This review of our subscribers’ top trades from Sharesight covers the month of August. Sharesight is a portfolio tracker that is integrated into Morningstar Investor. Their data shows the top 20 trades by Morningstar subscribers. Sharesight’s data below ranks total trading activity which is split between sells (red) and buys (green).

Top 20 ASX trades by Sharesight Userbase

ETFs remain king

The ETF led shift in investor behaviour continues to strengthen. ETFs once again accounted for 8 of the top 10 most traded securities in August and represented 13 of the top 20 names overall, reinforcing the trend we have observed throughout 2026.

In August, we saw continued dominance of Vanguard MSCI International Shares ETF (ASX.VGS), which retained the top spot. It was followed by iShares S&P 500 ETF (ASX.IVV), which moved ahead of Vanguard Australian Shares ETF (ASX.VAS) into second place. Together with BetaShares Nasdaq 100 ETF (ASX.NDQ) in fourth position, the leading ETFs highlight investors’ ongoing preference for offshore growth opportunities particularly in the US.

Beyond the broad index products, specialised ETFs also continue to gain traction. BetaShares Wealthbuilder Geared ETF (ASX.GHHF) climbed into 13th position, while thematic exposures such as BetaShares Asia Technology Tigers ETF (ASX.ASIA) and Global X Semiconductor ETF (ASX.SEMI) remained in the top 20. The continued presence of these ETFs indicates investors are using ETFs not only as portfolio building blocks but also to take bets on specific themes in hopes of capturing higher returns.

Earnings season sparks stock interest

CSL (ASX.CSL)reclaimed its position as the most traded individual share, moving ahead of both WiseTech Global (ASX.WTC) and BHP Group (ASX.BHP). The rise in CSL’s trading activity reflects renewed investor attention following earnings season. BHP continues to attract interest as investors weigh up the outlook for commodity markets (particularly in copper).

August rankings were shaped by reporting season, which traditionally drives higher trading volumes in individual stocks. Despite this, direct equity representation remained limited relative to ETFs, highlighting how many investors continue to favour diversified exposures rather than making concentrated stock specific bets.

Now let’s dive into the three biggest investment trends from August and test the narratives against our analysts’ views.

JB Hi-Fi (ASX.JBH)

  • Fair Value Estimate: $58 (15% premium at 09 September)
  • Rating: ★★
  • Moat: None

JB Hi-Fi made its way onto the list in the month of August following its earnings result. JB Hi-Fi’s group sales increased 5% in fiscal 2026 to $11.1 billion. Underlying EBIT margins fell slightly, driving operating earnings growth of 4%. Its Australian sales momentum slowed significantly in the June quarter and into early fiscal 2027. Shares fell 12% on the day.

Fiscal 2026 underlying earnings were in line with our expectations, up 6% to $4.48 per share. Nevertheless, we were surprised by recent softness in sales momentum. Australian sales were virtually flat year-on-year in the June quarter, and momentum deteriorated further in July 2026.

Demand for home appliances is soft. Rising inflation and cash rates are cutting into household budgets and weighing on consumer sentiment. Consumers are also balking at steep price hikes for computers, as manufacturers pass on rampant inflation in memory chips—fallout from the data center boom.

However, we expect a near-term demand recovery. We think consumers will adjust to the higher price levels, which should underpin sales growth. And while cost-of-living pressures are biting, we expect rising household incomes to support group sales growth of 4% in fiscal 2027.

We believe the market expects significant long-term margin expansion. All else equal, EBIT margins would need to average 7.5% over the decade for our valuation to match current share prices. An uplift of some 90 basis points on the 6.6% in fiscal 2026.

Life360 (ASX.360)

  • Fair Value Estimate: $25.50 (20% discount at 09 September)
  • Rating: ★★★★
  • Moat: None

Life360 was also a fresh entry into the top 20 in August, post result. Shares fell nearly 20% on reporting, despite second-quarter fiscal 2026 revenue growth of 38% at adjusted EBITDA margins of 20%. Growth in monthly active users decelerated further to 16% on the prior year, from 17% in the first quarter. Temporary technical issues were cited as the reason for the disappointing deceleration in the first quarter.

We think slowing user growth is the reason for the selloff. MAU growth is crucial for the long-term growth story. But it has slowed markedly from the low-30s in 2024, to the mid-20s in the first half of 2025, to the high-teens in the second half of 2025, and is now trending toward the mid-teens.

However, we think the slowdown is temporary. Management expects acceleration in the second half as some marketing spending is postponed to the third quarter.

We maintain our $25.50 fair value estimate for no-moat Life360. Our forecast for a 12% MAU CAGR for our 10-year explicit forecast period is unchanged. The shares screen as fairly valued.

We see a long runway for user growth. Penetration in the US nearly tripled between 2020-26 to 17%, but Europe quintupled over the same period to just 2%. Within the US, the most engaged states are still growing despite nearly 25% penetration now, so we still think there’s a way to go.

iShares S&P 500 ETF (ASX:IVV)

Morningstar Medallist Rating: Gold

The iShares S&P 500 ETF is the second most traded position in August. It is clear Aussie investors continue to value exposure to large cap businesses in the US. While investors can buy direct shares in the US, many opt for a broader approach.

The S&P 500 is run by a handpicked committee that selects 500 of the largest US stocks. Despite popular belief, market cap is not the only deciding factor for the index incumbents. The committee will ensure each company meets profitability and liquidity requirements. This limits higher turnover for managers such as iShares (Blackrock) which is one reason why the fees on the ETF are lower.

The S&P 500 index is weighted by market cap, which means the top 10 largest shares represent around 40% of the portfolio. This concentration risk has been exacerbated recently by strong performance from companies such as Nvidia, Apple and Google. However, such concentration is only a reflection of the wider market.

Our manager research team notes the IVV ETF is a best-in-class option for large-cap US stocks. The low turnover, low fees (0.04%) and broad diversification across the US market more than offsets the concentration risks.

The ETF delivered a 15% annualised return over the past 10 years which represents the strength of the US stock market post GFC. However, it is worth highlighting the same risks apply in market downturns.

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