The Iranian conflict has triggered the effective closure of the Strait of Hormuz, removing 10-15% of global oil supply and disrupting LNG, fertilisers, aluminium and other critical commodities. This initial insights article reviews the scale of the shock, historical parallels from the 1970s oil crises, current market pricing, global strategic reserves, regional winners and losers, Australia’s particular vulnerabilities, and how the GERAF strategy has positioned to navigate th

In "The 3 Trades That'll Win the Next Decade," Michel walks through the thesis behind GERAF: why gold, energy, and resources represent a compelling decade-long opportunity, and how the fund has been positioned to capture it.

In an era of elevated sovereign debt, persistent geopolitical tensions, and volatile financial markets, GERAF was established to deliver investors concentrated exposure to high-quality real assets across Precious Metals, Energy, and Industrial Metals. By focusing on listed companies with global operations, disciplined valuation frameworks, and built-in liquidity, the strategy aims to generate reasonable long-term returns with a meaningful margin of safety — even as traditiona

Gold has delivered strong, consistent returns over the past two decades and now appears firmly in its third major bull market of the last 50 years. With prices rising from around $1,200/oz in 2018 to $3,350/oz today (a 16% pa CAGR), this insights piece examines gold’s long-term performance, the characteristics of previous bull cycles, our disciplined investment philosophy built around a margin of safety, and powerful new evidence of sustained central bank demand from the Worl

For years, critical minerals have been surrounded by hype but delivered limited investable opportunities due to narrow markets, Chinese dominance, and pricing risks. That dynamic shifted dramatically in July 2025 with the US Department of Defense’s landmark public-private partnership with MP Materials. This insights piece explores the deal’s structure, why it represents a reset for the sector, and how GERAF is now actively evaluating similar opportunities under our Investment

The Fraser Institute’s Annual Survey of Mining Companies 2024 (released July 2025) serves as a leading barometer of global mining investment attractiveness. While top-tier jurisdictions in the US, Canada, and Europe strengthen their appeal, Australia has seen a sharp and broad-based decline across every state and territory — with several now ranking in the global bottom quartile. This insights piece examines the survey’s key findings, the growing role of policy and geopolitic