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Alcoa (ASX:AAI), the aluminium and alumina producer, has been volatile with aluminium prices. In September 2026, L1 Capital nominated Alcoa as a company in the right sweet spot, with aluminium one of its preferred commodity exposures. Paradice, which held an overweight position, and Perennial noted strong gains in March when Iranian military strikes damaged Gulf aluminium smelters and disrupted supply, while Paradice later reported Alcoa fell with aluminium prices as the conflict subsided. Pendal noted weaker first-quarter results due to shipping disruption. Alcoa operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 14 comments from 10 fund managers, including L1, Paradice, Pendal and Perennial. Founded in 1888 and headquartered in Pittsburgh, Alcoa mines bauxite, refines alumina and smelts aluminium, with major operations in Western Australia, Brazil, Canada and Europe, and acquired South32's aluminium assets.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Wilson Asset Management, Wentworth Williamson and Solaris Investment Management have invested in Alcoa Corporation CDI (ASX:AAI).
L1 highlights aluminium as a preferred commodity, and Paradice and Perennial note leverage to supply disruption from Middle East conflict, with Alcoa acquiring South32's aluminium assets.
Paradice and Pendal note Alcoa fell when aluminium prices eased as the conflict subsided, and shipping disruptions weighed on quarterly results.
Alcoa Corp. is a global leader in the aluminum industry, specializing in bauxite mining, alumina refining, and aluminum smelting and casting. Headquartered in Pittsburgh, PA, and founded in 1886, the company operates through two primary segments: Alumina and Aluminum. The Alumina segment manages bauxite extraction and refining into alumina, the essential raw material for aluminum production. The Aluminum segment focuses on smelting and casthouse operations to produce aluminum metal. This integrated structure supports Alcoa's role in the global aluminum supply chain, providing critical materials for diverse industrial applications.
General information only. Thesis Tracker reports 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.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.