This quarterly review provides an update on the sector and country contributions as well as the outlook for the Global Resources strategy. Learn more.

Key Highlights 


  • The First State Global Resources strategy declined in value during the December quarter.
  • Global mining and metals benchmark returns were negative, amid continuing overcapacity in commodity markets. The fall-out from the Volkswagen diesel emissions scandal weighed on platinum companies, in particular. Global energy index returns also declined, as the oil supply glut worsened.
  • Defensive oil super major companies, Chevron and Exxon Mobil, were among the strongest contributors to the strategy's absolute performance over the quarter. Conversely, the strategy's exposure to Anglo-Australian miner BHP Billiton negatively impacted returns. The company had a difficult quarter due to the Samarco tailings dam tragedy in Brazil, and declining oil and iron ore prices, in particular.


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