Big fund managers are increasingly betting on a prolonged upswing in mining and metals, driven by AI infrastructure demand, higher defence spending, and a shift away from technology stocks, signalling a potential commodity supercycle.
Big fund managers are betting that mining and metals are entering a prolonged upswing, as investors pour money into the sector at the fastest pace in years on the back of AI-related infrastructure demand, higher defence spending and a broad retreat from richly valued technology shares.
According to data compiled by ETFGI for Reuters, assets under management in mining exchange-traded funds rose to $87.4bn by 31 March, more than double the $37bn recorded a year earlier. That surge has been accompanied by a sharp improvement in flows: investors added $8.24bn to mining funds in the first quarter, a swing of $10.8bn from the same period in 2025, when newly announced US tariffs under President Donald Trump helped drive outflows of $2.52bn.
The scale of the shift has encouraged some of the sector’s biggest names to talk openly about a possible commodity supercycle. BlackRock portfolio manager Evy Hambro told Reuters that capital was beginning to move out of high-valuation technology stocks and into hard assets, describing the move as “the early stages of a commodity supercycle”.
The rally is not limited to mining. Reuters reported that oil and gas and agriculture have also attracted strong inflows, suggesting a wider reallocation towards physical assets after years in which markets favoured digital growth businesses. For investors, the appeal of miners is tied not just to traditional industrial demand, but to the materials needed for data centres, power systems and rearmament programmes.
Still, the enthusiasm comes with familiar risks. Mining shares tend to move sharply with the underlying commodity cycle, and the sector remains vulnerable to policy shocks, slower growth or a reversal in sentiment toward US technology stocks. Even so, the latest fund flows suggest investors are increasingly willing to back assets whose fortunes are tied to the real economy rather than the cloud.
- https://republicofmining.com/2026/04/30/big-funds-bet-billions-on-mining-supercycle-by-clara-denina-pratima-desai-and-melanie-burton-reuters-april-30-2026/ – Please view link – unable to able to access data
- https://www.reuters.com/legal/transactional/big-funds-bet-billions-mining-supercycle-2026-04-30/ – Major fund managers are predicting a sustained rally in mining and metals, with assets under management in mining exchange-traded funds more than doubling to $87.4 billion by March 31, up from $37 billion a year earlier. This surge is driven by robust AI infrastructure, increased defence spending, and a shift away from high-valuation tech stocks. Investors injected $8.24 billion into mining in the first quarter, marking a $10.8 billion turnaround from the same period in 2025, when U.S. tariffs led to outflows of $2.52 billion.
- https://www.investing.com/news/stock-market-news/analysisbig-funds-bet-billions-on-mining-supercycle-4647666 – Major fund managers are heralding a sustained rally in mining and metals as money floods into the sector at the fastest pace in years, driven by robust AI infrastructure, rising defence spending, and a shift away from expensive tech stocks. Assets under management in mining exchange-traded funds more than doubled to $87.4 billion by March 31, from $37 billion a year earlier, data compiled by research firm ETFGI for Reuters shows. Oil & gas and agriculture have also attracted significant inflows, marking one of the sharpest rotations toward hard assets in history.
- https://www.miningreporters.com/noticia/news/2026/05/global-funds-mining-metals-commodity-supercycle – Major asset managers are signalling a sustained rally in mining and metals as capital flows into the sector at the fastest pace in years, fuelled by rising investment in artificial intelligence infrastructure, defence spending, and a shift away from high-valuation technology stocks. According to data from ETFGI cited by Reuters, assets under management in mining exchange-traded funds surged to $87.4 billion as of March 31, up from $37 billion a year earlier. Investors poured $8.24 billion into mining during the first quarter alone, marking a $10.8 billion turnaround from the same period in 2025, when U.S. tariff announcements triggered $2.52 billion in outflows.
- https://www.marketscreener.com/news/big-funds-bet-billions-on-mining-supercycle-ce7f58dbdb88f422 – Major fund managers are heralding a sustained rally in mining and metals as money floods into the sector at the fastest pace in years, driven by robust AI infrastructure, rising defence spending, and a shift away from expensive tech stocks. Assets under management in mining exchange-traded funds more than doubled to $87.4 billion by March 31, from $37 billion a year earlier, data compiled by research firm ETFGI for Reuters shows. Oil & gas and agriculture have also attracted significant inflows, marking one of the sharpest rotations toward hard assets in history.
- https://energynews.oedigital.com/mining/2026/04/30/mining-supercycle-big-money-bets-billions – Major fund managers have predicted a sustained rally for mining and metals, as money pours in at the fastest rate in years. This is due to a robust AI infrastructure, increased defence spending, and a move away from expensive technology stocks. The assets under management of mining exchange-traded funds grew by more than twofold to $87.4 billion by March 31 compared with $37 billion a year ago, according to data compiled for ETFGI by the research firm. shows. Oil and gas and agriculture also saw significant inflows. This marks one of the sharpest shifts in investment towards hard assets ever. Investors invested $8.24 billion in mining in the first 3 months of 2019. This is a change of $10.8 billion in sentiment from the first three month of 2025, when President Donald Trump announced sweeping tariffs that resulted in a $2.52 billion outflow. BlackRock portfolio manager Evy Hambro said capital was starting to move from high-valued tech stocks into hard assets.
- https://www.finance-monthly.com/mining-stocks-surge-87b-supercycle-risk/ – Billions are flowing into mining stocks as investors bet on metals driving AI, energy, and defence growth. Mining ETF assets have surged to $87.4 billion in a year, more than doubling as firms like BlackRock rotate out of tech and into metals tied to companies such as Rio Tinto and BHP. The trade looks like the start of a supercycle, but the real risk lies in how quickly money is crowding into a relatively small market, creating conditions where price moves can become amplified rather than stable. Investors are not simply buying mining stocks in isolation; they are repositioning around a broader shift in how the global economy generates value. For much of the past decade, markets rewarded businesses that could scale digitally with minimal physical constraints.
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Freshness check
Score:
10
Notes:
The article was published on April 30, 2026, and is the earliest known publication of this specific content. No evidence of prior publication or recycled news was found. The narrative appears original and timely.
Quotes check
Score:
10
Notes:
Direct quotes from BlackRock portfolio manager Evy Hambro and Fidelity’s Taosha Wang are present. Searches for these quotes did not yield earlier appearances, suggesting they are original to this article. No discrepancies in wording were found.
Source reliability
Score:
10
Notes:
The article originates from Reuters, a major and reputable news organisation. The content is consistent with Reuters’ established reporting style and standards. No signs of derivative content or aggregation from other sources were identified.
Plausibility check
Score:
10
Notes:
The claims about increased investments in mining and metals, driven by AI infrastructure and rising defence spending, align with current industry trends. The article provides specific figures and quotes that support its assertions. No inconsistencies or implausible elements were noted.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article meets all verification standards, with no significant concerns identified. It is original, timely, and supported by reliable sources and independent verification. The content is factual and free from paywall restrictions, and the source is reputable. No issues with content type or verification independence were found.