Letters by company
Glencore plc/ADR
4 letters discussing GLCNF. Everything written about it on this site is on its ticker page.
- Smead Capital Management 1Q26 International Value Strategy Newsletter: Succeeding Unconventionally Smead International Value Strategy concentrates in oil equities after the prior energy capital-spending boom left supply constrained and producers reluctant to expand. It argues that European banks’ cost discipline, buybacks and potential consolidation can sustain returns on capital, while reviewing recoveries in Burberry, Glencore, Frontline and Next. 1Q26 BAWAY $15BBBRYF $5.1BBCS $77B
- ByteTree ByteTree Quarterly Investor Letter - Q2 2026 ByteTree's Multi-Asset Investor cut Glencore, Hiscox, Harbour Energy and blockchain equities, while adding Berkshire Hathaway and other value situations. Charlie Morris argues that concentrated semiconductor enthusiasm, margin debt and geopolitical disruption favour diversification, with a cautious stance on gold and a possible exit from oil exposure. Q2 2026 —
- Fairtree Asset Management Fairtree SA Balanced Prescient Fund Q1 2026 commentary Fairtree SA Balanced Prescient Fund increased defensive positioning as the Middle East conflict, energy shock and higher inflation risks drove a March risk-off move. The portfolio cut South African equity exposure, raised cash, added energy and diversified miners, took profit in gold, and favoured cash, US government bonds and precious metals. Q1-2026 —
- Castlebay Investment Partners Quarterly Investor Letter March 2025 Castlebay Investments argues that tariff uncertainty exposes the cyclicality behind recent strength in banks, miners and oil producers. It reduced AutoZone after valuation became extended, while retaining higher-quality businesses with durable cash generation, strong balance sheets and lower cyclicality. Q1 2025 HSBC $308B
