CYN and GPM are investment trusts managed by New City Investment Management, which specialise in naturalresources and precious metals. CYN offers diversified exposure to global mining, energy, and commodity markets, including base metals, gold, and shipping, aiming to generate high yields and long-term capital growth. GPM, on the other hand, is a more focused trust dedicated to the precious metals sector, primarily investing in mid-sized gold and silver mining companies. Both trusts leverage New City’s expertise in commodities and macroeconomic trends to provide investors with access to inflation-resistant and high-growth assets in resource-driven industries.

In this episode, portfolio managers Robert Crayfourd andKeith Watson discuss their experience as a target of recent shareholder activism within the sector, noting the opportunistic nature of Saba Capital’s attempts to restructure these vehicles and emphasising the long-term benefits of closed-ended funds for investing in commodities and energy.

They also explain gold’s recent surge, driven by strong central bank demand, geopolitical uncertainties and inflation concerns, and why gold mining equities still present a compelling investment opportunity despite having lagged gold’s rise. They discuss their strategy of targeting mid-sized mining companies with strong management teams, sound financials, and the ability to self-fund expansion, and why increasing national self-interest reinforces their optimistic outlook for gold and resource-based investments.