By Barbara Kollmeyer
Renaud Saleur sees money to be made in electrification
Electrification will offer a decade of high returns, says Anaconda Invest's Renaud Saleur.
Forget political headlines and geopolitics, for veteran hedge-fund manager Renaud Saleur, it's all about the megatrends.
The founder and CEO of the Geneva-based $110 million investment management firm Anaconda Invest is banking on the energy-market transition and massive power needs of rising populations.
&#34;We're looking for a decade of high-double digit returns because the underlying market of electrification will need a huge amount of natural resources. Net zero could be a goal to pursue, but it's not going to be achieved anytime soon,&#34; said Saleur, whose decades of investing experience began in 1985 and spans Fidelity Investments in Europe, Moore Capital and George Soros' Quantum Fund.
Anaconda offers funds - not open to U.S. investors - aimed at that transition, through electrification, metals and mining and oil and gas.
Saleur noted that the average Indian citizen's yearly energy consumption is equal to 1.7 to 2 barrels of oil a year, versus 24 barrels for Americans. As India's population could double by 2040, its energy needs will also climb. Saleur noted that China was in the same position 20 years ago but now it's closed much of the gap in fuel consumption.
&#34;Whatever the different ideas or shocks in the journey, we know more or less the arrival, which by 2035-2040 means that from a consumption of 20,000 terawatt hour (TWh) of electricity today [for the world], we will probably need an extra 18,000 or so,&#34; he said.
He doesn't expect AI will derail this, and noted that data centers will only require 1,000 TWh of that 18,000 anyway.
To play this, he invests in copper and aluminum - used for grids and transmission lines - and metal and miners involved in cable manufacturing, and European companies such as Nexans (FR:NEX), Prysmian (IT:PRY) and NKT (DK:NKT). The Vulcain Global Volta Electron for AI Fund is up nearly 50% since its February 2025 launch, and invests 40% into commodities and 60% equities.
&#34;At the end of the day, what we know is that to transport this extra electricity, we will need 100 million kilometers of new cables. That's equivalent in terms of copper to two times yearly consumption,&#34; he said.
Uranium is a big theme for Anaconda, which invests in both the commodity itself as well as miners, but he advises patience. &#34;Uranium has a precedent in the 1973 oil shock with Iran and uranium at that time was worth $4 [a pound] and by 1997 it was worth $77.&#34;
&#34;We try to analyze the trend and the trend is clearly that people are realizing that they need to diversify away from oil and gas, and the natural beneficiary of this diversification which cannot be done immediately is nuclear.&#34;
He expects uranium will reach $200 per pound by the end of 2027 from around $85 currently, citing a yearly uranium shortage of 30,000 tons.
&#34;You already had before the war, a planned increase of nuclear reactors of 50% by 2040, and I think it will not only be 50% but it will be much more,&#34; he said. &#34; One thing which would benefit regardless of Mr. Trump is uranium. &#34;It isn't benefiting today because you cannot open a uranium mine in less than 10 years and you cannot build a reactor in less than 10 years,&#34; he said.
As for oil prices, Saleur sees investors as too complacent, noting that in December, many analysts expected Brent to average $55 to $60 a barrel this year. Anaconda bought December 2026 and December 2027 Brent futures at the start of the year - on a continuous basis the global benchmark is up 73% this year.
He sees crude in short supply, with a lack of exploration and dwindling reserves for major oil companies. &#34;That makes us think that in any case one sector that will benefit regardless of the price of oil, which was deemed to be higher because of future shortage, would be the oil service companies,&#34; he said.
His Vulcain Long-Short Oil and Gas Fund, up nearly 110% since its January 2022 launch, is 80% invested in the oil-services sector, such as Borr Drilling (BORR) and Transocean (RIG). He says the services sector will benefit from future repairs needed in the Middle East due to the war, but much bigger work ahead for them &#34;to maintain or increase&#34; oil output.
Saleur expects the Strait of Hormuz will take at least six to seven months to normalize once hostilities cease. &#34;If the war stops today, $80 to $90 by the end of the year, if it never stops oil will be at $90 and $100 for a long time.&#34;
As for AI, Saleur prefers &#34;bricks and mortars,&#34; over the increasingly pricey microprocessing universe.
&#34;Data centers need a lot of refrigeration. There's a company in Sweden, Munters (SE:MTRS), that has about 30% of its sales linked to data centers. Another company in Italy is called Carel (IT:CRL) and you've got companies in the U.S. like Carrier (CARR) or Daikin (JP:6367). These companies will benefit.&#34;
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-Barbara Kollmeyer
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04-29-26 0702ET

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Renaud Saleur, CEO of Anaconda Invest, is focusing on electrification and natural resources, predicting high returns over the next decade. He emphasizes the need for copper and aluminum for energy infrastructure, as global electricity consumption is expected to rise significantly. Saleur also highlights uranium's potential, forecasting its price to reach $200 per pound by 2027 due to a supply shortage. He believes oil service companies will benefit from future repairs and rising oil prices, projecting Brent crude could reach $80 to $100 depending on geopolitical stability.

Why this Soros alum is betting on copper and cables over AI chips