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)...

DKAM Australian Market Neutral Fund - Quarterly Investment Update - December 2025

The Fund rose 3.1% gross in December though only 1.1% gross in Q4. Correct sector level positioning (long Metals) proved to be the strongest tailwind during December as investors chased commodity-related names into year end, particularly in Copper and Silver. Longs (+5.8%) outperformed...

DKAM Global (Resources) Market Neutral Fund - Quarterly Investment Update - December 2025

Capping off a strong quarter (5.6% gross), the Fund gained 4.7% (gross) in December, lifting calendar 2025 gross performance to 18.6%. Despite the positive performance it was a challenging month; when generalist investors chase the resources sector, it often seems a bit random which companies...

DKAM Australia Market Neutral Fund - Monthly Investment Update - November 2025

The Fund fell 1.0% in November. Markets fell 3.5% through the first 3 weeks of the month as fears of AI CAPEX being either unsustainable or un-fundable, butted up against worries of a more hawkish Fed in December. Both fears were unwound over the back of the month, initially via expectations...

DKAM Global (Resources) Market Neutral Fund - Monthly Investment Update - November 2025

November’s investment performance echoed the duality of Dr. Jekyll and Mr. Hyde—strong, idiosyncratic gains on the long side were overshadowed by significant losses from short positions in the lithium sub-sector. The overall result was a modest return of +0.2%, which outperformed global equity...

DKAM Australia Market Neutral Fund - Monthly Investment Update - October 2025

The Fund fell 0.5%, largely offsetting the gains of the prior month. Intra month volatility was again very high, particularly inside the resource related holdings with large moves in longs and shorts. China and the USA exchanged first barbs, and then platitudes over the course of the month...

DKAM Global (Resources) Market Neutral Fund - Monthly Investment Update - October 2025

The Fund returned +0.9% in October. This compared to a 2.2% gain in global equity markets while outperforming the 0.2% increase in global energy and the 1.9% decline in the global materials sector. At the headline level, global equity markets continued to focus on the...