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South32 Ltd ASX:S32

Diversified Mining Base Metals Iron Ore Copper Mining

4 opened or increased6 held2 reduced or exitedlatest position by manager, past 12 months90 days: 2 increased, 0 reduced. 12 managers in total.

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

9 more managers have commented on S32Pro shows the full position history for all 12 managers.

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20252026

30 Apr 2024 to today

Commentary Showing 2 of 38

DateManagerActionSummary

21 Sep 2026Pendal GroupHeldPendal Group continues to hold its position in South32 following a business update and investor visit to the Hermosa project, which demonstrated progress with mining operations on track to begin within 15 months. Despite roughly US$2 billion in remaining capital expenditure, Pendal came away reassured on costs and more positive on the project's upside, viewing an expansion to 5 million tonnes per annum as increasingly likely with a further expansion to 6Mtpa possible over time. The manager also notes South32's pivot toward a leaner, more agile operating structure, with cost and headcount reductions continuing alongside completion of the Alcoa transaction.

Newsletter, price recorded $4.87

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31 Aug 2026Pendal GroupHeldPendal Group continues to hold South32 because the manager notes an in-line FY26 result with underlying EBITDA 2% ahead. Pendal highlights South32 maintaining its 40% dividend payout ratio despite the trend of higher returns across the mining sector, while extending its buyback for another year, with net cash expected to jump materially once the aluminium sale to Alcoa closes. The manager also flags a 9% beat to production guidance at Sierra Gorda, representing 40% of Pendal's valuation, alongside the Hermosa project at around 30%, as key drivers of the FY28 earnings outlook.

Diversified MiningNewsletter, price recorded $5.16

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Articles

About South32 Ltd

Materials, Metals and Mining

South32 (ASX:S32) is a diversified miner that fund managers see entering a new phase after selling its aluminium business. In September 2026, Pendal Group noted progress at South32's Hermosa project in Arizona, which is on track to begin mining within 15 months, though around US$2 billion of spending remains. In July, Pendal highlighted the sale of its aluminium value chain assets to Alcoa for up to US$5.6 billion, and Maple-Brown Abbott chose South32 for its diverse commodity mix without iron ore exposure. South32 operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 37 comments from 12 fund managers, including Pendal Group and Maple-Brown Abbott. Founded in 2000 and headquartered in Perth, South32 produces manganese, zinc, lead, silver, nickel and copper from operations in Australia, southern Africa and South America, and is developing Hermosa.

Market cap: $20.0b
Price to earnings: 16.0x
Return on equity: 11.4%
Dividend yield: 0.0%
Price to book: 1.74x
Net margin: 18.3%
52-week range: $2.96 to $5.33

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

Questions

Who is investing in South32 Ltd (ASX:S32)?

Fund managers including Endeavor Asset Management, Wilson Asset Management, Pendal Group, Yarra Capital Management, Equity Trustees Asset Management, Oracle Advisory Group, Ten Cap, Solaris Investment Management, Antares Capital, Maple-Brown Abbott, Sage Capital and Perennial Partners have invested in South32 Ltd (ASX:S32).

What opportunities or catalysts do fund managers highlight for South32 Ltd?

Managers highlight the Alcoa divestment, which delivered cash and Alcoa shares and simplified the portfolio, as well as progress at the Hermosa zinc and manganese project. Maple-Brown Abbott values its diverse commodity exposure without iron ore, and Pendal noted an in-line FY26 result with EBITDA slightly ahead.

What are the key risks to the South32 Ltd investment thesis, according to fund managers?

Pendal notes Hermosa still requires around US$2 billion in capital expenditure before production, and South32 maintained a 40% payout ratio rather than lifting shareholder returns as many peers did. Maple-Brown Abbott observed the aluminium sale removes almost 40% of earnings.

What does South32 Ltd (ASX:S32) do?

South32 Ltd., headquartered in Perth, Australia, is a diversified metals and mining company founded in 2000. It manages a global portfolio of assets across twelve operational segments: Worsley Alumina, Hillside Aluminium, Mozal Aluminium, Brazil Alumina, South Africa Energy Coal, Illawarra Metallurgical Coal, Eagle Downs Metallurgical Coal, Australia Manganese, South Africa Manganese, Cerro Matoso, Cannington, and Hermosa. The company produces bauxite, alumina, aluminium, energy and metallurgical coal, manganese, ferronickel, silver, lead, and zinc. These operations include mining, refining, and smelting activities across Australia, South Africa, Mozambique, Brazil, Colombia, and the United States.

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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