Strategy Overview

Key Facts

Why invest?

Long Term Growth

Global resources equities provide exposure to long-term economic growth
The global resources sector includes companies involved in the exploration, development, production and recycling of various commodities, which are the building blocks of modern society. Long-term economic growth, technological advances and rising incomes, especially in developing economies, are supportive of global resources demand. We provide a one-stop investment solution for mining and energy equities, which is actively managed to lower risk while pursuing returns.

See a breakdown of our diversification by country and sector >

Disciplined Process

We offer a disciplined investment process with a specialist team willing to go the extra mile
Our investment philosophy, honed over 20 years, is consistent across each of our portfolios. The team uses a rigorous bottom-up stock selection process, focusing on quality companies which have the potential to deliver growth and operate with relatively low cash costs. We aim to deliver strong risk-adjusted returns over the full commodity price cycle.
Our global resources strategies are managed by an experienced and specialist investment team committed to in-depth, on-the-ground research. This research is critical to understanding each company’s operations and building relationships with management to capture the best investment ideas globally. The team has made more than 1,300 mine and sites visits in 76 countries since 1997. 

Find out what we look for > 

ESG factored in

We engage company management to ensure ESG factors are given real weight
Rigorous analysis of environmental, social and governance (ESG) factors has always been a core part of the global resources team’s investment process. Comprehensive in-house primary research, including stock reviews, is supplemented with externally-sourced databases to ensure broad coverage. We engage with companies we are invested in on material ESG issues.
We have developed an ESG framework that is fed by data supplier Bloomberg, supplemented by data from Sustainalytics, RepRisk and GMI which we use to inform our view and identify trends over successive years of 35 ESG factors. Included among the factors that we assess are energy consumption, CO2 emissions, accidents and environmental incidents. Although we use various independent ESG research tools, we find that our clearest understanding of ESG risks come from our site visits. This ensures we understand the full spectrum of project risks and opportunities.

See a breakdown of typical ESG risks by sector >

Performance and Documents

Investment Team

The global resources team comprises six dedicated investment professionals located in Sydney and London. The team, led by Todd Warren and Tal Lomnitzer, has more than 17 years' average investment experience (as at 31 January 2018) and its members have a diverse range of skills and backgrounds which provide depth and breadth to the investment process.

Todd Warren
Head of Global Resources
Todd Warren
Head of Global Resources
Tal Lomnitzer
Deputy Head of Global Resources
Tal Lomnitzer
Deputy Head of Global Resources

Responsible Investment

Responsible Investment

We believe that excellence in RI, operating to the highest standards of professional ethics and our commitment to our stewardship principles delivers better long term investment outcomes for our clients.

Our RI strategy is based upon three strategic pillars of quality, stewardship and engagement. This strategy is underpinned by a strong governance framework and is supported by our specialist RI team. Each year we publish a responsible investment and stewardship report which outlines our progress in these areas and profiles each of our investment team’s approaches to responsible investment. We also include over 100 case studies of responsible investment in practice

More about Responsible Investment at First State Investments>

For more information