Fidelity Global Natural Resources Fund portfolio managers Joe Overdevest and Darren Lekkerkerker share how they are looking at global natural resources, one of the most hotly debated topics in 2021. Joe and Darren are bullish on copper, agriculture, lumber and chemicals. Copper is seeing a strong secular benefit from decarbonization, notes Darren, which will demand more supply for the market. Demand for oil was hurt through COVID-19, and although cyclical recovery is being felt across all commodities, including oil and gas, there is a secular headwind for these due to demand for renewables. Joe believes the demand for renewables is still in its infancy, but it is definitely on the rise from corporations, governments, etc., and technology will help to speed this up.
Recorded on March 18, 2021.