TPNTF - Third Point - Glencore: Strategically Important Asset

• Third Point initiated a long position in Glencore in Q1.
• For many years, Glencore's production of thermal coal has deterred ESG-conscious investors from owning the stock.
• There is an increasing recognition that companies like Glencore are strategically important assets for Western democracies.
• We believe that Glencore can close the substantial 28% discount at which it trades to other global miners.

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