Weak dollar stocks

Primary revenue driver is gold, the traditional hedge against money printing and dollar weakness.

MDKA's primary gold and copper revenues are priced globally in USD, giving it a strong natural currency hedge.

PT Merdeka Copper Gold Tbk (MDKA) is a key beneficiary of the rupiah's depreciation. Because its gold and copper sales are priced in USD while a portion of its operating expenses is settled in rupiah, MDKA experiences positive margin expansion and earnings translation when the domestic currency weakens.

Diamondback Energy is an upstream producer with direct exposure to rising commodity prices driven by geopolitical conflict, leading to higher margins and free cash flow.

Price taker in a global commodity market; doesn't 'pass through' costs but simply realizes higher market prices for its output.

Fortescue is a concentrated USD iron-ore exporter with an Australian cost base, making AUD depreciation strongly supportive of translated revenue and local-currency margins.

Fortescue is a concentrated USD iron-ore exporter with an Australian cost base, so AUD depreciation increases the Australian-dollar value of receipts and local-currency margins.

Grupo México's globally priced, dollar-denominated mining revenue provides a strong structural hedge against Mexican domestic monetary and demand weakness.

Grupo México is relatively insulated from weaker Mexican domestic demand and higher local financing costs because its mining output is priced in global markets and much of its revenue is dollar-linked. This creates a hedge against the domestic monetary-tightening shock, though the company remains exposed to global commodity prices.

Wheaton has direct commodity-linked revenue through streaming contracts and benefits from rising gold prices without operating the mines.

Wheaton benefits from the strong precious-metals price environment without bearing the direct Argentine labor, currency or sustaining-cost inflation affecting mine operators. Its streaming cash flows are linked to partner production and metal prices, so continued high gold and silver prices can support margins and future financing or streaming origination opportunities.

Southern Copper is an unaffected upstream producer and can capture stronger realized prices, premiums and concentrate bargaining power.

Southern Copper is a relatively pure-play upstream copper producer. The sharp LME and SHFE drawdown, backwardation, and concentrate shortage increase realized copper prices, physical premiums, and producer bargaining power, supporting revenue and operating margins on its Peru and Mexico output.

BHP receives substantial USD-linked commodity revenue and carries important Australian-dollar costs, so AUD depreciation supports translated revenue and margins.

A stronger-than-expected labor market points to prolonged restrictive monetary policy, which supports Australian Dollar (AUD) appreciation. As a massive exporter of commodity resources denominated in USD, BHP faces compressed profit margins when converting foreign-currency revenue back into its AUD cost base.

ITMG is a strong relative beneficiary of rupiah depreciation because U.S.-dollar coal export receipts are matched with a largely domestic cost base.

ITMG’s evidenced exposure is primarily its USD export revenue and domestic cost base, with no material imported-input dependence identified.

Persistent geopolitical energy inflation supports ExxonMobil’s upstream crude realizations and integrated energy cash flow. Downstream margins can vary, but the upstream revenue benefit is the dominant exposure to the oil-price shock underlying the hawkish signal.

As an energy producer, its margins are net positive to rising commodity prices rather than vulnerable.

Chevron faces improved upstream earnings potential from rising oil prices and stands to benefit from its exposure to the tightening global LNG landscape as Middle Eastern supplies are threatened.

PTBA experiences a net positive mismatch because its export sales are priced in USD, though less sensitive than pure metals play MDKA.

PTBA exports coal, which is internationally traded and priced in USD.

PTBA is relatively helped by rupiah weakness because coal exports are priced in USD while much of its mining and domestic logistics cost base is IDR-based. The current-account deterioration therefore creates a potential translation and margin benefit, partly offset by the possibility of BI stabilization and weaker global commodity demand.

Vale's dollar-linked export revenue and largely local-cost base benefit from BRL weakness; therefore, BRL appreciation would reduce the local-currency value of export receipts and pressure competitiveness.

Vale is explicitly identified as a listed commodity exporter that can benefit relatively from BRL weakness because export revenues are dollar-linked while much of its cost base is local.

EOG’s U.S.-focused upstream production benefits from higher oil realizations while avoiding direct Middle East disruption.

Yen appreciation increases the dollar-translated value of Aflac's Japanese earnings, creating positive reported-revenue and earnings translation.

