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Jakob Fugger Mining & Sovereign Credit Portfolio

A mining-and-credit empire built around copper, silver, sovereign lending and political access to European rulers.

Asset allocation

Copper & Silver Mining Rights
40%
Sovereign Credit
30%
Trade & Logistics Capital
15%
Political Concessions
10%
Liquidity Reserves
5%

History

Jakob Fugger, known as Fugger the Rich, became one of the most powerful financiers of early modern Europe. His wealth rested on a combination of mining rights, especially copper and silver, trade networks and large-scale lending to rulers including the Habsburgs. Fugger capital helped finance imperial politics, while privileged access to mining concessions and repayment streams tied financial wealth directly to state power.

Philosophy

The Fugger model combines hard assets with sovereign credit. Mines provide real resource exposure and industrial cash flow; loans to rulers provide yield, influence and access to concessions. The edge comes from scale, information, political proximity and willingness to underwrite concentrated sovereign risk. The danger is equally clear: rulers can default, wars can disrupt production and political privilege can reverse.

Performance

How this allocation behaved across modern markets

Annual rebalancing, local bond and cash proxies where relevant, and optional inflation adjustment through CPI.

Open full performance view
1970-2024Log scale
4.61x3.16x2.17x1.49x1.02x19701984199720112024

CAGR

2.8%

1970-2024

Max drawdown

-4.5%

Volatility

2.5%

Worst year

-4.5%

2022

Implementation

Local products and proxies

Global · Jakob Fugger Mining & Sovereign Credit Portfolio implementation

Long-term individual investor

Use broad, low-cost funds or ETFs matching each asset class.

Account notes: Implementation depends on local account types and tax wrappers.

Costs: Prefer low-cost, liquid vehicles.

Rebalancing: Annual rebalancing or tolerance bands.

Tax: Country-specific tax treatment should be reviewed before implementation.

Product names are implementation examples for research. Availability, taxation, share classes and suitability should be checked with the investor's broker and tax situation.

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