Sectors: Software
Welcome back, James & Team. Does QOR’s 4C and Dec Qtr 2025 Activity Report seem good to you? If so, any reason why it dropped so much after the release? What do you think of QOR’s investment value? I heard a good report in a podcast before the recent activity report. Should we put much weight on the two substantial purchases by 2 fund managers in mid December 2025 at much higher prices?
As I type this, XRO hit a low of 98.66. Almost 50% drawdown from its peak of 196. This is a great business, but great business dont fall 50%. Where do you see this going? Do you see recovery? Same Question for WTC, where do you see this going. I am aware the whole tech sector sentiment is down, but 50% drawdown is huge. Thoughts please
XRO has been in downtrend since mid June. Do you still remain bullish despite the trend having not been our friend for 6 months?
Esteemed Team,
Happy holidays, James & team,
Thank you for your expert advice throughout the year. It is very beneficial.
We continue to own Hansen Technologies (HSN) in the Emerging Companies Portfolio, and in line with recent selling in tech, the share price has been under pressure since peaking at $6.49 in September, now down nearly 20%. As a refresher, HSN develops and licenses billing & customer management software for utilities (energy, water) and telcos.
I wanted to get your view on WiseTech’s numbers. I listened to a podcast that criticised its accounting, arguing that its artificially boosting EBITDA by treating wages for its software developers as a depreciable asset (ie capitalising R&D) – and then because of that the free cash flow is inflated and margin improvements are really down to a bit of accounting magic. Do you have a view on this and whether its something to worry about? A bit technical I know, but would love your view on this issue as I don’t think you’ve discussed this in your analysis. Thanks, Josh
Hi James,
I have read some recent articles citing tough competition XRO faces in its US expansion, specifically Livewire’s November article, which names Intuit (INTU) as a significant challenge to XRO’s US plans. The article highlighted INTU’s scale and footprint, noting that its annual R&D spend exceeded XRO’s annual revenue and that a considerable portion of this spend was devoted to developing AI for its platforms. Seems like a tough ask of XRO to compete amongst players of this size and scale. Does MM have a view on this, and how does it impact or shape your investment thesis for XRO at these levels? I currently hold XRO at slightly higher levels than the last traded price.
Regards
Andrew
Hi Market Matters Team,
Could I have your view on C79 – Chrysos Corp. It has fallen over 12% so far this week following AGM and CSIRO reducing ownership. You have Chrysos on your hitlist for the emerging Co’s portfolio. Would you continue to hold. Are you close to buying C79?
regards
Debbie
