Home About Us Our Strategy Megatrends Insights Contact Us
Menu
Home About Us Our Strategy Megatrends
Insights
Absolute Return Letter ARP+
Contact Us
> Home > Insights > ARP+ > Uranium - the misunderstood Trump Trade

<div class='article-page-content__container'>
<div class='article-page-content__container__left'><h3>Uranium - the misunderstood Trump Trade</h3><h4>22 July 2024</h4><div class='category-icon'>Research</div><div class='article-page-content__container__left__summary'><p><em>"</em>I will do everything in my power to unite the Democratic Party — and unite our nation — to defeat Donald Trump and his extreme Project 2025 agenda. We have 107 days until Election Day. Together, we will fight. And together, we will win.<em>"</em></p><p>Kamala Harris Vice President of the United States of America</p></div><h5>By Niels Clemen Jensen</h5><div class='article-page-content__container__left__links'><a download='uranium-the-misunderstood-trump-trade' href='/Content/Downloads/ARP/ARP240722.pdf'><i class='fa-solid fa-arrow-down-to-line'></i> Article PDF Download</a>
            <button onclick='shareArticle()' value='share'><i class='fa-solid fa-share-alt'></i> Share Article</button><a href='/megatrends'><i class='fa-solid fa-eye'></i> View Megatrends</a></div></div>
<div class='article-page-content__container__right'><div class='article-page-content__container__right__image'><img src='/Content/Images/669e814e418dab45624ecc97_iStock-1483917321_705x414.jpg#243;article-main-image;705;414' /></div><div class='article-page-content__container__right__item' data-alt-text='<p><strong>Exhibit 1: Performance of baskets in the ARP Megatrend Fund</strong><br />
<em>Note: 27/06/2024 &ndash; 19/07/2024<br />
Source: Absolute Return Partners</em></p>
' data-image='/Content/Images/66bb4de0e09c6283db729ba2_669e8561cfea64f63d17ff34_Picture3.png#330;slide-image;;' data-alt-text2= '' data-image2= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#330;slide-image2;;' data-alt-text3= '' data-image3= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#330;slide-image3;;' data-image4= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#330;slide-image4;;'> <h4 class='article-page-content__container__right__item__title'>The Trump Trade</h4><p>As we all know, Biden delivered a dreadful performance in the televised debate with Donald Trump on the 27th of June. From one moment to the next, investors became so convinced Trump will prevail in November that they began to structure their portfolios accordingly &ndash; the so-called Trump Trade.</p>

<p>--image--</p>

<p>Out went everything related to the green agenda, and in came fossil fuels and other industries believed to benefit from a Trump victory. In our portfolio, as you can see in Exhibit 1 above, the Carbon basket suffered. So did Green Materials and Uranium, and the latter is what this paper is about. In the following, I will argue that classifying uranium as a Trump Trade is a mistake of gigantic proportions which investors should take advantage of.</p>

<p>Trump may or may not win in November but, as you will see below, demand for uranium will be unaffected by a Trump victory. On the other hand, should Kamala Harris prevail (assuming she is nominated), green stocks will almost certainly be firmly back on the agenda. In other words, in our book, uranium is a win-win.</p>
</div><div class='article-page-content__container__right__item' data-alt-text='<p><strong>Exhibit 2: Worldwide nuclear electricity production</strong><br />
<em>Source: World Nuclear Association</em></p>
' data-image='/Content/Images/66bb4de1e09c6283db729bda_669e82e85d784848ce44910f_Picture4.png#331;slide-image;;' data-alt-text2= '<p><strong>Exhibit 3: Nuclear electricity generation by country </strong><br />
<em>Source: World Nuclear Association</em></p>
' data-image2= '/Content/Images/66bb4de0e09c6283db729b9a_669e834262f861db528ab89e_Picture5.png#331;slide-image2;;' data-alt-text3= '<p><strong>Exhibit 4: Nuclear reactors under construction, by country </strong><br />
<em>Source: World Nuclear Association</em></p>
' data-image3= '/Content/Images/66bb4de1e09c6283db729bad_669e83752f57a8c5a8bfdfec_Picture6.png#331;slide-image3;;' data-image4= '/Content/Images/66bb4de1e09c6283db729baa_669e83a344763d1505a3693b_Picture7.png#331;slide-image4;;'> <h4 class='article-page-content__container__right__item__title'>The demand outlook</h4><p>When the commercial nuclear industry began in earnest in the 1960s, there were clear boundaries between East and West. Today, the nuclear industry is one of the most globalised of all industries. A reactor under construction in Asia may have components supplied by South Korean, Canadian, Japanese, French, German, US or Russian companies, and uranium from Australia or Namibia may end up in a reactor in the UAE, having been enriched in the Netherlands and de-converted in the UK.</p>

