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Apr 11

48m 22s

The Hedge Fund That Stays Ahead of the S...

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We sit down with Matt Zabloski of Delbrook Capital, for a rare look inside how a long short resources fund actually generates returns, including a standout 151% year in 2025 and a strong start to 2026.

Matt’s core view is that commodities are entering a structural, not cyclical phase, driven by decades of underinvestment and a growing global supply imbalance. Rather than calling commodity prices, Delbrook focuses on mispriced companies, hedging the underlying exposure to isolate true alpha.

The fund operates across three key strategies. Thematic investing, backing long duration ideas like gold and critical metals. Event-driven trades, capturing opportunities around earnings and production updates. And relative value, exploiting pricing dislocations between securities.

We unpack how this is executed through a high conviction, concentrated portfolio, supported by deep fundamental research, site visits and direct company engagement. Matt explains why most investors end up “chasing commodity beta”, and how Delbrook stays ahead of the street.

We also cover gold equities, defence metals, and why volatility created by “tourists” is exactly where the opportunity lies.

Episode recorded: 04/07/26

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TIMESTAMPS

(0:00) Gold as Currency

(1:30) Structural Commodity Shift

(5:20) Hedge Fund Playbook

(16:00) Portfolio Construction and Shorts

(24:50) Thematic Trades and Tin

(28:10) Critical Metals and Tungsten

(35:00) Lithium Winners and Key Names

(41:10) Uranium, Copper, and Closing

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