The fundie who delivered 90% last year has a new stock on his watchlist

That’s according to Acorn Capital Portfolio Manager Rick Squire, who says uncertainty around the deal stalled what should have been a more positive rally from gold and many other commodities.

Squire runs the Acorn Capital NextGen Resources Fund, which returned 90.11% in 2025 in part thanks to its exposure to gold, so it's little surprise he's keeping an eye on how the metal is performing.

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One of the top performing Aussie equity funds of '25 returned 90% - what was it?

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In this Q&A, Squire explains why investors will need to make a choice on whether the recent pullback in gold and silver is structural or a great buying opportunity, why Acorn is trimming its position in a uranium miner that’s going strong, and why a rare earths company is on his watchlist.

What’s your most recent investment and why?

Comet Ridge (ASX: COI). The company recently completed a major raise to buy out the JV partner (Santos) of its Mahalo Gas Project in Queensland and complete a Final Economic Study.

I like Comet Ridge because Mahalo is an advanced gas development project with much lower technical risk than most of its peers, requires a modest capex to get into production, and nearby pipelines provide access to domestic and export markets.

If the Federal Government is serious about encouraging new gas developments in eastern Australia, Comet Ridge is perfectly positioned to provide meaningful supply within a few years.

Which investment did you add to your watchlist this week?

Meeka Metals (ASX: MEK). We were previously shareholders in Meeka but exited after they experienced a few operational issues during ramp-up.

There is a risk the company needs to raise money if performance is poor in the June quarter. However, if management can turn things around, the company is currently looking attractive compared to its peers.

Management is strong and the mine is located in a geologically prospective region.

What is the most recent investment you have trimmed or sold and what drove this decision?

DevEx (ASX: DEV) recently surged on inclusion in the Nasdaq Sprott Junior Uranium Miners Index, so we trimmed into some of the buying.

The company has a very exciting exploration project in the Northern Territory and is about to commence a major drilling program. We like the stock so didn’t trim too hard.

What’s your favourite chart or data point from this week?

The chart below shows the amazing performance of gold and silver in FY2026.

Gold and silver peaked in late January and have pulled back heavily since. However, both metals are still up strongly since 30 June 2025.

The question for investors is whether the pullback is a structural shift (higher global inflation, a stronger USD and economy) or a pullback that is providing a great buying opportunity.

What was your weekly high – a standout market moment or highlight?

The announcement that Iran and the US were serious about finalising a peace deal to allow shipping to resume through the Strait of Hormuz.

The gold price has been under pressure in the last few months, largely on concerns about the inflationary impact of the war. Strong indications of peace should have a positive effect on the gold price, and many other commodities.

What was your weekly low – a market disappointment or challenge from the week?

The announcement that Iran and the US were still squabbling over elements of the peace deal that allowed shipping had once again halted through the Strait of Hormuz.

This stalled a rally in gold at the start of the week, and many other commodities. So, volatility continued in the commodities sector.

What first drew you to markets or this sector and what continues to keep you inspired today?

I really enjoy the technical challenges of investing in commodity markets.

I’m responsible for the Resources & Energy sectors, so am regularly getting into the weeds on projects as diverse as gold in Australia, lithium in Argentina, copper projects in Namibia and oil in Brazil.

The breadth and depth of knowledge that is required to evaluate the various risks and opportunities is a challenge I really enjoy. There is never a day that you don’t learn something new.

What’s one piece of advice you’d give to new investors?

When things aren’t going your way, it is important to “stay in the game”.

When the market pulls back sharply, as it did at the start of COVID and the War in Iran, some investors reacted by increasing cash and waiting for things to recovery. Our experience shows it is better to “stay in the game” rather than trying to pick the bottom.

It is easy to talk about investing when markets are down, but being active in a falling market is very difficult. If your process is good, stick with it and keep playing!

How do you unwind when you’re not thinking about the market?

I’m a geology nerd, so when not thinking about the market I spend quite a bit of time reading technical papers on big mineral systems.

I’m a Research Affiliate at Monash University, which gives me access to technical journals. I still publish papers. The last one was on genesis of world-class copper deposits in Poland and the African Copperbelt.

And when not doing that, I enjoy swimming, pilates and spending time with family and friends.

Rapid fire! 🔥

What is your favourite investing book?

Liar’s Poker by Michael Lewis.

What is your favourite investing or finance/markets related podcast?

Acquired.

What’s the first thing you read each morning?

Wordle. It gets my brain going.

What is your favourite restaurant?

Entrecôte in Prahran. Great French food and ambiance.

What’s something people are surprised to learn about you?

I still own the first car I every bought: a 1950 Morris Minor.

Think there’s a better pick? Prove it. Share your rapid-fire book, podcast, and daily read in the comments.

Managed Fund

Acorn Capital NextGen Resources Fund

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