Rio Tinto announced 2014 results this morning. At current price of £30.58 it is trading at an adjusted historic P/e of 9.3x and a yield of 4.6%. Given that this is arguably a low point in the commodity cycle, this may be an attractive entry point. On average over the last nine years in the period after its annual results Rio has traded at a P/e of 10.8x. This would give it upside to £35.86. Rio is in our Model Equity Portfolio and Top Five Equities.