Investment process

Given its experience of natural resource markets, URAM SA advises a wide range of products in the sector. URAM’s structured investment process has had formidable success, and rests on several pillars :

1. Top down analysis to determine opportunities and risks

• Fundamental approach
  
  
  • - Macro-economic environment
  • - Specific environment for each commodity (supply & demand
       trends, stocks)

• Technical approach
  
  
  • - Trend, momentum, sentiment, speculative positions
    
    

2. Identification of the most appropriate asset class to play the directional/fundamental theme

• Commodities or equities?   
  
  
  • - Absolute and relative valuations
  • - Analysis of exogenous factors
  • - Financial and stock market conditions
    
    

3. Bottom up stock selection

• Quantitative analysis
  
  
  • - Valuation
  • - Growth potential
  • - Production costs
  • - Relative performance

• Qualitative analysis
  
  
  • - Qualitative analysis
  • - Political risk
  • - Geology
  • - Operating environment