The 4 most-traded ASX stocks by SMSFs - which 2 are the brokers a buy on?

According to data from investment tracker Sharesight, the most-traded securities by SMSF investors in FY26 were CSL, Woodside Energy, BHP Group and WiseTech Global. 

These four stocks were traded by more SMSF investors than even broad index ETFs like the Vanguard Australia Shares Index ETF (ASX: VAS) and the iShares S&P 500 ETF (IVV). 

And as you can see from the chart below, CSL was not only the runaway leader in terms of SMSF investors, it was predominantly a buy. This was despite the former bluechip falling 52% in FY26.

The same was true for WiseTech, where SMSF investors appear willing to buy the dip on the tech stock which dropped 70% in FY26. 

The picture was more mixed for Woodside and BHP, both of which enjoyed solid FY26 performances off the back of strong commodities prices. 

But how are the brokers seeing things? Will SMSF investors be proven right on CSL and WiseTech? 

1.  CSL (ASX: CSL)

• Broker consensus: Hold (2 Buy, 7 Hold)
• Consensus price target: $131.15
• Potential: 3.94%

Long-standing ASX darling CSL endured a torrid time in FY26, with job cuts, tariffs, weak earnings, a CEO exit and restructuring plan all playing their part in consigning the healthcare company to its lowest share price in 10 years.

While brokers are overwhelmingly a hold on CSL, consensus price targets suggested modest upside potential of 12.7%, arguably a simple result of the recent share price performance. 

Ord Minnett remains a hold on CSL. It noted modelling suggested modest upgrades to its FY27 and FY28 estimates, but maintain its rating due to wider uncertainty around CSL's earnings outlook. 

Morgan Stanley is overweight CSL, estimating EPS CAGR of 8% p.a. over FY28-30E underpinned by CSL Behring, despite negative EPS growth in FY26/FY27E. It also cited regulatory changes in China likely having an impact on global demand for albumin.

On our recent Dogs of the ASX episode of Buy Hold Sell, our guests were mixed on CSL.

Vertium Asset Management's Jason Teh was a sell on CSL, citing multiple issues including pressures on the core IVIg business.

"There's one word that describes why it's a sell: competition," he said. "Competition is eating away its profits. CSL, for the last few years, have done a wonderful job in selling albumin to the Chinese market. In 2025, that changed."

Atlas Funds Management's Hugh Dive rated it a Buy, and argued at current valuations, there was now potential for recovery.  

"It's currently trading very cheaply," he said. "It's on 13 times with a 3% yield. It's a very low hurdle for this to jump over. They get an incredible CEO coming in. They guide to 5% to 6% earnings growth for next year in August. We'll see the stock start to move."

2. Woodside Energy (ASX: WDS)

• Broker consensus: Buy (4 Buy, 2 Hold, 1 Sell)
• Consensus price target: $33.59
• Potential: 4.02%

One of the ASX's big beneficiaries of elevated energy prices, oil and gas giant Woodside has also been a popular choice for SMSF investors.

Interestingly, trading volume has been fairly evenly split across buys and sells, indicating potential profit-taking from some investors, given WDS's strong run in 2026. 

Things are also mixed on the broker side, with broker consensus suggesting Woodside is currently a modest buy, but some brokers like Citi, Morgan Stanley and Ord Minnett targeting lower prices.

Macquarie now rates Woodside an outperform, suggesting the company may be a potential LNG M&A target for ExxonMobil and could command a higher price through all-stock offers, given the trading premiums on US energy companies.  

Ord Minnett is a sell on Woodside, targeting a price of $24.75 (23% below current prices), despite the ongoing conflict in the Middle East and low OECD inventories being constructive for higher energy prices. 

In a recent energy episode of Buy Hold Sell, Dougal Maple-Brown from Maple-Brown Abbott called Woodside a buy due to its diversified portfolio across gas and oil.

Alphinity's Stephane Andre was a hold on WDS, citing concerns on LNG prices and longer-term questions around its Browse project. 

3. BHP Group (ASX: BHP)

• Broker consensus: Hold (2 Buy, 8 Hold)
• Consensus price target: $62.30
• Potential: 3.28%

FY26 proved a stellar year for BHP Group, with the miner managing record iron ore and copper production at a time when metals prices also surged. As a result, BHP shares surged 62% and saw it overtake CBA as Australia's most valuable company. 

Like Woodside, it saw an even mix of buys and sells amongst SMSF investors, with many likely looking to cash in on its record run. 

Morgan Stanley is overweight BHP argues that it offers an "attractive commodity mix" alongside a strong balance sheet that could support growth or improved dividends for shareholders. 

Citi rates BHP as neutral, but believes strong metal prices will continue to support higher earnings for BHP ahead of its FY26 results.

In his FY26 scorecard for BHP, my colleague Carl Capolingua argued the company mostly delivered in the last financial year, with FY27 copper guidance the only weak point. 

He also said investors should keep an eye on where the dividend lands when BHP releases its FY26 results on 18 August, with UBS expecting the final dividend to beat consensus by 16%.

4. WiseTech Global (ASX: WTC)

• Broker consensus: Strong Buy (6 Buy, 1 Hold)
• Consensus price target: $70.96
• Potential: 103.28%

Last but not least, logistics software company WiseTech Global has made headlines for the wrong reasons in the last few years and to compound the misery, has been caught in the ongoing AI-driven SaaS selloff.

It may have ended FY26 down 70%, but that didn't stop the vast majority of SMSF investors backing the beleaguered tech stock in FY26. And the brokers broadly agree. Consensus has WiseTech as a strong buy, with upside potential of 103%.

Bell Potter rates WTC a buy, suggesting it may be the next large-cap tech stock to bounce back if it hits guidance in its FY26 results. Macquarie is more bullish, targeting a share price of $97.70, for upside potential of 177%, citing management's confidence in returning to 50% EBITDA margins. 

Morgan Stanley retains an overweight rating on WiseTech, and argues it possesses "one of the highest-quality moat profiles in our coverage", but is still trading at a discount to peers.

"Combined with its deep regulatory integrations, proprietary data and workflow embeddedness, we see WTC as well positioned to emerge as a net AI winner," wrote Morgan Stanley. 

On the recent Buy Hold Sell, High Dive and Jason Teh rated WiseTech a sell, with both citing major structural issues - market competition and customer pullbacks - that could hinder its ability to bounce back in the foreseeable future.