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Allan Gray Australia Pty Ltd along with its related entities has decreased its substantial holding in Nufarm Limited (ASX:NUF) from 16.26% to 15.25%, as disclosed in a change of interests notice submitted to the company on 2 July 2026. The reduction, effective 30 June 2026, involved the investment manager lowering its total voting interest by roughly 3.87 million shares, from 62,461,048 ordinary shares to 58,595,399 ordinary shares. This partial divestment from one of Nufarm's largest institutional shareholders is expected to attract attention from investors tracking the agricultural chemicals company’s major share register. Despite this sell-down, Allan Gray, which manages a broad array of funds and mandates including several prominent Australian superannuation funds, remains a significant shareholder in Nufarm.<\/p> <\/div>
Key Points<\/h3>
- Company: Nufarm Limited (ASX:NUF)<\/li>
- Allan Gray Australia Pty Ltd and associated bodies reduced their voting interest in Nufarm from 16.26% to 15.25% as of 30 June 2026<\/li>
- Shares held decreased from 62,461,048 to 58,595,399 ordinary shares, a reduction of approximately 3,865,649 shares<\/li>
- Change of interests notice signed by Elizabeth Lee, Company Secretary of Allan Gray, lodged on 2 July 2026<\/li>
- Previous substantial holding notice was filed with Nufarm on 13 February 2026<\/li>
- Allan Gray manages Nufarm shares across 21 identified funds and mandates, including AustralianSuper, HESTA, Hostplus, and Equipsuper<\/li>
- Investors should monitor if Allan Gray further adjusts its position in future disclosure periods<\/li>
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Allan Gray Falls Below 16% Ownership in Nufarm Following June 30 Sell-Down<\/h2>
The update, filed under Section 671B of the Corporations Act 2001 via Form 604, confirms that Allan Gray Australia Pty Ltd and its related entities collectively reduced their voting power in Nufarm Limited from 16.26% to 15.25% since their previous notice dated 13 February 2026. The change took effect on 30 June 2026, with the notice officially dated 2 July 2026 and signed by Company Secretary Elizabeth Lee on behalf of Allan Gray.<\/p>
In terms of shares, the group’s relevant interest declined from 62,461,048 ordinary shares to 58,595,399 ordinary shares, a net reduction of approximately 3,865,649 shares. Although the disclosure does not specify individual trade prices or dates, the aggregate reduction marks a significant decrease in one of Nufarm’s largest institutional holdings. Australian law requires substantial holders to lodge a new notice whenever their voting power shifts by 1% or more, triggering this disclosure after the drop from 16.26%.<\/p>
Allan Gray’s Portfolio Spans 21 Funds Including Major Australian Superannuation Managers<\/h2>
The notice highlights the extensive reach of Allan Gray across the Australian financial landscape. Allan Gray Australia serves as investment manager not only for its own branded funds — the Allan Gray Australia Equity Fund, Balanced Fund, and Stable Fund — but also acts as sub-adviser or manager for numerous external mandates. Registered holders of shares in these funds include custodians such as Citibank N.A. (Sydney Branch), BNP Paribas Fund Services Australasia Pty Ltd, JP Morgan Chase Bank, State Street Australia Ltd, and Northern Trust Corporation, reflecting common institutional asset management arrangements.<\/p>
Among the 21 funds and mandates listed in Table 2 of Annexure A are prominent investors such as AustralianSuper, HESTA Superannuation Fund, Hostplus Pooled Superannuation Trust, Equipsuper, the Construction and Building Unions Superannuation Fund (CBUS), and the Accident Compensation Corporation. The involvement of these large funds as beneficial owners, with Allan Gray managing the underlying allocations, indicates that the sell-down represents a portfolio management decision across multiple mandates rather than a single fund exit.<\/p>
Orbis-Related Entities Constitute Allan Gray Australia’s Associates<\/h2>
Table 1 of Annexure A details the related bodies corporate considered associates of Allan Gray Australia Pty Ltd for this substantial holding disclosure. These include various Orbis-branded entities — Orbis Holdings Limited, Orbis Investment Management Limited (OIML), Orbis Asset Management Limited (OAML), Orbis Investment Advisory Pty Limited, Orbis Allan Gray Limited, Orbis Investments (Canada) Limited, Orbis Investment Management (Hong Kong) Limited, Orbis Investment Management (Luxembourg) S.A., Orbis Investment Management (U.S.) L.P., Orbis Portfolio Management (Europe) LLP, and Orbis Holdings (UK) Limited — as well as Orbis Administration Limited.<\/p>
Additional related entities include Allan Gray (Holdings) Pty Ltd, Allan & Gill Gray Foundation (Guernsey), EmCap Limited (Jersey), and SecCap Limited (Jersey). This global network, spanning Australia, Guernsey, Jersey, the UK, the US, Canada, Hong Kong, and Luxembourg, illustrates that the "substantial holder" is a worldwide investment group with significant assets under management. For ASX disclosure, all these entities’ relevant interests in Nufarm are aggregated into the reported 15.25% voting power.<\/p>
