The Fund posted a gain of 0.70% for July. Performance was led by the portfolio’s exposures to base metals (1.72%), battery metals (1.68%) and diversified miners (1.06%). Bulk commodity producers (-0.77%) and uranium related positions (-0.63%) were the largest detractors. Despite the relatively benign headline move in July performance there was large dispersion within the various commodity groups in which the Fund invests. There was a notable bounce in green energy metals including copper, nickel and lithium while uranium and gold equities were particularly weak. This trend has largely carried on into the early part of August with very strong moves in lithium stocks and precious metals stocks under increasing pressure.
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