Aflac generates a large portion of its revenues in Japan. When JPY appreciates against USD, the translated value of its Japanese earnings increases, significantly boosting Aflac's reported USD financial results.

Freeport is an unaffected upstream copper producer and benefits from tighter concentrate availability and producer bargaining power.

Persistent liquidity growth can support nominal commodity demand and inflation-hedging flows, benefiting Freeport’s copper and gold revenues. Higher energy, labor, financing, and real-rate costs could offset part of the commodity-price benefit.

Teck is a diversified miner with an upstream copper-production segment whose sales rise with realized copper prices.

Lundin is an upstream copper producer, so higher copper prices can partly offset its direct weather-related volume loss.

The Boeing Company is a global aerospace powerhouse specializing in the design, development, manufacture, sale, and comprehensive support of commercial airliners, military aircraft, satellites, missile defense systems, human space flight, and launch technologies, along with related services across the globe. Its operations are organized into four key segments. The Commercial Airplanes division delivers commercial jet aircraft for passenger and cargo transport, alongside essential fleet support services. The Defense, Space & Security segment concentrates on the research, development, production, and modification of manned and unmanned military aircraft, advanced weapons systems, strategic defense and intelligence solutions (including missile defense, command, control, communications, computers, intelligence, surveillance, and reconnaissance, cyber, and information solutions), and satellite systems for both governmental and commercial use, encompassing space exploration. The Global Services segment provides a vast array of support, such as supply chain and logistics management, engineering, maintenance, upgrades, spare parts, pilot and maintenance training, technical documentation, and data analytics for its commercial and defense clientele. Lastly, the Boeing Capital segment offers financing services, overseeing a portfolio of equipment under various lease and financing structures. Founded in 1916, the company is headquartered in Chicago, Illinois.

Archer-Daniels-Midland Company (ADM) stands as a major global enterprise in the agricultural sector, focused on the sourcing, transportation, storage, processing, and distribution of a wide array of agricultural commodities, finished goods, and essential ingredients. Its expansive operations span numerous countries, including pivotal markets such as the United States, Switzerland, the Cayman Islands, Brazil, Mexico, and the United Kingdom, alongside a broader international presence. ADM's business is strategically organized into three core divisions: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The company's foundational activities involve acquiring, storing, cleaning, and distributing various agricultural raw materials, including oilseeds, corn, wheat, milo, oats, and barley. Beyond raw material handling, ADM is actively engaged in the global import, export, and distribution of agricultural commodities and feed products, complemented by specialized structured trade finance services. The company's product portfolio is incredibly diverse, serving the food, animal feed, energy, and industrial sectors. Offerings include a comprehensive range of vegetable oils—from crude and partially refined versions (utilized in biodiesel production and industrial applications like chemicals and paints) to salad oils, margarine, and shortening—as well as protein meals. ADM also manufactures a broad selection of sweeteners (such as syrup, glucose, and dextrose), corn and wheat starches, wheat flour, various alcohols (including ethyl alcohol and ethanol), citric acids, corn gluten feed and meal, and distillers' grains. Additionally, it processes specific agricultural products like peanuts, peanut-derived ingredients, and cotton cellulose pulp. Furthermore, ADM develops and supplies an extensive suite of specialized ingredients and solutions for nutrition and health. This segment features natural flavors, sophisticated flavor systems, natural colors, proteins, emulsifiers, soluble fibers, polyols, hydrocolloids, and an advanced line of natural health and nutrition products, encompassing probiotics, prebiotics, enzymes, and botanical extracts. They also provide edible beans, formulated animal feeds, animal health and nutrition products, and offer contract and private label manufacturing for pet treats and foods. Beyond its core commodity and ingredient businesses, ADM functions as a futures commission merchant, delivering commodity brokerage services. It also manages cash margins and securities pledged to commodity exchange clearinghouses and allocates cash as security for certain insurance agreements. Established in 1902, the company's corporate headquarters are located in Chicago, Illinois.

Engages in acquisition, exploration and development of gold, copper, silver & related mineral resources

Prom Resources, Inc. engages in the exploration and extraction of gold ores, corundum, and beryl materials at various mining and exploration perimeters in Madagascar. It sells its extracted material through agreements in place with various third party companies.