Bull, Bear & Beyond – Vantage: Ninety One – why geopolitics, electrification and AI are driving a commodities supercycle

With geopolitics reshaping global markets and the AI infrastructure build-out accelerating demand for power and metals, natural resources are back in sharp focus. In this Vantage interview, Neil Shah speaks with Paul Gooden, co-portfolio manager of the Ninety One Global Natural Resources Fund, a $2bn strategy that is up 21% year to date and has delivered 53% over the past 12 months.

Paul explains why natural resources deserve a dedicated allocation in any portfolio, built around five core pillars: electrification, inflation protection, attractive valuations, diversification and performance. He shares how the fund has repositioned in 2026, rotating from its overweight in gold and copper into energy and fertilisers following the US-Israel strike on Iran in February. Paul also makes the case for why gold miners remain structurally attractive despite the recent pullback, and why the halo trade – investors seeking hard assets with low AI disruption risk – is a genuine and lasting regime change.

Watch the full interview to understand how Paul and his team are navigating commodity markets in one of the most complex macroeconomic environments in years.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.