Navigation Search

Select your location and role to view strategy and fund content

  • Global homepage
  • Australia
  • Belgique
  • Botswana
  • Denmark
  • Deutschland
  • España
  • Finland (Suomi)
  • France
  • Hong Kong (香港)
  • Ireland
  • Italia
  • Luxembourg
  • Namibia
  • Nederland
  • Norway
  • Österreich
  • Portugal
  • Singapore
  • South Africa
  • Sweden (Sverige)
  • Switzerland
  • United Kingdom
  • United States
  • International
Professional Investor
  • Professional Investor
  • Individual Investor

This website is only for Qualified Investors as defined in Art.10 CISA (see T&Cs for definition). By entering the site you confirm that you fall under this definition.

By entering you agree to our Terms & Conditions

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.

Download full article Return to Investment views

The content of this page is intended for investment professionals only and should not be relied upon by anyone else

Please confirm you fall under this category

By entering you agree to our Terms & Conditions