The Four Themes of the Macro Book

This is one theme with two engines. The monetary sleeve (gold, silver, PGM, and the royalty houses) is the fund's most direct expression of the fiscal-dominance view: central banks accumulate gold, real assets reprice under financial repression, and miners lever that repricing. The industrial sleeve (copper, aluminum, uranium) is a supply-deficit position: electrification and the AI buildout demand metal that a decade of underinvestment cannot deliver on time. Both engines argue for owning things that come out of the ground — which is why this is the heavyweight sleeve of the book.

Distinct because it owns the delivery problem, not the energy itself and not the computer. Turbines, switchgear, transformers, transmission construction — the equipment and labor between generation and load. Its cycle also runs latest: order books (GE Vernova's ~100 GW backlog class) convert to revenue over years, so this sleeve peaks after the first AI capex wave. Its named risk is the same event that flatters it — a pause in AI capex deflates the crowded end of the trade.

Distinct because its scarcity is molecules and megawatts, not equipment: upstream capacity that was starved of capital for a decade while demand — now amplified by datacenter load — kept compounding. It holds both the producers and their direct service suppliers (drilling, energy services), on the view that underinvestment pays the service layer first when activity returns.

The doctrine expresses AI through picks and shovels, not hyperscalers: the book deliberately owns none of the Mag 7 except Alphabet — the single sanctioned direct large-cap AI exposure. The small headline weight understates the fund's real AI exposure, which is spread through copper, uranium, and the power chain by design; this theme holds only what lives inside the fence.