Articles
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CQ2 results
As of writing, 94% of the portfolio (by position weight) has reported for the second calendar quarter. This has been a highly encouraging reporting season both in terms of the company fundamentals and the improving narrative from the portfolio businesses.
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Interim results round-up
We have been in the thick of interim results season over the last month and have now heard from more than 85% of the portfolio and met with a plethora of management teams. Good fundamental growth is coming through, and several companies upgraded guidance for the year. The aggregate portfolio is forecast to grow earnings per share by at least +10% for the current year.
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Interim results round up
We have been in the thick of interim results season over the last month and have now heard from more than 85% of the portfolio and met with a plethora of management teams. Good fundamental growth is coming through, and several companies upgraded guidance for the year. The aggregate portfolio is forecast to grow earnings per share by at least +10% for the current year.
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Markets, meet stability
Having got into some big picture themes from market and macroeconomic points of view in our recent research and investment views, it’s time again to hear from companies as they report their half year results. There has been plenty to discuss from a market perspective too.
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Markets, meet stability
Having got into some big picture themes from market and macroeconomic points of view in our recent research and investment views, it’s time again to hear from companies as they report their half year results. There has been plenty to discuss from a market perspective too.
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Newsletter - July 2026
Volatility returned to the equity markets in June, as investors began to reassess stretched expectations in AI-related growth and duration-sensitive assets. We have seen the market begin to rationalise in July with some early signs of recovery in many of the more traditional quality sectors. We believe the Evenlode portfolios are very well positioned for such a shift in market sentiment.
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Newsletter - July 2026
Volatility returned to the equity markets in June, as investors began to reassess stretched expectations in AI-related growth and duration-sensitive assets. The dichotomy of technology groups appears unsustainable, and indeed we have seen the market begin to rationalise in July with some early signs of recovery in many of the more traditional quality sectors.
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Field notes from the portfolio
After the war-related sell-off in March, global stock markets recovered in the second quarter on the back of more positive political and economic news. This month we begin with a portfolio update, covering recent news from two holdings, Howden Joinery and Experian. We then share observations on the adoption of generative AI across the corporate sector, drawing on recent conversations with management teams.
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Field notes from the portfolio
After the war-related sell-off in March, global stock markets recovered in the second quarter on the back of more positive political and economic news. This month we begin with a portfolio update, covering recent news from two holdings, Howden Joinery and Experian. We then share observations on the adoption of generative AI across the corporate sector, drawing on recent conversations with management teams.
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A postcard from America Part 2 – Economic and investment themes
In this second report on our findings from the recent research trip to New York, we summarise the views on the economic environment and related investment themes. These come from a broad swathe of companies, some in the portfolio but many that are not, and we conclude with thoughts on the implications for the portfolio.
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A postcard from America Part 2 – Economic and investment themes
In this second report on our findings from the recent research trip to New York, we summarise the views on the economic environment and related investment themes. These come from a broad swathe of companies, some in the portfolio but many that are not, and we conclude with thoughts on the implications for the portfolio.
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Newsletter - June 2026
May was a more constructive month for equity markets, with broader sentiment continuing to recover against a still uncertain macroeconomic backdrop. Fears of stickier inflation remain, and the path towards a more accommodative environment seems to be drifting further on the horizon. Meanwhile, any second-guessing of the dominant AI capex narrative could see a sharp rotation in global stocks.