It’s been a year since Django penned the case for platinum group metals (PGMs), which came off the back of our 1.5km trip down a South African platinum mine. After a headline year of strong metal performance and even stronger share price returns for our basket of PGM stocks, we reflect here on our investment thesis and place it in the context of the 1990s, the last major upcycle. Thirty years on, the shafts built out with that capital are coming to a natural end of life, and the supply-side dynamics are only growing more compelling.

In this update, Django revisits the capital cycle thesis with fresh insights from meetings with the CEOs of our five core PGM holdings. Supply remains restricted, with new primary supply in South Africa at the lowest level for 25 years. The article below revisits our original thesis and details why we believe there may be further rewards to come from last years adventure into the deep value opportunity of PGMs.