Manganese basket up 384% for the year!
Manganese was our best-performing equity basket in 2020, followed by Downstream (194%), Graphite (163%) and Brine Lithium (158%). The worst-performing basket was Nickel (down 6%). Some Hard Rock lithium developers were laggards, but the producers rose on average over 200%. Investors may very well be wary of looking further at stocks after a 200-400% rise in a year but it’s notable that most small cap developers in battery materials were oversold prior to the current rally. I would suggest that this recent rally effectively brings small cap stocks back to fair value for this point in the cycle and, given...