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  "documentTitle": "BHP Billiton (BHP)",
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  "presentationDate": "2017-04-10 00:00:00",
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  "notes": "The slide uses a comparison of BHP Billiton against a synthetic 'Comparable Portfolio' to challenge the diversification thesis.",
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      "text": "Our analysis shows that diversification does not lead to superior risk-adjusted returns for companies like BHP",
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      "text": "Our analysis shows that diversification does not lead to superior risk-adjusted returns for companies like BHP. In our view, comparisons of the volatility characteristics of BHP's returns as compared to comparable portfolios do not provide any evidence that BHP's petroleum assets offer diversification protection for BHP against volatility. Any marginal potential benefits to BHP's credit rating level from business diversification would in our view be far outweighed by the shareholder value increase achieved by a renewed focus on core assets",
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      "text": "Note: Comparable Portfolio comprises Rio Tinto and a basket of oil and gas equities designed to replicate BHP's petroleum exposure (as determined by BHP's disclosed split of net operating assets over time), comprising Hess Corporation, Apache Corporation, Anadarko Petroleum, EOG Resources and Woodside Petroleum.",
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      "text": "BHP has yet to provide any tangible evidence of diversification benefits from its petroleum assets",
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