Old Mutual-JPM Natural Resources Fund reaps rewards of metals rebound
The fund run by JPMorgan Asset Management delivers 79% return after holding on to mining firms
New York
WHEN shares of mining companies - including Freeport-McMoRan Inc to Glencore plc - were collapsing last year, a small fund run by JPMorgan Asset Management chose to hold on. Now, it is reaping the rewards of a metals rebound that is turning bears into bulls.
Old Mutual-JPM Natural Resources Fund has delivered a return of 79 per cent this year, beating all but two of the 150 funds that it competes with in North America and Western Europe that are tracked by Bloomberg. Glencore, one of its biggest holdings, has tripled after plunging 70 per cent in 2015. Freeport lost about as much last year, only to double in 2016.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop