BPAQF - GMO 1Q 2022 Quarterly Letter

• Commodity prices have soared, and inflation has hit levels not seen since the early 1980s.
• Due to long-term supply/demand dynamics in commodity markets, we may have to get used to high prices in the years to come.
• Resource equities trade at deeply discounted levels and offer investors both a chance to benefit from high commodity prices and to protect their portfolios from inflation.
• While there are always risks in the resources sector, we believe investors are likely to be rewarded with a compelling mix of strong returns, inflation protection, and diversification.

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