BlackRock's £1.6bn World Mining Trust, run by Evy Hambro, has made around 80% on its investment in Glencore's convertible debt, Oriel Securities has said.
The trust, an early investor in Glencore convertible debt 18 months ago, wrote up its investment in Glencore following strong results from the group, Oriel said. It said: "We calculate that BlackRock World Mining has made around an 80% gain on this investment since purchase, in addition to the 5% annual yield on the convertible debt." The broker added the trust is poised to benefit further from a significant gain on its investment following Glencore's listing yesterday. Oriel said: "We do expect a further increase in the valuation of this investment to take into account the IPO pri...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
