Glencore

Few mining players in Europe match the executional depth of Glencore. From Baar, the group manages a workforce of approximately 83k and generates close to $217B in revenue, while steadily widening the gap with regional peers.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“Glencore is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Capital markets have started to price in the durability of the model, and rating agencies have followed.