Global Natural Resources Strategy​

Capturing new dynamics in commodity markets.​

Portfolio Managers

Tom Nelson
George Cheveley
Dawid Heyl

Strategy overview

Seeks long-term capital growth from investment in high-quality equities exposed to the opportunities in the natural resource sector.

Key features
  • A high conviction, actively managed, diversified global portfolio investing across energy, base metals and bulks, precious metals and agriculture
  • Focuses on higher quality companies that can allocate capital effectively
  • Investment process is designed for natural resources and is built on proprietary commodity analysis
  • ESG analysis is integrated within the process
  • Managed by a team of specialist sector investors with a long-term track record

Global Natural Resources explained

Co-Portfolio Manager Tom Nelson introduces the Global Natural Resources Strategy and explains the investment process. 

Investment Approach


We believe the companies which can generate a superior return on capital will outperform through commodity cycles..


We believe the best investment performance in this sector comes from directionally accurate medium-term commodity price forecasts combined with in-depth fundamental stock analysis.


We believe corporate and stock price performance in this sector are directly affected by ESG factors, including the structural shift to a low-carbon economy.


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General risks. Past performance is not a reliable indicator of future results, losses may be made.

Specific risks. Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that, in certain market conditions, the value of the portfolio may decrease whilst more broadly-invested portfolios might grow. Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company. Commodity-related investment: Commodity prices can be extremely volatile and losses may be made. Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.

Important information
This communication is provided for general information only should not be construed as advice.

All the information in is believed to be reliable but may be inaccurate or incomplete. The views are those of the contributor at the time of publication and do not necessary reflect those of Ninety One.

Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

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