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Northern Star Resources (ASX:NST), Australia's largest gold miner, has drawn criticism for not fully capitalising on record gold prices. In August 2026, Pendal Group noted an in-line FY26 result after low expectations, with production meeting guidance overall although Carosue Dam and Pogo underperformed. Alphinity rated Northern Star a sell, saying the company has set stretched expectations, while Maple-Brown Abbott also rated it a sell. Tamim said it had an extraordinary commodity backdrop but did not fully convert it, after cutting production guidance in March. Pendal noted a rally when activist hedge fund Elliott built a stake. Northern Star operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 55 comments from 26 fund managers, including Pendal, Alphinity, Maple-Brown Abbott and Tamim. Founded in 2000 and headquartered in Subiaco, Perth, Northern Star produces gold from KCGM, Kalgoorlie, Yandal and Pogo.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Yarra Capital Management, Pendal Group, Alliance Bernstein, Infinity Asset Management, Tyndall Asset Management, Clime Investment Management, Antares Capital, Ten Cap, First Sentier Investors, PM Capital, Perennial Partners, Atlas Funds Management, Paradice Investment Management, Seneca Financial Solutions, Equity Trustees Asset Management, Ellerston Capital, Vinva Investment Management, Oracle Advisory Group, Sage Capital, Perpetual Asset Management, Quest Asset Partners, Katana Asset Management, Maple-Brown Abbott, Alphinity Investment Management, Tamim Funds Management, Paragon Funds, Ralton Asset Management and Investors Mutual Limited have invested in Northern Star Resources Ltd (ASX:NST).
Pendal highlights activist investor Elliott's stake, which could push for improved performance and shareholder returns, and FY26 results that met lowered expectations.
Alphinity, Maple-Brown Abbott and Tamim cite production guidance cuts, underperformance at Carosue Dam and Pogo and failure to fully benefit from record gold prices.
Northern Star Resources Ltd., headquartered in Subiaco, Australia, is a gold producer and exploration company founded on May 12, 2000. Its operations are organized into seven segments: KCGM, Kalgoorlie Operations, Carosue Dam, Pogo, Jundee, Thunderbox, and Exploration. The KCGM, Kalgoorlie Operations, Carosue Dam, Pogo, Jundee, and Thunderbox segments focus on gold mining and processing. The Exploration segment is dedicated to the identification and evaluation of gold mineralization.
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.