An investment fund managed by Wollard has taken a significant stake in Horizon Oil, an ASX-listed company operating in oil and gas exploration and production across Australia, New Zealand, Thailand, and China. The fund’s approach, emphasizing value over environmental or decarbonization commitments, has proven highly profitable, despite drawing criticism from the Greens.
The fund’s October presentation notes that it is designed for a particular type of investor, highlighting both its above-average fees and its flexible strategy as reasons why it may not suit everyone. Wollard, the fund manager, stated that the investment approach reflects a pragmatic view, investing "in the world as it is." This perspective underpins the fund’s substantial 18.3 percent holding in Horizon Oil.
Horizon Oil is led by chairman Bruce Clement and CEO Richard Beamont. Wollard expressed confidence in the company and its leadership, describing himself as "a big fan" of both. The investment's success has generated tension with the Greens, whose leadership recently changed to David Shoebridge. Shoebridge resides in Woollahra, within the electorate of Wentworth, where Wollard and his wife also own property, having purchased a residence in Darling Point for $13.2 million in 2020.
The shift in political donation patterns is notable. Wollard and his wife appear to have distanced themselves from the Greens, instead directing support toward the so-called "teals," a group of centrist independent candidates with a more favorable stance toward affluent donors. The political donation vehicle associated with the teals draws inspiration from Don Chipp’s slogan "keep the bastards honest." Chipp, a former Liberal MP who went on to found the Australian Democrats, shares ideological similarities with the teal movement.
Wollard conveyed appreciation for Chipp’s legacy, saying, "We liked what he did," indicating an alignment with the principles underpinning the teals’ political approach. This development signals a realignment in political affiliations for some investors, reflecting shifting dynamics in Australian political fundraising and influence.