Articles
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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.
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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.
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The fundamental algorithm
Global markets have recovered from the recent turbulence, yet a clear gap has opened between strong company fundamentals and depressed valuations. This month we discuss the recent performance updates of several of the portfolio’s holdings which are forecasting robust organic growth in revenues and earnings.
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The fundamental algorithm
Global markets have recovered from the recent turbulence, yet a clear gap has opened between strong company fundamentals and depressed valuations. This month we discuss the recent performance updates of several of the portfolio’s holdings which are forecasting robust organic growth in revenues and earnings.
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A postcard from America Part 1 – A focus on markets
Following a recent New York trip, we examine how passive investing and thematic indices are distorting valuations, alongside related shifts in debt markets and AI integration. Amid these momentum dynamics, we conclude that active fundamental investors should focus on undervalued opportunities.
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A postcard from America Part 1 – A focus on markets
Following a recent New York trip, we examine how passive investing and thematic indices are distorting valuations, alongside related shifts in debt markets and AI integration. Amid these momentum dynamics, we conclude that active fundamental investors should focus on undervalued opportunities.
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Newsletter - May 2026
US markets rallied in April on strong earnings despite mounting risks from Middle East energy shocks and monetary policy uncertainty. The investment approach stays anchored in quality compounders - durable moats, strong balance sheets, high returns on capital - which are well-suited to a backdrop where volatility should be treated as the norm.
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Newsletter - May 2026
US markets rallied in April on strong earnings despite mounting risks from Middle East energy shocks and monetary policy uncertainty. The investment approach stays anchored in quality compounders - durable moats, strong balance sheets, high returns on capital - which are well-suited to a backdrop where volatility should be treated as the norm.
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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.