Todd Warren, Partner, provides Tribeca Global Natural Resources Strategy (GNR) investment update, recent performance and market outlook.
The Fund delivered a net return of ~120% in CY25, significantly outperforming the MSCI Commodity Producers Index, which returned 28%. The past six months’ return of ~90% is reflective of the increasingly positive operating environment. We remain highly convicted in the strength of the near-term outlook and see that alpha generation from special situations and relative value, in addition to fundamental stock selection, will deliver continued outperformance.
Structural drivers continue to support GNR in 2026:
- Commodities increasingly strategic: critical minerals bull market fuelled by US energy and defence security push
- China policy pivot: “Anti-involution” policies, mega infrastructure and potential fiscal stimulus all positive for the sector
- Fundamentals remain strong: demand continues to grow, supply issues remain acute, geopolitics at the fore
- Durable rotation underway: rotation out of digital assets, ESG and defensives to reverse dislocation
Please find the links to the January 2026 Investor Update below: