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BHP Group Ltd ASX:BHP

Iron Ore Diversified Mining Copper Mining Dividend Yield

4 opened or increased37 held4 reduced or exitedlatest position by manager, past 12 months90 days: 2 increased, 3 reduced. 48 managers in total.

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20252026

14 Feb 2026 to today

Commentary Showing 2 of 130

DateManagerActionSummary

7 Oct 2026Ausbil Investment ManagementHeldAusbil Investment Management continues to hold BHP (ASX: BHP) as its largest overweight position because it believes the long-term tailwinds for metals and critical minerals are substantial. Ausbil highlights electrification, decarbonisation, data centre and electricity grid construction, manufacturing onshoring, increased defence spending and the rebuilding of war-torn regions as structural themes requiring large volumes of steel and copper that are likely to persist for many years. The manager describes BHP as a low-cost producer of both copper and iron ore that is exceptionally well managed and committed to substantial dividends. While BHP is typically a significant position, its overweight is currently at its largest, aided by the recently paid dividend.

Critical Minerals Iron OreArticle, price recorded $62.45

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30 Sep 2026Investors Mutual LimitedHeldInvestors Mutual Limited continues to hold BHP Group Ltd, using increased share price volatility during the September 2026 quarter to earn incremental income by writing options over the holding. The manager notes that the volatility was driven by company reporting season and the Reserve Bank of Australia's interest rate decision. The share price was approximately $60.82 at the time. The commentary does not indicate a change in the size of the underlying position in the diversified mining company.

Diversified Mining Iron OreQuarterly Report, price recorded $60.82

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Price at first mentionThe share price recorded when each of 48 managers first commented on BHP.

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Articles

About BHP Group Ltd

Materials, Metals and Mining

BHP Group (ASX:BHP), the world's largest miner, divides fund managers over valuation as copper's role grows. In September 2026, ClearBridge said it likes BHP's strategic direction, particularly copper exposure, but stayed underweight while the valuation looked expensive. Regal expects BHP to reach $100 within five years, bullish on copper as AI-driven capital spending grows, while Australian Eagle holds BHP as its largest position but does not see it as cheap. Ten Cap trimmed after a 10% August rise, and Cadence is building a position after a 10% pullback from its record high. BHP operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 118 comments from 43 fund managers, including ClearBridge, Regal, Australian Eagle, Ten Cap and Cadence. Founded in 1885 and headquartered in Melbourne, BHP produces iron ore, copper and metallurgical coal and is developing the Jansen potash project in Canada.

Market cap: $154.8b
Price to earnings: 24.9x
Return on equity: 24.0%
Dividend yield: 3.7%
Price to book: 4.81x
Net margin: 16.7%
52-week range: $40.17 to $68.77

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in BHP Group Ltd (ASX:BHP)?

Fund managers including Cooper Investors, Airlie Funds Management, Pendal Group, BKI Investment Company, Endeavor Asset Management, Infinity Asset Management, Clime Investment Management, Ten Cap, Wilson Asset Management, Perennial Partners, Firetrail Investments, Perpetual Asset Management, Plato Investment Management, Pengana Capital Group, PM Capital, Atlas Funds Management, Alphinity Investment Management, Yarra Capital Management, Blackwattle Investment Partners, Solaris Investment Management, Tectonic Investment Management, Regal Funds Management, Paradice Investment Management, Hyperion Asset Management, Allan Gray, Seneca Financial Solutions, Ellerston Capital, First Sentier Investors, Katana Asset Management, Prime Value Asset Management, Oracle Advisory Group, Sage Capital, Milford Asset Management, Argo Investments, Investors Mutual Limited, Market Partners, ClearBridge Investments, Antares Capital, Contact Asset Management, Leithner & Company, Vertium Asset Management, Alliance Bernstein, Tamim Funds Management, Regal Partners, Australian Eagle Asset Management, Cadence Capital, Ralton Asset Management and Ausbil Investment Management have invested in BHP Group Ltd (ASX:BHP).

What opportunities or catalysts do fund managers highlight for BHP Group Ltd?

Managers highlight growing copper exposure driven by AI and electrification demand, strategic direction and the potential for long-term share price growth, according to Regal and ClearBridge, with Cadence buying the recent dip.

What are the key risks to the BHP Group Ltd investment thesis, according to fund managers?

ClearBridge, Australian Eagle and Ten Cap see the valuation as full, limiting upside, and iron ore price exposure remains a key earnings risk.

What does BHP Group Ltd (ASX:BHP) do?

BHP Group Ltd. is a global resources company headquartered in Melbourne, Australia. Founded in 1885, it focuses on the exploration, development, and processing of iron ore, copper, and coal. The company operates through three primary segments: Copper, which includes mining copper, silver, lead, zinc, molybdenum, uranium, and gold; Iron Ore; and Coal, encompassing metallurgical and energy coal production. BHP provides essential materials for global industry, maintaining significant mining operations as part of its diversified resource portfolio.

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.

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