The Evenlode Podcast: Recent Episodes
Evenlode Investment
Evenlode is a dedicated, independent investment team based in rural Oxfordshire, UK.
Our podcast episodes focus on the Evenlode funds, updating investors on performance, and general macro environment.
https://evenlodeinvestment.com
This month, as it is summer holiday season, members of the Evenlode investment team have compiled a selection of books that we have found interesting. We hope you will also find something of interest.
Please note, these views represent the opinions of the Evenlode team as of 1st August 2023 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view with the second quarter results season in full swing, we provide an update on Howden Joinery and how they are faring with the ongoing economic and market challenges.
Please note, these views represent the opinions of the Evenlode team as of 1st August 2023 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view, following on from the recent 3-year anniversary of the Evenlode Global Equity strategy, we discuss the differences between it and the Evenlode Global Income strategy, and discuss the health care sector in detail.
Please note, these views represent the opinions of the Evenlode team as of 27th July 2023 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view we give an update on two quite different themes that have come up regularly in recent conversations with company management teams. The first is generative AI, the second is supply chains.
Please note, these views represent the opinions of the Evenlode team as of 1st July 2023 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Insights and Observations from the C-suite and implications for the Evenlode Global Equity Fund
The summer conference season has begun. During the next few months, management teams will take to the road to share their strategy and explain current performance.
We recently attended the Bernstein Strategic Decisions Conference I New York, which hosted over 140 executives from leading US companies across a wide range of industries.
This provided us with an opportunity to deepen our knowledge of our coverage companies and to discover potential new ideas. The conference also provided insight into management teams’ thoughts on a number of key wider themes.
Please note, these views represent the opinions of the Evenlode team as of 28th June 2023 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
We are halfway through 2023 and some of the economic questions that arose in 2022 are still being grappled with.
Inflation, monetary response in the form of rising interest rates, and the effects on demand continue to be discussed at length, with some businesses also still seeing the effects of demand distortions from the covid pandemic.
Please note, these views represent the opinions of the Evenlode team as of 28th June 2023 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view we discuss the art of compounding a business citing the steady growth of publicly-listed Halma over a 50-year period to its position in the FTSE 100 today.
Please note, these views represent the opinions of the Evenlode team as of 1st June 2023 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view we discuss what the 'investment environment' means. It's a big topic, one that will mean different things to different people.
Please note, these views represent the opinions of the Evenlode team as of 26th May 2023 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view we discuss recent results from the portfolio, and our thoughts on the current economic and stock market backdrop.
Please note, these views represent the opinions of the Evenlode team as of October 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
These are increasingly challenging economic times and companies must continue to work hard to navigate the various economic and operational tides that sometimes act in opposing directions.
The volatility in the equity market this year reflects the uncertainties created; equities naturally bounce around in value in response to changing corporate fortunes, but there have been some particularly large swings this year.
Please note, these views represent the opinions of the Evenlode team as of October 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
The year so far has been remarkable in many ways.
As sterling-based investors it feels particularly so, as the pound has tumbled in recent days following the new Chancellor’s ‘fiscal statement’ on 23 September.
The announcement encouraged financial markets from bonds to currencies to equities to make a statement in return which was not entirely complimentary.
Please note, these views represent the opinions of the Evenlode team as of September 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view we discuss how the portfolio has some reassuring characteristics to cope with recent difficult times.
Please note, these views represent the opinions of the Evenlode team as of September 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
This month, as it is summer holiday season, members of the Evenlode investment team have compiled a selection of books that we have read and found interesting over the first half of 2022.
Most, but not all, are recent. I’m not sure all of these texts are obvious light-reading material for the beach, but we hope you will find something of interest!
Please note, these views represent the opinions of the Evenlode team as of August 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
After months of mounting Zoom fatigue and Teams torment, the Evenlode team was delighted to (finally) be able to hit the road again at the end of May.
Six of our analysts and fund managers met with management and investor relations teams from 48 companies on the East Coast of the US, traversing nine states in ten days.
Please note, these views represent the opinions of the Evenlode team as of July 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month’s investment view we summarise second quarter/first half results and provide an overview of the four new holdings we added in June.
Please note, these views represent the opinions of the Evenlode team as of July 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view we discuss how, despite the ongoing issues in global political and financial environments, we are seeing a significant broadening out of the investment opportunity set.
