Natural Resources

Capturing new dynamics in commodity markets

Investing across the natural resources opportunity set

The Natural Resources team invests primarily in the equities of commodity companies.

The team manages high-conviction, active strategies, investing across the natural resources opportunity set: energy, metals & mining, and agriculture.

With backgrounds in the natural resources industry and financial services, team members bring together diverse perspectives.

Key facts

    • Investors in natural resources for 30+ years
    • 2 dedicated natural resources equity strategies: Global Natural Resources, Global Gold
    • Investment process that combines bottom-up fundamental research with specialist commodity market insights
    • Experienced investment team, supported by analysts across the Ninety One investment platform

What do we believe?

  1. Companies that can generate a superior return on capital will outperform through commodity cycles.
  2. The best investment performance in this sector comes from directionally accurate medium-term commodity price forecasts combined with in-depth fundamental stock analysis.
  3. Corporate and stock price performance in this sector is directly affected by sustainability.

The natural resources team’s investment process

Designed for natural resources and built on proprietary commodity analysis

1 Macro and Commodity screening Assess global macroeconomic conditions and commodity fundamentals using proprietary models and scorecards.
2 Equity idea generation Identify high-quality companies with resource advantage, through-cycle returns, and resilience in a changing world.
3 Fundamental Analysis Conduct in-depth commodity and company analysis, including financial modelling and ESG assessment.
4 Portfolio Construction Build high-conviction portfolios based on best ideas, balancing risk, diversification and conviction.
5 Engagement Actively engage with companies, particularly on ESG issues, to drive long-term value creation.

Deep dive on companies

Develop in-depth understanding of new names, while refreshing knowledge of existing holdings

Meet the PMs


Led by Paul Gooden, the Natural Resources team spans London, Cape Town and Singapore, bringing together deep sector expertise across energy, metals and mining, and agriculture.

Important Information

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

All the information in this communication 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 necessarily reflect those of Ninety One.

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

All rights reserved. Issued by Ninety One.

For further information on indices, fund ratings, yields, targeted or projected performance returns, back-tested results, model return results, hypothetical performance returns, the investment team, our investment process, and specific portfolio names, please click here.