Performance Overview - The Third Avenue Value Fund achieved a return of 7.47% for the three months ended December 31, 2025, outperforming the MSCI World Index at 3.12% and the MSCI World Value Index at 3.34% [3] - For the year-to-date period, the Fund returned 35.46%, significantly higher than the MSCI World Index and MSCI World Value Index, which returned 21.09% and 20.79%, respectively [3] - Annualized performance for the trailing three-year and five-year periods was 16.76% and 18.00%, respectively [3] Key Contributors to Performance - Warrior Met Coal was the largest contributor to the Fund's performance, followed by Lundin Mining and Capstone Copper [4] - Bank of Ireland and Horiba also made significant positive contributions during the quarter [4] - Warrior Met Coal began commercial-scale mining at its Blue Creek project ahead of schedule, positively impacting revenue and cash flow [5] European Holdings - The Fund's Western European holdings, including Bank of Ireland, Buzzi Spa, and BMW, contributed positively to performance [6] - A weaker U.S. dollar enhanced returns for euro-denominated investments, which comprise over 70% of the portfolio [6] Banking Sector Insights - Bank of Ireland and Deutsche Bank have improved their operating performance, leading to better valuations and increased returns on capital [7] - Deutsche Bank shares traded above book value for the first time since the global financial crisis, marking a significant milestone [8] Copper Market Dynamics - Lundin Mining and Capstone Copper were significant contributors to performance, driven by the indispensable nature of copper in modern economies [9] - The supply of copper has proven challenging to increase, leading to a looming supply gap as demand accelerates [13] Japanese Investments - The performance of Japanese investments was mixed, with Horiba contributing positively while JEOL detracted from performance [15] - Subaru performed well despite concerns over U.S. import tariffs, achieving a total return of 26.28% in 2025 [16] Energy Sector Performance - The Fund's oil and gas-related businesses did not perform well in 2025, with significant headwinds affecting offshore energy service sectors [21] - Delays in offshore projects and changes in spending by major producers created challenges for the sector [21] Resource Conversion Activities - The Fund engaged in robust resource conversion activities, including acquisitions and divestitures, to enhance shareholder value [27] - Harbour Energy executed several strategic transactions, significantly shifting its production base and improving its financial position [28] New Investments - The Fund initiated a position in T.S. Lines Ltd., a container shipping company focused on routes within the Asia-Pacific region, which is expected to benefit from growing trade activity [35] - T.S. Lines has a strong balance sheet and operates a younger fleet, positioning it well for future growth [37]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Copper - **Region**: Europe Core Insights 1. **Strategic Stockpiling Initiatives**: The US has initiated Project Vault, a $12 billion stockpile for critical minerals, including copper, as confirmed by a White House official. China is also considering stockpiling copper, although no official plans have been announced [2][36][37]. 2. **Supply Constraints**: Copper mine supply growth is projected at only 0.2% for 2026, the lowest since 2020. Approximately 60,000 tons of production guidance have been downgraded due to disruptions and labor negotiations [3][13][15]. 3. **Substitution Trends**: The copper/aluminium ratio has reached a record high, prompting interest in substitution, particularly in HVAC applications. However, historical trends indicate that such changes occur slowly [4][42]. 4. **Weak Demand from China**: China's apparent copper consumption fell by 12.3% year-over-year in Q4 2025, with a projected growth of 4% for FY25. Despite this, the market is showing signs of resilience, with recent buying activity noted [5][26]. 5. **Market Volatility**: The copper market is experiencing volatility due to conflicting macro and micro factors. While macroeconomic conditions are currently favorable, ongoing challenges in demand and supply could lead to fluctuations [6][49]. Additional Important Details 1. **Disruptions and Recovery Risks**: Historical data suggests that disruptions are typically weighted towards the second half of the year, with potential adverse weather conditions expected due to El Niño forecasts [19][21]. 2. **Producer Guidance Adjustments**: Major producers have become more conservative in their production guidance, with several companies, including Anglo American and First Quantum, announcing cuts to their 2026 production forecasts [14][51]. 3. **Impact of Precious Metals**: The correlation between copper and precious metals like gold and silver suggests that any weakness in these markets could negatively impact copper prices [50]. 4. **Emerging Demand Drivers**: New demand from data centers and energy storage systems (ESS) is expected to support refined copper demand, despite traditional sectors stabilizing [4][26]. 5. **Recycling Initiatives**: Cable manufacturers are increasingly focusing on using recycled copper in their products, with companies like Nexans and Prysmian setting ambitious targets for recycled content [48]. Conclusion The copper market is currently navigating a complex landscape characterized by strategic stockpiling efforts, supply constraints, and fluctuating demand, particularly from China. While there are emerging opportunities in new demand sectors, the overall outlook remains cautious due to potential volatility and ongoing challenges in the supply chain.

