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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Tariff chatter is a sideshow; the real focus should be  on the US Administration’s Fed plans</li>
<li>Non-Chinese miners of rare earths and other strategic minerals will command a steep premium.</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Tariff chatter is a sideshow; the real focus should be  on the US Administration’s Fed plans
Non-Chinese miners of rare earths and other strategic minerals will command a steep premium.


Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on </li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on 
We revisit our outlook for each of those asset classes for H2 25


Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.</li>
<li>Top picks: <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a><a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a><a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>, <a href="https://www.smartkarma.com/entities/lloyds-metals-energy-ltd" target="_blank" data-smartkarma-citation="entities:15467:1" rel="noopener">Lloyds Metals &amp; Energy (LYDM IN)</a> , <a href="https://www.smartkarma.com/entities/paladin-energy-ltd" target="_blank" data-smartkarma-citation="entities:10117:1" rel="noopener">Paladin Energy (PDN AU)</a> </li>
<li>Top shorts: <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> , <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a><a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a><a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> </li>
</ul>


Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.
Top picks: Zijin Mining Group (601899 CH)Shandong Gold Mining (1787 HK)JSW Steel Ltd (JSTL IN), Lloyds Metals &amp; Energy (LYDM IN) , Paladin Energy (PDN AU) 
Top shorts: Hindalco Industries (HNDL IN) , Nippon Steel Corporation (5401 JP)Coal India Ltd (COAL IN)Tata Steel Ltd (TATA IN) 


Global Metals & Mining Playbook – July 2025

<ul>
<li>We look at certain investor positioning in the commodity sector</li>
<li>A bear market rally in the USD is the biggest risk and opportunity.</li>
<li>We add some soft commodities to the inflation beneficiaries' basket</li>
</ul>


We look at certain investor positioning in the commodity sector
A bear market rally in the USD is the biggest risk and opportunity.
We add some soft commodities to the inflation beneficiaries' basket


Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

Dry Bulk Commodity Market Insights, DBX Commodities Limited

DBX Commodities

Dry Bulk Commodity Market Insights

DBX Commodities Limited

DBX provides the most accurate and comprehensive real-time data and insights for dry bulk commodities based on satellite imagery and intelligence.

Alex CLAUDE, an expert in commodity tech with 15 years experience in the commodity trading industry, teamed up with the Signal Group in 2020 and started DBX. 

Our product is the result of a unique combination of domain and technological expertise. We offer the most comprehensive, accurate and deepest research analytics of the dry bulk commodity market: coal, iron ore, alumina, bauxite, sugar, wheat, soybeans and soymeal.

<ul>
<li>Outperformers: Uranium, Coal &amp; Battery Materials. The strongest performers this month were uranium and thermal coal producers, which benefitted from renewed institutional interest and long-term structural tailwinds.</li>
<li>Underperformers: Gold Miners, Energy, and Select Coal. Despite a +5.2% increase in the gold price, key miners such as Barrick Gold (-7.6%) and Agnico Eagle (-0.9%) underperformed</li>
<li>Equities vs Commodities. There was a notable decoupling between equity and commodity performance this month.</li>
</ul>


Outperformers: Uranium, Coal &amp; Battery Materials. The strongest performers this month were uranium and thermal coal producers, which benefitted from renewed institutional interest and long-term structural tailwinds.
Underperformers: Gold Miners, Energy, and Select Coal. Despite a +5.2% increase in the gold price, key miners such as Barrick Gold (-7.6%) and Agnico Eagle (-0.9%) underperformed
Equities vs Commodities. There was a notable decoupling between equity and commodity performance this month.


Australia

Paladin Energy Ltd operates as a mining company. The Company explores and mines uranium. Paladin Energy serves customers worldwide.

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Paladin Energy (PDN AU)

Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

A review of recent events/data impacting our investment themes and outlook. We look at the Fed and the implications of DoD's stake in a rare earth...

Rikki Malik

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Global Metals & Mining Playbook – July 2025

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

Commodity Equity Monitor: May 2025 Issue

Outperformers: Uranium, Coal & Battery Materials. The strongest performers this month were uranium and thermal coal producers which benefitted from...

DBX Commodities

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52-week Range

Market Cap (USDm)

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Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

A review of recent events/data impacting our investment themes and outlook. We look at the Fed and the implications of DoD's stake in a rare earth...

Rikki Malik

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Global Metals & Mining Playbook – July 2025

​Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

Commodity Equity Monitor: May 2025 Issue

Outperformers: Uranium, Coal & Battery Materials. The strongest performers this month were uranium and thermal coal producers which benefitted from...

DBX Commodities

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...