earnings sentiment has reverted to around long-run averagescyclical stocks trade at a larger than average discount to the market, suggesting investors continue to price in a significant slowdown in some of the more cyclical pockets.
The New York-based firm raised $US16 billion of new capital in the quarter to reach $US504 billion in AUM, it said in a statement. Distributable earnings fell to $US822 million, or 92 cents a share, from $US1.4 billion, or $US1.59, a year earlier. That beat the 85-cent average estimate of 14 analysts surveyed by Bloomberg.
The four-year expansion in the Democratic Republic of Congo comes after cobalt prices almost halved over the past year because of a supply glut.
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