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BCZ • Duke Emerging Market Portfolio Management (Fall 2022) • Nov 2022
Continuing to trim position and realize profits amid market volatility.
EmeraldHoldings • Duke Emerging Market Portfolio Management (Fall 2022) • Oct 2022
Vale SA is a mining and metals company based in Brazil. We think that this investment will help diversify out portfolio and give us some exposure to Brazils metal and logistics market.
kmschro • Quinnipiac University Investment Club Fall 2022 • Oct 2022
Closing position
BCZ • Stockfuse Continuum (US) • Oct 2022
Value proposition trading at just over 3.5x P/E with a 10%+ dividend. Vale is the largest iron ore and nickel producer globally. Located in Brazil, the company has been discounted because of the potential mining royalties proposed by Lula, one of the presential candidates. While the election results have entered a run-off for the 2nd round, Lula might not win despite favorable poll results. More broadly, we believe that while iron ore prices have slumped, Vale is trading at a deep discount (around 50%) to its peers from EV/EBITDA perspective, and the company has demonstrated consistent, strong cashflows and balance sheet. Its cyclical adjusted operating profit would have to contract by 50% before hurting the 10% dividend yield. Overall, we will establish a small position for Vale and closely monitor the market reaction to the election results, but are confident in the value of Vale.
DUKE_ALL_CAPITAL • Duke Emerging Market Portfolio Management (Fall 2021) • Nov 2021
Closing position
Alialrubaye • Aalto Investment management game (Fall 2021) • Nov 2021
Reducing all positions to keep leverage ratio within the limits set for our fund.
DUKE_EKSX_PARTNERS • Duke Emerging Market Portfolio Management (Fall 2021) • Oct 2021
Vale is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil. Global metal price continues to soar, so we decide to add more exposure to the supply-side sector. Also, Brazil’s daily new cases of Covid has maintained relatively stable at a lower end, so we expect a recovery in the constructions industry, which is of heavy demand for metals as raw material.
DUKE_TMT • Duke Emerging Market Portfolio Management (Fall 2021) • Oct 2021
As one of the world’s largest mining companies, Vale is well positioned to take advantage of expected increases in government and commercial investment following the height of the pandemic. The company operates several copper mines in Chile, giving us further exposure to one of the country’s key industries as we expect its recovery to continue.