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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:

Value not Volume – is Chinese supply changing the shape of the next cycle? A letter from George Cheveley, Portfolio Manager, Natural Resources.

We are now seeing a new phase of Chinese development emerge as the government is implementing its own policy of ‘value not volume’. Critically, over the past 18 months we have seen the central government exercise more control over state-owned-enterprises as well as private companies, forcing them to shift their focus from revenue growth to profitability growth in addition to paying down their debts.

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