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Natural resources are at the heart of the global economy, as well as the major balances of tomorrow: precious metals, industrial metals, energy, or critical materials have become strategic in an environment marked by rising demands related to electrification, digitalization, geopolitical tensions, and the need to secure supplies. Arnaud du Plessis, a portfolio manager specializing in natural resources at CPRAM, provides us with his insight into this market.
Published on 12 May 2026
What do we mean when we talk about natural resources?
This term refers to all the raw materials essential for the functioning of the global economy. At CPRAM, it encompasses industrial metals and strategic materials such as copper, silver, aluminum, and lithium. These resources play a central role in daily life as well as in major economic transformations. They are more than ever essential components of vehicles and electrical networks, digital infrastructure, industrial equipment, defense systems... In other words, they lie at the intersection of several major challenges: economic growth, industrial sovereignty, energy security, and decarbonization.
What catalysts make this theme investable today?
The energy transition and the electrification of the economy are significantly increasing the demand for metals. This is the case, for example, with copper, which is essential for networks, cables, and electric batteries as well as digital infrastructures. Another example is silver, which is crucial in the production of photovoltaic panels. At the same time, mining supply remains slow to adjust: developing a mine or increasing production requires time, investments, and permits. This can create lasting tensions in certain markets, particularly for copper, silver, and other critical metals.
Recent geopolitical events remind us that raw materials are strategic issues and that securing their supply is essential. The concentration of certain parts of the value chain, notably metal refining in China, heightens these concerns. Demand is also growing due to digital technology, artificial intelligence, and defense-related needs. We believe we are facing a strategic theme combining strong structural demand, growth driven by numerous strategic issues, and within a framework of supply with limited elasticity and pressured by sovereignty concerns.
What is CPRAM's approach to the theme of natural resources?
For more than 40 years, CPRAM has supported the evolution of the natural resources theme with an active and demanding investment approach by investing in international stocks primarily involved in activities related to energy, gold, and other critical metals and materials.
The selection of companies is based on an in-depth analysis of fundamentals and asset quality to identify players likely to present the most promising profile in this universe, with a focus on diversifying sources of performance.
This approach also incorporates criteria of governance, capital discipline, and resilience to cycles, with the ambition to build a conviction portfolio exposed to major long-term trends.
What risks are you monitoring and what outlook do you see for this theme?
We believe that the theme of natural resources combines attractive performance potential with exposure to specific risks. Commodity markets are volatile, sensitive to the global economic environment, geopolitical tensions, and supply shocks. Exposure to certain emerging countries also adds risks, notably currency, regulatory, geopolitical risks, as well as operational difficulties.
It seems to us that in the long term, the theme of natural resources should continue to benefit from strong structural drivers, supported by the energy transition, electrification, and issues of industrial sovereignty. Precious metals, such as gold, could also maintain a key role in diversification in an uncertain environment. In a market where supply remains inflexible, imbalances could persist and create selective opportunities.
Warning
Statements collected on 05/06/2026. Comments, estimates, viewpoints, analyses, and projections on markets and their developments reflect the opinion of CPRAM as of the publication date and do not engage the company's liability. The information provided has no contractual value and does not constitute investment advice or recommendations to buy or sell. They are based on sources considered reliable by CPRAM, which does not guarantee their accuracy, relevance, or completeness. This publication may not be reproduced, in whole or in part, or communicated to third parties without prior authorization from CPRAM. Subject to compliance with its obligations, CPRAM cannot be held responsible for financial or any other consequences resulting from the investment.
For more details on risks, investment policy, costs, ancillary fees, and other expenses, please refer to the Prospectus and the PRIIPs KID.
The fund is primarily exposed to the risk of capital loss, sought overexposure risk, credit risk, currency risk, interest rate and market risk, inflation decrease/increase risk, arbitrage risk, risk related to investments in emerging countries, volatility risk, liquidity risk, counterparty risk, liquidity risk related to temporary sales and acquisitions of securities and/or total return swap (TRS) contracts, and discretionary risk.
Nothing guarantees that the professionals currently employed by CPRAM will continue to be employed or that the past performance or success of an employee serves as an indicator of their future performance or success.
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