Equitile Resilience Fund

Newmont Corporation has executed a significant strategic pivot, transforming its business model from one defined by large-scale, transformative M&A, culminating in the 2023 acquisition of Newcrest , to a disciplined new framework centered on maximizing direct shareholder returns. This shift marks a deliberate move away from a decades-long history of empire-building through acquisition toward a model that prioritizes capital efficiency and returning cash directly to investors.

Kinross Gold has undergone a strategic metamorphosis, catalyzed by its decisive exit from Russia. This move has enabled the company to re-architect its portfolio around lower-risk, high-cash-flow assets predominantly in the Americas. This transformation has reshaped its business model to prioritize fortress-like balance sheet strength and substantial shareholder returns, positioning the Great Bear project in Canada as the next major catalyst for value creation.

Banco Santander has transformed its business model by strategically positioning itself as the preeminent financial bridge between the mature, stable markets of Europe and the high-growth economies of Latin America. This is not merely a strategy of diversification, but a deliberate construction of a synergistic, transatlantic growth engine. By leveraging its deep roots and scale in Spain to support an aggressive expansion in Latin America, Santander has created a uniquely resilient and profitable franchise poised to capture growth from two distinct, yet complementary, economic spheres.

Valterra Platinum has emerged as a newly independent, pure-play leader in the platinum group metals (PGM) sector following its strategic demerger from diversified mining giant Anglo American. This corporate restructuring has transformed Valterra into a focused entity, allowing it to dedicate its capital and operational expertise exclusively to its world-class PGM asset base. Valterra's competitive moat is now defined by its unparalleled scale as the world's largest platinum producer by value and its ownership of cornerstone, low-cost assets like the Mogalakwena mine.

LVMH has transcended its role as a mere holding company to become the definitive architect and steward of the global luxury market. Its business model is a masterclass in balancing creative autonomy with centralized strategic oversight, creating a virtuous cycle of brand desirability and financial strength. The company's competitive moat is its unparalleled portfolio of iconic Maisons, fortified by a decentralized organizational structure, vertical integration, and a long-term vision that prioritizes brand equity above all else. This unique model allows LVMH to dominate across all luxury sectors and geographies, delivering resilient growth through varying economic cycles.

A.P. Moller - Maersk has embarked on a fundamental business model transformation, pivoting from a traditional ocean freight conglomerate to a globally integrated, end-to-end logistics provider. This strategic shift, initiated in 2016 with the divestment of its energy assets, is designed to address the increasing complexity and inefficiency of modern supply chains. Maersk's emerging competitive moat is its unique ability to offer a single, unified solution for customers, leveraging its unmatched global network of vessels, terminals, warehouses, and digital platforms to connect, protect, and simplify global trade.

Safran has transformed its business from a collection of aerospace component manufacturers into a highly integrated, technology-driven leader focused on the critical pillars of decarbonization and sovereignty. The company has established a formidable competitive moat through its deep technological expertise, particularly in aircraft propulsion, and a strategy of operational excellence amplified by a comprehensive digital transformation. This positions Safran as an indispensable partner to airframers and governments, poised to lead the development of next-generation, sustainable aviation and defense systems.

Alibaba is undergoing a significant strategic transformation, pivoting from its historical identity as an e-commerce giant to a future defined by artificial intelligence and cloud computing. Following a period of intense regulatory scrutiny and internal restructuring, the company has emerged with a clear focus, placing its Cloud Intelligence Group at the core of its growth strategy. Alibaba's competitive moat is now being rebuilt around its formidable AI capabilities, its dominant market share in China's cloud sector, and aggressive investments in next-generation infrastructure, positioning it to capture the explosive growth in AI-driven services.

Alamos Gold has transformed its business from a single-asset operator into a diversified, multi-mine, mid-tier gold producer with a clear and disciplined growth strategy. The company has meticulously built a competitive moat based on a portfolio of long-life, low-cost mines located exclusively in the safe jurisdictions of North America. This is fortified by a debt-free balance sheet and a fully funded, organic growth pipeline that is set to propel the company into the next tier of gold producers without diluting shareholder value.

Agnico Eagle Mines has transformed its business through a strategic merger of equals with Kirkland Lake Gold, creating a new industry leader defined by its high-quality asset base, low-cost production profile, and an unwavering focus on politically safe jurisdictions. The company's competitive moat is its dominant and synergistic position in Canada's prolific Abitibi-Greenstone Belt, combined with a proven track record of growing value on a per-share basis. This strategy has established Agnico Eagle as the gold industry's highest-quality senior producer, uniquely positioned for sustainable, low-risk growth and superior shareholder returns.