Nice, thank you. Happily I bought PXEN what, six months ago in (~un)happy anticipaaaa... Maybe an article covering similar / contenders from 2024-26 in context of now would be timely?
The question is who replaces the 2 IM and can they do as good a job. (I rated them both, but the discount isn't warranted imo).
I'd also point out that there are slightly larger discounts at GCL and GPM and of course strong overlap so I've opted to remain focused on those two - rather than CYN.
Very insightful post again Oak. Good that you picked up on some areas of the business and opportunities before it that are lost in most commentary.
The Risk/Reward on Prospex now looks very favourable indeed.
Nice, thank you. Happily I bought PXEN what, six months ago in (~un)happy anticipaaaa... Maybe an article covering similar / contenders from 2024-26 in context of now would be timely?
It’s already half written RJ!
Hi Ob - any thoughts on CQS and their resource funds now managers have resigned.
CQS Natural Resources.- trading at big discount with circa 9% yield. Seem to have pivoted to energy and is serving them well.
Hi John,
There's not a single top 20 holding I dislike (https://ncim.co.uk/wp/wp-content/uploads/2026/02/CQS-Natural-Resources-Growth-Income-%E2%80%93-Factsheet-01.26.pdf) and it's about 35% exposed to energy (including Uranium).
The question is who replaces the 2 IM and can they do as good a job. (I rated them both, but the discount isn't warranted imo).
I'd also point out that there are slightly larger discounts at GCL and GPM and of course strong overlap so I've opted to remain focused on those two - rather than CYN.
Best
OB
An intriguing possibility could be that all 3 funds follow Crayfourd and Watson to their new home.
The RNS referring to “Protective Notice” is essentially a signal that GPM intend to do this.
Best
OB
I'd not seen this - interesting times. An asset manager seemingly wants to get into this energy and metals space.
Easier than starting a new fund.