Global Scarcity Opportunities

The portfolio is designed to capitalise on the emerging shortages the world is increasingly facing. Its objective is to anticipate the economic implications of two major forces: the unsustainable global debt burden and the challenges associated with the energy transition. The strategy follows a quantitative approach, equally divided between two components. The first combines precious metals and Bitcoin within a quantitative framework that uses macroeconomic signals to adjust allocations based on a risk-budgeting methodology. The second provides equity exposure focused on thematic investments, dynamically adjusted according to a macro risk indicator. The portfolio is rebalanced on a monthly basis. Exposures are primarily implemented through ETFs and ETPs, with selective direct equity positions used when suitable ETFs are unavailable. In periods of adverse macroeconomic conditions, cash holdings may be increased to reduce overall risk.