Core Viewpoint - BHP's Vicuña Corp plans to double its investment in significant copper mining projects in Argentina and Chile, with an estimated investment of around $800 million this year, aiming to position these projects among the most influential copper developments globally [1][2]. Investment Plans - Vicuña Corp, a joint venture between BHP and Lundin Mining, is set to invest approximately $800 million in the Filo del Sol and Josemaría mining projects this year, with a projected total investment of nearly $4 billion by 2025 [1]. - The overall investment for the Vicuña mining area is estimated to be around $5 billion, with local officials suggesting it could reach up to $15 billion [1]. Market Context - Argentina has not produced copper since the closure of the Alumbrera mine in 2018, and the country is looking to re-enter the global copper market amid a supply shortage crisis [2]. - The copper mining project is expected to commence production by 2030, with a projected operational lifespan of 25 years [2]. Strategic Incentives - The Argentine government, under President Milei, is implementing significant incentive policies to attract foreign investment in mining, with Vicuña applying to join the "Large Investment Incentive Program" for tax and legal benefits [3]. - Vicuña's confirmed copper reserves are 13 million tons, with inferred reserves of 25 million tons, alongside substantial gold and silver resources [3]. Infrastructure Challenges - The high-altitude location of the Andes presents challenges for infrastructure development, including road construction and power line installation, with ongoing debates about the cost and responsibility for these projects [3]. - The geological potential of the Filo del Sol area is noted to be four times larger than that of Josemaría, highlighting its significant resource discovery potential [3].

BATIDERO, Argentina, Feb 9 (Reuters) - High in the Andes Mountains, more than 4,200 meters above sea level on the Argentina–Chile border, mining company Vicuña Corp. aims to double its investment this year in ​one of the world’s biggest copper bets, a company executive said. Vicuña Corp., formed by Australia’s BHP and ‌Canada’s Lundin Mining, could invest about $800 million this year in the Filo del Sol and Josemaría mines, according to communications director Caterina Dzugala. The two ‌projects could tur ...

Industry Overview - Commodity markets provided a supportive backdrop for non-ferrous miners in Q4 2025, with strength in precious metals and copper, contributing to a favorable earnings season for the Zacks Basic Materials sector, which is expected to see a 2.8% increase in earnings driven by a 9.5% rise in revenues due to higher commodity prices [1][2] Company Performance - Four mining companies identified as likely to beat earnings estimates this season are HudBay Minerals, Lundin Mining, First Quantum Minerals, and Teck Resources, all expected to deliver improved year-over-year results [2][8] Commodity Price Dynamics - Gold prices reached a high of $4,557 per ounce, with average prices up 55% year-over-year to $4,135 per ounce, driven by safe-haven demand and central bank purchases, with quarterly demand hitting a record 1,303 tons [4] - Silver prices also saw significant increases, reaching a high of $82.67 per ounce, with average prices up 74% year-over-year, supported by supply deficits and steady industrial demand [5] - Copper prices averaged $5.21 per pound, a 22% increase from the previous year, fueled by demand from electrification and renewable energy projects amid supply concerns [6] Company-Specific Insights - HudBay Minerals has an Earnings ESP of +0.40% and is expected to report a 127.8% increase in earnings year-over-year, with production figures showing declines across copper, gold, zinc, and silver, but offset by higher metal prices [13][14] - First Quantum Minerals has an Earnings ESP of +26.15% and is projected to see a 75% increase in earnings year-over-year, despite a 10% decline in copper production [15][16] - Teck Resources has an Earnings ESP of +25.77% and is expected to report a 60.6% increase in earnings year-over-year, with copper production rising 9.9% but sales down 5.1% [18][20] - Lundin Mining has an Earnings ESP of +11.49% and is anticipated to see a 150% year-over-year increase in earnings, with copper production down 14% but offset by higher prices [22][23]

【基本面跟踪】 商 品 研 究 2026 年 02 月 02 日 铜：等待指引，价格震荡 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 103,680 | -4.98% | 103190 | -0.47% | | | 伦铜3M电子盘 | 13,071 | -4.25% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜指数 | 1,476,870 | 606,369 | 657,539 | -29,840 | | | 伦铜3M电子盘 | 51,298 | -52,697 | 333,000 | 1,459 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 156,851 | 5,223 | - | - | | | 伦铜 | 174,975 | -1,100 | 23.89% ...

