Ewan Galloway
Flagship Perennial Strategic Natural Resources Trust closes to new investors after reaching capacity
Perennial Partners has announced that it has launched the Perennial Global Resources Trust, expanding its long-established resources investment capability into global markets following the successful closure of its Perennial Strategic Natural Resources Trust to new investors after reaching its self-imposed capacity limit.
The launch of the new strategy provides investors in Australia and offshore with access to a significantly broader global investment universe while continuing to be managed by the same experienced investment team.
The Perennial Strategic Natural Resources Trust has delivered strong long-term performance, returning 49.8% over one year, 31.2% per annum over three years and 31.1% per annum since inception on 1 April 2020 (net of fees to 30 June 2026), outperforming both its absolute benchmark and the S&P/ASX200 Total Return Resources Index since inception[1].
As the strategy approached $300 million in funds under management, Perennial elected to close it to new investors to preserve portfolio flexibility and protect future investment outcomes.
The Perennial Global Resources Trust that has been established extends the team’s investment remit from an Australian-focused mandate to a global opportunity set, allowing investment across listed resource companies worldwide.
The strategy can invest up to 100% offshore, compared with a maximum of 30% under the existing Strategic Natural Resources Trust, and has an estimated long-term capacity of approximately $3 billion.
“The launch of the Global Resources Trust reflects the evolution of global resource markets,” said Portfolio Manager Ewan Galloway.
“Australia remains one of the world’s leading resources markets, but many of the highest-quality listed opportunities across commodities such as copper, uranium, aluminium and energy are increasingly found offshore.”
“Expanding our investment universe enables us to access those opportunities while maintaining the same disciplined investment philosophy.”
The expanded mandate reflects several structural developments reshaping global resource markets. Artificial intelligence infrastructure is increasing demand for electricity generation, transmission networks and commodities including copper, aluminium and critical minerals.
At the same time, electrification, energy security and geopolitical competition are broadening the opportunity set for active resource investors and increasing the importance of global diversification.
“Our investment philosophy hasn’t changed—our opportunity set has,” said Portfolio Manager Sam Berridge.
“The Global Resources Trust allows us to apply the same disciplined investment process across a much broader universe of companies, commodities and jurisdictions. We believe that creates a compelling opportunity for investors seeking diversified exposure to the global resources sector.”
The Perennial Global Resources Trust is managed by the same investment team that has successfully grown and managed the Perennial Strategic Natural Resources Trust to its capacity.
Sam Berridge joined Perennial in 2012 following a career spanning mining operations, exploration and resources research, while Ewan Galloway joined the firm in 2016 after advising global resource companies on mergers and acquisitions and capital markets transactions with Deutsche Bank in London. Together they combine operational mining expertise with global capital markets experience.