6 ASX stocks that Australian Ethical bought or sold recently

We often like to look at shares that well known ASX fund managers are trading, and today we’re looking at a few stocks that Australian Ethical bought or sold recently.

Australian Ethical (ASX:AEF) is one of the best known money managers in Australia with over $10bn in FUM and one of the most consistent performers so far as returns are concerned. Unlike many fund managers, it is publicly listed and so it has to disclose when it reaches the 5% substantial shareholder threshold and then where there is >1% change in its stake so long as it is above 5%. Here are a few companies Australian Ethical has traded recently, judging by recently lodged substantial holder notices.

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6 ASX stocks that Australian Ethical bought or sold recently

Kinatico (ASX:KYP)

AEF sold down its stake by 4.5m shares and is barely over the substantial shareholder threshold (5%). This company used to be known as ‘CVCheck’ after its former original product’s purpose. This is still a part of the company, but the name change reflected positioning to become a ‘Know Your People’ technology company having developed software for real-time credential management and compliance workflows across industries like aged care, education, healthcare, utilities, financial services, and more

In FY25, revenue was $32.1m, up 12%, and its profit was $1.1m. This may not appear high, but is 45% higher than a year before, and the company’s Return on Equity was 4.5%. During FY25, it boasted 16.6% growth in new enterprise accounts and 16.5% growth in average revenue per account.

Australian Clinical Labs (ASX:ACL)

AEF has bought 2.3m shares across 2025, taking its stake from 6.26% to 7.58%. ACL is one of 3 pathology stocks on the ASX, it collects medical samples and analyses them to help detect diseases. If it had its way, it would be one of only two because it wanted to take over Healius (ASX:HLS) but the ACCC blocked that deal at the end of 2023 on the basis it would limit competition. And so Sonic’s (ASX:SHL) position at the top was protected.

ACL shares are down over 20% in 2025, failing to recover from Trump’s tariffs. This is despite revenue growing 6% to $741.3m and its profit growing 35% to $32.8m. Nonetheless, there have been some worrying signs in the industry including fee cuts in the MBS that materially outweigh indexation on the schedule.

Nuix (ASX:NXL)

Nuix is a data technology company. It developed an algorithm that enables unstructured data to be made searchable and provides the structure for more elaborate analysis. After a surge post-listing, the share price collapsed over 90% from its peak due to missed prospectus forecasts and multiple lawsuits against.

But the worst of the dramas are behind it, and the company’s results continue to improve. Nuix has more than quadrupled from its all time lows and in its most recent results made $221.5m revenue. AEF has doubled down by investing 3.5m shares, taking its stake from 7.15% to 8.23%.

Eroad (ASX:ERD)

We’ve got a NZX-listed company here. We will admit that this is not the most heavily bought company on AEF’s behalf as it only owns 300,000 more than than a year ago, but it does own 12.9% of the company.

Eroad is a traffic technology business. Its software is used to manage vehicle fleets, support regulatory compliance, improve driver safety and reduce the cost of operating a fleet of vehicles. In its most recent annual results (FY25 – the 12 months to the end of March 2025) showed $194.4m revenue, $16m Free Cash Flow, $5.9m EBIT and $2.2m NPAT. For FY26, it has guided to at least $205m revenue, medium-term ARR CAGR growth of 11-13% and for free cash flow yield to be 8-10%.

Since then, one interesting development impacting the company has been New Zealand announcing a transition from fuel excise tax to electronic Road User Charging. With his company having made it possible by bringing to New Zealand a GPS enabled nationwide solution for commercial fleets, ERoad Co-CEO Mark Heine hailed the move.

‘It’s a system that’s not only more equitable, but more efficient and better aligned with our climate and infrastructure goals’, he said.

Shriro (ASX:SHM)

Here’s a company you may not have heard of. Shriro is a manufacturer and distributor of various devices and appliances including BBQs, watches, pianos, camera and calculators.

AEF reduced its stake from 7.9% to 6.7%, representing 900k shares sold. The company’s revenue in FY25 fell 14% due to lower seasonable product sales as the company ceased selling wholesale products in Australia, appointing a distributor. But the reduction in expenses results in EBITDA rising 5.5% to $15.3m and its post-tax profit rising 9% to $7.6m.

Investors were promised it would be launching new portable products including a BBQ and pizza oven, with the latter being the first of its kind to operate with a handheld gas canister. No revenue guidance was given, but EBITDA was promised to be higher in FY26.

Oncosil (ASX:OSL)

AEF is not one to shy away from clinical-stage biotechs. It had 732,568 shares at the end of June, but took its stake to 1.3m shares (6.93%) in just 2 weeks. Oncosil is a biotech focused on pancreatic cancer. Its namesake system is a single-use intratumoural brachytherapy device packed with radioactive microparticles. They are injected into the body in conjunction with chemotherapy, delivering radiation directly to the tumour tissue.

The device is CE Mark approved but has not been formally approved by the FDA. The company’s current TRIPP-FFX trial (named for TaRgeted Intratumoural Placement of Phosphorous‑32; and the FOLFIRINOX chemotherapy it is being used in conjunction with) aims to get the company’s device FDA approved. Patient recruitment was complete in July 2025, and trial data is expected in early 2026.