SYDNEY, March 5, 2026, 16:55 AEDT
- Macquarie reported a stake exceeding 5% in shipbuilder Austal as of Feb. 27
- Macquarie has reduced its stake in Nine Entertainment, according to a separate filing, trimming its voting power to 5.60%.
- Notices highlight activity spanning several Macquarie entities—stock lending arrangements are in the mix.
Macquarie Group has popped up on the share registers of two Australian firms in new filings—its stake in Austal now tops the 5% disclosure threshold, while at Nine Entertainment, Macquarie has trimmed its holding.
These moves stand out: “substantial holder” notices are often the first signal of stake-building, a shakeup in investor makeup, or tweaks in risk strategy among large managers. All of this is happening while local investors are already on edge, questioning who’s picking up which shares—and their motives—after a string of mid-cap deals and contentious boardroom battles.
Even so, these filings sometimes just reflect mechanics. Under Australian rules, anyone holding 5% or more voting power in a listed firm has to disclose, though that stake might be made up of shifting pieces—client mandates, custody holdings, securities out on loan—all of which can change hands without signaling an actual bullish or bearish tilt.
Macquarie and its related entities surfaced as a substantial holder in Austal on Feb. 27, according to a Form 603 lodged Wednesday. The group now holds 21,884,817 ordinary shares, or 5.19% of voting rights. The disclosure details positions held through several Macquarie divisions, among them Macquarie Bank and the group’s investment management units. 1
Macquarie has trimmed its stake in Nine Entertainment. A Form 604 filed March 4 reveals its voting power slipped to 5.60% from 8.85%, with the tally of votes down to 88,754,618, compared to 140,368,081 previously. The filing’s annexure details a sale of 47.5 million shares at roughly A$1.7656 apiece. 2
The filings break down the exposure into areas linked to securities lending—borrowing and lending shares, which can either back short sales or facilitate settlement, and in turn, cause “relevant interest” to rise or fall even if there’s no straightforward buy-and-hold stake.
Austal sticks to defense shipbuilding; Nine ranks among Australia’s heavyweights in media. Shifting money between the two might hint at a bet on the cycle, though the filings themselves stay silent on any specific investment rationale.
Macquarie runs a sprawling global financial services operation, spanning asset management, banking, and markets. The group regularly takes positions—both for its own hedging needs and on behalf of clients. 3
But there’s a hitch here. Substantial holder notices don’t reveal if Macquarie is actually taking a strategic stake, just cycling through a quick trade, or simply processing movements from client accounts. Securities-lending positions—those can swing back the other way in no time.
Investors are eyeing the next round of disclosures, particularly any shifts in voting power that cross crucial thresholds—and, under Australian rules, would require new notifications.