请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026年01月29日 国泰君安期货商品研究晨报 观点与策略 | 黄金：再创新高 | 3 | | --- | --- | | 白银：冲刺120 | 3 | | 铜：美元承压，价格偏强 | 5 | | 锌：现实偏强 | 7 | | 铅：海外库存减少，支撑价格 | 9 | | 锡：区间震荡 | 10 | | 铝：震荡偏强 | 11 | | 氧化铝：逢高沽空 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 铂：跟随抬升 | 13 | | 钯：警惕补涨 | 13 | | 镍：印尼事件悬而未决，套保与投机盘博弈 | 15 | | 不锈钢：印尼加剧镍矿担忧，镍铁跟涨支撑重心 | 15 | | 碳酸锂：下游低位采买意愿增强，宽幅震荡延续 | 17 | | 工业硅：上游减产，盘面亦有支撑 | 19 | | 多晶硅：会议情绪偏好 | 19 | | 铁矿石：预期现实博弈，价格震荡 | 21 | | 螺纹钢：宽幅震荡 | 22 | | 热轧卷板：宽幅震荡 | 22 | | 硅铁：成本底部支撑，宽幅震荡 | 24 | | 锰硅：成本底部支撑，宽幅震荡 | 2 ...

2026年01月29日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：再创新高 | 2 | | --- | --- | | 白银：冲刺120 | 2 | | 铜：美元承压，价格偏强 | 4 | | 锌：现实偏强 | 6 | | 铅：海外库存减少，支撑价格 | 8 | | 锡：区间震荡 | 9 | | 铝：震荡偏强 | 10 | | 氧化铝：逢高沽空 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：跟随抬升 | 12 | | 钯：警惕补涨 | 12 | | 镍：印尼事件悬而未决，套保与投机盘博弈 | 14 | | 不锈钢：印尼加剧镍矿担忧，镍铁跟涨支撑重心 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 1 月 29 日 黄金：再创新高 白银：冲刺 120 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 期货研究 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- ...

Core Viewpoint - Sendero Resources Corp. has received updated permits for its Peñas Negras property in Argentina, indicating strong local and provincial support for mineral exploration activities [1][2][3] Company Overview - Sendero Resources Corp. is focused on copper-gold exploration at its 100% owned Peñas Negras Project, which is located in the Vicuña Copper-Gold Belt in Argentina [3] - The Peñas Negras Project has geological characteristics similar to other deposits in the Vicuña Belt, with multiple porphyry and high-sulfidation epithermal targets identified [3] - The total project area of Peñas Negras comprises 211.77 km², with the center located approximately 18 km southeast of the Caserones mine, 24 km northeast of NGEx Minerals' Lunahuasi project, and 32 km north-northeast of BHP-Lundin Mining's Filo del Sol project [3] Permits and Exploration - The renewed permits supplement previously granted permits, allowing for complete exploration and advancement to development of significant exploration targets across extensive land holdings [2] - The renewed approvals reflect the recognition of economic opportunities that sustainable exploration and development can bring to the region [3]

商 品 研 究 2026 年 01 月 28 日 铜：美元回落，价格偏强 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 【宏观及行业新闻】 宏观方面，有"新美联储通讯社"之称的知名财经记者 Nick Timiraos 撰文称，美联储官员们预计将 在本周自去年 9 月以来首次暂停降息，在连续三次下调利率后选择按兵不动。（华尔街见闻） 产业方面，日本矿业协会（JMIA）负责人表示，日本铜冶炼厂仍在与全球矿商谈判 2026 年的加工和精 炼费用（TC/RC），即使每吨 300 美元以上的高升水也无法抵消 TC/RC 的下降影响。（SMM） 智利环境监管机构表示，已对安托法加斯塔矿业公司（ Antofagasta Minerals）处以约 77.5 万美 请务必阅读正文之后的免责条款部分 1 泰 君 安 期 货 研 究 所 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 102,600 | 0.71% | 101560 | ...