Implications of Allan Gray’s 1% Stake Reduction for Nufarm’s Shareholder Register<\/h2>
The roughly one percentage point reduction in Allan Gray’s holding is a notable development for Nufarm investors. Allan Gray has been a long-term, high-conviction holder, and changes in its position have historically been closely watched by market participants as an indicator of institutional sentiment toward the agricultural chemicals and crop protection company. The group’s prior update in February 2026 suggests active portfolio management of this position in recent months.<\/p>
This reduction does not necessarily signal a negative view of Nufarm’s fundamentals — large investment managers often adjust holdings for reasons such as rebalancing, client redemptions, cash flow needs, or mandate changes. Nonetheless, a decrease by a major institutional shareholder often prompts market observers to consider whether the selling reflects perspectives on the company’s near-term prospects, valuation, or sector trends. Allan Gray’s retained 15.25% stake confirms it remains a substantial and committed shareholder.<\/p>
Understanding the Regulatory Form 604 Filing for Nufarm Shareholders<\/h2>
Form 604, required under Section 671B of the Corporations Act 2001, must be lodged whenever a substantial holder — defined as any person or group holding 5% or more of voting shares — experiences a change of 1% or more in voting interest. The form discloses previous and current voting power, the nature of changes, and details of all persons whose relevant interests changed. It also lists all associates, explaining the extensive Orbis entities and sub-funds in Annexure A.<\/p>
The notice references detailed transaction information, including dates, prices, and fund-level changes, in Tables 2, 3, and 4 of Annexure A. Such detail is typical in institutional substantial holder notices where trading spans multiple sub-accounts over time. The publicly available sections do not disclose per-share transaction prices or individual trade dates.<\/p>
Allan Gray Retains Over 58.5 Million Shares, Remaining a Major Institutional Investor in Nufarm<\/h2>
Following the sell-down, Allan Gray’s holding of 58,595,399 ordinary shares keeps it as a significant presence on Nufarm’s share register. Holding 15.25% of total voting power, the group maintains substantial influence over shareholder votes on matters such as executive remuneration, capital structure decisions, board elections, and potential merger or acquisition activities requiring shareholder approval.<\/p>
Institutional shareholders at this scale are typically regarded as strategic investors in the Australian market, even without board representation. Their transactions, including any future increases or decreases in holdings, must be promptly disclosed by law, ensuring transparency for other Nufarm investors. Market watchers will be attentive to whether Allan Gray’s stake stabilizes or continues to decline in forthcoming reports.<\/p>
Nufarm’s Position as a Global Agricultural Chemicals Company<\/h2>
Nufarm Limited is an Australian-based global agricultural chemicals firm specializing in crop protection products and seeds. It operates across Australia, Europe, North America, and Asia-Pacific, offering herbicides, insecticides, fungicides, and seed treatments for diverse crops. The company also has a growing plant science division focused on omega-3 canola and specialty crops.<\/p>
The agricultural chemicals sector has faced challenges recently, including variable input costs, inventory adjustments, currency fluctuations, and changing regulations in key markets. Institutional investor activity, such as the disclosed stake adjustment, is often viewed as reflecting evolving opinions on Nufarm’s earnings outlook and strategic positioning. The immediate impact of this disclosure on Nufarm’s share price was unclear at the time of writing.<\/p>
Key Dates and Signatory Details for Allan Gray’s Substantial Holder Notice<\/h2>
The notice was signed by Elizabeth Lee, Company Secretary of Allan Gray Australia Pty Ltd, on 2 July 2026. The relevant interest change occurred on 30 June 2026, the final day of the 2026 calendar half-year, a common date for portfolio rebalancing among institutional managers across superannuation and wholesale mandates.<\/p>
The previous substantial holding notice was dated and submitted on 13 February 2026, approximately four and a half months earlier. This timing aligns with the regulatory requirement to file within two business days of a 1% voting power change. The filing was lodged with Nufarm Limited, identified by ABN/ACN 091 323 312, confirming the targeted entity and regulatory framework.<\/p>
Investor Considerations Following Allan Gray’s Nufarm Stake Reduction<\/h2>
