PEAK ASSET: MORNING WRAP 10 February: ASX 200 futures are pointing up 32 points or 0.4 per cent to 8857 | Nvidia paces tech stocks higher; $A reaches higher | Maestro small-cap investor Emanuel Datt looks to copper for best exploration picks in 2026 |

True Datt: Maestro small-cap investor Emanuel Datt looks to copper for best exploration picks in 2026

• Emanuel Datt’s investment strategy at Datt Capital delivered +55% return in 2025
• Datt’s Small Companies Fund is sector-agnostic, but recent performance has been headlined by contributions from the resources space including gold
• Datt has now identified copper as his preferred commodity for 2026, with his picks including True North Copper, Cyprium Metals, and Peel Mining

Welcome to True Datt, a Stockhead exclusive featuring the insights and opportunities of Emanuel Datt – founder and chief investment officer at Datt Capital, a Melbourne-based investment fund focused on identifying growth and special situation investments.

ASX small caps are rocking.

At least that seems to be the case based on the performance of Datt Capital’s Small Companies Fund, led by its founder and chief investment officer Emanuel Datt.

Since inception in late 2023, the fund has delivered an average return of 35.21% per annum, including a 55.79% gain last year alone.

In essence, the fund targets opportunities outside the ASX 100 where pricing inefficiencies are more common due to lower institutional coverage.

In turn, it invests in high-quality Aussie small-cap companies believed to be trading below their intrinsic value.

The portfolio typically holds between 15 and 25 positions.

Although it’s sector-agnostic, the fund’s recent performance has been headlined by contributions from the commodities space.

All up, the resources-heavy materials sector accounted for more than 35% of the fund’s composition at the end of December.

And leading the charge was gold.

Golden performance

2025 proved to be a record-breaking year for gold.

Prices surged by more than 60% during the year to hit fresh all-time highs on dozens of occasions.

Subsequently, bullion extended its rally into 2026, breaking through US$5500 per ounce in January.

In essence, gold producers have been benefiting from a strong pricing climate aided by investor demand for defensive assets such as gold.

Even though prices recently dipped to less than US$5000 per ounce, Datt believes that gold could remain in the spotlight in 2026.

“It’s still a great environment,” he said.

“Companies that were holding deposits that may not have been commercial at US$3000 per ounce are absolutely singing at around $5000 per ounce,” he explained.

Datt also expects gold-sector mergers and acquisitions to take centre stage this year.

“We have already seen quite a bit of M&A over the past twelve months, but I think M&A action is only going to escalate this year even if the gold price consolidates between US$4000 and US$5000 per ounce,” he noted.

The red metal enters the spotlight

Despite the buoyant setting for gold, Datt’s top ASX junior exposures for 2026 sit outside of precious metals.

Instead, copper appears to be firmly on his radar.

Copper plays a pivotal role in the global economy thanks to its wide-ranging industrial applications.

The metal is also key to the energy transition due to its use in electric vehicles and related charging infrastructure.

Beyond that, copper is becoming indispensable in AI data centres where its superior conductivity supports efficient power distribution and cooling.

“I think the copper space is really hot at the moment, so I think that there’s probably a couple of really interesting opportunities in that sector,” Datt said.

Like gold, copper has surged to record highs in recent months.

It recently topped US$6 per pound for the first time ever and continues to flirt with those levels.

Against this bullish backdrop, Datt has now revealed three ASX copper juniors worth watching in 2026.

​​​​​​​Source: Stockhead