CITY NATURAL RESOURCES GROWTH AND INCOME PLC - Investor Presentation

Managers favor gold and refining-linked energy over AI-themed copper, citing US debt dynamics and Hormuz/refinery disruptions as the key drivers.

• New home at Tufton: Rob Crayford and Keith Watson moved to Tufton Investment Management (~$1.5bn AUM) in September 2025; trust renamed Citi Natural Resources Growth and Income (ticker CYN).
• Energy thesis on disruption duration: Strait of Hormuz and Bab-el-Mandeb attacks plus Ukrainian strikes on Russian refineries (6m+ bbl capacity) have pushed effective pump-equivalent oil costs to ~$200/barrel via crack spreads, not spot price.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.