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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | Top contributors in November included Coronado Global Resources (CRN), Worley (WOR), Mineral Resources (MIN), Whitehaven Coal (WHC), NRW Holdings (NWH), Eagers Automotive (APE), People Infrastructure (PPE) and Dicker Data (DDR). In Glenmore's view the most notable story of November was the news of highly encouraging human trial results from several proposed vaccines for COVID-19. They noted that, while it is still early days, they believe the early results show clear progress towards a pathway back to more normal economic conditions. They observed that this was enough to see sectors with exposure to a global recovery rally sharply (e.g. travel, energy, resources, shopping centres and mining services), at the expense of sectors that benefitted from lockdown conditions (internet, certain retailers, and gold stocks). |
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