Fund Manager Summary on Qantas Airways Ltd (ASX:QAN)
In March 2026, Pendal Group commented that Qantas’s half-year result was broadly in line but reflected a domestic capacity/demand imbalance, stronger Jetstar performance, softer international leisure demand and an elevated shareholder distribution as a signal of management confidence. Qantas Airways Ltd (ASX:QAN) is viewed by multiple fund managers as a credible turnaround story under CEO Vanessa Hudson, underpinned by operational improvements (better on‑time performance and NPS), a large fleet reinvestment program including Project Sunrise, a high-growth, capital-light Loyalty business and constrained aircraft supply supporting yields; managers point to opportunities from fleet-driven efficiency gains, Loyalty monetisation and potential earnings upgrades while flagging risks from volatile near-term demand (domestic capacity mismatches and softer US leisure international traffic), international cost pressures, execution risk on fleet deliveries and new long-haul services, and competitive dynamics as Virgin’s listing increases market scrutiny; actionable considerations are to monitor domestic capacity versus demand and international load factors, progress on aircraft deliveries and fuel-efficiency gains, Loyalty earnings trajectory, management execution and capital allocation (Pendal noted a $450m distribution in the half and profits grew ~5% with consensus earnings revised down by less than 1%), and valuation signals given Qantas trades at mid-single-digit P/E multiples relative to higher peer ranges reported by managers.
Commentary From The Managers
There are 27 insights from 7 fund managers regarding their investment in Qantas Airways Ltd (ASX:QAN) available on Thesis Tracker.
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Commentary From The Managers
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Qantas Airways Ltd (ASX:QAN)?
Fund managers including L1 Capital, Ten Cap, Equity Trustees Asset Management, Alphinity Investment Management, Plato Investment Management, Vinva Investment Management and Pendal Group have invested in Qantas Airways Ltd (ASX:QAN).
Why do fund managers invest in Qantas Airways Ltd?
Fund managers invest in Qantas Airways Ltd due to its strong market position, growth potential, and improved management performance. The airline has capitalized on robust domestic demand and a favorable competitive landscape, driving earnings expansion. Qantas' diversified operations, including a highly valuable loyalty program, enhance its revenue stability. Recent investments in a new, fuel-efficient fleet promise operational efficiencies. Despite significant share price recovery, Qantas remains undervalued compared to global peers, offering an appealing risk/reward profile for investors.
What happened to Qantas Airways Ltd (ASX:QAN)?
Fund managers view Qantas Airways Ltd as a compelling investment due to its ongoing turnaround, reaffirmed growth targets, and strong operational performance across both Qantas and Jetstar. With a robust outlook for the airline industry amid supply constraints and strong travel demand post-COVID, Qantas is positioned to benefit from higher yields. The company’s fleet renewal and Project Sunrise initiative, aimed at direct long-haul flights, further enhance its competitive edge. Additionally, Qantas boasts a favorable valuation with a PE ratio of 8.6 and a dividend yield of nearly 4.5%, suggesting potential for continued growth.
What is the short interest in Qantas Airways Ltd (ASX:QAN)?
The short interest in Qantas Airways Ltd (ASX:QAN) is 0.30% which makes it the 325th most shorted stock on the ASX. Of the 1.5B shares that Qantas Airways Ltd has on issue, 4.6M have been sold short.
What does Qantas Airways Ltd (ASX:QAN) do?
Qantas Airways Ltd. engages in international and domestic air transportation services. It operates through the following segments: Qantas Domestic, Qantas International, Jetstar Group, Qantas Loyalty, and Corporate. The Qantas Domestic segment is involved in the carrier in the Australian domestic market measured by capacity. The Qantas International segment refers to the carrier into and out of Australia, also targeting business and leisure customers who value the full-service experience. The Jetstar Group segment focuses on operations in Australia, delivering low fares and a differentiated product offering to the price-sensitive market. The Qantas Loyalty segment consists of consumer and SME coalition loyalty programs. The Corporate segment refers to centralized management and governance of the Qantas Group. The company was founded on November 16, 1920 and is headquartered in Mascot, Australia.