Investment Approach

• Focus on opportunities - broadly within the metals and mining sector - with favorable company fundamentals, earnings potential, and valuation while also incorporating macroeconomic supply/demand fundamentals of the underlying commodity.
• Rigorous valuation analysis that incorporates the intrinsically cyclical nature of the sector and sensitivity to underlying commodity prices.
• Global research platform uses fundamental analysis to identify high-quality, well-managed metals and mining companies across the globe that own or develop basic commodities with attractive long-term supply/demand fundamentals.
• Strategy is able to seek out opportunities in smaller and more rarified markets (e.g., palladium, manganese, precious gems, ferrochrome, molybdenum, etc.), potentially delivering a more meaningful impact than would appear in a broader natural resources portfolio or diversified equities portfolio.
• Diligent assessment of risk - company-specific, macroeconomic, political, and corporate governance.
• Owning a relatively concentrated metals and mining stock portfolio has the capacity for strong alphageneration with the capability to hedge against the potential impact of currency debasement and subsequent monetary inflation.