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.

Don’t get lost in the enormity of the carbon challenge

It’s easy to look at the scale and complexity of getting the world to zero carbon emissions and lose hope. While we do not downplay how hard this is going to be, it can broadly be broken into three pieces, each with a different set of risks, opportunities and time frames.

Are we on the cusp of a golden age?

Curtis Cifuentes introduces some opportunities that may benefit from changing trends in renewables, decarbonisation and the electrification of homes, cars and businesses.

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.

5 key models to identifying opportunities

We share the 5 categories of private equity-style valuation mispricing’s we apply when searching for a diversified portfolio of good value investments and highlight some stock stories that fit these criterias.