Articles
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Familiar figures
This month we provide an update on portfolio performance, market conditions, and strategic positioning amid ongoing economic and geopolitical developments. Specifically we highlight valuation trends, growth rates of portfolio companies, and the fund’s approach to AI.
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Familiar figures
This month we provide an update on portfolio performance, market conditions, and strategic positioning amid ongoing economic and geopolitical developments. Specifically we highlight valuation trends, growth rates of portfolio companies, and the fund’s approach to AI.
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Field notes from UK travels
Despite recent turbulence, our portfolio remains focused on resilient market leaders; we see unusually attractive valuations, strong cash generation and selective opportunities tied to structural investment trends. This month, we will discuss several holdings that we have met with over the last month to give some flavour of what we are hearing on the ground.
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Field notes from UK travels
Despite recent turbulence, our portfolio remains focused on resilient market leaders; we see unusually attractive valuations, strong cash generation and selective opportunities tied to structural investment trends. This month, we will discuss several holdings that we have met with over the last month to give some flavour of what we are hearing on the ground.
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Newsletter - April 2026
Middle East tensions disrupted key energy routes, lifting oil prices and increasing inflation risk complicating the outlook for central banks. Markets have seen bouts of risk aversion, but we remain focused on portfolio companies with strong balance sheets, cash generation, and pricing power.
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Newsletter - April 2026
Middle East tensions disrupted key energy routes, lifting oil prices and increasing inflation risk complicating the outlook for central banks. Markets have seen bouts of risk aversion, but we remain focused on portfolio companies with strong balance sheets, cash generation, and pricing power.
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Fundamentals vs fear
Despite the impact of recent wide-ranging geopolitical events on markets, we remain focused on what we can control: the quality of the businesses we own, the prices we pay for them, and the patience to let fundamentals, rather than sentiment, drive long-term returns.
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Fundamentals vs fear
Despite the impact of recent wide-ranging geopolitical events on markets, we remain focused on what we can control: the quality of the businesses we own, the prices we pay for them, and the patience to let fundamentals, rather than sentiment, drive long-term returns.
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Is quality investing dead?
A few articles have appeared over recent weeks in the financial press, entitled ‘is quality investing dead? Our view is that the market has pushed this narrative too far; the portfolio holdings are currently cheaper on aggregate than the UK market, and very substantially cheaper than the global stock-market which has created a valuation opportunity that is commensurately compelling.
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Is quality investing dead?
A few articles have appeared over recent weeks in the financial press, entitled ‘is quality investing dead? Our view is that the market has pushed this narrative too far; the portfolio holdings are currently cheaper on aggregate than the UK market, and very substantially cheaper than the global stock-market which has created a valuation opportunity that is commensurately compelling.
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Newsletter - March 2026
February markets rotated from services into asset-backed cyclical/defensive sectors amid 'Magnificent 7' weakness and AI-disruption fears, but we believe disruption risk is overstated and that trusted proprietary data franchises should become more valuable as AI adoption accelerates.
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Newsletter - March 2026
February markets rotated from services into asset-backed cyclical/defensive sectors amid 'Magnificent 7' weakness and AI-disruption fears, but we believe disruption risk is overstated and that trusted proprietary data franchises should become more valuable as AI adoption accelerates.