South Africa - Personal
Northam Platinum is a JSE-listed business and an independent, integrated platinum group metals (PGM) producer, with mining and metallurgical operations in South Africa.
"Our [equity and multi-asset] funds built a position in the PGM miners in the second half of 2024. The investment was premised on tighter supply-demand fundamentals. The PGM basket rose dramatically during 2025 (+63%) due to underinvestment in mines, muted scrap supply, and slowing EV adoption outside China. As share prices have risen, we have trimmed holdings."
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