Thermal coal staged a remarkable rally this year, just when it was written off by investors, writes Sanlam FOUR's Adour Sarkissian.
Held high cash levels for three years
Merger of two smaller funds
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Unlike many other market participants, we do not see a general value rally in the near term. To us, there still remains a lot of value traps, writes Jeremy Lang, manager of the Ardevora UK Income fund.
Follows strong period for the precious metal
Consultation ended last month