Keep pulling the thread on Michel Mamet.
Major Australian resource companies, including Rio Tinto, BHP, Santos, and Woodside, are increasingly allocating their investment capital to projects outside of Australia.
Following the start of the Russia-Ukraine war in 2022, central bank purchasing of gold increased to approximately 2.5 times its historic volumes.
Michel Mamet believes the market is massively underpricing the economic impacts of the recent conflict events in the Strait of Hormuz.
Michel Mamet assesses that the current crisis in the Strait of Hormuz has a larger potential impact on energy markets than the Iran crisis or the oil embargoes of 1973 and 1979.
The GRAAF Fund's investment strategy has generated a 90% return since its launch approximately 18 months ago.
Michel Mamet, manager of the GRAAF Fund, holds views on the relative unattractiveness of allocating investment capital into Australia.
The GRAAF Fund's investment strategy focuses on three main verticals: precious metals (primarily gold), energy (five commodities and related industries), and industrial metals.
The GRAAF Fund's portfolio is designed to hold between 15 and 30 positions and currently holds 25.
The GRAAF Fund's primary commodity focus within its investment pillars is on gold, natural gas, uranium, and copper.
Michel Mamet believes international resource markets are cheaper than Australia's because Australia's $4 trillion superannuation capital pool inflates the valuations of domestic opportunities.
According to Michel Mamet, Australia's resource market has a thin mid-cap space, whereas international markets offer greater quality and depth in mid-cap resource companies.
Michel Mamet believes the trend of major domestic miners like BHP and Rio Tinto investing abroad is a negative signal that will deter foreign capital from entering Australia's resource sector.