The Evenlode Podcast

Though 2025 performance has been disappointing, the portfolio continues to contain a diversified list of market-leading quality businesses. This investment view includes a discussion on a range of portfolio companies, and what we are hearing on the ground. --- Please note, these views represent the opinions of the Evenlode team as of 15th December 2025 and do not constitute investment advice. Past...

Though 2025 performance has been disappointing, the portfolio continues to contain a diversified list of market-leading quality businesses. This investment view includes a discussion on a range of portfolio companies, and what we are hearing on the ground. --- Please note, these views represent the opinions of the Evenlode team as of 15th December 2025 and do not constitute investment advice. Past...

This month we discuss the market performance and valuation of quality companies including the recent underperformance of high-quality businesses despite their solid financials and dividend growth. We further explore the complexities of market indices and valuation metrics. --- Please note, these views represent the opinions of the Evenlode team as of 28th November 2025 and do not constitute invest...

This month we discuss the market performance and valuation of quality companies including the recent underperformance of high-quality businesses despite their solid financials and dividend growth. We further explore the complexities of market indices and valuation metrics. --- Please note, these views represent the opinions of the Evenlode team as of 28th November 2025 and do not constitute invest...

The third quarter financial reporting period is near complete, with over 90% of the Evenlode Global Opportunities portfolio companies having posted an update. The latest results have strengthened our conviction in the portfolio and provide us a welcome opportunity to update investors. --- Please note, these views represent the opinions of the Evenlode team as of 24th November 2025 and do not const...

The third quarter financial reporting period is near complete, with over 90% of the Evenlode Global Equity portfolio companies having posted an update. The latest results have strengthened our conviction in the portfolio and provide us a welcome opportunity to update investors. --- Please note, these views represent the opinions of the Evenlode team as of 24th November 2025 and do not constitute i...

Every stock market cycle is unique, but with generative-AI euphoria in full swing it is hard to ignore the parallels at play today with previous technology capital investment booms – not least the TMT boom of the late 1990s. Here we discuss in detail how three of our current investments are harnessing AI technology for product development. --- Please note, these views represent the opinions of the...

Every stock market cycle is unique, but with generative-AI euphoria in full swing it is hard to ignore the parallels at play today with previous technology capital investment booms – not least the TMT boom of the late 1990s. Here we discuss in detail how three of our current investments are harnessing AI technology for product development. --- Please note, these views represent the opinions of the...

A measure of corporate health is revenue growth. Though imperfect, for relatively stable businesses it is a reasonable indicator of progress. In headline, revenue growth is looking good for the portfolio in absolute terms, compared to the broader market and in the context of the current mixed macroeconomic environment. --- Please note, these views represent the opinions of the Evenlode team as of...

A measure of corporate health is revenue growth. Though imperfect, for relatively stable businesses it is a reasonable indicator of progress. In headline, revenue growth is looking good for the portfolio in absolute terms, compared to the broader market and in the context of the current mixed macroeconomic environment. --- Please note, these views represent the opinions of the Evenlode team as of...

Despite a challenging year for relative performance for the fund primarily due to the increasingly heated AI infrastructure sector, we think this a very interesting juncture for our approach. This month we highlight several excellent, high-return, market-leading companies within the portfolio that are currently trading on unusually attractive free cash flow yields. --- Please note, these views rep...

Despite a challenging year for relative performance for the fund primarily due to the increasingly heated AI infrastructure sector, we think this a very interesting juncture for our approach. This month we highlight several excellent, high-return, market-leading companies within the portfolio that are currently trading on unusually attractive free cash flow yields. --- Please note, these views rep...

Despite headlines highlighting booming AI data centre investments and record US stock market highs, the broader economy shows mixed signals with stagnant revenue growth and economic challenges outside tech sectors. This month’s investment view analyses the disconnect between market valuations and underlying economic realities. --- Please note, these views represent the opinions of the Evenlode tea...

Despite headlines highlighting booming AI data centre investments and record US stock market highs, the broader economy shows mixed signals with stagnant revenue growth and economic challenges outside tech sectors. This month’s investment view analyses the disconnect between market valuations and underlying economic realities. --- Please note, these views represent the opinions of the Evenlode tea...

In this month's investment view, 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 2025. Not all of these texts can be described as light reading, but we hope you find the list of interest! --- Please note, these views represent the opinions of the Evenlode team as of 28th August...

In this month's investment view, we discuss how we constantly analyse detailed information to gain a balanced view of a business's prospects, acknowledging that market valuations are influenced by a range of opinions and motivations. --- Please note, these views represent the opinions of the Evenlode team as of 15th August 2025 and do not constitute investment advice. Past performance is not a rel...

In this month's investment view, we discuss how we constantly analyse detailed information to gain a balanced view of a business's prospects, acknowledging that market valuations are influenced by a range of opinions and motivations. --- Please note, these views represent the opinions of the Evenlode team as of 15th August 2025 and do not constitute investment advice. Past performance is not a rel...

In this month’s investment view, we will run through some key themes from results and discuss a variety of holdings. It’s a relatively long read – there’s a lot to discuss! --- Please note, these views represent the opinions of the Evenlode team as of 13th August 2025 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value of investments c...

In this month’s investment view we examine the development of positions in the fund’s two largest holdings - L’Oréal and Experian - as exemplars of current market trends. We also consider the market-level view of the portfolio and its recent performance. --- Please note, these views represent the opinions of the Evenlode team as of 24th July 2025 and do not constitute investment advice. Past perfo...

In this month’s investment view we examine the development of positions in the fund’s two largest holdings - L’Oréal and Experian - as exemplars of current market trends. We also consider the market-level view of the portfolio and its recent performance. --- Please note, these views represent the opinions of the Evenlode team as of 24th July 2025 and do not constitute investment advice. Past perfo...

In this month's investment view, following on from recent results, we provide more detail of the ongoing growth expectations for a number of the portfolio's holdings. --- Please note, these views represent the opinions of the Evenlode team as of 14th July 2025 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value of investments can go do...

Last month we asked the question ‘is this time different’ for markets as the Trump administration attempts to reshape the global economic order. Looking at financial market developments, one of the few signs that there might be something going on is in the dollar, which has weakened by about 10% against sterling since March and a similar level against the major global currencies. Otherwise the ind...

Last month we asked the question ‘is this time different’ for markets as the Trump administration attempts to reshape the global economic order. Looking at financial market developments, one of the few signs that there might be something going on is in the dollar, which has weakened by about 10% against sterling since March and a similar level against the major global currencies. Otherwise the ind...

We are now at or close to all-time highs again in world equity markets less than three months after the drama of the 2 April tariff announcements. The rally from the 8 April lows has been historically fast and furious, and focused on the US tech names which had been lagging into the 2 April announcement. The explanation for all of this is fairly simple.   --- Please note, these views represent the...

We are now at or close to all-time highs again in world equity markets less than three months after the drama of the 2 April tariff announcements. The rally from the 8 April lows has been historically fast and furious, and focused on the US tech names which had been lagging into the 2 April announcement. The explanation for all of this is fairly simple.   --- Please note, these views represent the...