In January, the market saw significant dispersion with late month volatility driven by commodity price swings and global policy changes thatsaw position shifts. The commodity sector lead the broader market, notably gold, copper and silver hitting record or near-record prices during the month. The Fund is exposed to copper and rare earths in the commodity space as well as advanced material manufacturing that has indirect correlation to commodity prices. We are long-term structurally positive on copper and see the recent spike in pricing as more demand-led (Korean-export as a key indicator) and underpinned by growth in electrification, which is a key investment theme of the fund.
Australian Strategic Materials (rare earth resource and processing) received a takeover bid from Energy Fuels at an implied value of $1.60/share vs the share price $0.73 on January 21. The US-based company was interested in the “mine to metal & alloy” supply chain delivering light and heavy rare earths.
We expect the shift from heavy concentration in a narrow tech sector to continue, which will be positive for cyclicals, materials, and quality value. The Fund has a strong healthcare exposure which was one of the worst performing sectors in calendar 2025. As volatility is expected to continue, healthcare is finding interest as a safe havensector via its defensive characteristics. We expect this as well as stock specific catalysts to drive the performance of our positions in that sector in 2026.
Our focus continues to be on structural long-term themes including:
•Safer, smarter industry and infrastructure
•Evolving Healthcare Needs
•Sustainable Resource Stewardship
•Accelerating Climate and Environment Transition
•Inclusive Communities –Affordable Housing & Education Access
Read the full report NorthStar January 2026 Monthly Report