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In this quarter’s edition:

Our team’s views on the recent developments within the Natural Resources sector.

Topic of the quarter:

Looking longer term – what is the real price? A letter from George Cheveley, Portfolio Manager.

Just over two years on from the lows in the latest commodity and resource equity price cycle, the first phase of the recovery is nearing completion. Balance sheets have been restored, costs cut, both operating and capital, and debt levels slashed. For company management teams, the pressure is gradually increasing to show how they propose to deliver reasonable growth or, at the very least, offset reserve depletion so that margins and cashflows can be maintained. With strict new capital allocation frameworks and monitoring committees in place, they are clearly struggling to find projects that meet internal rates of return.

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