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.
Equity Trustees Asset Management initiated a small position in BlueScope Steel (ASX:BSL) after its FY26 result and share price pullback revealed value. Equity Trustees highlights diversified earnings from Australian and high-quality US steel operations, strong leverage to high US steel prices after consolidation and import tariffs, and a conservative balance sheet. It notes brands like COLORBOND, peaked growth capex, and a new target to return at least 75% of free cash flow.
Investors Mutual Limited reduced their position in BlueScope Steel Ltd during the September 2026 quarter as the steelmaker's share price appreciated. The manager notes that it used daily market fluctuations to write additional option premium over its BlueScope Steel holding, generating incremental income. The decision to trim reflects the manager's disciplined approach of taking profits on holdings that have risen in value, while continuing to use options strategies around the remaining position.
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.
Equity Trustees Asset Management initiated a small position in BlueScope Steel (ASX:BSL) after its FY26 result and share price pullback revealed value. Equity Trustees highlights diversified earnings from Australian and high-quality US steel operations, strong leverage to high US steel prices after consolidation and import tariffs, and a conservative balance sheet. It notes brands like COLORBOND, peaked growth capex, and a new target to return at least 75% of free cash flow.
Investors Mutual Limited reduced their position in BlueScope Steel Ltd during the September 2026 quarter as the steelmaker's share price appreciated. The manager notes that it used daily market fluctuations to write additional option premium over its BlueScope Steel holding, generating incremental income. The decision to trim reflects the manager's disciplined approach of taking profits on holdings that have risen in value, while continuing to use options strategies around the remaining position.
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.
