A fund run by one of South Africa’s largest asset managers has altered its approach on platinum, seeing better returns from betting on the physical metal, while offloading shares in companies that produce it as they grapple with a power crisis.
The moves reflect strains on miners from a crippling electricity shortage in the world’s biggest producer of the metal. “We have reduced our holding in the platinum group metals shares and instead bought platinum, which should actually be a beneficiary of South African costs going up,” Nicholas Stein, who runs the Coronation Resources Fund with Nicholas Hops, said in an interview in Cape Town. “By virtue of not owning a lot of PGMs now we don’t have too much South African operating exposure.”
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