Fund Manager Summary
The fund managers believe that the outlook for South32 Ltd remains positive, particularly following a 19.7% increase in share price in April, making it a significant contributor to the Growth Equities Portfolio. In their opinion, the company’s better than expected net debt position during the March quarter has bolstered investor confidence. They are keenly awaiting further updates on GEMCO's wharf operations and potential alternative shipping options, which could enhance operational efficiency and profitability. Overall, the fund managers view South32 as a compelling investment opportunity within their portfolio.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Endeavor Asset Management
31 Oct 2025
$3.17
Summary
- South32 (S32) experienced a 9% gain in October, indicating positive market performance.
- The increase was driven by stronger base metal pricing and positive cost guidance.
- Endeavor Asset Management highlights the company's diversified portfolio as a key strength.
- Disciplined capital management contributes to the company's resilience through the commodity cycle.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Endeavor Asset Management
31 Oct 2025
$3.17
- South32 (S32) experienced a 9% gain in October, indicating positive market performance.
- The increase was driven by stronger base metal pricing and positive cost guidance.
- Endeavor Asset Management highlights the company's diversified portfolio as a key strength.
- Disciplined capital management contributes to the company's resilience through the commodity cycle.
Summary
Wilson Asset Management
31 Oct 2025
$3.17
- South32 is a global mining and metals company producing essential commodities.
- Recently sold a 10% equity stake in Trilogy Metals, enhancing its joint venture in the Ambler Metals project.
- The US government approved the access road to the Ambler district, previously a bottleneck for development.
- The market had undervalued the project due to political and regulatory uncertainties.
- Removal of major barriers increases the likelihood of project progression and valuation improvements.
- Wilson Asset Management continues to hold due to the positive developments surrounding the Ambler Metals project.
- Tactically reduced position post the re-rate event to optimize investment strategy.
Summary
Endeavor Asset Management
31 May 2025
$2.94
- Endeavor Asset Management initiated a position in South32 (S32) following a period of sector weakness.
- S32 has strategically focused on higher margin, longer life assets since its separation from BHP.
- The company has exited thermal coal, streamlining its operations.
- Earnings are now primarily driven by aluminium and copper, which are experiencing structural tailwinds.
- With net cash on the balance sheet, S32 has the capacity for dividends and buybacks.
- Valuation appears attractive at a 10× P/E.
Summary
Endeavor Asset Management
30 June 2024
$3.71
- Endeavor Asset Management noted an 8% decline in South32 (S32) due to operational challenges and lower commodity prices.
- They decided to exit their position in S32 to reallocate capital to more promising opportunities.
- The exit from South32 was influenced by anticipated further operational challenges.
- Endeavor Asset Management assessed that the opportunity cost of holding S32 outweighed the benefits of redeploying capital into attractive risk-reward opportunities.
Summary
Endeavor Asset Management
31 May 2024
$3.97
- Endeavor Asset Management sees South32 as a strong performer, noted by a 10.6% increase in share price.
- The market's positive reaction is attributed to a rally in key commodities.
- This rally could boost South32's EBITDA in the second half close to $1 billion.
- Projected net debt may reduce to $800-900 million by June.
- Endeavor Asset Management continues to hold its position in South32 due to these favorable market conditions.
Summary
Endeavor Asset Management
30 Apr 2024
$3.59
- Endeavor Asset Management reports that South32 (S32) share price increased by 19.7% in April.
- This rise made South32 the largest contributor to the Growth Equities Portfolio.
- South32 is now a top ten position in the Portfolio.
- The better than expected net debt position during the March quarter was positively received.
- Endeavor Asset Management is awaiting further updates on GEMCO regarding the recommencement of its wharf operations.
- They are also looking for alternative shipping options available to the company.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a 19.7% surge in April, it seems South32 is capturing attention, buoyed by a healthier net debt outlook. As we anticipate updates on GEMCO's operations, the potential for further gains appears promising but remains delicately balanced on upcoming developments."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in South32 Ltd (ASX:S32)?
Fund managers including Endeavor Asset Management and Wilson Asset Management have invested in South32 Ltd (ASX:S32).
Why do fund managers invest in South32 Ltd?
Fund managers are investing in South32 Ltd due to its strong performance, highlighted by a 19.7% share price increase in April, making it a key contributor to growth portfolios. The company’s improved net debt position has been positively received, and there is anticipation surrounding updates on GEMCO's wharf operations and shipping alternatives.
What happened to South32 Ltd (ASX:S32)?
Fund managers are investing in South32 Ltd due to its strategic moves in the mining sector, particularly the recent sale of a 10% equity stake in Trilogy Metals, which enhances the value of the Ambler Metals project. The U.S. government's approval of the access road has alleviated previous political and regulatory uncertainties, increasing the project's viability and potential valuations. Despite tactical position adjustments following this positive development, the overall outlook remains favorable as the project progresses towards production.