Excess Returns · Wednesday, July 29, 2026
Rupert Mitchell discusses his portfolio strategy, noting a shift from high cash positions to increasing exposure in energy equities and agricultural commodities like wheat and cotton. He also details his holdings in precious metals, primarily gold, and his current views on their performance and potential.
“So, big, like, a bit like, I mean, this doesn't look dramatically different from when we last spoke, but it's changed a lot in the interim.”
“There was a time, you know, back in March, April, where I was up at sort of 35, 40% cash and hedges and I've started allocating a lot of that back.”
“Mainly, I mean, the only, the only sort of major additions have been, um, energy equities, which sit in that thematic equity basket.”
“And also some position in ags. Was originally corn, wheat and cotton. It's just wheat and cotton right now.”
“You know, the PMs performance has been, uh, has been sort of performance suck and a performance drag all year, having been the rocket fuel last year.”