NZ Funds says uranium bet returns over 300% profit

LONDON, Nov 22 (Reuters) – Asset manager NZ funds has made a 300% return on its bet that the price of uranium would benefit from supply shortages arising from growing geopolitical tensions between the U.S., Russia and China and from a global push to ditch fossil fuels. In a message to Reuters on Wednesday, NZ Funds, which manages $2.1 billion, said the returns stemmed from a series of trades put on in 2021, when it bought options to buy uranium at between $38.50 and $48.00 at various points up to early 2024. In November, the price of spot uranium, which…