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In a cyclical sector like commodity, deja-vu abounds for those with a long memory. As the outlook improves, equities usually rally before commodity prices, responding to improved demand forecasts.

The resources sector is unloved, under-owned, heavily shorted and facing a slow grind to re-establish equilibrium between supply and demand. This is incorporated in the prices for equities, with discounts that reflect the negative sentiment. A contrarian with a longer term approach should be getting quite excited at this point.

The outlook for global resources - key scenarios, risks and opportunities for the coming three years - and the portfolio construction implications.

The catalyst for improved sentiment for commodity-based equities will be a return of confidence and more stable political and economic environment.

Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Dr Joanne Warner shares her views on tHiNkInG oUtSiDe ThE bOx about building portfolios...