6 stock moves that Wilson Asset Management made recently

Wilson Asset Management is one of the most prominent institutional investors on the ASX. It was founded by, named after and is still led by Geoff Wilson, one of the most famous investors in Australia.

Wilson is also one of the easiest to follow stock movements because, as it has 8 Listed Investment Companies (LICs) on the ASX, it has to disclose its movements to the Australian bourse – at least in respect of holdings listed on the ASX that it holds 5% or more of. The recent dealings reveal a firm rotating away from a troubled turnaround, trimming a position that has run hard, and hunting for fresh ground in industrial distribution, medical AI, utility software and SME finance.

Here they are.

What are the Best ASX Stocks to invest in right now?

Check our buy/sell tips

6 stock moves that Wilson Asset Management made recently

Selling EML Payments (ASX:EML)

Wilson’s decision to sell down enough shares to cease being a substantial holder in EML Payments brings to an end what had become an increasingly uncomfortable relationship. Wilson Asset Management held as much as 8.62% of EML as recently as July 2024, making it one of the company’s most significant backers through a period of profound difficulty.

EML’s troubles trace back to its 2020 acquisition of Ireland’s Prepaid Financial Services Group, which brought intense regulatory scrutiny, a share price collapse and years of reputational damage.

The company has spent the years since trying to clean up the mess, liquidating its Irish subsidiary PFS Card Services Ireland in January 2025, citing the business as “no longer commercially viable”, and settling a long-running shareholder class action for A$37.4m in June 2025. Leadership has also been turbulent: in December 2024, the board terminated the employment of CEO Ron Hynes, the company’s second chief executive in quick succession, installing Anthony Hynes as Executive Chair to prosecute the EML 2.0 strategy.

To be fair, the underlying numbers have shown genuine improvement since then. But Wilson appears to have concluded that the EML 2.0 narrative, while credible, has too many moving parts and too much remediation still to play out. In our view, exiting a stock that has never recaptured its pre-scandal highs, and rotating into fresher opportunities, is a very WAM move.

Buying more of Stealth Group (ASX:SGI)

The 2.5 million shares added to reach 12.4% in Stealth Group (ASX: SGI) speaks to Wilson’s ongoing enthusiasm for what is shaping up as one of the ASX’s better small-cap distribution stories. Stealth reported record FY25 sales of $145.1m (up 27.6%) with EBITDA margins expanding from 5.3% to 7.0%, EBITDA rising 62% to $9.9m, and NPAT more than doubling to $3.1m. The company also reduced net debt by 37% and declared a higher fully franked dividend.

Management is targeting $300m in sales and an 8% EBITDA margin by FY28, a strategic roadmap built on omnichannel expansion, exclusive brand development, a tool hire service and M&A optionality in a large, fragmented market.

The stock has outperformed the ASX All Ordinaries Index by more than 50% over the past six months. Lifting the stake here reads as Wilson backing a management team that is executing well in a sector (namely, industrial MRO distribution) that is benefiting from construction and resources activity without carrying commodity price risk directly.

Trimming its stake in Mayfield Group (ASX:MYG)

Wilson’s 1.3 million share reduction to reach 5.62% in Mayfield Group Holdings (ASX: MYG) is almost certainly profit-taking rather than a loss of faith. Mayfield delivered 38% revenue growth in FY25 to $118.1m, with EBITDA expanding 73%, a debt-free balance sheet carrying $16.3m in cash, and a $954 million pipeline comprising $104m in the order book and $850m in near-term prospects.

The company, whose origins date to 1936 as South Australian electrical firm FR Mayfield, today sits at the intersection of several of the market’s most active capital expenditure themes: data centres, renewables and defence. It is the only ASX-listed pure-play electrical infrastructure manufacturer, a distinction that has attracted a re-rating. With the stock having run sharply, reducing from a larger position to just above the substantial holder threshold is a rational portfolio management decision, keeping skin in the game while harvesting some gains.

Buying more of Artrya (ASX:AYA)

The purchase of nearly two million shares to reach 6.72% in Artrya (ASX: AYA) is the most speculative move in this batch, and also perhaps the most interesting.  Artrya has developed Salix, the first near-real-time AI-enabled cardiac imaging solution to offer integrated workflow management and plaque assessment.

Vulnerable plaque is one of the strongest predictors of heart attacks, but it’s difficult and time-consuming to identify manually, even if you have enough physicians (which isn’t always the case). SCA generates a personalised 3D heart model depicting the extent of plaque and other biomarkers. SCA just needs an internet connection, there’s no hardware required and a full report is available within 15 minutes. It can be installed remotely and can come with the option of a single flat fee per image scanned.

The company received FDA clearance for its Anatomy module in March 2025 and its Plaque module in August 2025, and is actively pursuing US commercialisation. Since these milestones, the stock’s run has been extraordinary and the valuation is anything but cheap. Revenue remains minimal, with commercialisation still at an early stage.

But Wilson’s entry at scale suggests it is building a position ahead of what it expects to be meaningful US revenue milestones, with the addressable market, regulatory clearances and clinical partnerships sufficient to justify the risk.

It is the kind of early-stage AI healthcare bet that the WAM Capital or WAM Leaders portfolios might carry as a smaller position with asymmetric upside. One final thought. It won’t be the last institutional fundie to buy in, considering the promotion into the All Ords. 

Buying more of Gentrack (ASX:GTK)

The 1.3 million share purchase lifting Wilson to 6.3% in Gentrack (ASX/NZX: GTK) represents a straightforward quality software bet. Gentrack reported FY25 revenue of $230.2m, up 8%, with EBITDA of $27.8m, underpinned by its g2.0 cloud platform which continues to win new contracts in energy and water utilities. Recent wins include Utility Warehouse in the UK – a competitive new billing system win; and Pennon Water Services, one of the UK’s leading business water retailers.

Gentrack’s revenue is largely subscription-based, giving it high earnings visibility and strong operating leverage as it invests in R&D and international expansion. The company’s airports division Veovo also grew 24% in the first half, driven by modernisation and digitisation across global aviation.

With the stock currently at a 52-week low below $5.30 and trading around $12–13 per share midway through last year, Wilson’s purchase looks like conviction buying into a sticky, recurring-revenue software business with structural tailwinds from the global utility IT upgrade cycle.

Buying more of COG Financial Services (ASX:COG)

The purchase of nearly three million shares to take Wilson past 8% of COG Financial Services (ASX: COG) is arguably the most conviction-heavy buy in this batch.

COG is Australia’s leading finance broker aggregator and equipment leasing business for SMEs, operating a dual model that earns both aggregation commissions from its national broker network and direct net interest income through its own balance sheet. FY25 earnings rose 46% to $18.78m, a result that reflects both operating leverage and improving credit conditions.

COG’s expanded ownership of Fleet Network, now at 92.4%, is capturing novated leasing market upside, while its compound average growth rate of 16% in net asset finance over recent periods positions it for continued market share gains in a fragmented landscape of equipment finance broking. The EV transition and renewable energy rollout are creating new financing needs for business fleets and equipment, a structural demand driver that should compound through the decade.

For Wilson, COG is the kind of unassuming financial services business, profitable, growing, under-analysed, that its small and mid-cap funds have long favoured.