<p>There are about 440 nuclear reactors in operation worldwide. As you can see in Exhibit 2, the 1970s, 1980s and 1990s made up the golden period of nuclear energy, and the industry grew rapidly; however, since Chernobyl and Fukushima, the industry has not grown at all. Today, nuclear accounts for about 10% of all electricity generation.</p>

<p>--image--</p>

<p>According to <a href="https://world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today">World Nuclear Association</a>, the aggregate capacity of the 440 reactors in operation worldwide is 396,324 MWe. Adding to that number, 62 nuclear reactors with an additional 65,159 MWe of capacity are currently under construction, i.e. capacity will grow 16-17% between now and 2030.</p>

<p>At present, the US nuclear power industry is the undisputed world leader. As you can see in Exhibit 3 below, nuclear electricity generation in the US is more than that of #2 (China) and #3 (France) <em>combined</em>. This has led many investors to assume that, to invest in uranium, the US investment case must be robust. <em>Nothing could be further from the truth!</em></p>

<p>Nuclear reactors use a highly predictable amount of fuel (uranium) every day, reason being that the existing technology doesn&rsquo;t allow power plants to adjust the output according to demand. It is either 0% or 100% of capacity every day. Nuclear power plants are only shut down during maintenance or if they are decommissioned. Take for example 2022. That year, due to maintenance, US nuclear reactors ran with a capacity factor of 92.6%. (source: <a href="https://css.umich.edu/publications/factsheets/energy/nuclear-energy-factsheet">Nuclear Energy Factsheet</a>). In other words, one can calculate, almost to the second decimal point, demand from existing nuclear power plants.</p>

<p>For research analysts trying to predict the uranium price going forward, it is all about demand from new power plants vis-&agrave;-vis expected supply. How electricity demand is affected by the economy is irrelevant, and that is why the number of reactors under construction is the most important number (Exhibit 4).</p>

<p>As mentioned earlier, according to <a href="https://world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today">World Nuclear Association</a>, there are currently 62 nuclear reactors under construction worldwide. In preparation for this paper, I have looked at different sources and, admittedly, the number varies slightly from source to source. According to some, there are only 57 reactors under construction. Others argue that the number is 59, whereas World Nuclear Association says 62. I wondered why and looked into it. It turned out that not all reactors currently under construction but delayed vis-&agrave;-vis original plans are included by everybody.</p>

<p>--image2--</p>

<p>Whatever the exact number, as you can see in Exhibit 4, about half of all reactors under construction are being built in China, not a single one in North America and only a couple in the EU. In other words, the US and the EU are virtually irrelevant to the demand story. Almost 100% of the anticipated growth in demand for uranium over the next 6-7 years will come from other parts of the world.</p>

<p>--image3--</p>

<p>Precisely how dominant China will become is evident if you look at Exhibit 5 below. As you can see, China committed in earnest to nuclear in the 1990s and have since built over 50 reactors. With another 28 under construction and many more in the planning process, China will soon become the driving force in the nuclear industry.</p>

<p>--image4--</p>

<p>However, China is far from self-sufficient as far as uranium is concerned (like the US), which brings me back to the opening lines of this paper &ndash; despite various frictions between East and West, the nuclear industry is a truly global industry. The need to feed their reactors with the chosen fuel (in most cases, uranium) force the global powers to put their disagreements aside and deal with each other.</p>

