Another element in this interview "we are looking at structural opportunities in these underinvested assets like oil and iron ore. The free cash flow is very attractive to investors".
I understand his point about oil, but I am more surprised that they seem to be as positive on iron ore for 2 main reasons : - iron ore demand depends a lot on Chinese policies which are so difficult to forecast (and tend to be a kind of "stop and go" for construction), - overall, GQG is still very negative on China (see the large underweight they have on China in their emerging market fund).
My point is not to say that they are wrong on iron ore. More to say that it is the first time I see them mention iron ore and I wonder if they have a different approach to what I describe above (where iron ore prices would depend a lot on Chinese demand).
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(20min delay)