The Empire Strikes Back - Energy and Commodities, long excluded from the menu of active management, are making a comeback
In 1981, the Energy sector was the most valuable GICS sector making up almost 25% of the U.S. stock market. Since then, inflation was tamed by Mr. Volker’s aggressive monetary tightening policies while the cost of energy fell as the U.S. became one of the largest shale gas/oil producers in the world. Furthermore, the drive to embed ESG policies on new investments led to many active mangers shunning traditional energy companies leaving the Energy sector weight in the U.S. Large Cap indexes at an all time low of 2.3% in 2020. As we search for investment opportunities in this new inflationary environment, where resources have become scarce, and supply bottlenecks are everywhere, we discuss the following pertinent topics with industry veterans:
- Energy Crisis 2022?
- Why was Energy the best performing asset class in the last 12 months?
- Are we entering the world of Malthusian theory? Is the innovation cycle dead?
- How does the commodities basket perform when CPI is above 2 to 3%?
- What are the asset classes with the highest sensitivity to inflation?
- What is the implication on agricultural product prices due to the war in Ukraine?
- Clean energy vs. “the dark side.” Do we have enough clean energy?
- What are some of the key natural resources and the investment opportunities going forward?
Alissa Corcoran, CFA | Alissa Corcoran is Deputy CIO, Director of Research, an analyst covering health care, and Co-Portfolio Manager of the Kopernik Global All-Cap strategy. She has been in the investment industry since 2012 and joined Kopernik as an analyst in 2013. She became Director of Research in 2019. Earlier in her career, she held positions at Vinik Asset Management, a genetics lab, and various non-profit organizations. Alissa has a Bachelor of Science in biochemistry from Bates College and earned her MBA from the University of Southern California's Marshall School of Business. She has received the Chartered Financial Analyst designation. Back To Top ^^
Kathy Kriskey | Kathy Kriskey is a Product Strategist of Commodities and Alternatives for Invesco’s family of exchange-traded funds (ETFs). In this role, she provides industry color and thought leadership around the commodity and alternatives industry, helps launch new, innovative products, and builds out the coverage of this asset class. Ms. Kriskey joined Invesco in 2021. Prior to joining the firm, she initiated the commodity investor businesses at UBS, CIBC, and RBC. She also managed commodity sales at Bankers Trust in London, New York, Houston, and JP Morgan in New York. Ms. Kriskey has been in the financial industry since 1987.Ms. Kriskey earned a BS degree in economics, with a concentration in finance, from the Wharton School of the University of Pennsylvania. She holds the Series 7 and 63 registrations. Back To Top ^^
Rohan Reddy, CFA | Rohan Reddy joined Global X in 2015. He works within the firm’s research team, providing insights into the financial markets and Global X’s unique range of ETFs, including Energy Infrastructure, Preferreds, Covered Calls, & Dividend strategies. Rohan is also a member of the firm’s Portfolio Construction Committee (PCC), providing model portfolio solutions to investors. He is a frequent contributor to the Global X blog. Rohan earned his BA in Economics from New York University Back To Top ^^
Drew Chan, CAIA | Mr. Chan co-leads the strategic investment committee and is responsible for overseeing First Foundation Advisor’s investment solutions platform which includes conducting investment manager research for both traditional and alternative investments as well as asset allocation guidance for portfolio construction. As a member of the investment committee, he provides market commentary and investment insights to clients. Additionally, Mr. Chan serves as a senior executive on the business strategy committee providing guidance on firm wide initiatives. With over 17 years of wealth management experience, Mr. Chan has played key roles across various aspects of investment and wealth management. Prior to joining First Foundation Advisors, Mr. Chan was most recently a portfolio manager at U.S. Trust. Mr. Chan is a graduate of the Wharton School Executive Program on Investment Management and holds a Bachelor of Arts degree in Business Administration from the University of California, Riverside. He is a Chartered Alternative Investment Analyst (CAIA). Mr. Chan has previously served as an exam working group member and as an exam grader for CAIA. A member of the CAIA SoCal Executive Board since 2015, Mr. Chan served as executive chapter head from 2017-2020. Back To Top ^^
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