Results for “Gems and Gold Corner”

as in Korea and China. The two worlds can coexist in the same country

which is a large employer and which faces the consumer directly

reactor manufacturers such as Mitsubishi Heavy) and

lower fuel costs offset lower power prices and the company emerged a

with new petrochemical plants being proposed in the Gulf and traditional coal users such as

and utility capex (ex‐US) is rebounding after a recession‐driven

National Grid (UK) and Elia (Belgium/Germany) are prime beneficiaries of this transmission

the current period of global utility underperformance is the deepest (‐67%) and

to add high‐beta stocks and shed low‐growth utilities. This was exacerbated by:

it is not unusual to find long and/or sharp periods of utility underperformance (as

when combined with wholesale shorts and market

over the next 24 months global utilities rise by 38% on an absolute basis and outperform the global

tech and telecom were the best‐performing sectors

and the portfolio’s net interest rate risk is kept within acceptable limits as we select stocks in the

Jos Shaver has covered the global utility and infrastructure sectors for the past 21