Cobram Estate Olives (ASX: CBO) performed well in December and is a position we have held since the Fund’s inception. Over 27 years, the company has successfully established a dominant presence in Australian agriculture through its olive farming, while cultivating a strong brand that resonates with and is recognised by customers for both product quality and innovations.
A key long-term opportunity for the business lies in the US. On 24 December 2025, Cobram Estate Olives announced that it had acquired California Olive Ranch, a leading producer of Californian extra virgin olive oil. California Olive Ranch operates a vertically integrated business model and the acquisition will more than double Cobram Estate Olives’ Californian olive-growing footprint while delivering strong strategic and operational synergies. This is a major, highly impactful acquisition that opens the US market up to Cobram Estate Olives in a category that continues to expand and is over seven times larger than the Australian market.
Longer term, Cobram Estate Olives is capable of taking advantage of their new scale to expand the brand’s dominance within its category, ultimately driving value for shareholders.