Tribeca’s Todd Warren operates in a fascinating space: global natural resources.
As Investment Manager of ASX-listed Tribeca Global Natural Resources (ASX: TGF), Todd brings a unique perspective on the ebb and flow of commodities and the key players best positioned to capitalise on them.
“We can invest anywhere in the world in the commodities landscape – whether it’s mining, energy, or soft commodities – and build a diversified portfolio based on fundamentals,” he says.
We were thrilled to feature Todd in Livewire’s 2025 Outlook Series, where he shared his insights on a key part of the market for Australian investors.
While 2024 was undoubtedly a challenging or sideways year for many commodities, Todd believes it has created a prime setup for investors prepared to participate in a potential cyclical upswing. One standout opportunity he highlights is uranium.
“We’re huge bulls on uranium. The nuclear energy thematic is gaining momentum. Governments and companies worldwide are recognising nuclear as a crucial, carbon-friendly baseload power source … and we’ve got a dramatic deficit in the supply-demand balance,” Todd explains.
However, he cautions against diving into uranium stocks blindly. The viability of a company depends on several factors, including production levels, cost of production, and, critically, where the supply comes from.
A significant portion of supply originates from Russia. However, the West is actively seeking to reduce reliance on Russian sources and secure fuel for nuclear reactors from more stable, friendly nations. In this context, Todd highlights an ASX producer well-positioned to benefit.
“This company will see production grow from about 800,000 pounds this year, double that next year, and add another 800,000 pounds by FY27. That’s a tripling of production, which we believe will drive significant earnings growth.”
What to expect from this video:
0:00 – Intro and a look back on the performance of commodities in 2024
0:57 – More about how Tribeca approaches global resources investing
1:20 – The case for uranium and Todd’s best idea to play it
2:52 – 2 commodities that can have a breakout year
4:27 – The energy stock for investors to avoid
5:12 – If Todd could own only one commodity stock in 2025, this is the one
6:17 – 2 sub-sectors the market is too bearish on this part of the commodity sector
7:25 – 2 stocks Tribeca is backing for those beaten-down sectors
8:28 – Why investors should be more optimistic on Chinese demand despite the headlines
