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)...

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...