In the last month we'll report on this year, November delivered a solid return for the Strategic Natural Resources Trust, finishing +3.0% net of fees. This compares with the ASX200 Resources index return of +1.8% for the month. After stellar runs in 2020 and 2021, 2023 has been about preserving capital as the broader market grappled with the impacts of the fastest increase in rates, ever. Over the 12months to November 30, the Mid Cap 50 Resources index is -20%, Small Resources index is -9.3% and the ASX All Ordinaries is just in positive territory at +1.7%. Similarly to uranium in 2023, we're of the view supply-side support for select commodities will provide compelling opportunities in 2024, while we wait for broader global demand to recover. We got an example of what this might look like last Friday, when Anglo American downgraded copper production guidance by 180-210kt. Coupled with the closure of the 370ktpa Cobre Panama copper mine in November, expectations of a modest #copper surplus in 2024 have evaporated, and been replaced by a deficit. In this way, slowly but surely the +10 year hiatus in commodity investment will come to the forefront of generalist investor's attention. Merry Christmas, and here's to a happy, healthy and prosperours 2024. https://lnkd.in/gS3Unzwi #energy #commodities #mining #investing