Ben Cleary, Portfolio Manager, and Todd Warren, Partner, provides an investment update, recent performance and the market outlook.
TGF has paid a fully franked final dividend of 5 cents per share for FY25 and an on-market buyback of up to 10% of shares on issue. The latter has the potential to deliver more than A$50m in accretion to shareholders. Buyback is now ~50% complete.
The Company’s CYTD 2025 return of 34% significantly outperformed all major natural resources indices and industry bellwether stocks. Performance has been driven by fundamental stock picking and equity capital markets (ECM) deal participation, with no changes to process.
There are four tailwinds for TGF 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
- Flow coming back into under-owned sector: rotation out of ESG and digital assets to reverse dislocation
Please click on the links below to access the Investment Manager’s Report for Tribeca Global Natural Resources (ASX:TGF), which has been delivered at the Company’s Annual General Meeting and has been lodged with the Australian Stock Exchange (ASX).