Market Insights

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.

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.

The underappreciated concentration risks of indices

Passive investors are being seduced into exposing their portfolios to unappreciated levels of concentration, while neglecting a range of undervalued equities as they chase benchmarks. While performance has been good over the short-term, things are about to get much harder.