Fund Manager Summary
The fund managers believe that the outlook for Capstone Copper Corp CDI is promising, driven by strong fundamentals in the copper market. They highlight the opportunity presented by large deficits in global ore supply that are expected to exert upward pressure on prices. In their opinion, key factors supporting this positive view include resilient global economic growth, approaching Fed easing, and global supply shocks affecting major mines in Congo, Zambia, and Chile. Additionally, they note the potential for increased demand from AI and data center investments as a significant driver for copper consumption moving forward.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Pendal Group
3 Nov 2025
$13.77
Summary
- Pendal Group continues to hold its position in Capstone Copper Corp CDI.
- Capstone Copper (CSC) reported a neutral Q3 performance.
- Pinto Valley continues to underperform.
- Offsetting this, there was good cost performance at Mantoverde and Mantos Blancos sulphides.
- Guidance remains unchanged, trending towards the low end of production and high end of cost.
- Minor changes in earnings were noted.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Pendal Group
3 Nov 2025
$13.77
- Pendal Group continues to hold its position in Capstone Copper Corp CDI.
- Capstone Copper (CSC) reported a neutral Q3 performance.
- Pinto Valley continues to underperform.
- Offsetting this, there was good cost performance at Mantoverde and Mantos Blancos sulphides.
- Guidance remains unchanged, trending towards the low end of production and high end of cost.
- Minor changes in earnings were noted.
Summary
Ten Cap
31 Oct 2025
$13.75
- Ten Cap initiated a position in Capstone Copper Corp CDI (CSC) due to its status as a high-quality copper producer.
- The fund manager sees attractive growth optionality in CSC's operations.
- CSC offers exposure to the structural decarbonisation theme, aligning with global electrification trends.
- The copper assets of CSC are considered critical to electrification, enhancing their investment appeal.
Summary
Antares Capital
31 Aug 2025
$10.76
- Capstone Copper (CSC) showed strong performance following its June quarterly results.
- Historically, CSC has missed production and/or capex targets.
- This track record has led to CSC trading at a material discount compared to global copper mining peers.
- Despite the discount, CSC has a better pipeline of volume growth.
- The weaker US dollar has positively impacted base metals prices, benefiting CSC.
- Antares Capital continues to hold its position in CSC due to these factors.
Summary
PM Capital
31 Aug 2025
$10.76
- Capstone Copper rallied 27% after receiving all required permits for the Mantoverde Optimiser project.
- Debt refinancing program completed, fully funding the project and allowing construction to begin this quarter.
- The $176 million brownfield project will increase copper throughput by 40%.
- Extends the Life-of-Mine to 25 years at Capstone’s highest-quality asset, Mantoverde in Chile.
Summary
PM Capital
30 June 2025
$9.42
- Capstone Copper Corp is the largest pure-play copper producer listed on the ASX since March 2025.
- The fund manager has monitored Capstone since its Canadian listing and recognizes its significant corporate restructuring.
- Capstone has transformed its portfolio from small, subscale mines to larger, lower-cost mines with organic growth potential.
- Production has been derisked, with the Mantoverde mine achieving nameplate capacity in Q1 2025.
- Despite operational progress and stable copper prices, macroeconomic concerns led to a 43% share price decline from Q4 2024 to early April 2025.
- This decline allowed PM Capital to initiate a position while Capstone was trading in the bottom quartile of global peers based on PE and EBITDA multiples.
- The investment was made at a significant discount to peers on an Enterprise Value to Copper Equivalent production basis.
Summary
PM Capital
31 May 2025
$8.49
- Capstone Copper, a recent addition to the portfolio, was up +14% in May.
- This performance outpaced the 5% increase in the LME copper price.
- Reports indicated that a global top-five copper mine suspended underground mining due to seismic activity.
- This raised concerns about copper concentrate inventories remaining tight, which could keep prices elevated.
- PM Capital appreciates Capstone’s strong organic growth pipeline.
- The company has a portfolio of long-life copper operations in the Americas.
- It also has a fully permitted development project in Chile, supporting a near doubling of production in the next few years.
Summary
Clime Investment Management
31 Oct 2024
$10.97
- CSC detracted from performance as copper prices weakened.
- Concerns over slowing growth in China impacted base metals broadly.
- Clime Investment Management exited CSC due to increased risks related to market assumptions about its key growth project, Santo Domingo.
- Specific concerns were raised regarding cost projections for the project.
- Chose to take profits and reallocate capital toward higher-conviction opportunities.
Summary
Clime Investment Management
30 Sept 2024
$11.82
- Clime Investment Management remains positive on the copper price outlook due to its essential role in electrification.
- Capstone Copper Corp (CSC) has benefitted from a recent rally in copper prices.
- CSC has achieved commercial production at the Mantoverde Development Project.
- The company is on track to grow into a 400kt p.a. copper producer.
Summary
Clime Investment Management
31 July 2024
$10.15
- CSC continued to move lower in July due to weakness in the copper price, reflecting concerns over global growth and weak economic data from China.
- CSC's updated Santo Domingo feasibility study was well received, indicating stronger copper production and lower operating costs.
- Sustaining capex was lower than expectations, supporting a positive outlook.
- Clime Investment Management remains positive on the medium to long-term outlook for copper prices, given its critical role in the electrification process.
Summary
Clime Investment Management
30 Apr 2024
$11.20
- Clime Investment Management has initiated a position in Capstone Copper Corp CDI.
- The company operates four mines and has a catalyst-rich pipeline of growth projects.
- Clime views the miner as being at an attractive cash flow inflection point due to rising copper production.
- The cash cost profile is expected to decrease, enhancing profitability.
- The fund manager is positive on the outlook for copper prices, essential for electrification.
- Clime anticipates continued tight supply-demand conditions for copper.
Summary
Milford Asset Management
30 Apr 2024
$11.20
- Capstone Copper Corp CDI saw a performance increase of 13.0%.
- Milford Asset Management remains positive on the copper market.
- Concerns over large deficits in global ore supply are putting upward pressure on prices.
- Key events supporting this view include:
- Resilient global economic growth
- Approaching Fed easing
- Global supply shocks affecting key mines in Congo, Zambia, and Chile
- Increased demand driven by AI and data centre investments
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
With global supply shocks and resilient economic growth, it seems Capstone Copper Corp could be poised for a significant upward trajectory. As AI and data center investments surge, the copper dynamic appears increasingly favorable, potentially driving prices higher in the coming months.
Last Updated: 03 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Capstone Copper Corp CDI (ASX:CSC)?
Fund managers including Milford Asset Management, Clime Investment Management, PM Capital, Antares Capital, Pendal Group and Ten Cap have invested in Capstone Copper Corp CDI (ASX:CSC).
Why do fund managers invest in Capstone Copper Corp CDI?
Fund managers are investing in Capstone Copper Corp CDI due to a positive outlook on copper driven by anticipated global ore supply deficits, resilient economic growth, potential Federal Reserve easing, supply disruptions in key mining regions, and increasing demand from AI and data center investments.
What happened to Capstone Copper Corp CDI (ASX:CSC)?
Fund managers are investing in Capstone Copper Corp CDI due to its strategic advancements and growth potential. The recent approval of permits for the Mantoverde Optimiser project, which will enhance copper throughput by 40% and extend the mine's life to 25 years, significantly boosts its appeal. Additionally, successful debt refinancing ensures the project is fully funded. Despite some underperformance in certain areas, the company benefits from a favorable market environment, including a weaker US dollar, which supports copper prices. As a high-quality producer, Capstone offers attractive growth opportunities aligned with global decarbonization trends.