1st Quarter 2024 Letter to Investors
Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.
Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.
The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.
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