COPX

COPX

COPX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 27, 2025	Goehring & Rozencwajg Associates, LLC	-	-	COPX, GDX, PALL, SIL, URNM, XBM.TO	Agriculture, commodities, energy, gold, inflation, natural resources, oil, uranium	The managers believe a new long inflationary cycle has begun, similar to the 1970s. They argue that political pressure on the Federal Reserve will lead to monetary accommodation, just as it did with Martin and Burns. They expect Trump to pressure Powell into cutting rates or replacing him with a more compliant successor.		View
2024 Q1	May 18, 2024	Massif Capital	2.4%	12.0%	AES, COPX, ENR.DE, ENVX, EQX.TO, LIT, OCI.AS, PLL	energy, Fertilizers, gold, materials, Mining, real assets	Gold has rallied 25% since October 2023 despite traditional models suggesting otherwise, driven by fear-based buying from central banks, Asian retail, and US retail rather than wealth-driven consumption. Central banks have accelerated gold accumulation due to USD system concerns and geopolitical instability. The manager expects continued bullish momentum given low probability of fear-reducing events.	OCI.AS	View
2024 Q4	Mar 7, 2025	Goehring & Rozencwajg Associates, LLC	-	-	AAPL, AMZN, COPX, FCG, GDX, GOOGL, META, MSFT, NVDA, OKLO, QQQ, RIO, SIL, XBM.TO, XLE, XOP	Agriculture, commodities, energy, gold, monetary policy, natural resources, nuclear	Commodities are as undervalued relative to stocks as they have ever been, marking the fourth episode of extreme undervaluation in 125 years. The authors believe the time to buy natural resource equities has arrived as the long-dormant bull market may be stirring again. History shows every commodity bear cycle has ended with a monetary regime shock.		View
2025 Q4	Mar 13, 2026	Goehring & Rozencwajg Associates, LLC	-	-	CCJ, COPX, GDX, GOOGL, META, NEE, SIL, TSLA, VST, XBM, XLE, XOP	Coal, commodities, Copper, gold, Natural Gas, oil, Silver, uranium	Oil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. Gold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. Silver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. Market shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. Demand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. North American gas showed strength on cold weather despite bearish sentiment. Production growth concentrated in Permian Basin while other shales declined. Supply growth expected to plateau as Permian oil production slows, setting stage for higher prices as LNG demand expands. Coal consumption rose 7-8% in 2025, first increase in years, driven by data center demand and higher gas prices. Multiple plant closures delayed or cancelled as grid reliability concerns mount. Asia continues expanding coal capacity despite transition promises. Bull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent.		View
2025 Q3	Nov 25, 2025	Goehring & Rozencwajg Associates, LLC	-	-	ABX, CCJ, COPX, FCX, GDX, IMPUY, IVN, KAP, NVDA, NXE, OSX, SBSW, SIL, SLB, TSLA, URNM, XBM, XLE, XOM, XOP	Carry Regime, commodities, energy, gold, Mining, monetary policy, natural resources, oil	Gold continues strong performance with 16% gain in Q3 and 45% year-to-date. Western ETF buying remains robust with 200 tonnes accumulated in Q3. Central banks purchased 220 tonnes in Q3, maintaining steady accumulation. Gold bull market still in early stages despite some valuation measures flashing overvaluation signals.		View
2023 Q1	May 31, 2023	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	COPX, GDX, GNR, IGE, OIH, RRC, SIL, XBM.TO, XOP	Central Banks, commodities, Depletion, energy, gold, Natural Gas, oil, Permian	Conventional oil production has peaked globally and unconventional production growth is concentrated in just six counties in West Texas. The Permian Basin shows signs of depletion with per-well productivity declining 6% year-over-year for the first time. The firm predicts Hubbert's Peak is finally here with the Permian likely to peak within twelve months.		View
2024 Q4	Jan 22, 2025	Massif Capital	0.0%	12.1%	AFM.TO, BHP, COPX, ENR.DE, ENVX, EQX.TO, EXI, FILL, GDX, GDXJ, GEV, GMIN.TO, LAAC, PICK	commodities, Copper, energy, gold, Lithium, Metals, Mining, real assets	LAAC position suffered 4.6% drawdown in 2024 despite strong operational progress. Management announced 2024 production of 25kt and 2025 guidance of 30-35kt. Updated technical report shows long-term operating costs of $6.5/kg, implying NAV of $3.6 billion versus current market cap of $486 million.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Aug 7, 2025	Seeking Alpha	Mountain Valley Value Investments	Global X Copper Miners ETF	Other	-	Bull	NYSEARCA	—	View Pitch

BSD Shareholders of COPX

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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