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Qantas Airways Ltd ASX:QAN

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2 opened or increased8 held1 reduced or exitedlatest position by manager, past 12 months90 days: 2 increased, 1 reduced. 15 managers in total.

Position history by manager Showing 3 of 15 managersSelect a point to see the comment

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

12 more managers have commented on QANPro shows the full position history for all 15 managers.

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2023202420252026

13 Feb 2026 to today

Commentary Showing 2 of 49

DateManagerActionSummary

7 Oct 2026Ausbil Investment ManagementInitiatedAusbil Investment Management initiated a position in Qantas (ASX: QAN) during the quarter and expects it to be a long-term holding. Ausbil notes Qantas pays an above-market, fully franked dividend and has attractive long-term growth prospects, and the manager had been waiting for an appropriate entry point. While the market had short-term concerns over fuel prices, wage costs and slowing consumer demand, the annual result showed costs being well managed and travel remaining a high priority for consumers. Fuel cost increases have been passed through to fares, which Ausbil expects to become a significant tailwind when fuel prices fall. Longer term, it sees significant margin upside from Project Sunrise direct flights to London and New York, with Virgin likely to remain a rational competitor.

Article, price recorded $8.87

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31 Aug 2026Pendal GroupHeldPendal Group continues to hold Qantas Airways because the manager notes the airline beat FY26 expectations by 3%, despite the outcome being 17% lower than it otherwise would have been due to negative Middle East conflict impacts. Pendal highlights stronger-than-forecast International unit revenue growth of 7% versus 5% guidance, partly offset by softer Qantas Domestic corporate demand. The manager also points to FY27 Loyalty growth of 5-7%, reduced capex to buffer free cash flow, and Project Sunrise fleet upgrades supporting a path toward $1.1 billion of International EBIT, seeing scope for valuation re-rating as earnings per share grow.

Newsletter, price recorded $9.42

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47 more comments on QANPro shows every comment, with a link to each source document.

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Articles

About Qantas Airways Ltd

Industrials, Airlines

Qantas Airways (ASX:QAN) is widely held by Australian fund managers who see a structurally improved airline, though some have recently taken profits. In August 2026, Investors Mutual described the domestic market as a rational duopoly in which Qantas and Virgin prioritise profit over market share, while Wilson Asset Management highlighted fleet renewal and Project Sunrise as drivers of more efficient, premium-weighted earnings. Pendal Group noted FY26 profit beat expectations despite the impact of Middle East conflict. Qantas operates in the Industrials sector within the Airlines industry, and Thesis Tracker has captured 48 comments from 15 fund managers, including Investors Mutual, Wilson Asset Management, Pendal Group, L1 Capital and Blackwattle. Founded in 1920 and headquartered in Mascot, Sydney, Qantas provides domestic and international air travel, loyalty and freight services and operates the Jetstar low-cost brand.

Market cap: $12.5b
Price to earnings: 11.7x
Return on equity: 112.7%
Dividend yield: 4.1%
Price to book: 9.97x
Net margin: 5.1%
52-week range: $8.04 to $11.09

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

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, Pendal Group, Paradice Investment Management, Ausbil Investment Management, Sage Capital, ALC Capital, Antares Capital, Investors Mutual Limited, Wilson Asset Management and Blackwattle Investment Partners have invested in Qantas Airways Ltd (ASX:QAN).

What opportunities or catalysts do fund managers highlight for Qantas Airways Ltd?

Managers point to a rational domestic duopoly with Virgin Australia, the largest fleet renewal in the airline's history, and Project Sunrise ultra-long-haul flights shifting the revenue mix toward higher-yielding premium travel. Wilson Asset Management expects new aircraft to lower fuel and maintenance costs, while Pendal highlighted better-than-forecast international unit revenue growth and robust travel demand, partly helped by disrupted Middle Eastern carrier capacity. L1 Capital credits CEO Vanessa Hudson's team with repairing the brand and earnings.

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

Blackwattle exited Qantas in July 2026, citing elevated jet fuel refining margins linked to Middle East disruption with the airline unhedged, softening discretionary domestic travel demand and capacity pressures. Pendal noted the Middle East conflict reduced FY26 profit and weaker corporate travel weighed on the domestic business, while Investors Mutual suggested the most attractive entry point has already passed.

What does Qantas Airways Ltd (ASX:QAN) do?

Qantas Airways Ltd., founded in 1920 and headquartered in Mascot, Australia, provides domestic and international air transportation services. The Qantas Group operates through five key segments: Qantas Domestic, focusing on the Australian market; Qantas International, providing full-service travel for business and leisure; Jetstar Group, offering low-fare options for price-sensitive customers; Qantas Loyalty, managing consumer and SME coalition programs; and Corporate, which oversees group-wide management and governance. The company maintains a leading position in Australian aviation capacity while diversifying revenue through its loyalty division and tiered service models.

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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