Picks

Given the current market backdrop, we are taking a more conservative and short-term approach to new positioning. Equity valuations across many sectors remain elevated, and we believe the reward-to-risk profile is limited until broader markets either improve fundamentally or undergo a healthier correction. For this reason, we are highlighting only one long-term pick this month, supported by a single short-term tactical opportunity. This focused approach allows us to remain disciplined and patient while waiting for more attractive entry points to emerge.

Pick 1 : Freeport-McMoRan, Inc. - FCX

Freeport-McMoRan (FCX) offers high-quality, long-term exposure to the structural copper cycle at a time when global electrification, renewable energy expansion, and AI-driven infrastructure are placing increasing strain on supply. As one of the world’s largest copper producers, Freeport benefits from a diversified asset base across the Americas and Indonesia, positioning the company as a direct beneficiary of rising copper intensity across power grids, data centers, electric vehicles, and industrial automation. Strong realized pricing and disciplined operational execution continue to support cash generation despite short-term production variability.

While near-term risks remain tied to operational disruptions and commodity price volatility, the long-term fundamentals remain firmly intact. Structural underinvestment in new copper supply, combined with steadily rising demand, supports a favorable pricing environment over the coming decade. Freeport’s focus on balance sheet strength, capital discipline, and shareholder returns enhances its appeal within a cyclical space. At current levels, FCX represents an attractive way to gain leveraged exposure to copper’s long-term scarcity while maintaining ownership in a globally scaled, well-managed producer.

Pick 2 (Short-Term) : Gold ETF – GLD

Gold offers a timely opportunity as investors navigate elevated equity valuations, shifting rate expectations, and persistent macro uncertainty. With inflation moderating but real yields remaining sensitive to growth and policy signals, gold continues to attract safe-haven flows amid geopolitical tensions and late-cycle market dynamics. The asset has proven resilient through recent volatility, reinforcing its role as a defensive allocation when risk assets appear increasingly extended. Exposure through SPDR Gold Shares (GLD) provides a liquid and efficient way to participate in this trend.

From a positioning perspective, gold remains technically constructive, with strong demand emerging on pullbacks and sustained participation from institutional investors. As equity markets price in optimistic outcomes, gold offers an attractive risk-reward profile as both a hedge and a tactical upside play should volatility rise or yields soften. Continuing with gold this month supports portfolio balance, capital preservation, and optionality in an environment where macro risks remain asymmetric.