Ann: Change in substantial holding, page-6

I was buying but not the whole of the Paradice stake. Entered SXY for the first time.

After selling out of oilers in October, I feel like the Oil Price has bottomed for the moment. The Trump hoodwink of the Saudis over the Iran sanctions, the unwinding of a long oil / short natural gas position on a large scale, the extra production from US shale, all seem to have worked their way through the market. Now it's time for the long term fundamentals like, US shale fields reaching saturation and no exploration drilling happening for 7 years to reassert themselves.

Normally I have played this theme through BPT. This time I have used both BPT and SXY.

I have some reservations about the state of the US market and the US economy. But even in a recession, at some point the Oil Price must return to the point at which people will drill.

Cheers,

Tim.