Annual General Meeting

On Friday 21st April 2023, Portfolio Managers, Evy Hambro and Olivia Markham, provided an update on the performance of the Trust in 2022, portfolio positioning and the outlook for the year ahead.

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

  • The mining sector has learned many lessons from its past. It has improved capital discipline, repaid debt and delivered more consistent operational performance.
  • Copper is the largest single exposure in the Trust. It is the metal of electrification, crucial for the energy transition and inventories are at their lowest levels ever.
  • 2022 saw three distinct phases: We started the year positively, with high demand, coupled with constrained supply. Following the first quarter there were more concerns on the global economy; however, by the end of the year, China had started to recover.
  • The mining sector has a vital role in the transition to renewable power. It is far more metals-intensive, for areas such as electric vehicle batteries or steel required for wind turbines.
  • The Trust retains some fixed income securities, but as mining companies have repaid debt, the number of bonds available in the sector has shrunk.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy. The opinions expressed are as of 21st April 2023 and may change as subsequent conditions vary.