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Glencore plc ASX:GLC

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20 Apr 2026 to today

Commentary 2 comments

DateManagerActionSummary

14 Oct 2026Blackwattle Investment PartnersHeldBlackwattle Investment Partners continues to hold Glencore (ASX:GLC), viewing it as an example of enduring quality following its quiet ASX secondary listing. Blackwattle believes Glencore's marketing and trading arm is a competitive advantage, offering earnings less correlated with commodity prices, positive EBIT every year since 2008 and upside in volatile markets, with 2026 guidance above US$5 billion. Glencore targets more than 1 million tonnes of copper a year by end-2028 from about 800,000 tonnes, with a path to roughly 1.6 million tonnes by 2035. Trading on about 4.9 times FY27 EV/EBITDA versus 8.1 times for BHP, with an 11% free cash flow yield, Blackwattle believes the valuation gap is too wide and could attract M&A interest.

Diversified Mining Free Cash FlowArticle, price recorded $11.23

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12 Oct 2026Pendal GroupHeldPendal Group notes Glencore will list Chess Depositary Interests on the ASX without issuing or selling down new shares. The listing follows Glencore's failed merger with Rio Tinto earlier in the year, though CEO Gary Nagle still believes industry consolidation makes sense, citing around US$5bn per year of potential synergies with Rio and saying nothing is impossible regarding renewed talks. Pendal believes the listing gives Australian investors a viable alternative to Rio Tinto and BHP for diversified mining exposure. Glencore is targeting ASX 100 inclusion within one to two years, which would require around $5.5bn, or roughly 4%, of shares to be held locally.

Diversified MiningNewsletter

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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 2 managers first commented on GLC.

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About Glencore plc

Materials, Metals and Mining

Glencore (ASX:GLC) is drawing fresh attention from Australian fund managers ahead of its ASX listing. In October 2026, Pendal Group noted that Glencore would list Chess Depositary Interests on the ASX without issuing or selling down any shares, following its failed merger with Rio Tinto earlier in the year. Pendal noted that the CEO still backs industry consolidation, citing potential synergies of around US$5 billion a year with Rio, and sees the listing as a viable local alternative to Rio and BHP. Glencore operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured one comment from one fund manager, Pendal Group. Founded in 1974 and headquartered in Baar, Switzerland, Glencore produces, refines, transports and markets metals, minerals and energy products, from copper, cobalt and zinc to coal and oil, through its Marketing and Industrial Activities segments.

Market cap: $130.5b
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%

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

Questions

Who is investing in Glencore plc (ASX:GLC)?

Fund managers including Pendal Group and Blackwattle Investment Partners have invested in Glencore plc (ASX:GLC).

What opportunities or catalysts do fund managers highlight for Glencore plc?

Pendal Group points to the ASX listing as a catalyst, with Glencore aiming for ASX 100 inclusion within one to two years. Pendal also notes the CEO remains open to consolidation, putting potential synergies from a Rio Tinto combination at around US$5 billion a year. Pendal adds that the listing gives Australian investors a viable alternative to Rio and BHP for diversified resources exposure.

What are the key risks to the Glencore plc investment thesis, according to fund managers?

The available fund manager commentary does not set out specific risks to the Glencore thesis. Pendal Group notes that the merger with Rio Tinto failed and it is unknown whether talks will resume, so any value tied to consolidation synergies remains uncertain. ASX 100 inclusion also depends on local investors coming to hold around $5.5 billion, or roughly 4%, of Glencore's shares.

What does Glencore plc (ASX:GLC) do?

Glencore plc produces, refines, processes, stores, transports and markets metals, minerals and energy products across the Americas, Europe, Asia, Africa and Oceania. The company operates two segments: Marketing Activities and Industrial Activities. Its commodities include copper, cobalt, lead, nickel, zinc, chrome ore, ferrochrome, vanadium, aluminium, alumina, iron ore, coal, crude oil, refined products and natural gas, alongside oil exploration, production, refining and distribution. Glencore also markets third-party commodities to industrial consumers, including the battery, automotive, steel and energy industries, and provides financing and logistics services. Founded in 1974, Glencore is headquartered in Baar, Switzerland.

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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