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Lynas Rare Earths Ltd ASX:LYC

0 opened or increased13 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 17 managers in total.

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20252026

2 Mar 2026 to today

Commentary Showing 2 of 30

DateManagerActionSummary

6 Oct 2026Pendal GroupHeldPendal Group continues to hold Lynas Rare Earths Ltd (ASX: LYC) after shares fell 8.9% on the all-scrip acquisition of Brazilian rare earth developer Meteoric Resources for about A$800 million, which would leave Meteoric holders with roughly 5.9% of Lynas. Pendal notes Meteoric's Caldeira project is a high-quality development asset able to produce both light and heavy rare earths, fitting Lynas's stated growth strategy and adding significantly to its resource base. However, the deal surprised investors because Lynas has yet to appoint a new CEO, and uncertainty remains over timing and product flow from an asset expected to cost US$0.5 billion to build. Pendal believes these issues will be resolved over time and considers the A$1.2 billion fall in Lynas's value excessive relative to the roughly A$0.2 billion premium paid.

Critical Minerals Rare EarthsNewsletter, price recorded $12.89

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31 Aug 2026Perennial PartnersHeldPerennial Partners continues to hold its position in Lynas Rare Earths because the rare earths miner rose 13.1% during the month, again framed within the manager's broader view that constrained, China-dominated supply of critical minerals sets up a strong medium-term pricing outlook. Perennial expects demand linked to AI, robotics and electrification to continue growing, supporting its ongoing conviction in the stock as part of its critical minerals exposure.

Monthly Report, price recorded $15.94

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Articles

About Lynas Rare Earths Ltd

Materials, Metals and Mining

Lynas Rare Earths (ASX:LYC), the largest rare earths producer outside China, divides fund managers over execution despite strong pricing. In August 2026, Pendal Group noted slightly weaker-than-expected FY26 results, with EBITDA missing by 4% on higher corporate costs and tax, and limited guidance disclosure. Perennial Partners reported the shares rose 13% on its view that constrained, China-dominated supply of critical minerals supports a strong pricing outlook. Antares, Blackwattle and Firetrail highlighted production shortfalls at Mount Weld and a capital cost blowout at its Malaysian heavy rare earths expansion. Lynas operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 28 comments from 16 fund managers, including Pendal Group, Perennial, Antares, Blackwattle and Firetrail. Headquartered in Perth, Lynas mines rare earths at Mount Weld and processes them in Malaysia and Kalgoorlie, supplying magnet materials.

Market cap: $10.9b
Price to earnings: 76.3x
Return on equity: 7.6%
Dividend yield: 0.0%
Price to book: 4.85x
Net margin: 22.7%
52-week range: $10.81 to $22.37

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

Questions

Who is investing in Lynas Rare Earths Ltd (ASX:LYC)?

Fund managers including Greencape Capital, Ten Cap, Yarra Capital Management, Paradice Investment Management, Pendal Group, Solaris Investment Management, Wilson Asset Management, Ellerston Capital, Vinva Investment Management, Quest Asset Partners, Medallion Financial, Vertium Asset Management, Antares Capital, Blackwattle Investment Partners, First Samuel, Firetrail Investments and Perennial Partners have invested in Lynas Rare Earths Ltd (ASX:LYC).

What opportunities or catalysts do fund managers highlight for Lynas Rare Earths Ltd?

Perennial highlights constrained, China-dominated rare earths supply and rising demand from AI, robotics and electrification, supporting a strong medium-term price outlook. Antares noted record realised prices, and Firetrail views the capex blowout as a hit to project economics rather than to the overall investment case.

What are the key risks to the Lynas Rare Earths Ltd investment thesis, according to fund managers?

Antares and Blackwattle point to production of neodymium and praseodymium around 15% below consensus due to operational issues at Mount Weld, and Firetrail flags a $110 million capital expenditure blowout on the Malaysian expansion. Pendal notes higher costs and limited guidance disclosure.

What does Lynas Rare Earths Ltd (ASX:LYC) do?

Lynas Rare Earths Ltd. is an Australian company specializing in the production of rare earth minerals. Headquartered in Perth, the firm focuses on the end-to-end management of mineral assets, including exploration, development, mining, and processing. Founded by Nicholas Anthony Curtis in 1983, Lynas operates as a key player in the global rare earth supply chain, providing essential 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.

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