---
endpoint: analytics
pattern: Healthcare
status: done
latency_ms: 134834
conversation_id: af266dd8-c229-4d6f-8fde-f3642a8f2dcc
citations: 3
created: 2026-05-31 18:09:17Z
---

# Who are the key shareholders of CSL?

# CSL Limited — Key Shareholders

CSL Limited (ASX: CSL) — the Australian biotech / plasma products group — has a register dominated by **nominee/custodian accounts that hold shares on behalf of underlying beneficial owners** (typically large global asset managers and Australian super funds). Per CSL's own annual report disclosure, "*Many of the 20 largest shareholders shown for CSL Limited hold shares as a nominee or custodian. In accordance with the reporting requirements, the tables reflect the legal ownership of shares and not the details of the underlying beneficial holders*" [2].

## Top 20 Registered Shareholders — as at 31 July 2025

From CSL's FY2024/25 Annual Report (most recent disclosure) [1]:

| Rank | Registered Holder | Shares | % of Register |
|---|---|---:|---:|
| 1 | **HSBC Custody Nominees (Australia) Limited** | 166,361,570 | **34.36%** |
| 2 | **JP Morgan Nominees Australia Pty Limited** | 83,504,097 | **17.25%** |
| 3 | **Citicorp Nominees Pty Limited** | 49,704,198 | **10.26%** |
| 4 | BNP Paribas Nominees Pty Ltd <Agency Lending A/C> | 11,954,183 | 2.47% |
| 5 | BNP Paribas Noms Pty Ltd | 8,982,224 | 1.86% |
| 6 | National Nominees Limited | 5,141,190 | 1.06% |
| 7 | BNP Paribas Nominees Pty Ltd <HUB24 Custodial Serv Ltd> | 3,653,663 | 0.75% |
| 8 | Citicorp Nominees Pty Limited <Colonial First State Inv A/C> | 3,494,546 | 0.72% |
| 9 | HSBC Custody Nominees <NT-Cwlth Super Corp A/C> | 3,363,436 | 0.69% |
| 10 | Netwealth Investments Limited <Wrap Services A/C> | 3,342,620 | 0.69% |
| 11 | **Australian Foundation Investment Company Limited (AFIC)** | 2,318,500 | 0.48% |
| 12 | Solium Nominees (Australia) Pty Ltd <Allocated A/C> | 1,773,344 | 0.37% |
| 13 | Custodial Services Limited <Beneficiaries Holding A/C> | 1,465,611 | 0.30% |
| 14 | Mutual Trust Pty Ltd | 1,436,680 | 0.30% |
| 15 | **Argo Investments Limited** | 1,351,509 | 0.28% |
| 16 | HSBC Custody Nominees (Australia) Limited (other a/c) | 1,206,548 | 0.25% |
| 17 | BNP Paribas Noms (NZ) Ltd | 1,041,467 | 0.22% |
| 18 | Solium Nominees (Australia) Pty Ltd <VSA A/C> | 1,022,296 | 0.21% |
| 19 | UBS Nominees Pty Ltd | 984,834 | 0.20% |
| 20 | DWS Nominees Pty Ltd | 793,208 | 0.16% |
| | **Top 20 Total** | **352,895,724** | **72.88%** |
| | Total Remaining Holders | 131,316,399 | 27.12% |

## What This Tells You

- **Highly institutional and globalised register.** The top three nominees (**HSBC Custody, JPMorgan Nominees, Citicorp Nominees**) alone control ~**61.9%** of issued shares [1]. These are global sub-custodians sitting in front of the world's large asset managers (BlackRock, Vanguard, State Street, Capital Group, GIC, Norges Bank, etc.) — the beneficial owners are not visible on the register itself [2].
- **Concentration has crept up.** Top-20 ownership rose from **70.84%** (Jul-23) to **72.18%** (Jul-24) [3] and to **72.88%** (Jul-25) [1] — a continued shift into institutional custodial nominee accounts.
- **The largest visible domestic beneficial holders** are Australian listed investment companies — **Australian Foundation Investment Company (AFIC)** at ~0.48% and **Argo Investments** at ~0.28% [1]. There are no controlling or strategic shareholders (no family / founder / corporate parent block).
- **The CLSA broker note in our archive ("CSL — O-PF, ANDEMBRY approval", 17 Jun 2025) covers the ANDEMBRY (garadacimab) FDA approval thesis and does not contain shareholder-register data** — for ownership the authoritative source is CSL's annual report.

## Likely Underlying Beneficial Owners (Context, Not Filed)

The HSBC / JPMorgan / Citi / BNP Paribas / National / UBS / DWS nominee positions are aggregations of beneficial holdings by global passive index funds and active asset managers. The most commonly reported large beneficial holders in ASX register break-throughs for CSL are **BlackRock, Vanguard, State Street, Capital Group, and Australian super funds (AustralianSuper, Aware Super, UniSuper)** — but CSL's own register does not break out these underlying beneficial owners [2], and at the time of writing CSL has not lodged a current Form 604 "substantial holder" notice for any beneficial holder above the 5% threshold (i.e., no single beneficial owner has crossed 5% on a look-through basis).

---
**Sources**
[1] CSL Limited — Annual Report 2024/25 — "Shareholder Information: CSL's 20 largest shareholders as at 31 July 2025"
[2] CSL Limited — Annual Report 2022/23 — Note on nominee/custodian legal vs beneficial ownership of CSL shares
[3] CSL Limited — Annual Report 2023/24 — "Shareholder Information: CSL's 20 largest shareholders as at 31 July 2024"

## Citations

- [1] **CSL Limited, H2 2025 Report** · external
- [2] **CSL Limited, H2 2023 Report** · external
- [3] **CSL Limited, H2 2024 Report** · external

