Cadence’s investment in what is now The Metals Company has...

Cadence’s investment in what is now The Metals Company has become so large relative to its other holdings that it is considering seeding a new portfolio, traded on the ASX, whose sole asset is Cadence's The Metal Company stake. Upon listing, The Metals Company represented 18 per cent of Cadence Capital's entire valuation.

But The Metals Company has had a tough time. Its share price has fallen almost 60 per cent since the merger in September, wiping out almost $US2 billion of value.

On September 24, Cadence revealed it sold part of the one-third of its investment in The Metals Company that was not subject to escrow provisions. It now represents only about 8 per cent of the fund’s net asset value.