Actual capex was flat to down, impacted by the various state by state lockdowns…
The forward looking estimates, however, are not so bad, which is to be expected in a recovering economy.
We’ve got a few companies, in our direct equity portfolios, that are net beneficiaries of business investment, for example ABC in cement, clinker, aggregates, WOR in engineering, and MND as a structural, mechanical and piping focused contractor.
The announcement of the Scarborough FID is probably the bigger forward looking positive for MND and WOR, but it is still nice to see.
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