The year was marked by volatility in commodity prices, which had a negative effect on some materials and energy companies. Better performance was noted amongst materials companies whose products ultimately sell into more defensive end markets, like German flavors and fragrance producer Symrise and beverage can supplier Rexam (LSE:REX, Financial). The stock price of Rexam also rose as it entered talks regarding a possible sale to U.S. competitor Ball Corp.
From Bernard Horn (Trades, Portfolio)'s Global Value Fund annual letter 2015.
