Articles
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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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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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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.
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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.