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Rio Tinto Ltd ASX:RIO

Iron Ore Diversified Mining Copper Mining Energy Transition

5 opened or increased10 held6 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 23 managers in total.

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202420252026

11 Jun 2025 to today

Commentary Showing 2 of 52

DateManagerActionSummary

17 Aug 2026Pendal GroupHeldPendal Group continues to hold Rio Tinto because it secured a new long-term power contract at its Tomago aluminium smelter, backed by $2.5 billion in support from the New South Wales and federal governments, providing security of electricity supply through to 2038 with 100% renewable energy from 2033. Pendal notes that while the likelihood of Rio Tinto closing the smelter was always small given repeated bailouts extended to other downstream manufacturing plants, the news was still positive given the range of alternatives considered, ensuring the smelter continues to benefit from electricity prices well below commercial rates.

Newsletter, price recorded $168.33

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4 Aug 2026Pendal GroupHeldPendal Group notes Rio Tinto shares rose 6.6% because its 1H result beat expectations with earnings per share 3% ahead on lower tax, free cash flow of US$3.8 billion equating to a 5% annualised yield, and the highest interim dividend since 2022 at an unchanged 50% payout ratio. Pendal observes operational performance was strong, guidance was unchanged barring tax, and the result confirmed a return to the simplification strategy outlined late last year, underscoring that the company has moved past earlier Glencore merger discussions. Pendal expects asset sales to improve portfolio quality and generate US$5-10 billion over the next 18 months, while Rio remains committed longer term to expanding copper exposure and its marketing business.

Diversified Mining Iron OreNewsletter, price recorded $172.39

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Articles

About Rio Tinto Ltd

Materials, Metals and Mining

Rio Tinto (ASX:RIO), the global miner, has delivered solid results but fund managers are trimming after strong gains. In August 2026, Pendal Group reported a better-than-expected first-half result, with earnings per share 3% ahead and free cash flow of US$3.8 billion, and noted a new long-term power contract for its Tomago aluminium smelter backed by $2.5 billion of government support. Alphinity rated Rio a hold after trimming, and Maple-Brown Abbott is selling as its earnings multiple has risen from eight or nine times a year earlier. Alliance Bernstein also took profits. Rio Tinto operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 50 comments from 22 fund managers, including Pendal, Alphinity, Maple-Brown Abbott and Alliance Bernstein. Headquartered in Melbourne and London, Rio Tinto produces iron ore, aluminium, copper and lithium, operating the Pilbara iron ore mines, Oyu Tolgoi and Simandou.

Market cap: $218.2b
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%
52-week range: $125.50 to $195.84

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

Questions

Who is investing in Rio Tinto Ltd (ASX:RIO)?

Fund managers including Ten Cap, First Sentier Investors, Montgomery Investment Management, Alliance Bernstein, Wilson Asset Management, Pendal Group, Maple-Brown Abbott, Airlie Funds Management, Perennial Partners, Yarra Capital Management, Hyperion Asset Management, Flagship Investments, Equity Trustees Asset Management, Oracle Advisory Group, Sage Capital, Milford Asset Management, Perpetual Asset Management, Quest Asset Partners, Blackwattle Investment Partners, Antares Capital, Alphinity Investment Management, First Samuel and Ralton Asset Management have invested in Rio Tinto Ltd (ASX:RIO).

What opportunities or catalysts do fund managers highlight for Rio Tinto Ltd?

Pendal highlights a better-than-expected result, strong free cash flow and the government-supported Tomago power contract, while Alphinity remains constructive on commodities.

What are the key risks to the Rio Tinto Ltd investment thesis, according to fund managers?

Maple-Brown Abbott and Alliance Bernstein are taking profits as Rio's valuation has risen, and earnings remain sensitive to iron ore prices.

What does Rio Tinto Ltd (ASX:RIO) do?

Rio Tinto Ltd. is a global mining and minerals processing company headquartered in Melbourne, Australia. Founded in 1959, the firm operates through four primary segments: Iron Ore, which includes mining and salt/gypsum production; Aluminium, encompassing bauxite mining, alumina refining, and smelting; Copper, focused on mining and refining copper, gold, silver, and molybdenum; and Minerals, providing borates, titanium dioxide, and diamond mining services. Rio Tinto specializes in the exploration, extraction, and processing of diverse mineral resources to support global industrial demand.

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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