Magellan's Airlie builds 5% stake in Tabcorp
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The news: Magellan Financial Group is now a substantial holder of Tabcorp through Airlie Funds Management.
The numbers: Magellan bought shares representing 5.2% of the gambling company on 16 May.
Airlie has two funds open to investors — Airlie Australian Share Fund ($550.1 million) and Airlie Small Companies Fund ($3.7 million).
Over the last three years, the Airlie Australian Share Fund has returned 9.7% compared to the benchmark S&P/ASX 200 Accumulation Index return of 7.3%. The Airline Small Companies Fund has returned 17.9% since inception, in April 2023, compared to the S&P/ASX Small Ordinaries Accumulation Index return of 8.98%.
Tabcorp shares last closed at $0.68 and over the past 12 months has fallen 38.18%.
Magellan's share price last closed at $8.55 and over the past 12 months has increased 3.64%.
The context: In disclosing that Magellan had become a substantial shareholder, Tabcorp noted that there were restrictions prohibiting a person from having voting power in the company in excess of 10%.
The sources: ASX announcement , ASX announcement
