Downstream outperforms in June
Our Downstream equity basket was the clear outperformer in June, trouncing all of our materials equity baskets by a wide margin. The abatement of inflation concerns and a consequent recovery in tech equity performance was the primary cause. The biggest winner was BYD (HKG:1211), which rose 24% in US$ terms for the period as Chinese EV producers were well-bid. Samsung SDI (KRX:006400) was also up by double digits, as the Korean battery producers also benefited from a strong run. Tesla (NASDAQ:TSLA), which has had a tough few months, was also in the green for the month as it recovered from...