A new listed investment company (LIC), Tribeca Global Natural Resources (TGF), has commenced trading on the Australian Securities Exchange (ASX), raising $157.5 million in an initial public offering (IPO) of 63,000,000 shares at $2.50 per share.
The offer also attracted over 2,600 new shareholders, the company said.
TGF aimed to employ an active, long/short approach to investing in the natural resources sector, delivering investors a compound annual return in excess of 15 per cent after of fees and expenses over the long term.
“We’re seeing a number of very attractive investment themes presenting across the natural resources sector at the moment and are seeking to deploy capital to position the portfolio to take advantage of those,” Tribeca’s portfolio manager, Ben Cleary, said.
Cleary said sectors such as soft commodities, oil refining, shipping, battery feedstock metals and uranium attracted the highest levels of interest from investors.
Additionally, the inherent volatility of the natural resources sector, combined with an active investment approach and the ability to opportunistically invest in equities, credit or commodities, delivered positive returns over the long term, he said.
The company would focus on investments in North America, Europe and the Asia-Pacific region, including Australia.