Sectors: Technology
ATEC offers diversified exposure to Australia’s beaten-up technology sector – at the moment, the 5 largest holdings are Computershare (11%), Xero (10%), NEXTDC (8%), CAR Group (8%), and Pro Medicus (8%). Computershare (CPU) wouldn’t be our top pick for a recovery in the space, but the balance of the ETF is on point.
PXA -17.13%: Sold off today after FY27 guidance fell short of expectations, overshadowing a FY26 result that was actually reasonable at the earnings line. The issue is the Australian property market: softer transaction volumes are now expected to weigh on both revenue and margins, while the range provided for FY27 leaves plenty of room for further disappointment. For a business that enjoys attractive operating leverage when volumes are rising, the reverse is proving equally true as activity slows.
The Global X Ultra Long Nasdaq 100 Complex ETF (ASX: LNAS) provides geared exposure to the Nasdaq 100, aiming to amplify movements in the index and therefore offering significantly more upside, and downside, than an unleveraged ETF such as NDQ. With a 1.00% annual management fee and around A$80m in assets, it is a smaller, higher-risk product generally better suited to tactical short-term traders/investors comfortable with leverage and greater volatility.
The chart below highlights the explosive growth in ASX-listed technology ETFs over the past decade, with NDQ firmly dominating the category. NDQ has grown from just A$408m in 2018 to around A$7.0bn today, representing roughly 73% of the combined A$9.6bn invested across these five funds. FANG has also enjoyed strong growth, reaching A$1.4bn as investors increasingly sought concentrated exposure to US mega-cap technology, while ASIA has recovered to A$771m after retreating from its 2021 peak.
The ASIA ETF tracks the Solactive Asia ex-Japan Technology & Internet Tigers Index, providing exposure to leading technology and internet companies across South Korea, Taiwan, China and Hong Kong. The portfolio has a strong semiconductor bias through SK Hynix, Samsung Electronics, TSMC and MediaTek, alongside Chinese internet heavyweights such as Alibaba and Tencent, making ASIA a useful alternative to US-focused technology ETFs for investors seeking exposure to Asia’s AI, memory-chip and digital growth themes. The fund charges a 0.67% management fee p.a.
Giant chipmaker NVIDIA has rallied +4.4% in after-hours trade this morning after delivering a beat on both revenue and EPS, and forward guidance was inline to a slight beat relative to expectations. Guidance has been a dominant factor in the ASX reporting season, as it was this morning, with NVIDIA’s guidance solid, though not spectacular.
WTC -10.07%: Produced strong headline earnings growth in FY26, with underlying NPAT up 29% and EBITDA up 46%, but the market focused on a softer-than-expected CargoWise performance and FY27 revenue growth guidance of just 6–10%.
Alibaba (BABA) shares have come under pressure this week after the Chinese ecommerce and cloud giant announced plans to raise HK$80bn (US$10.2bn) through a new share placement, with the proceeds earmarked entirely for artificial intelligence infrastructure. The placement involves 710 million newly issued ordinary shares at HK$112.70 each and is expected to close today (26 August). Hong Kong-listed shares fell more than 8% on the news, while the ADRs – which we own, were only down around ~1.5%.
SiteMinder’s FY26 result yesterday was disappointing, with misses across revenue, Average Reoccurring Revenue (ARR) and EBITDA, but the bigger issue for us is the change in the growth narrative. SDR has spent the past few years positioning itself as a 30% growth business; that ambition has now effectively been retired, with management guiding to ARR growth of 20–29% in FY27 and an ARR CAGR “in the 20s” through FY30. For a growth stock, stepping back from previously stated growth ambitions is not a good development.
