Why I love copper as part of my portfolio

2025Q3 Portfolio Review (Part 2)

In Part 1, I discussed how I position myself for my largest themes, including China's consumption, global decoupling, generative AI, and trading on momentum. In this article, I will discuss why I invest in copper.

Copper

Copper is a big sub-theme of my “global decoupling” theme. It’s one of my most important views, accounting for ~12% of my total portfolio at the moment, so it deserves a standalone section here.

A few years ago, I asked myself: in a world where the dominant power (the USA) and its currency (the USD) are being called into question, what asset class can generate safer returns? I was pessimistic about anything related to fiat money or any financial instrument that can only thrive when the world becomes more interconnected and globalized, which includes stocks and bonds. Although I have a long-term conviction of China’s capital market, I can’t bet on that alone.

This thought led me to cryptocurrency, particularly Bitcoin. It also led me to commodities, hard physical assets th…