Quarterly Investor Letter – March 2021

What a difference a year makes. This time last year the world was in lockdown and we were writing about stock market declines of over 30%. Despite our confidence in our portfolio, even we did not foresee the speed with which markets and, even more dramatically, the Fund, would bounce back.

Quarterly Investor Letter – December 2020

In a market that is increasingly displaying some behaviour that can only be described as ‘exuberant’, we are still finding what we regard as quality, long-term and differentiated investment ideas that can help drive attractive returns without undue risk of permanent loss of capital.

Video: GM is about to surprise everyone

GM is seen as a dinosaur and roadkill on the technology highway and we just think that’s completely wrong. Adrian Warner sits down with Livewire and shares why he believes the company is massively misunderstood.

Two public stocks with private equity pedigree

Adrian Warner is on the lookout for undervalued franchises but he’s no traditional value investor. He sees opportunity in industries dominated by a monopoly or duopoly, with the added benefit of excellent defensive characteristics. Two examples stand out in very different sectors.

Video: 2 stocks to balance your barbell

As we head in to 2021, investors are beginning to think of how to position their portfolios for the post-COVID recovery. CIO, Adrian Warner believes a ‘barbell’ approach offers protection and the ability to deliver attractive returns and highlights two global stock ideas to provide the barbell effect.

Value investing isn’t dead, it’s just sleeping

Adrian Warner shares his insights on the value versus growth debate. Here, he highlights the importance of looking beyond simplistic measures of backward accounting and to focus on the fundamental drivers of long-term, cash-flow driven value, or intrinsic value.

Could Apple be a casualty in the Trump-WeChat tussle?

On Friday, 6th August, President Trump issued two executive orders banning U.S. transactions[1] from WeChat, the Chinese ‘uber’ app owned by Chinese technology giant, Tencent, and TikTok, the viral streaming app owned by Chinese company, ByteDance. My daughters were much more concerned about the ban on TikTok, and I have first-hand evidence, in my own […]