<p>One last point re demand: power plants buy enriched uranium for consumption, and they buy it for warehousing. It is not unusual for industry buyers to keep two years of consumption in stock. However, US nuclear power plants have, in recent years, allowed their inventories to sink to all-time lows in anticipation of lower prices. At some point, they&rsquo;ll have to restock.</p>
</div><div class='article-page-content__container__right__item' data-alt-text='<p><strong>Exhibit 6: Largest identified uranium resource </strong><br />
<em>Source: </em><a href="https://css.umich.edu/publications/factsheets/energy/nuclear-energy-factsheet"><em>University of Michigan</em></a></p>
' data-image='/Content/Images/66bb4de0e09c6283db729b9f_669e83f59509ff78829da305_Picture8.png#332;slide-image;;' data-alt-text2= '' data-image2= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#332;slide-image2;;' data-alt-text3= '' data-image3= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#332;slide-image3;;' data-image4= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#332;slide-image4;;'> <h4 class='article-page-content__container__right__item__title'>The supply outlook    </h4><p>The fuel going into almost all nuclear reactors is so-called enriched uranium &ndash; uranium with a high concentration of U-235 isotopes which are easier to split in the reactor. When uranium is mined, it contains less than 1% U-235.</p>

<p>Only 1% of all uranium available at a reasonable cost is found in the U.S. The largest deposits are in Australia (28%), Kazakhstan (13%), Canada (10%), Russia (8%), and Namibia (8%) (Exhibit 6). However, uranium mining is a far bigger industry in Kazakhstan and Canada than it is in Australia, making those two countries #1 and #2 respectively in terms of output.</p>

<p>--image--</p>

<p>The US &ndash; the country with most nuclear reactors &ndash; purchased 18,370 tonnes of uranium in 2022 &ndash; mostly from Canada (27%), Kazakhstan (25%), Russia (12%) and Uzbekistan (11%). Globally, nuclear power reactors required 62,496 tonnes of uranium in 2021.</p>

<p>It takes on average 7-8 years from a new mining programme is launched until the enriched uranium can be fed into a reactor somewhere in the world, and that is precisely why the demand/supply outlook is so promising. Until about 18 months ago, not a single new mining project had been launched since Fukushima, i.e., we know that we are at least 5-6 years away from a meaningful increase in global supplies.</p>

<p>&nbsp;</p>
</div><div class='article-page-content__container__right__item' data-alt-text='' data-image='//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#333;slide-image;;' data-alt-text2= '' data-image2= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#333;slide-image2;;' data-alt-text3= '' data-image3= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#333;slide-image3;;' data-image4= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#333;slide-image4;;'> <h4 class='article-page-content__container__right__item__title'>Risks</h4><p>By far the biggest risk associated with uranium is another Chernobyl or Fukushima. Few people died from radiation in those two incidents (1 in Fukushima) and 30 in Chernobyl), but the psychological damage was immense and by far the most important reason why Americans and Europeans are still reluctant to embrace nuclear energy despite it having a far safer track record than other energy forms.</p>

<p>In that context, it is also worth noting that modern nuclear reactors are based on a construction methodology developed in the 1990s and the 2000s, and not a single accident has happened to reactors based on the new technology. Not one.</p>

<p>Allow me to make one last point. It is about public opinion, and how it drives political decisions. As pointed out earlier, growth in nuclear power is rapidly shifting from DM to EM countries. Most DM countries are mature democracies where public opinion weighs heavily on the political decision process.</p>

<p>Most EM countries are different in that respect. Let&rsquo;s assume China runs into a problem like Fukushima. We know what happened in Japan post-Fukushima. I do not think the Chinese political leadership would face the same problem, should something similar happen in China. In other words, as more and more nuclear energy is EM-based, the risk of the public opinion turning against nuclear energy becomes less and less pronounced.</p>
</div><div class='article-page-content__container__right__item' data-alt-text='' data-image='//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#334;slide-image;;' data-alt-text2= '' data-image2= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#334;slide-image2;;' data-alt-text3= '' data-image3= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#334;slide-image3;;' data-image4= '//img.vertouk.com/800x600/F7F7F7/90133B/F7F7F7/?type=mini&showres=false#334;slide-image4;;'> <h4 class='article-page-content__container__right__item__title'>Conclusion</h4><p>Uranium is not a Trump Trade. The American impact on uranium demand is far too one-sided for that to be the case. Having said that, it does not imply that American investors cannot impact the uranium price &ndash; not at all. Uranium used to be in demand almost exclusively from industry buyers, but that has changed the last couple of years. As the uranium price skyrocketed, more and more financial buyers (of which we are one) decided to get on the bandwagon, but financial buyers have added plenty of volatility to the price.</p>

<p>As it becomes increasingly clear that the global uranium market will be under-supplied for a number of years, the price will most likely go higher &ndash; potentially a lot higher &ndash; but volatility is also likely to be higher than it has been historically, and that is a function of more widespread financial participation.</p>
</div><div><h4>By Niels Clemen Jensen</h4><p><strong>22 July 2024</strong></p></div></div></div>

You may also be interested in...

