The Evenlode Podcast

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...

In this month's investment view, as market volatility continues and geopolitical uncertainty remains high, we provide an overview of a few existing and new stocks that we believe offer long-term embedded value for the portfolio. --- Please note, these views represent the opinions of the Evenlode team as of 12th June 2025 and do not constitute investment advice. Past performance is not a reliable i...

In this month's investment view, we provide a further update on the Q1 reporting season in light of recent political headlines, and how this has influenced our analysis of investment opportunities. --- Please note, these views represent the opinions of the Evenlode team as of 27th May 2025 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The...

In this month's investment view, we provide a further update on the Q1 reporting season in light of recent political headlines, and how this has influenced our analysis of investment opportunities. --- Please note, these views represent the opinions of the Evenlode team as of 27th May 2025 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The...

We are now in the final stages of the reporting season for the first quarter of 2025 for companies with 31 December year ends. We usually find the regular rhythm of corporate earnings a useful cue for stock-taking.   --- Please note, these views represent the opinions of the Evenlode team as of 21st May 2025 and do not constitute investment advice. Past performance is not a reliable indicator of f...

We are now in the final stages of the reporting season for the first quarter of 2025 for companies with 31 December year ends. We usually find the regular rhythm of corporate earnings a useful cue for stock-taking.   --- Please note, these views represent the opinions of the Evenlode team as of 21st May 2025 and do not constitute investment advice. Past performance is not a reliable indicator of f...

In this month's investment view, following the aftermath of the changes in US tariff policies, we provide a brief overview of recent company results and portfolio performance, together with a detailed overview of a new holding that was previously held by the portfolio. --- Please note, these views represent the opinions of the Evenlode team as of 9th May 2025 and do not constitute investment advic...

An overview of the performance of the Evenlode Global Opportunities Fund for Q1 2025. --- Please note, these views represent the opinions of the Evenlode team as of 14th April 2025 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. Curren...

The Evenlode Global Equity fund returned -0.7% in the first quarter of 2025, ahead of its comparator benchmark, the MSCI World Index, which returned -4.7%. The fund benefited from a general rotation away from the islands of relative strength in 2024 towards a broader palette of ex-US and ex-tech companies. Fundamental results for our companies remained superior to that of the index in Q4 2024. ---...

In this month's investment view, we explain how we approach the delivery of our dividend growth and how managing valuation risk and opportunity in the market is prudent over time. --- Please note, these views represent the opinions of the Evenlode team as of 28th March 2025 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value of investm...