JPM Natural Resources manager introduces steel to fund as economy improves

J.P. Morgan Natural Resources fund manager Ian Henderson has cut his weighting in gold after noting global economic improvements.

Henderson says he has introduced steel into the £1.7bn fund as global inventories are low, while demand for infrastructure projects remains high. The manager has funded the 2.9% steel holding and a 2.2% position in potash partly through the 3.5% reduction in gold. “We have gone into some areas which historically we have not really been involved in such as steel,” Henderson says. “We see global steel inventories as being too low and there is continued strong demand coming from infrastructure projects. The sector looks to us to be somewhat undervalued as it has not rebounded as much ...