Please note this article mentions certain charts. To view these charts please visit -
evenlodeinvestment.com/news/a-broadening-opportunity-set
Please note, these views represent the opinions of the Evenlode team as of June 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
The Evenlode team have recently been on a research trip to the US, and we will be sharing an investment view on some of the findings in the near future. Analysing companies is where we are most comfortable, and the trip provided an update and insight across a range of industries.
Given market activity in June we thought we would write a short summary of the situation and our view, before sharing some of the findings from our company-specific research.
Please note, these views represent the opinions of the Evenlode team as of June 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view we discuss the ongoing challenges the market is facing, but provide a positive perspective for longer-term investors.
Please note, these views represent the opinions of the Evenlode team as of 31st May 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Last month we discussed the challenges that global companies are seeing in managing their cost bases in the face of input cost inflation.
These and other worries have hit equity markets, with stocks declining in part due to diminished expectations of profitability.
US retailers have been a particular focus, with the share prices of Target and Walmart falling sharply as they reported weaker than expected margins.
Please note, these views represent the opinions of the Evenlode team as of May 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month's investment view we discuss the current macro-economic and geopolitical factors and how they have impacted the first quarter's results.
Please note, these views represent the opinions of the Evenlode team as of 30th April 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
As market volatility continues in global equity markets, this month we summarise how Q1 2022 results have fared for the consumer goods and healthcare sectors.
Please note, these views represent the opinions of the Evenlode team as of April 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month’s investment view we discuss recent input cost inflation dynamics, and several fundamental factors that are helpful for companies in a more inflationary environment.
Please note, these views represent the opinions of the Evenlode team as of March 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
The war in Ukraine continues to dominate the news agenda and has driven volatility in commodity and equity markets.
Large intraday price swings have become routine as traders digest the latest developments in the conflict, the impact of sanctions in Russia, and the effects of reduced supply of energy, industrial and soft commodities.
Table and charts mentioned in this episode can be found here.
Please note, these views represent the opinions of the Evenlode team as of March 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
The outbreak of war in Ukraine is unwelcome and shocking. We hope for a rapid end to hostilities. In this investment view we also examine corporate performance.
Table and charts mentioned in this episode can be found here.
Please note, these views represent the opinions of the Evenlode team as of February 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In this month’s investment view we consider the impact of the fast-moving Russia-Ukraine situation, and discuss some key themes from recent company results.
Please note, these views represent the opinions of the Evenlode team as of February 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Since launching the Evenlode Global Equity fund in July 2020, we have operated in remarkable economic conditions.
The global pandemic increased financial market volatility, with recurrent bouts of uncertainty sparked by new virus variants and potential public health responses.
In the equity markets, 2021 will be remembered for a market resurgence led by technology stocks as the global digital transition was accelerated by COVID’s persistence.
In this investment view, we review the fund’s performance over the past year, recent portfolio changes, and the valuation environment for 2022.
Table and charts mentioned in this episode can be found here.
Please note, these views represent the opinions of the Evenlode team as of January 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
We will, as usual, use this January investment view to discuss the year just passed and share some thoughts on the outlook for the year ahead.
During 2021, trends within the UK stock market were quite choppy but, when all was said and done, vaccination programmes progressed at a rapid rate, the world started to live with the pandemic, the global economy recovered, investor sentiment was positive, and returns were strong.
Evenlode Income rose +17.7%, compared to a +18.3% rise for the FTSE All-Share Index and +17.3% for the IA UK All Companies Sector.
Table and charts mentioned in this episode can be found here.
Please note, these views represent the opinions of the Evenlode team as of January 2022 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
In my November investment view, I discussed recent developments within the Evenlode Income portfolio and our optimism on long-term prospects given the combination of quality and future return potential that we see in the fund’s underlying holdings.
In January, I will review 2021 in full and discuss the outlook for 2022.
This month, with the holiday season approaching, the Evenlode investment team have compiled a list of books that we have read over the second half of 2021, most of which have been published in the last year or two.
I’m not sure all these texts are obvious light-reading material for Boxing Day, but we hope you will find something engaging on the list!
I would like to thank all our co-investors for their interest and support this year, and wish you an enjoyable, peaceful Christmas on behalf of the Evenlode team.
A list of all the books mentioned can be be found at https://evenlodeinvestment.com/news/winter-reading
Please note, these views represent the opinions of the Evenlode team as of December 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Up until the last week of November, Mr Market’s mood was quite positive thanks to the continuing global economic recovery.
