Barometer Expands Global Equities
Barometer Capital Management Expands Global Equity Across Mining, Energy, and Utilities
Anonymous
Key Points
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Rio Tinto has seen mixed analyst sentiment in 2026, with Zacks Research downgrading Rio Tinto from a strong-buy to a hold on April 7, DZ Bank upgrading Rio Tinto from hold to a strong-buy on May 29, Bank of America cutting from buy to neutral on May 22, and Argus issuing a $120.00 target on April 27.
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Barometer’s SPDR S&P Oil & Gas Equipment & Services ETF (XES) stake was 5,100 shares (~$593,000), representing about 0.12% of the ETF; the ETF itself had a market cap near $386.5 million with a 1-year low/high of $63.21/$135.35, a price/earnings ratio of 12.43 and a beta of 0.92.
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Barometer boosted its Korea Electric Power Corporation (KEP) stake by 313.9% to 71,600 shares (~$1.02 million); other big holders include JPMorgan Chase, which increased its KEP stake by hundreds of thousands of shares to about 375,442 shares worth roughly $4.9 million.
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Barometer purchased 23,800 shares of POSCO (PKX) for about $1.39 million; POSCO’s financial snapshot shown includes a current ratio of 1.90, quick ratio 1.30, debt-to-equity 0.28, and a 12-month trading range of $44.99 to $92.40.
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Barometer raised its HudBay Minerals (HBM) position by 259.0% to 33,750 shares (~$705,000); HudBay’s institutional ownership stands at about 57.82%, with other funds (Waterfront Wealth, Strong Tower, Vontobel, Rockefeller, Allworth) also increasing stakes.
Barometer Capital Management expanded its global equity bets in the first quarter, buying into mining, energy, utilities, and metals across five major positions worth a combined roughly $4.7 million, according to Watchlist News.
The moves signal a deliberate push into commodity and infrastructure plays. Barometer added shares in Rio Tinto, POSCO, Korea Electric Power, HudBay Minerals, and an oil services ETF — spanning four countries and three sectors in a single quarter.
Rio Tinto and POSCO Lead Barometer's New Bets
Barometer bought 21,600 shares of Rio Tinto for about $2.0 million, making it the firm's largest single new position this quarter, per Watchlist News. The mining giant has drawn mixed signals from Wall Street. Zacks downgraded it from strong-buy to hold on April 7. Then DZ Bank upgraded it back to strong-buy on May 29. Bank of America cut it to neutral on May 22. Argus set a $120 price target on April 27.
Barometer also opened a fresh stake in POSCO, the South Korean steelmaker, buying 23,800 shares worth about $1.39 million. POSCO trades in a 12-month range of $44.99 to $92.40. The company carries a low debt-to-equity ratio of 0.28 and a current ratio of 1.90, suggesting a solid financial footing, Watchlist News reported.
Korea Electric Power Stake Jumps Over 300%
Barometer's biggest percentage move was in Korea Electric Power Corporation. The firm raised its stake by 313.9%, bringing its total to 71,600 shares worth about $1.02 million, according to Watchlist News. The utility, known by its ticker KEP, is a state-backed power company with broad exposure to South Korea's electricity grid.
Barometer was not alone in piling into KEP. JPMorgan Chase also increased its position, growing its stake to about 375,442 shares worth roughly $4.9 million, Watchlist News noted. The parallel buying by two institutional investors points to growing interest in international utility exposure.
HudBay Minerals Position Nearly Triples in One Quarter
Barometer lifted its HudBay Minerals stake by 259.0%, ending the quarter with 33,750 shares worth about $705,000, per Watchlist News. HudBay is a copper and gold miner with operations in North and South America. Its institutional ownership sits at around 57.82%, showing strong fund interest.
Several other funds also added to HudBay during the quarter, including Waterfront Wealth, Strong Tower, Vontobel, Rockefeller, and Allworth. The broad-based buying suggests funds see value in base metals miners as commodity prices stay elevated.
Oil Services ETF Rounds Out Energy Infrastructure Push
Barometer also put $593,000 into the SPDR S&P Oil & Gas Equipment and Services ETF, known as XES, buying 5,100 shares. That stake equals about 0.12% of the ETF, which carries a market cap near $386.5 million, Watchlist News reported. The ETF has a price-to-earnings ratio of 12.43 and a beta of 0.92, meaning it moves roughly in line with the broader market.
The XES position fits Barometer's wider theme: broad exposure to global energy and commodity infrastructure. The ETF's 1-year trading range — from $63.21 to $135.35 — shows how volatile oil services stocks can be. Barometer's buy came near the lower end of that range.
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