Thesis TrackerWith Barossa and Pikka ramping up and Papua LNG heading toward a final investment decision, fund managers see an earnings and cash flow inflection, even as the Iran conflict whipsaws the oil price.
Ellerston Capital increased its position in Ampol (ASX: ALD), using funds from profit-taking elsewhere to strengthen this recent addition to the portfolio.
Pengana Capital Group reduced its position in Ampol (ASX: ALD), trimming into strength after the shares rose 9%. Pengana acknowledges that the Strait of Hormuz remains disrupted and that Asian refining margins are elevated. However, its thesis is based on longer-lasting effects on global refining supply and an undervalued core retail business, rather than on the oil price.
General information only. Thesis Tracker is a database of what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
12,536 comments from 168 managers on 778 companies, snapshot 4 Nov 2026.
With Barossa and Pikka ramping up and Papua LNG heading toward a final investment decision, fund managers see an earnings and cash flow inflection, even as the Iran conflict whipsaws the oil price.
Ellerston Capital increased its position in Ampol (ASX: ALD), using funds from profit-taking elsewhere to strengthen this recent addition to the portfolio.
Pengana Capital Group reduced its position in Ampol (ASX: ALD), trimming into strength after the shares rose 9%. Pengana acknowledges that the Strait of Hormuz remains disrupted and that Asian refining margins are elevated. However, its thesis is based on longer-lasting effects on global refining supply and an undervalued core retail business, rather than on the oil price.
General information only. Thesis Tracker is a database of what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
12,536 comments from 168 managers on 778 companies, snapshot 4 Nov 2026.
