A fundamental research firm focused exclusively on contrarian natural resource investments with a team with over 49 years of combined resource experience.
If there is one thing that defines our firm, it is the desire to produce top-quality differentiated research looking at the commodity level as well as the specific security level.
We believe the best way to find value in global commodity and natural resource markets is when prices are depressed, investors are discouraged, and financial measurements are cheap.
We believe that portfolios of 50 - 70 positions offer investors access to our best ideas while mitigating idiosyncratic risks and providing diversification. We are long term investors; target range for portfolio turnover is 20 - 25% per year.