The Perfect Resource Portfolio: An Outperforming Fund Manager Reveals His Strategy

What does the perfect resource portfolio look like right now? And where are the biggest opportunities in commodities as the economic cycle enters its later stages? On this episode of In the Money with Amber Kanwar, Benoit Gervais, Managing Director, Portfolio Manager, Co-head of Mackenzie Resources and Energy Evolution Team, shares how he's positioning his resource portfolios after outperforming the broader market and commodity benchmarks. He's dramatically reduced his exposure to gold, increased his bets on energy and economically sensitive commodities, and believes the current expansion still has room to run. But his strategy goes well beyond the obvious trades. From oil and natural gas to copper, steel and cement, Gervais explains where he sees the best opportunities, why the AI buildout could benefit some overlooked industries, and how he's balancing risk and reward in an increasingly unpredictable market. Gervais also weighs in on the outlook for Canadian energy, why he thinks uranium investors may be getting ahead of themselves, the challenges facing Canadian natural gas producers, and why global diversification is essential for resource investors. In the Mailbag, Gervais doesn't hold back. He questions Barrick Mining's (ABX) plan to spin off its Nevada assets despite owning the stock, raises concerns about governance at Strathcona Resources (SCR), and explains why he's reduced his exposure to Cenovus Energy (CVE). He also discusses Canadian Natural Resources (CNQ), the opportunity in refiners including Valero (VLO), and why he prefers TotalEnergies (TTE) over Exxon Mobil (XOM). In Pro Picks, Gervais takes us around the world with three resource stocks he believes offer compelling upside. He makes the case for Brazilian oil producer PetroRio (PRIO3), U.S. LNG exporter Venture Global (VG), which he believes could double or triple over time, and Austrian specialty steel producer voestalpine (VOE), which could benefit from Europe's push to protect its domestic industrial capacity. Three very different companies, all positioned to benefit from the next phase of the global resource cycle. Timestamps 0:00 Intro 2:07 Welcome: Benoit Gervais on resource investing 3:22 How a team of industry experts looks for value 5:13 Balancing risk, company size and investment style 6:37 What does a resource portfolio look like today? 8:16 Why energy is replacing gold in the portfolio 9:13 Oil outlook: reset or head fake? 11:44 Canadian oil discounts and pipeline access 13:48 Canada's opportunity in critical minerals and LNG 14:52 Uranium: a long-term opportunity, but too early? 16:07 Electrification beyond copper: steel and cement 19:48 Why gold has struggled and what could change 23:32 Canadian gas vs. global prices: pipelines and LNG 25:04 Mailbag: Barrick, Nevada and governance concerns (ABX) 30:25 Gold picks: Endeavour (EDV) 31:40 Mailbag: Strathcona and Canadian energy consolidation (SCR) 34:06 Why they hold Canadian Natural Resources (CNQ) 35:14 Cenovus, refining and capital allocation (CVE) 38:18 Mailbag: refining bottlenecks and Valero (VLO) 41:32 Exxon vs. TotalEnergies (XOM, TOT) 42:43 Oilfield services: where the opportunity is 44:51 Pro picks: Petro Rio, Venture Global and voestalpine (PRIO3, VG, VOE) 56:32 Closing Bell: tennis and birthdays Sponsors Thanks to our partners at Guardian Capital LP. Following Conviction, Not the Crowd. Contact your advisor today and ask about Guardian Capital’s Funds and ETFs and visit their website for more information at https://guardiancapital.com ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information. For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned. Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com All the charts you’ll see today are sponsored by Wealthsimple Trade. The self-directed trading platform built for active traders in Canada. Learn more at  https://app.wealthsimple.com/74rd/83ftma8x Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/ The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail [email protected] for more information.  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod [email protected] DISCLAIMERS  The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy. Contact: [email protected] #IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews