In September the Australian Growth Fund fell -2.3% compared to the benchmark ASX200 index which was flat. There was less company specific news driving share price returns in September. However, the aftermath of the August reporting season (and post results meetings with management teams) continued to influence share price performance. 

SEEK’s (+3.9%) share price pushed on after a strong August as the market warmed to the idea that SEEK is now through its large technology revamp, enabling it to use price and employment advert ‘yield’ as a flexible lever to help bolster profit growth. This means SEEK's earnings are likely less cyclically exposed to the employment cycle compared to history. This adds some resilience to the cadence of earnings growth from one year to the next.  During August, SEEK pleased the market when it affirmed that it expects FY26 revenue growth to exceed total expenditure growth. In other words, after tax profit will grow faster than revenue. Revenue growth will be supported by continued double-digit yield growth which is helped by increased prices. Job advertising volumes are expected to stabilise.  

WiseTech's (-11%) share price continued subsiding following the release of FY26 earnings guidance, which was announced alongside its latest results and fell short of market expectations.  Part of the weakness in its growth is related to timing. WiseTech is rolling out new products which will only begin translating into meaningful revenue at the back end of the financial year. It is also changing the way it prices its software products. Longer term we think this will be helpful in accelerating adoption of its products by customers. In the near term, it will take up to a couple of years to completely roll out across the customer base.