The sector has gone from being one of the riskiest in Europe to among the safest – an excellent example of the situations we look for, and that our deep research and bottom-up approach allows us to benefit from.

Pessimism about the prospects for US interest rates cuts has been growing steadily as 2024 has developed. But there was a big change last Friday.

The need to decarbonise is driving innovation in the steel sector, which in turn is reshaping the global value chain for one of its key inputs – iron ore.