Natural resources equities can mitigate vulnerability to equity market-regime shifts. The asset class has distinct performance drivers that may complement existing equity allocations.
Investors typically access natural resources through either commodities or equities, but the outcomes can look very different over time. This paper explores why natural resources equities have historically provided a broader and more resilient source of returns.
A new commodity order is taking shape, defined by geopolitical fragmentation, electrification, supply constraints, regionalisation of energy and materials markets, and a re-ordering of global supply chains.
After glittering performances in 2025, gold and copper still look well supported. Meanwhile, following a trickier 12 months, the tide could be turning for oil and select agricultural commodities as substantial supply shows signs of moderating.
The shares of gold miners have been very strong over the past 18 months. But after talking with gold companies at this year’s Mining Forum Americas, I came away confirmed in my view that the outlook for this equity sector remains bright.
Investors looking for opportunity in today’s uncertain markets should take a fresh look at gold equities. While the long-term case for gold is well established, immediate market dynamics are creating an interesting window for investors.
Gold shone in 2024, and the sector appears poised to maintain its appeal as an investment opportunity. George Cheveley examines the factors influencing the commodity sector in the year ahead.
While US equity markets reacted favourably, commodity markets remained more cautious. Much hinges on Trump’s stance on international relations – including towards Iran, Russia, China – and its impact on the global economy and, consequently, global commodity prices.
Gold is at record highs. Yet attendance at the biggest annual gold-industry conference was well below average and the mood was subdued. This says something useful about the mindset in the gold sector – and what investors can expect from here.
Gold has defied rising bond yields to trade in a range rarely seen before. Is there more in the price than a ‘war premium’? There are reasons to think so. The precious metal may be able to sustain higher prices.
Oil and gas have been the focus of attention. But powerful currents in natural-resource markets are creating opportunities for investors across the full spectrum of commodities.
Efforts to tackle climate change are driving powerful trends in markets for many natural resources, from metals to fossil fuels – and in the equities of companies that produce them. That’s creating new opportunities for investors.
As the basis of the world’s energy supply shifts from fossil fuels to mainly metal-based technologies, we face upheaval in many commodity markets. There are opportunities for investors, but also potential pitfalls.
Out with the old and in with the new … or is it? ‘Old’ industry commodities are essential for the development of the new, clean-energy world. George Cheveley, Portfolio Manager, shares an investment perspective on these seemingly strange bedfellows.
From energy to iron ore, commodity markets have experienced some startling moves in recent weeks, with potential impacts on companies and consumers everywhere. Our team assesses the outlook for some of the key materials markets.
