- Structurally constrained supply facing changing demand.
- A potential hedge against inflation and the risk of currency debasement
Commodities
Active management at the heart of strategic resources
Benefit from a source of diversification through precious and strategic metals, at the heart of economic and industrial transformations.
Why strategic resources?
The great merit of gold is that it is scarce; that it is limited by nature; that it is costly to discover, to mine and to process; and that it cannot be created by political decree.
Produce, electrify, optimise: the energy demand triptych
Produce
Develop local energy production
Electrify
Electrify the main consumers
Optimise
Make the grid and consumption more efficient
Precious / strategic metals: two complementary families
Examples of strategic metals
Examples of precious metals
Copper
Aluminium
Tin
Gold
Silver
Platinum
They are essential components of infrastructure, power grids, transport, industry and new technologies.
Their behaviour responds to other drivers: interest rates, monetary policy, inflation, industrial demand, and economic and geopolitical uncertainty.
The influence of economic cycles on metal markets
Each market configuration, defined by the momentum of economic growth and price pressures, favours certain commodities.
Geopolitical shockOilPrice expansion · low growth
InflationEnergyPrice expansion · high growth
RecessionGoldPrice contraction · low growth
Industrial recoveryCopperPrice contraction · high growth
Our funds
Commodities