The Evenlode Podcast

In last month’s investment view we noted a shift in the market tone over the last few months, and in the intervening weeks we have been observing how this move has accelerated.  The previous dominance of the momentum factor is giving way to a market rotation into areas more resilient in nature, areas that have over the last few years been deeply unfashionable and where we have found an increasing...

In last month’s investment view we noted a shift in the market tone over the last few months, and in the intervening weeks we have been observing how this move has accelerated.  The previous dominance of the momentum factor is giving way to a market rotation into areas more resilient in nature, areas that have over the last few years been deeply unfashionable and where we have found an increasing...

September was marked by lighter company news flow and greater focus on oil prices, bond yields, and artificial intelligence data-centre investment. The Evenlode Income portfolio continued to seek high-quality, cash-generative UK companies with attractive valuations and resilient funding characteristics. --- Please note, these views represent the opinions of the Evenlode team as of 15th October 202...

September was marked by lighter company news flow and greater focus on oil prices, bond yields, and artificial intelligence data-centre investment. The Evenlode Income portfolio continued to seek high-quality, cash-generative UK companies with attractive valuations and resilient funding characteristics. --- Please note, these views represent the opinions of the Evenlode team as of 15th October 202...

The last three calendar months have seen a repeat of a familiar pattern in the market. Some questions arise on AI spending, the market drops and the portfolio rises. Then within a few days an exciting piece of AI news emerges, the moves reverse and normal service is resumed. It is not just us who have noticed this. Recently the unusual structure of the equity market has been highlighted by, amongs...

The last three calendar months have seen a repeat of a familiar pattern in the market. Some questions arise on AI spending, the market drops and the portfolio rises. Then within a few days an exciting piece of AI news emerges, the moves reverse and normal service is resumed. It is not just us who have noticed this. Recently the unusual structure of the equity market has been highlighted by, amongs...

Interim results left IFSL Evenlode Income with robust portfolio fundamentals but a modest year-to-date return, as earnings progress was offset by valuation de-rating. However, cash generation, shareholder distributions, quality compounders, and new holdings continue to provide an attractive long-term compounding opportunity. --- Please note, these views represent the opinions of the Evenlode team...

Interim results left IFSL Evenlode Income with robust portfolio fundamentals but a modest year-to-date return, as earnings progress was offset by valuation de-rating. However, cash generation, shareholder distributions, quality compounders, and new holdings continue to provide an attractive long-term compounding opportunity. --- Please note, these views represent the opinions of the Evenlode team...

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. --- Please note, these views represent the opinions of the Evenlode team as of 7th August 2026 and do not constitute investment advice. Past per...

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. --- Please note, these views represent the opinions of the Evenlode team as of 7th August 2026 and do not constitute investment advice. Past per...

The mid-year earnings season has concluded, leading to a quieter market phase despite an overall upward trend driven by the US market. Structural speculative factors, particularly leveraged financial instruments, currently dominate market movements, overshadowing traditional long-term investing approaches. --- Please note, these views represent the opinions of the Evenlode team as of 13th August 2...

The mid-year earnings season has concluded, leading to a quieter market phase despite an overall upward trend driven by the US market. Structural speculative factors, particularly leveraged financial instruments, currently dominate market movements, overshadowing traditional long-term investing approaches. --- Please note, these views represent the opinions of the Evenlode team as of 13th August 2...

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. --- Please note, these views...

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. --- Please note, these views...

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. --- Please note, these views represent the opinions of the Evenlode team as of 30th July 2026 and do not constitute investment...

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. --- Please note, these views represent the opinions of the Evenlode team as of 30th July 2026 and do not constitute investment...

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. --- Please note, these views represent the opinions of the Evenlode team as of...

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. --- Please note, these views represent the opinions of the Evenlode team as of...

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. --- Please note, these views represent the opinions of the Evenlode team as of 29th May 202...

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. --- Please note, these views represent the opinions of the Evenlode team as of 29th May 202...

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. --- Please note, these views represent the opinions of the Evenlode team as of 28th May 2026 and do not c...

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. --- Please note, these views represent the opinions of the Evenlode team as of 28th May 2026 and do not c...

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. --- Please note, these views represent the opinions of the Evenlode team as of 29th April 2026 and do not constitute investment advi...

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. --- Please note, these views represent the opinions of the Evenlode team as of 29th April 2026 and do not constitute investment advi...

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. --- Please note, these views represent...