How did the link with mining share specialists Craton Capital come about?
Andrew Dalton: “I have been interested in mining shares for 35 years. In fact I started my career in investment management as a mining analyst. As you probably know Mercury Asset management (as it was then) has long had expertise in the sector. When Julian Baring brought his mining team to Mercury [and with him the top-performing World Mining Fund] it was a very natural fit. Julian had been one of my best brokers when I was a (buy-side) analyst. “When I was introduced to Markus Bachmann and Joachim Berlenbach it seemed good timing for a commodity play [the Craton Capital Melchior Precious Metal Fund was launched in September 2003]. I was very pleased too to have the input from Markus and Joachim who are talented investment managers. Again it broadens the perspectives of the information flow we receive.” Any views on bonds at the moment? There is a cycle in bonds just as there is in equities. I take it you are asking me whether there is a cyclical argument for being pro-bonds at the mom
