Tribeca Global Natural Resources (TGF) Investor Presentation summary

Executive summary

• January 2025 return of ~6% leaves TGF flat for FY25; positive special situations offset by underperformance in base metals, diversified mining, and uranium equities.

• Major natural resources indices declined in FY25, but TGF expects to outperform as sector tailwinds strengthen.

• Three key 2025 tailwinds: China’s policy pivot, sector rotation from ESG/digital assets, and improving fundamentals with acute supply issues.

• TGF trades at a ~20% discount to NTA, offering an attractive entry point with potential for compounded returns as the gap closes.

• Investment process and team remain unchanged, with high alignment through material fund investment.

Performance update

• FY25 performance has been volatile, with sector attribution showing mixed results across precious metals, oil & gas, battery metals, uranium, and diversified base metals.

• Historical performance highlights strong returns in 2020-2021 (+46.7%) and 2022-2023 (+1.8%), but recent years have seen more muted or negative results.

• Performance figures are net of all fees and reflect dividend reinvestment.

Portfolio positioning and strategy

• Portfolio provides diversified, risk-controlled exposure to energy (~45%), metals (~85%), and other structural themes, with significant allocations to uranium, base metals, and battery metals.

• Active engagement with portfolio companies (e.g., BHP, Teck, Glencore) has driven shareholder returns through divestments, governance improvements, and capital returns.

• Special situations alpha is pronounced during periods of increased equity capital markets activity.