Bell Asset Management Limited - Bell Australian Small Companies Fund (Class A) on EBOS Group Limited

The fund initiated a position in EBOS Group, a diversified distributor of healthcare and animal-care products across Australia, New Zealand and Southeast Asia. It sees structural demand growth supported by ageing populations and ongoing product innovation. The shares had de-rated substantially after the loss of the Chemist Warehouse supply contract, but earnings have now been rebased and returned to growth while a major reinvestment phase has been completed. The managers believe this creates an attractive entry point at 15.5 times earnings with a 5.6% dividend yield.