DKAM Global (Resources) Market Neutral Fund - Monthly Investment Update - April 2026

For investors in natural resources, April 2026 can best be described as an uncomfortable holding pattern. Markets traded within a wide range, bounded on one end by early‑month lows when fears grew that the war in Iran could escalate into a messy, drawn‑out conflict requiring “boots on the ground”...

DKAM Australian Market Neutral Fund - Monthly Investment Update - April 2026

A casual observer glancing at the 10% returns in April for MSCI AC World could be forgiven for thinking the Iranian War had been concluded with the Straits of Hormuz re-opening and global flows resuming. Yet, despite many Truth Social posts, a ceasefire of sorts, and the kinetic phase...

DKAM Global (Resources) Market Neutral Fund - Quarterly Investment Update - March 2026

While our portfolio consists of 60–70 companies selected on the basis of individual, idiosyncratic considerations, the broad underlying theme during the quarter was a bias towards a global manufacturing recovery. In turn, this was driven by the strong acceleration in capital spending on power...

DKAM Australia Market Neutral Fund - Quarterly Investment Update - March 2026

The March quarter was defined by what happened in the month of March, namely the start of the Iranian war. The war upended many assumptions that investors – us included – had for 2026. Rates markets went from pricing cuts to pricing hikes across the globe; the oil market went from being...

DKAM Australia Market Neutral Fund - Monthly Investment Update - February 2026

February saw a continuation of many of the global trends from January: better global economic data and a continued chasing of non-U.S. equity markets, the embodiment of which was Korea. Funding this was the “SaaSpoclypse”, where every new day...

DKAM Global (Resources) Market Neutral Fund - Monthly Investment Update - February 2026

The pattern of chasing cyclical themes through baskets and large-cap proxies accelerated sharply in early February following a much stronger-than-expected U.S. ISM reading. Coming on the heels of a run of robust U.S. activity data and a solid earnings season, this print gave investors...

DKAM Australia Market Neutral Fund - Monthly Investment Update - January 2026

The nascent trends that we outlined last month accelerated in January creating maximum pain for many Australian active managers. Namely, resources stocks which they had avoided for a decade, continued to rally, whilst the “Growth at Any Price” software names...

DKAM Global (Resources) Market Neutral Fund - Monthly Investment Update - January 2026

The potential takeover offer for Glencore (GLEN) by Rio Tinto (RIO) helped drive a 25% rally in GLEN during January. After several years of significant relative underperformance—and following the merger between Anglo American (AAL) and Teck Resources (TECK)...