04.05.20

Time for alternative thinking on COVID-19

31.03.20

The Latest on the Coronavirus

02.12.19

Recession or Not?

Website Disclaimer

The information on this website (the “Website”) has been prepared by Absolute Return Partners LLP ("ARP"). ARP is authorised (FRN: 221250) and regulated by the Financial Conduct Authority (the “FCA”). It is provided for information purposes, is intended for your use only, and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. The information provided is not intended to provide a sufficient basis on which to make an investment decision. Any investment in ARP will be made pursuant to written subscription materials. The information provided in this Website will be subject to, and expressly qualified by, any information contained in the subscription material. The Securities and Exchange Commission (the “SEC”) of the United States does not pass upon the accuracy or completeness of any of the information contained herein. Information and opinions presented in this Website have been obtained or derived from sources believed by ARP to be reliable, but ARP makes no representation as to their accuracy or completeness. Any views contained within this Website are those of ARP. ARP accepts no liability for any loss arising from the use of this Website. The results referred to in this Website are not a guide to the future performance of ARP. Access to the Website is restricted to retail investors. ARP does not offer investment advice to private investors (Retail Clients as defined by the FCA). If you are a private investor seeking investment advice, contact an independent financial advisor.

ARP disclaims all responsibility if you access or download any information from this Website in breach of any law or regulation in the country of which you are a citizen or in which you are residing or domiciled. All information included in this Website is subject to change without notice.

The investments discussed on the Website may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and it should be noted that investment involves risk. Investors should be aware that the market price of the securities discussed in this report may be volatile. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. Where investment is made in currencies other than the investor’s base currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. An investor may not get back the original amount invested and in the case of an illiquid stock the investor may be unable to sell at any price. Any tax relief mentioned is those currently available and are subject to change. Their value depends on the personal circumstances of the investor.

ARP Megatrend Fund (the “Fund”)

The information on the website is intended for Professional Clients only as defined in Annex II of MiFID.

There are various risks associated with the investments in the ARP Megatrend Fund (the “Fund”).The value of investments can go down as well as up and the implementation of the approach described does not guarantee positive performance. Any reference to potential asset allocation and potential returns do not represent and should not be interpreted as projections.

The distribution of the information on this Website may be restricted by law in certain countries. The Fund is currently registered for marketing purposes in Austria, Denmark, Finland, Germany, the Netherlands, Sweden, and the UK. The Website and the information on it are not addressed to any person resident in the territory or country or jurisdiction where such distribution would be contrary to local law or regulation. Please get in touch to find out more. The Website is a marketing communication. Please refer to the Prospectus and the Supplement of the Fund before making any final investment decisions.

The investments discussed on the Website may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and it should be noted that investment involves risk. Investors should be aware that the market price of the securities discussed in this report may be volatile. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. Where investment is made in currencies other than the investor’s base currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. An investor may not get back the original amount invested and in the case of an illiquid stock the investor may be unable to sell at any price. Any tax relief mentioned is those currently available and are subject to change. Their value depends on the personal circumstances of the investor. The Fund is authorised by the Central Bank of Ireland. The AIFM of the Fund is Waystone Management Company (IE) Limited (the “AIFM”).

Our website does not give investment advice

The information contained on the Website you are about to access is for information purposes only and does not constitute and should not be construed as advice on which reliance should be placed, nor is it an offer by ARP to enter into any contract or investment agreement or a solicitation to buy or sell any investment in any jurisdiction or in any circumstances. Any information provided in relation to a specific fund is not intended to provide a sufficient basis on which to make any investment decision as any such decision requires careful study of the offering memorandum of the relevant fund. We offer a paid research subscription service ARP+ offering investment advice to Professional Clients as defined by the FCA.

Our website stores information on your device

Our website uses technologies, such as cookies, to distinguish you from other users of our website, which helps us to provide you with a good experience when you browse our website and also allows us to improve our site. We do not use these technologies for third-party related advertising or for storing/collecting personal information. For more information please see our Privacy Policy.

You accept our Terms and Privacy Policy when using our website

Before accessing the Website you should carefully read the terms set out in our Terms of Website Use and our Privacy Policy as these will apply to the entire contents of the Website and to any correspondence between us and you.