What smart money is saying about Santos
STO.AX
No fund has written a full thesis on Santos in our archive, but 2 fund letters report a position in it — most recently L1 Capital Long Short Fund in September 2026.
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2
Reported positions
0
Bought
0
Sold
2
Letters
Position history
Between Q2 2026 and Q3 2026, 2 fund letters reported a position in Santos, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 1 | 0 | 0 | 0 |
Fund activity · 2 positions
- September 2026
“Portfolio performance was pleasing over the quarter, particularly given the volatile market backdrop and the continued concentration of market leadership in a narrow group of AI-related stocks. Key contributors included DPM Metals, Santos, Taseko and our short position in CBA, while more interest rate and oil sensitive names like The Lottery Corporation and Fraport were key detractors (see page 7 for further detail).”
Santos - June 2026
“Weaker performers were CSL (ongoing earnings weakness, albeit now mostly known), Origin Energy (ORG) (weakness in electricity futures price into next year) and Santos (STO) (disappointing startup of both new projects and, late in the quarter, a weak oil price as Iran and the US reached a tentative agreement to open the Strait of Hormuz).”
Santos
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