Midstream equities stronger in May; Upstream mixed
The S&P1200 Materials sub-index outperformed the wider market in May and within that it was steel, chemicals and copper which outperformed. Copper was our second-best performing equity basket as well, slightly behind Manganese which recovered after a tough April. Again there was quite a bit of variation between the different materials and the different parts of the month; the first half of the month was tough while the second half locked in considerable outperformance. Unfortunately this trend did not continue into the early part of June when equity performance has been substantially more volatile. While we continue to be convinced...