Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Tensions ratchet up between China and Japan over Taiwan comments</li>
<li>Signs of a turning point in the Chinese macro environment?</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Tensions ratchet up between China and Japan over Taiwan comments
Signs of a turning point in the Chinese macro environment?


Overview #45 - Sanctions, Metals, and Mergers

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>During the year, we executed 60 portfolio trades. 34 of them were long positions, and 26 were short positions.</li><li>Those trades resulted in a portfolio performance (before trading costs) of 20.2% and an annualized volatility of 4.0%.</li><li>This results in a Sharpe Ratio of 2.99 (calculated with a risk-free rate of 4%) and is top tier also in the hedge fund world. </li></ul>

During the year, we executed 60 portfolio trades. 34 of them were long positions, and 26 were short positions.Those trades resulted in a portfolio performance (before trading costs) of 20.2% and an annualized volatility of 4.0%.This results in a Sharpe Ratio of 2.99 (calculated with a risk-free rate of 4%) and is top tier also in the hedge fund world. 

+20% Portfolio Return with Commodities - This was 2025

<ul><li>Platinum continues to look strong, as does copper. Platinum tends to deliver above average returns during December and February, according to recent seasonal stats.</li><li>Over the last 25 years, platinum has produced an average return of +7.79% from December 6 to February 20, with a win rate of 84% and an annualized return of +43.29%, according to Seasonax. (we can verify this trend)</li><li>Copper on the other hand remains more of a tariff play.</li></ul>

Platinum continues to look strong, as does copper. Platinum tends to deliver above average returns during December and February, according to recent seasonal stats.Over the last 25 years, platinum has produced an average return of +7.79% from December 6 to February 20, with a win rate of 84% and an annualized return of +43.29%, according to Seasonax. (we can verify this trend)Copper on the other hand remains more of a tariff play.

Platinum’s Year End Bull Run? // La Niña Update

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Precious metals sub index has surged by 62% year to date, base metals are up 11%, oil has declined by 16%, and agricultural livestock index has been flat</li><li>Forecasting broadly flat returns for 2026, with declines in energy offset by price increases in metals and agriculture</li><li>Gold price expected to rise to $5,000 per ounce by end of 2026, driven by supply inelasticity, central bank demand, and investor inflows</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Precious metals sub index has surged by 62% year to date, base metals are up 11%, oil has declined by 16%, and agricultural livestock index has been flatForecasting broadly flat returns for 2026, with declines in energy offset by price increases in metals and agricultureGold price expected to rise to $5,000 per ounce by end of 2026, driven by supply inelasticity, central bank demand, and investor inflowsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: 2026 Outlook – Supply-driven crocodile cycle

<ul>
<li>The current macro environment has elements of both the 1970's and mid-2000s commodity bull market</li>
<li>Investor interest and allocation to this asset class is still minimal</li>
<li>A rising cost of capital globally favours a move out of long duration into real assets</li>
</ul>


The current macro environment has elements of both the 1970's and mid-2000s commodity bull market
Investor interest and allocation to this asset class is still minimal
A rising cost of capital globally favours a move out of long duration into real assets


2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices

United States

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Copper (COPPER COMDTY)

Overview #45 - Sanctions, Metals, and Mergers

A review of recent events/data impacting our investment themes and outlook. All clear ahead for many of our investment themes

Rikki Malik

+20% Portfolio Return with Commodities - This was 2025

During the year, we executed 60 portfolio trades. 34 of them were long positions, and 26 were short positions.Those trades resulted in a portfolio...

The Commodity Report

Platinum’s Year End Bull Run? // La Niña Update

Platinum continues to look strong, as does copper. Platinum tends to deliver above average returns during December and February, according to...

The Commodity Report

Global Commodities: 2026 Outlook – Supply-driven crocodile cycle

The precious metals sub index has experienced a significant increase, with gold price expected to reach $5,000 per ounce by the end of 2026, while...

At Any Rate

2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices

Why a basket of commodity producers provide a good risk reward for any portfolio looking to get a real return. Underowned and unloved!

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)