Not only gold

While gold and silver have captured the spotlight, copper has quietly reached a new all-time high this year. Long seen as a barometer of global economic health, “Dr. Copper” is now driven by more than just industrial demand.

The energy transition and the AI revolution are powering a structural shift: electric vehicles, renewable grids, and data centers all require vast amounts of copper cabling. Analysts estimate that AI infrastructure alone could add over 1 million tonnes of annual demand by 2030, while supply remains tight due to mining constraints and project delays.

In our European Value Fund, we are exposed to this trend through Boliden, the Swedish mining group, that is vertically integrated in copper — from exploration and mining to smelting, refining, and recycling — making it one of Europe’s most strategic and sustainable copper producers.

Note: This publication is for informational purposes only and does not constitute investment advice.