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GRIT to exercise self help in face of prolonged bear market

Global Resources Investment Trust’s net asset value fell by 22.6% over the six months that ended 28 February 2015. The share price fell by 38.2% however and has fallen further since the end of the period.

The manager notes than we are in the fourth year of a bear market in commodities, making it one of the most severe of the past 40 years. Iron ore, coal and oil prices have fallen sharply from the peaks of 2014 but they say other mineral commodities have fared less badly. They single out gold which has been resilient in the face of a strengthening dollar. The two best performing stocks in the portfolio are both gold companies, Inca One and Merrex.

The Chairman says they are considering several options both to support our portfolio of companies and to pro-actively rationalise and consolidate the portfolio in anticipation of a return to a growth cycle.

GRIT to exercise self help in face of prolonged bear market

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