However, sentiment in global stock markets took a turn for the worse at the end of November, as the new Omicron Covid variant emerged in South Africa. As I write, the FTSE All-Share has returned +12.9% so far in 2021 and the Evenlode Income fund has returned +13.8%.
Please note, these views represent the opinions of the Evenlode team as of 26th November 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
As the nights are drawing in and a turbulent 2021 approaches a close, we naturally consider what has come to pass, and what the future might hold. The latter is difficult at the best of times, but we at least can reflect on recent history.
Please note, these views represent the opinions of the Evenlode team as of November 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Last month we found ourselves balancing short-term news-flow with long-term reflections. The third quarter reporting season has begun in earnest, giving investors a window into companies’ post-pandemic plans and ambitions.
At the same time, we are rapidly approaching the fourth anniversary of Evenlode Global Income. When we launched the fund in late November 2017, we could not have imagined the macro events that were to follow.
As the economic recovery from the pandemic continues, we would like to sincerely thank all those who have invested alongside us over a truly remarkable period and look forward to (hopefully) a smoother next four years!
Please note, these views represent the opinions of the Evenlode team as of November 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
This month we would like to briefly discuss Evenlode Income’s consumer branded goods holdings, and why we feel they are good investments for the long term.
These companies have seen their share prices lag the broader market in 2021: partly because they have been deemed too boring for Mr Market so far this year, with investors more interested in other sectors with a higher gearing to both the recent economic recovery and rising commodity prices.
The share prices of these companies have also lagged because investors have worried about the impact of rising input costs on near-term profitability.
Please note, these views represent the opinions of the Evenlode team as of 26th October 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Back in May we wrote about the valuation environment in global equities, with markets having risen significantly from pre-pandemic levels.
As we sit four months on the MSCI World index has risen further by 8.4% in sterling terms, and 4.6% in dollar terms, the pound having weakened a little over that time. So the question of equity valuations has not gone away, and the shape of the question is similar.
Please note, these views represent the opinions of the Evenlode team as of 28th September 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Global stock markets have weakened a little in September. The Covid situation is improving on the whole, with case rates stabilising or falling in many regions.
A few clouds have gathered though, complicating the economic picture: China’s slowdown and property market woes continue; global fiscal policy is tightening as furlough schemes begin to tail off; central banks are beginning to hint at tightening monetary policy over coming months; oil and gas prices have risen; and Covid-related supply chain disruptions continue.
Please note, these views represent the opinions of the Evenlode team as of 28th September 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
As it is the summer holiday season, members of the Evenlode investment team have compiled a selection of books that we have read and found interesting over the first half of 2021.
Many of the books included are business biographies, or cover technology or history of some kind. Most (but not all) are recent. And I’m not sure all of these texts are obvious light-reading material for the beach!
But we hope you’ll find something of interest.
Please note, these views represent the opinions of the Evenlode team as of August 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Last month in our investment view we examined the move towards plant-based diets and how consumer goods companies are responding to the growing market opportunity.
In this investment view we examine how consumer and societal attitudes are evolving to the most ubiquitous social lubricant, alcohol.
Please note, these views represent the opinions of the Evenlode team as of July 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
During July, the UK stock market has been range-bound with investors contemplating a mixed backdrop.
The coronavirus situation continues to improve in many regions, with vaccination programmes progressing well.
Disruption from the virus, however, has by no means ended: global case rates are high and rising in certain regions (the US, South East Asia etc.) and some restrictions have been re-imposed over recent weeks.
Listen to this episode to find out how some of the companies in the portfolio are managing in this current environment.
Please note, these views represent the opinions of the Evenlode team as of July 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
The UK market started strongly in June but then erased most of its gains in the second half of the month. Covid cases are on the rise again in several regions, including Asia, and this has led to the reimposition of restrictions in several countries.
Thoughts are also now beginning to turn to the gradual withdrawal of crisis-induced fiscal stimulus programmes, such as furlough schemes, over coming months. Meanwhile, leading indicators are hinting that the rate of the global economic recovery may be slowing.
Listen to this episode to find out how some of the companies in the portfolio are managing in this current environment.
Please note, these views represent the opinions of the Evenlode team as of June 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
At Evenlode we believe that it is vital for companies to adapt and change over time in order to stay relevant to their customers.
The consumer goods sector is an important one for the Evenlode Global Income portfolio, currently making up over a quarter of the fund across food, beverage, home and over-the-counter health care.
As such, we take a great interest in emerging trends in consumer tastes. One of these is the growing demand for plant-based foods, which we’ll examine in this investment view.
