Ellerston Capital, with interest in 5.1% Fletcher stake, sees builder as a turnaround story

Sun, 15 Apr 2018

By Jonathan Underhill April 16 (BusinessDesk) - Ellerston Capital's interest in Fletcher Building has topped 5.1 percent, requiring the Australian fund manager to make a statement to the ASX and NZX but its interest in the beat-up construction and building materials company has been no secret. Ellerston holds Fletcher in at least two of the funds it manages. In its Ellerston Australian Share Fund, the firm name-checks Fletcher as one of three turnaround stories - "sound businesses that have historically generated poor returns or under-ear...

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