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Whitehaven Coal Ltd ASX:WHC

1 opened or increased4 held3 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 2 reduced. 14 managers in total.

Position history by manager Showing 3 of 14 managersSelect a point to see the comment

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

11 more managers have commented on WHCPro shows the full position history for all 14 managers.

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202420252026

25 Mar 2024 to today

Commentary Showing 2 of 27

DateManagerActionSummary

11 Sep 2026Datt CapitalHeldDatt Capital continues to hold Whitehaven Coal without change, noting the production base has effectively doubled without dilution to the share count, and while it has taken a couple of years to digest and integrate this transaction, the manager believes the majority of that integration work is now behind the company. The manager highlights management's strong focus on returning capital to shareholders through buybacks, dividends and other typical capital return measures.

Article, price recorded $8.60

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4 Sep 2026Solaris Investment ManagementExitSolaris Investment Management exited its position in Whitehaven Coal, stating there is nothing wrong with the underlying coal business but that the decision was driven by capital allocation concerns. The manager places significant weight on management doing what it says it will do, and views Whitehaven's drift into a cluster of minority stakes in early-stage rare earths names as sitting outside the mandate shareholders originally signed up for. The manager notes it would prefer to gain rare earths exposure directly if desired, and would rather see the company return excess cash to shareholders than pursue such diversification.

Article, price recorded $8.39

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25 more comments on WHCPro shows every comment, with a link to each source document.

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First mention by manager

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Price at first mentionThe share price recorded when each of 14 managers first commented on WHC.

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Articles

About Whitehaven Coal Ltd

Materials, Oil, Gas and Consumable Fuels

Whitehaven Coal (ASX:WHC) divides fund managers over coal prices and capital allocation. In September 2026, Solaris Investment Management exited, saying there was nothing wrong with the coal business but that Whitehaven had drifted into minority stakes in early-stage ventures, weakening its confidence in management discipline. Datt Capital is more positive, noting production has effectively doubled on the same share count after its Queensland acquisition and expecting capital returns through buybacks. Endeavor reported production and sales at the top end of guidance, though softer metallurgical coal prices weighed on the shares. Whitehaven operates in the Energy sector within the Oil, Gas and Consumable Fuels industry, and Thesis Tracker has captured 27 comments from 14 fund managers, including Solaris, Datt Capital, Endeavor and Katana. Founded in 1999 and headquartered in Sydney, Whitehaven produces thermal and metallurgical coal from mines in New South Wales and Queensland.

Market cap: $6.1b
Price to earnings: 18.0x
Return on equity: 6.6%
Dividend yield: 1.3%
Price to book: 1.20x
Net margin: 7.1%
52-week range: $6.62 to $9.90

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

Questions

Who is investing in Whitehaven Coal Ltd (ASX:WHC)?

Fund managers including Cadence Capital, Endeavor Asset Management, Spheria Asset Management, Blackwattle Investment Partners, Katana Asset Management, Contract Asset Management, Clime Investment Management, Atlas Funds Management, Perpetual Asset Management, Wilson Asset Management, Totus Capital, Paradice Investment Management, Solaris Investment Management and Datt Capital have invested in Whitehaven Coal Ltd (ASX:WHC).

What opportunities or catalysts do fund managers highlight for Whitehaven Coal Ltd?

Datt Capital highlights a doubled production base following the Daunia and Blackwater acquisition with integration largely complete, and a focus on returning capital through buybacks. Endeavor notes production and sales at the top of guidance with better-than-expected unit costs and capital expenditure, including a sharp lift in Queensland output.

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

Solaris exited over capital allocation concerns, citing minority stakes in early-stage ventures. Katana now rates Whitehaven a sell after a strong re-rating and is cautious on coal prices, noting thermal coal has been boosted by conflict, and Endeavor reported softer realised metallurgical coal prices hurting the shares.

What does Whitehaven Coal Ltd (ASX:WHC) do?

Whitehaven Coal Ltd. develops and operates coal mines across its NSW and QLD Operations segments. Founded in 1999 and headquartered in Sydney, Australia, the company manages a portfolio of coal projects including Maules Creek, Narrabri North, Vickery, Werris Creek, Tarrawonga, Canyon, Rocglen, and Sunnyside. As an Australian-based energy company, Whitehaven focuses on mining operations and project development. Its operational structure is categorized geographically to manage its various extraction sites.

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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