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Fortescue Ltd ASX:FMG

3 opened or increased3 held4 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 11 managers in total.

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8 more managers have commented on FMGPro shows the full position history for all 11 managers.

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2026

15 Sep 2025 to today

Commentary Showing 2 of 23

DateManagerActionSummary

12 Oct 2026Pendal GroupHeldPendal Group notes Fortescue reported weak first-quarter sales, with shipments 6% below consensus and sales a further 8% below shipments, and the shares fell 5.3%. The shortfall stems from Fortescue's dispute with Chinese buying group China Mineral Resources Group (CMRG), which has dried up sales of its Super Special Fines product. Pendal contrasts this with BHP, observing that Fortescue's reluctance to sign a similar deal is having a more acute impact, with net debt rising to US$2.8bn from US$0.9bn at June after a US$1bn dividend. Price realisations fell to 82% from 84%. Pendal expects resolution eventually, but notes a prolonged impasse grows more painful amid weak iron ore prices and higher decarbonisation capex.

Newsletter, price recorded $15.78

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24 Aug 2026Pendal GroupHeldPendal Group continues to hold Fortescue because its FY26 result was in line, having been pre-released with the quarterly, though management gave no material update on the ongoing CMRG dispute despite months of talks, nor any new detail on potential data-centre renewable power deals. Commentary focused on optimising the hematite business and reiterating commitment to ramping up the still loss-making Iron Bridge project; the manager notes FMG shares have materially underperformed diversified peers over the past year given its lack of copper exposure and rising capex.

Iron OreNewsletter, price recorded $17.93

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21 more comments on FMGPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 11 managers first commented on FMG.

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Articles

12 Oct 2026Fortescue Slides as Iron Ore Hits a Two-Month Low and Costs Rise
30 Jun 2026Fortescue's Green Energy Push Meets an Iron Bridge Setback

About Fortescue Ltd

Materials, Metals and Mining

Fortescue (ASX:FMG), the iron ore miner and green energy developer, has lost favour with several fund managers. In August 2026, Pendal Group reported a solid quarter operationally, offset by higher cost guidance and continued underperformance at the Iron Bridge magnetite project, and noted no material update on an ongoing dispute with China Mineral Resources Group. Ten Cap flipped from long to short, and earlier trimmed Fortescue on a softer iron ore outlook. Paradice exited as iron ore entered a seasonally weaker period. Fortescue operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 22 comments from 11 fund managers, including Pendal, Ten Cap and Paradice. Founded in 2003 by Andrew Forrest and headquartered in East Perth, Fortescue produces iron ore from the Pilbara in Western Australia, is developing the Iron Bridge magnetite project and pursues green energy and decarbonisation initiatives.

Market cap: $46.2b
Price to earnings: 13.9x
Return on equity: 14.2%
Dividend yield: 0.0%
Price to book: 1.96x
Net margin: 16.9%
52-week range: $15.01 to $23.38

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

Questions

Who is investing in Fortescue Ltd (ASX:FMG)?

Fund managers including Solaris Investment Management, Ten Cap, Australian Eagle Asset Management, Pendal Group, Paradice Investment Management, Ellerston Capital, Oracle Advisory Group, Blackwattle Investment Partners, Sage Capital, Antares Capital and Alliance Bernstein have invested in Fortescue Ltd (ASX:FMG).

What opportunities or catalysts do fund managers highlight for Fortescue Ltd?

Pendal notes solid operational performance from Fortescue's core Pilbara iron ore operations.

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

Pendal highlights higher cost guidance, ongoing underperformance at Iron Bridge and an unresolved dispute with China Mineral Resources Group, while Ten Cap and Paradice cite a softer iron ore outlook, with Ten Cap shorting the stock.

What does Fortescue Ltd (ASX:FMG) do?

Fortescue Ltd. is an Australian iron ore producer and energy developer founded in 2003, headquartered in East Perth. The company operates through two primary segments: Metals and Energy. The Metals segment manages the exploration, production, processing, and transportation of iron ore and other minerals. The Energy segment focuses on developing sustainable infrastructure, including green electricity, green hydrogen, and green ammonia projects. Fortescue integrates resource extraction with renewable energy initiatives to support its global operations.

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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