EQUITY
The Natural Resources strategy targets compelling investment opportunities in global natural resources equities. These have historically shown to be an effective hedge against inflation and volatility, offer a low correlation to other major asset classes and are exposed to supply and demand dynamics that can create alpha opportunities for active investors.
The strategy combines a repeatable, research-driven process with an active, unconstrained approach that seeks to uncover alpha opportunities across dynamic commodities and their equity universe. By integrating top-down commodity analysis with bottom-up stock selection, it identifies mispriced investments and targets asymmetric risk/reward profiles across varying market environments.
The strategy is managed by Albert Chu, who has over two decades of portfolio management experience in natural resources equities.
Key characteristics
Top-down commodity viewpoint
We see commodities as a a source of overlooked alpha. As each commodity is driven by a unique set of supply and demand dynamics, the strategy aims to identify cyclical and secular inflections and trends
Sub-sector selection
As different parts of the supply/value chain offer different value at various points of the cycle, the team seeks to identify the optimal risk/reward potential across various sub-sectors
Bottom-up fundamental stock picking
We believe Identifying company specific catalysts alongside the correct top-down commodity view can be a powerful combination
This strategy overview is for information purposes to illustrate the capabilities and approach of relevant investment teams at Man Group. Any organisations, financial instrument or products described herein are mentioned for reference purposes only which should not be considered a recommendation for their purchase or sale.
The below highlights some key potential risks associated with this strategy and should not be considered a comprehensive list.
Investment Objective Risk - There is no guarantee that the Strategy will achieve its investment objective.
Market Risk - The Strategy is subject to normal market fluctuations and the risks associated with investing in international securities markets and therefore the value of your investment and the income from it may rise as well as fall and you may not get back the amount originally invested.
Counterparty Risk - The Strategy will be exposed to credit risk on counterparties with which it trades in relation to on-exchange traded instruments such as futures and options and where applicable, ‘over-the- counter’("OTC","non-exchange") transactions. OTC instruments may also be less liquid and are not afforded the same protections that may apply to participants trading instruments on an organised exchange.
Currency Risk - The value of investments designated in another currency may rise and fall due to exchange rate fluctuations. Adverse movements in currency exchange rates may result in a decrease in return and a loss of capital. It may not be possible or practicable to successfully hedge against the currency risk exposure in all circumstances.
Liquidity Risk - The Strategy may make investments or hold trading positions in markets that are volatile and which may become illiquid. Timely and cost efficient sale of trading positions can be impaired by decreased trading volume and/or increased price volatility.
Emerging Markets - The Strategy may invest a significant proportion of its assets in securities with exposure to emerging markets which involve additional risks relating to matters such as the illiquidity of securities and the potentially volatile nature of markets not typically associated with investing in other more established economies or markets.
Single (limited) Industries - The Strategy focuses on single (or a limited number of) industries therefore, may be susceptible to greater risks and market fluctuations than investment in a broader range of investments covering different economic sectors.
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Opinions expressed are those of the author and may not be shared by all personnel of Man Group plc (‘Man’). These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any financial instrument or in any product to which the Company and/or its affiliates provides investment advisory or any other financial services. Any organisations, financial instrument or products described in this material are mentioned for reference purposes only which should not be considered a recommendation for their purchase or sale. Neither the Company nor the authors shall be liable to any person for any action taken on the basis of the information provided. Some statements contained in this material concerning goals, strategies, outlook or other non-historical matters may be forward-looking statements and are based on current indicators and expectations. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. The Company and/or its affiliates may or may not have a position in any financial instrument mentioned and may or may not be actively trading in any such securities. Unless stated otherwise all information is provided by the Company. Past performance is not indicative of future results.
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