Please note, these views represent the opinions of the Evenlode team as of June 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
There are lots of theories as to why equity market values might look high.
Chief among them are low interest rates pushing investors into equities to seek returns, and governmental stimulus putting cash in the pockets of people willing to have a punt on stocks (especially in the US).
We find this sort of question interesting, but as interesting a question as it is, it is not information we use to make decisions.
Listen to this episode to find out how we measure value.
Please note, these views represent the opinions of the Evenlode team as of May 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
The Ship of Theseus is one of the oldest philosophical thought experiments.
Theseus, the great mythical hero of Athens, slayed the minotaur in Crete and returned to Athens where his ship was kept in the harbour as a memorial.
Over the years the planks, masts, sails etc. were gradually replaced as they decayed. Eventually, all the pieces had been replaced but the ship still stood there in the harbour. Which raises the question, is it still the same ship?
We're often reminded of this question when considering the long-term history of listed companies.
At Evenlode, we tend to invest in companies that operate in relatively stable industries where change is quite incremental from one year to the next.
Listen to this episode to find out more.
Please note, these views represent the opinions of the Evenlode team as of May 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Thomas Austin is infamous throughout Australia. Not an outlaw in the mould of Ned Kelly, nor a bodyline bowling cricketer under the visiting Douglas Jardine, instead Austin is remembered for one of the greatest ecological disasters to hit the antipodean continent, the introduction of rabbits.
In investment, exponential growth is referred to by another name, “compounding”.
With the launch of our new fund, Evenlode Global Equity, we focused on attributes shared by serial outperformers and created a checklist of three key factors.
Listen to this episode to find out more.
Please note, these views represent the opinions of the Evenlode team as of May 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
The world is by no means out of the coronavirus woods yet, but much of the global economy is now recovering from the worst of the pandemic.
Conversations with management teams have therefore turned, increasingly, to post-crisis opportunities and investment plans.
On this note, we think the Evenlode Income portfolio is well placed to benefit from several structural growth themes.
Listen to this episode to find out why.
Please note, these views represent the opinions of the Evenlode team as of April 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Over the course of the last year, new variants of the damaging and novel coronavirus have evolved and are now being sequenced and detected.
Viruses do change rapidly by their nature, part of the biological mechanism that can make them successful in the battle for survival of the fittest.
The human race has of course been rapidly developing its defences in the form of vaccines, which have been successful so far, and lockdowns, as a more immediate attempt to reduce the spread of the virus.
The volatility induced in equity markets by this struggle has presented opportunities to buy new positions and reasons to sell existing ones within the Evenlode Global Income portfolios.
In this episode we give an overview of what we have bought, sold or added to.
Please note, these views represent the opinions of the Evenlode team as of April 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Global stock markets have been a bit mixed during March, though both Evenlode Income and the UK market have posted a positive return.
Reopening optimism continues, somewhat tempered by the announcement of further lockdowns in Europe following a rise in cases, and a less positive trend in economic leading indicators versus expectations. Commodity and energy prices also fell in the second half of the month.
In this episode we give an overview of how some of the companies in the Evenlode Income Fund are performing so far this year.
Please note, these views represent the opinions of the Evenlode team as of March 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Corporate results season is here. In this episode we look at the performance of the companies within the Evenlode Global Dividend and Evenlode Global Income Funds.
The charts referenced in this episode can be viewed at -
https://evenlodeinvestment.com/news/corporate-results-season-no-tea
Please note, these views represent the opinions of the Evenlode team as of March 2021 and do not constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.
For more information visit evenlodeinvestment.com
Global stock markets have resumed their climb higher in February, spurred by optimism that the worst of the Covid crisis may begin to pass over coming months.
The pendulum of investor sentiment has swung a long way in the last 12 months. Last March, the presiding sentiment was fear, but in today’s stock market it is fear-of-missing-out.
In this episode, we look at the performance of the Evenlode Income Fund so far this year, and why over the long term it pays to own pieces of good companies.
Please note, these views represent the opinions of the Evenlode team as of February 2021 and do not constitute investment advice.
For more information visit evenlodeinvestment.com
As eyes turn to the post-pandemic world, investors’ imaginations have been captured by tech giants across America and Asia, whilst in stark contrast, Europe’s corporate elite in more traditional industries have faced difficult questions over their ability to keep pace.
In this episode, we consider the innovation prospects for three leading European companies operating in three different industries, all currently held by the Evenlode Global Income fund.