Investors should watch for any further Form 604 filings from Allan Gray, which are required if their voting interest changes by an additional 1% or more. Continued selling could reduce the stake below 14.25%, while accumulation above 16.25% would also trigger disclosure. Those monitoring Nufarm’s register will note the timing and direction of any such updates.<\/p>
Beyond ownership changes, Nufarm’s operational announcements — including half-year and full-year financial results, production updates, and plant science division developments — will remain primary drivers of its share price. Allan Gray’s trading activity may provide secondary signals but should be interpreted in the context of portfolio management across multiple client mandates rather than as a definitive statement on Nufarm’s intrinsic value or short-term outlook. Investors are advised to perform their own due diligence and seek professional financial advice before making investment decisions based on substantial holder disclosures.<\/p>
Allan Gray Falls Below 16% Ownership in Nufarm Following June 30 Sell-Down<\/h2>
The update, filed under Section 671B of the Corporations Act 2001 via Form 604, confirms that Allan Gray Australia Pty Ltd and its related entities collectively reduced their voting power in Nufarm Limited from 16.26% to 15.25% since their previous notice dated 13 February 2026. The change took effect on 30 June 2026, with the notice officially dated 2 July 2026 and signed by Company Secretary Elizabeth Lee on behalf of Allan Gray.<\/p>
In terms of shares, the group’s relevant interest declined from 62,461,048 ordinary shares to 58,595,399 ordinary shares, a net reduction of approximately 3,865,649 shares. Although the disclosure does not specify individual trade prices or dates, the aggregate reduction marks a significant decrease in one of Nufarm’s largest institutional holdings. Australian law requires substantial holders to lodge a new notice whenever their voting power shifts by 1% or more, triggering this disclosure after the drop from 16.26%.<\/p>
Allan Gray’s Portfolio Spans 21 Funds Including Major Australian Superannuation Managers<\/h2>
The notice highlights the extensive reach of Allan Gray across the Australian financial landscape. Allan Gray Australia serves as investment manager not only for its own branded funds — the Allan Gray Australia Equity Fund, Balanced Fund, and Stable Fund — but also acts as sub-adviser or manager for numerous external mandates. Registered holders of shares in these funds include custodians such as Citibank N.A. (Sydney Branch), BNP Paribas Fund Services Australasia Pty Ltd, JP Morgan Chase Bank, State Street Australia Ltd, and Northern Trust Corporation, reflecting common institutional asset management arrangements.<\/p>
Among the 21 funds and mandates listed in Table 2 of Annexure A are prominent investors such as AustralianSuper, HESTA Superannuation Fund, Hostplus Pooled Superannuation Trust, Equipsuper, the Construction and Building Unions Superannuation Fund (CBUS), and the Accident Compensation Corporation. The involvement of these large funds as beneficial owners, with Allan Gray managing the underlying allocations, indicates that the sell-down represents a portfolio management decision across multiple mandates rather than a single fund exit.<\/p>
Orbis-Related Entities Constitute Allan Gray Australia’s Associates<\/h2>
Table 1 of Annexure A details the related bodies corporate considered associates of Allan Gray Australia Pty Ltd for this substantial holding disclosure. These include various Orbis-branded entities — Orbis Holdings Limited, Orbis Investment Management Limited (OIML), Orbis Asset Management Limited (OAML), Orbis Investment Advisory Pty Limited, Orbis Allan Gray Limited, Orbis Investments (Canada) Limited, Orbis Investment Management (Hong Kong) Limited, Orbis Investment Management (Luxembourg) S.A., Orbis Investment Management (U.S.) L.P., Orbis Portfolio Management (Europe) LLP, and Orbis Holdings (UK) Limited — as well as Orbis Administration Limited.<\/p>
Additional related entities include Allan Gray (Holdings) Pty Ltd, Allan & Gill Gray Foundation (Guernsey), EmCap Limited (Jersey), and SecCap Limited (Jersey). This global network, spanning Australia, Guernsey, Jersey, the UK, the US, Canada, Hong Kong, and Luxembourg, illustrates that the "substantial holder" is a worldwide investment group with significant assets under management. For ASX disclosure, all these entities’ relevant interests in Nufarm are aggregated into the reported 15.25% voting power.<\/p>
Implications of Allan Gray’s 1% Stake Reduction for Nufarm’s Shareholder Register<\/h2>
The roughly one percentage point reduction in Allan Gray’s holding is a notable development for Nufarm investors. Allan Gray has been a long-term, high-conviction holder, and changes in its position have historically been closely watched by market participants as an indicator of institutional sentiment toward the agricultural chemicals and crop protection company. The group’s prior update in February 2026 suggests active portfolio management of this position in recent months.<\/p>
