Whale Watch: Major International Portfolio Manager Fully Exits SBA Communications Position
Key Points
Sold 15,483 shares, estimated at ~$3.64 million based on the average price during Q3 2025
Post-trade stake is zero shares
The position previously accounted for 2.13% of Ausbil’s U.S. equity portfolio as of June 30, 2025
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Ausbil Investment Management Ltd fully exited SBA Communications Corporation (NASDAQ:SBAC), selling all 15,483 shares in the quarter ended September, with an estimated trade value of $3.64 million.
What Happened
According to an SEC filing dated October 08, 2025, Ausbil Investment Management Ltd reported selling its entire stake in SBA Communications Corporation. The transaction involved 15,483 shares, with an estimated trade value of $3,636,028. The fund now reports zero shares of the company in its latest holdings.
What Else to Know
Ausbil sold out of SBA Communications, reducing its exposure from 2.13% of reportable U.S. equity assets to zero as of September 30, 2025; the position is no longer part of the fund’s 13F portfolio.
Top holdings after this filing:
- NYSE:NEE: $11.04 million (5.9% of AUM) as of September 30, 2025
- NYSE:NSC: $10.08 million (5.4% of AUM) as of September 30, 2025
- NASDAQ:CSX: $10.06 million (5.4% of AUM) as of September 30, 2025
- NYSE:LNG: $7.71 million (4.1% of AUM) as of September 30, 2025
- NYSE:ES: $7.32 million (3.9% of AUM) as of September 30, 2025
As of October 08, 2025, shares were priced at $187.61, down 21.38% over the year ending October 8, 2025, and underperforming the S&P 500 by 38.10 percentage points over the year ending October 8, 2025.
Company Overview
| Metric | Value |
|---|---|
| Market Capitalization | $20.15 billion |
| Revenue (TTM) | $2.72 billion |
| Net Income (TTM) | $878.59 million |
| Price (as of market close 2025-10-08) | $187.61 |
Company Snapshot
SBA Communications Corporation provides wireless communications infrastructure, primarily leasing antenna space on multi-tenant towers and offering site development services.
The company generates revenue through long-term lease contracts with wireless service providers, focusing on recurring site leasing income.
It also serves major wireless carriers and network operators in North, Central, and South America, as well as South Africa.
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure, with a portfolio spanning the Americas and South Africa. The company leverages a scalable, recurring revenue model centered on long-term site leasing agreements with wireless carriers.
Foolish Take
According to a recent 13F filing, Ausbil Investment Management, an Australian portfolio management company, sold out of its entire SBA Communications stake at some point during the three months ending on September 30, 2025. This amounted to a sale of more than $3.6 million.
So, what should everyday investors think of this move?
In short, this move worth noting. By closing the entire $3.6 million position, Ausbil has removed any exposure to SBA Communications. In addition, the move likely locks in a loss for the portfolio, as SBA has not performed well over the last year. Shares have declined by more than 21% over the last 12 months.
What's more, shares have significantly underperformed the S&P 500 dating back to 2022. During that time, SBA has declined by 25%, while the S&P 500 has advanced by more than 93%. This chronic underperformance is likely why the fund has cut SBA loose.
In summary, by cutting its SBA holdings to zero, Ausbil has demonstrated that the company is losing institutional support, likely due to its poor long-term performance. Retail investors should take note.
Glossary
13F portfolio: The list of U.S. equity holdings that institutional investment managers must report quarterly to the SEC.
Estimated trade value: The approximate total dollar amount received or paid for a security transaction, based on average or reported prices.
Stake: The ownership interest or number of shares held in a company by an investor or fund.
Exposure: The proportion of a portfolio invested in a particular asset, sector, or company, indicating risk or involvement.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm on behalf of clients.
Multi-tenant towers: Communication towers designed to host equipment from multiple wireless service providers simultaneously.
Site leasing income: Recurring revenue generated from renting antenna space on towers or infrastructure to wireless carriers.
Wireless carriers: Companies that provide wireless communication services, such as mobile phone and data networks.
TTM: TTM – The 12-month period ending with the most recent quarterly report.
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Jake Lerch has positions in Norfolk Southern. The Motley Fool has positions in and recommends Cheniere Energy and NextEra Energy. The Motley Fool has a disclosure policy.
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