Articles
-
Market developments and reports from the real economy
While markets whipsaw between “AI” and “not AI”, Evenlode Global Income’s holdings are delivering steady third-quarter results, with 6.5% weighted organic revenue growth. Business services, healthcare and financials led, consumer names are improving, and valuations remain at a steep discount.
-
Self-Funding Cash Machines for the Next Market Phase
September was marked by lighter company news flow and greater focus on oil prices, bond yields, and artificial intelligence data-centre investment. The Evenlode Income portfolio continued to seek high-quality, cash-generative UK companies with attractive valuations and resilient funding characteristics.
-
Self-Funding Cash Machines for the Next Market Phase
September was marked by lighter company news flow and greater focus on oil prices, bond yields, and artificial intelligence data-centre investment. The Evenlode UK Select portfolio continued to seek high-quality, cash-generative UK companies with attractive valuations and resilient funding characteristics.
-
Newsletter - October 2026
Renewed hostilities in the Middle East pushed oil prices higher and revived inflation concerns, lifting government bond yields across developed markets. The Federal Reserve responded to the inflationary pressures by raising rates for the first time since mid-2023, and investors spent the rest of the month debating when a further rise would follow.
-
Newsletter - October 2026
Renewed hostilities in the Middle East pushed oil prices higher and revived inflation concerns, lifting government bond yields across developed markets. The Federal Reserve responded to the inflationary pressures by raising rates for the first time since mid-2023, and investors spent the rest of the month debating when a further rise would follow.
-
On opportunities arising, and negative beta
AI-driven market volatility has created unusual price relationships and widened the gap between market valuations and Evenlode's assessment of high-quality businesses. This environment is producing opportunities for a diversified portfolio of cash-generative companies.
-
On opportunities arising, and negative beta
AI-driven market volatility has created unusual price relationships and widened the gap between market valuations and Evenlode's assessment of high-quality businesses. This environment is producing opportunities for a diversified portfolio of cash-generative companies.
-
Following the free cash flow
Interim results left IFSL Evenlode Income with robust portfolio fundamentals but a modest year-to-date return, as earnings progress was offset by valuation de-rating. However, cash generation, shareholder distributions, quality compounders, and new holdings continue to provide an attractive long-term compounding opportunity.
-
Following the free cash flow
Interim results left Evenlode UK Select with robust portfolio fundamentals but a modest year-to-date return, as earnings progress was offset by valuation de-rating. However, cash generation, shareholder distributions, quality compounders, and new holdings continue to provide an attractive long-term compounding opportunity.
-
Newsletter - September 2026
Equity and fixed income markets continued to give conflicting signals through August, reflecting the contrast between improved corporate profitability and macroeconomic uncertainty. Equity market records were broken again on both sides of the Atlantic in the first half of the month, with US and European indices hitting fresh highs.
-
Newsletter - September 2026
Equity and fixed income markets continued to give conflicting signals through August, reflecting the contrast between improved corporate profitability and macroeconomic uncertainty. Equity market records were broken again on both sides of the Atlantic in the first half of the month, with US and European indices hitting fresh highs.
-
A pause for thought
The mid-year earnings season has concluded, leading to a quieter market phase despite an overall upward trend driven by the US market. Structural speculative factors, particularly leveraged financial instruments, currently dominate market movements, overshadowing traditional long-term investing approaches.