Please note, these views represent the opinions of the Evenlode team as of February 2021 and do not constitute investment advice.
For more information visit evenlodeinvestment.com
In this episode Ben Peters, investment manager at Evenlode, and Tom Weller, Evenlode's innovation analyst, have a conversation about the The Testing, Inspection and Certification (TIC) industry.
They discus how this industry works, as well as the specific companies within this industry Evenlode invest in.
Please note, these views represent the opinions of the Evenlode team as of February 2021 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested
For more information visit evenlodeinvestment.com
As we all turn the page on the extraordinary year that was 2020, we will as usual use this investment view to review the year just passed and to share some thoughts on the outlook for the coming year and beyond.
To view the table mentioned in this episode please click here.
Please note, these views represent the opinions of the Evenlode team as of January 2021 and do not constitute investment advice.
For more information visit evenlodeinvestment.com
Happy new year to all of our co-investors and readers. 2021 surely can’t turn out to be more dramatic than 2020 can it?
In this episode we provide an overview of last years performance of the Evenlode Global Income Fund, as well as our thoughts going forward into 2021.
To view the charts and tables mentioned in this episode visit
https://evenlodeinvestment.com/news/evenlode-global-investment-view-january-2021
Please note, these views represent the opinions of the Evenlode team as of January 2021 and do not constitute investment advice.
For more information visit evenlodeinvestment.com
This month, as holiday season is approaching, the Evenlode investment team have compiled a selection of books that we have read and found interesting over the second half of 2020.
We're not sure all of these texts are obvious light-reading material for Boxing Day. However, we hope you'll find something of interest.
Please note, these views represent the opinions of the Evenlode team as of December 2020 and do not constitute investment advice.
For more information visit evenlodeinvestment.com
During the first three weeks of November, the very positive news on coronavirus vaccines and the clarity provided by the US election led to a huge surge in investor’s animal spirits and a significant rally in global stock markets.
Listen to our thoughts on these latest developments.
The charts and tables referenced in this episode can be viewed here -
https://evenlodeinvestment.com/news/evenlode-investment-view-november-2020
Please note, these views represent the opinions of the Evenlode team as of November 2020 and do not constitute investment advice.
For more information visit evenlodeinvestment.com
The recent market move has been dubbed a ‘great rotation’, partly because so-called ‘value’ stocks have not just lagged in the pandemic, but have lagged equity markets ever since the financial crisis.
Anything that acts as a positive catalyst for these out-of-favour companies has come to be referred to as a ‘value rotation’. Is this what we’re seeing now?
Please note, these views represent the opinions of the Evenlode team as of November 2020 and do not constitute investment advice.
For more information visit evenlodeinvestment.com
Periods of heightened uncertainty, such as we find ourselves in, are always accompanied by a shortening of investor time horizons and a pick-up in volatility. This can feel quite stomach-churning for the long-term saver but are, unfortunately, inevitable.
Please note, these views represent the opinions of the Evenlode team as of October 2020 and do not constitute investment advice.
For more information visit https://evenlodeinvestment.com
The world approaches November 3rd with a mix of trepidation and excitement.
The 59th Presidential election of the United States has been fought in an unprecedented time, with the global pandemic providing the temporal backdrop while discussions on race, equality, opportunity, and the threat of impending environmental calamity are all competing for airtime.
The political vortex has created vast uncertainty and we expect this to be felt by the financial markets over the coming days.
Please note, these views represent the opinions of the Evenlode team as of October 2020 and do not constitute investment advice.
For more information visit https://evenlodeinvestment.com
Equity markets appear to have got used to the new normal and are shrugging off the looming winter with its likely lockdowns and lack of Christmas parties, instead looking to the bright side.
So how has the market managed to remain chipper in the face of a dismal-looking festive season?
To read this article and view the charts and tables mentioned in the article visit https://evenlodeinvestment.com/news/evenlode-global-investment-view-october-2020
Please note, these views represent the opinions of the Evenlode team as of October 2020 and do not constitute investment advice.
For more information visit https://evenlodeinvestment.com
The recent crisis has thrown much at the companies in the Evenlode Income portfolio and no one knows, as usual, quite what the next few months will bring.
Hugh Yarrow, fund manager of the Evenlode Income Fund, gives an overview of how companies are changing and adapting to this new environment.
Please note, these views represent the opinions of Hugh Yarrow as at 23rd September 2020 and do not constitute investment advice.
For more information visit https://evenlodeinvestment.com