This reduction does not necessarily signal a negative view of Nufarm’s fundamentals — large investment managers often adjust holdings for reasons such as rebalancing, client redemptions, cash flow needs, or mandate changes. Nonetheless, a decrease by a major institutional shareholder often prompts market observers to consider whether the selling reflects perspectives on the company’s near-term prospects, valuation, or sector trends. Allan Gray’s retained 15.25% stake confirms it remains a substantial and committed shareholder.<\/p>
Understanding the Regulatory Form 604 Filing for Nufarm Shareholders<\/h2>
Form 604, required under Section 671B of the Corporations Act 2001, must be lodged whenever a substantial holder — defined as any person or group holding 5% or more of voting shares — experiences a change of 1% or more in voting interest. The form discloses previous and current voting power, the nature of changes, and details of all persons whose relevant interests changed. It also lists all associates, explaining the extensive Orbis entities and sub-funds in Annexure A.<\/p>
The notice references detailed transaction information, including dates, prices, and fund-level changes, in Tables 2, 3, and 4 of Annexure A. Such detail is typical in institutional substantial holder notices where trading spans multiple sub-accounts over time. The publicly available sections do not disclose per-share transaction prices or individual trade dates.<\/p>
Allan Gray Retains Over 58.5 Million Shares, Remaining a Major Institutional Investor in Nufarm<\/h2>
Following the sell-down, Allan Gray’s holding of 58,595,399 ordinary shares keeps it as a significant presence on Nufarm’s share register. Holding 15.25% of total voting power, the group maintains substantial influence over shareholder votes on matters such as executive remuneration, capital structure decisions, board elections, and potential merger or acquisition activities requiring shareholder approval.<\/p>
Institutional shareholders at this scale are typically regarded as strategic investors in the Australian market, even without board representation. Their transactions, including any future increases or decreases in holdings, must be promptly disclosed by law, ensuring transparency for other Nufarm investors. Market watchers will be attentive to whether Allan Gray’s stake stabilizes or continues to decline in forthcoming reports.<\/p>
Nufarm’s Position as a Global Agricultural Chemicals Company<\/h2>
Nufarm Limited is an Australian-based global agricultural chemicals firm specializing in crop protection products and seeds. It operates across Australia, Europe, North America, and Asia-Pacific, offering herbicides, insecticides, fungicides, and seed treatments for diverse crops. The company also has a growing plant science division focused on omega-3 canola and specialty crops.<\/p>
The agricultural chemicals sector has faced challenges recently, including variable input costs, inventory adjustments, currency fluctuations, and changing regulations in key markets. Institutional investor activity, such as the disclosed stake adjustment, is often viewed as reflecting evolving opinions on Nufarm’s earnings outlook and strategic positioning. The immediate impact of this disclosure on Nufarm’s share price was unclear at the time of writing.<\/p>
Key Dates and Signatory Details for Allan Gray’s Substantial Holder Notice<\/h2>
The notice was signed by Elizabeth Lee, Company Secretary of Allan Gray Australia Pty Ltd, on 2 July 2026. The relevant interest change occurred on 30 June 2026, the final day of the 2026 calendar half-year, a common date for portfolio rebalancing among institutional managers across superannuation and wholesale mandates.<\/p>
The previous substantial holding notice was dated and submitted on 13 February 2026, approximately four and a half months earlier. This timing aligns with the regulatory requirement to file within two business days of a 1% voting power change. The filing was lodged with Nufarm Limited, identified by ABN/ACN 091 323 312, confirming the targeted entity and regulatory framework.<\/p>
Investor Considerations Following Allan Gray’s Nufarm Stake Reduction<\/h2>
Investors should watch for any further Form 604 filings from Allan Gray, which are required if their voting interest changes by an additional 1% or more. Continued selling could reduce the stake below 14.25%, while accumulation above 16.25% would also trigger disclosure. Those monitoring Nufarm’s register will note the timing and direction of any such updates.<\/p>
Beyond ownership changes, Nufarm’s operational announcements — including half-year and full-year financial results, production updates, and plant science division developments — will remain primary drivers of its share price. Allan Gray’s trading activity may provide secondary signals but should be interpreted in the context of portfolio management across multiple client mandates rather than as a definitive statement on Nufarm’s intrinsic value or short-term outlook. Investors are advised to perform their own due diligence and seek professional financial advice before making investment decisions based on substantial holder disclosures.<\/p>
