quarter sales growth. Up to and including 25 September, Reliance revealed month to date Americas sales growth of 29%, APAC sales growth of 4%, and EMEA sales growth of 24%.

The SeaLink Travel Group Ltd (ASX: SLK) share price has stormed 6% higher to $5.88. The catalyst for this was the announcement of a five-year $1 billion contract win in Singapore. The Land Transport Authority of Singapore has awarded SeaLink’s Tower Transit business the PT217 contract to operate both the Bulim package and the Sembawang-Yishun package of public bus services in Singapore. Both start next year and have two-year extension options.

More reading

• SeaLink (ASX:SLK) share price surges to record high on major Singapore contract win
• Paradigm (ASX:PAR) share price rockets higher on Zilosul update
• Reliance (ASX:RWC) share price on watch after strong Q1 sales growth
• Will the Fortescue (ASX:FMG) share price outperform in 2021?
• 3 ASX shares making all-time highs today

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Reliance Worldwide Limited. The Motley Fool Australia has recommended Reliance Worldwide 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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Nine major investors have signed a plan to push for 40% female representation in S&P/ASX 200 Index (ASX: XJO) executive roles by 2030.

The $52 billion superannuation fund HESTA on Thursday launched the 40:40 Vision campaign, with Aberdeen Standard Investments, BlackRock Australia, Ellerston Capital, Fidelity International, First Sentier Investors, IFM Investors, Pendal Group and WaveStone Capital on board as founding signatories.

These investors will now target ASX 200 companies to get them to sign up to the pledge as well.

Currently only 30 ASX 200 companies have at least 40% women in executive positions.

The initiative wants to see policies and targets that will eventuate in 40% women, 40% men and 20% “any gender” in C-suite roles by the year 2030.

Companies that sign on will need to be transparent on their progress and set interim targets for 2023 and 2027.

Not good enough, say investors

HESTA Chief Executive, Debby Blakey, said progress was currently too slow and was proving to be a risk to shareholders.

“At this rate it will be another 80 years before we see equal representation of men and women at CEO level – and similarly in executive leadership – unless action is taken now,” she said.

“We see lack of gender diversity in leadership as a financial risk. Companies that fail to consider 50% of the population for leadership positions risk missing out on the best people and the performance of the organisation will eventually suffer.”

Blakey, who is also chair of the 40:40 steering group, said the initiative gives companies the flexibility to set their own path to the 40% goal.

“We want to see real, genuine change – not just additional layers of needless reporting and governance that invariably becomes a tick-the-box exercise,” she said.

“As a significant investor, we cannot simply diversify away from risks stemming from social inequality.”

HESTA, as a super fund for the health and community sector workers, has 80% female membership.

There was significant evidence that gender balance in executive positions led to better decision making and stronger company performance.

“As a long-term investor, we see gender diversity as an accurate indicator of a well-run company, with strong, inclusive decision making that’s more likely to deliver long-term value to shareholders,” she said.

“We also know that women in senior leadership are important champions for cultural change. More inclusive workplaces mean more career opportunities for women that can, over the long-term, improve their retirement outcomes.”

More reading

• Potential ASX winners from government’s $1.5bn manufacturing blueprint
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Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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