Third Point - Glencore: Strategically Important Asset

May 10, 2022 8:54 PM ETGlencore plc (GLCNF), GLNCYTPNTF5 Comments

Summary

  • Third Point initiated a long position in Glencore in Q1.
  • For many years, Glencore's production of thermal coal has deterred ESG-conscious investors from owning the stock.
  • There is an increasing recognition that companies like Glencore are strategically important assets for Western democracies.
  • We believe that Glencore can close the substantial 28% discount at which it trades to other global miners.

Glencore company sign at the headquarters in Zug, Switzerland

Marlon Trottmann/iStock Editorial via Getty Images

The following segment was excerpted from this fund letter.


Glencore (OTCPK:GLCNF)

Third Point initiated a long position in Glencore in Q1. Glencore is a diversified miner that supplies copper and nickel, two metals that will be

This article was written by

Single stock ideas excerpted from fund letters published by Seeking Alpha.

Additional disclosure: Specific companies or securities shown in this presentation are meant to demonstrate Third Point’s investment style and the types of industries and instruments in which we invest and are not selected based on past performance. The analyses and conclusions of Third Point contained in this presentation include certain statements, assumptions, estimates and projections that reflect various assumptions by Third Point concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials herein. Third Point may buy, sell, cover or otherwise change the nature, form or amount of its investments, including any investments identified in this letter, without further notice and in Third Point’s sole discretion and for any reason. Third Point hereby disclaims any duty to update any information in this letter.

This letter may include performance and other position information relating to once activist positions that are no longer active but for which there remain residual holdings managed in a non-engaged manner. Such holdings may continue to be categorized as activist during such holding period for portfolio management, risk management and investor reporting purposes, among other things.

Information provided herein, or otherwise provided with respect to a potential investment in the Funds, may constitute non-public information regarding Third Point Investors Limited, a feeder fund listed on the London Stock Exchange, and accordingly dealing or trading in the shares of that fund on the basis of such information may violate securities laws in the United Kingdom and elsewhere.

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