Why Alexandre Carrier is betting on a metal-intensive global economy

Alexandre Carrier, portfolio manager at DNCA Finance, argues that the global shift toward electrification and AI-driven growth makes a diverse basket of precious and industrial metals essential. Managing 785 million euros, he leverages commodity futures to navigate a world defined by high sovereign debt and rapid geopolitical change.

Editorial·November 5, 2026·reads: 216

The DNCA Invest Strategic Resources fund, launched in February 2024, operates on a dual-track strategy. It combines precious metals like gold and silver with industrial staples including copper, nickel, and tin. Unlike equity funds that rely on mining company stocks, Carrier’s approach utilizes the futures market. This method provides a buffer against company-specific risks, such as operational accidents or labor disputes, which can cause share prices to plummet even as the underlying commodity price climbs.

Carrier asserts that commodities offer a superior hedge against inflation compared to traditional mining equities, which are often burdened by high leverage and cyclical volatility. As the global economy pivots away from fossil fuels, demand for metal-intensive infrastructure—from power grids to data centers—has surged. He views this as a structural change where resources like copper are no longer just commodities, but strategic necessities. While critics argue for passive index tracking, Carrier maintains that active management is vital to navigate the complexities of contango and backwardation in futures markets, as well as the rapidly shifting technological landscape where innovation can abruptly alter supply-demand balances.