The Evenlode Podcast

In this month's investment view, as we move towards the holiday season, we provide a little colour on several themes and businesses from across the portfolio. --- Please note, these views represent the opinions of the Evenlode team as of 8th December 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...

In this month's investment view, we continue on the theme of third quarter results and discuss what’s going on right now and in the near future for the companies we invest in, and what people are guessing at for the longer term for these businesses. --- Please note, these views represent the opinions of the Evenlode team as of 21st November 2023 and do not constitute investment advice. Past perfor...

In this month's investment view, we will delve into a selection of the third quarter results and explore the wider trends that have driven the fund's robust performance. --- Please note, these views represent the opinions of the Evenlode team as of 20th November 2023 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value of investments ca...

In this month's investment view we discuss two portfolio companies that we mentioned briefly last month. They give a flavour of the valuation and compounding opportunities we see in self-funding, market-leading businesses across a variety of sectors. --- Please note, these views represent the opinions of the Evenlode team as of 1st November 2023 and do not constitute investment advice. Past perfor...

In this month's investment view we provide an initial thematic update as companies start to report on latest revenue figures. --- Please note, these views represent the opinions of the Evenlode team as of 25th October 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 no...

In this month's investment view we discuss how inflation and interest rates are affecting the global economy and the Evenlode Income portfolio. --- Please note, these views represent the opinions of the Evenlode team as of 3rd October 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...

In this month's investment view, we discuss why a relatively new holding, Diageo, exemplifies both the uncertainties and opportunities that we see developing in the markets. --- Please note, these views represent the opinions of the Evenlode team as of 29th September 2023 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value of investmen...

In this month's investment view, following on from our 2023 scene setting earlier in the year, we review some themes from the half-year corporate results season and the fund's performance. --- Please note, these views represent the opinions of the Evenlode team as of 30th August 2023 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value...

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....

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. Th...

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...

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 o...

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 acr...

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 E...

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 i...

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 wel...

In this month's investment view we provide an overview of the first quarter results season and ongoing supply chain dynamics. --- Please note, these views represent the opinions of the Evenlode team as of 2nd 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...

In this month's investment view we have selected three businesses from the portfolio where we see positive long-term prospects, but where there are current challenges. --- Please note, these views represent the opinions of the Evenlode team as of 24th April 2023 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value of investments can go...

In this month's investment view we focus on the full year results season and provide detail from companies within several of the portfolio's key sectors. --- Please note, these views represent the opinions of the Evenlode team as of 31st March 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 a...

When we penned our review of 2022, we noted that much of the significant market action had been in sectors that we don’t have direct exposure to. The energy sector was the clear standout performer of the year, benefiting from high prices following Russia’s invasion of Ukraine. The finance sector also rose as interest rates increased from nothing to something. The absence of these sectors from the...

Regular readers will no doubt be surprised to see us weighing in on the banking crisis, given Evenlode’s exclusive focus on companies with high and persistent unlevered return on investment capital. This has always precluded bank ownership by our strategies, but given the materiality of the situation, we felt it important that we help our clients understand our thinking and the relevance of the ev...

In this month's investment view we provide an overview of the latest reporting results for the portfolio and three examples of Evenlode companies that have been quietly investing through the recent period of uncertainty. --- Please note, these views represent the opinions of the Evenlode team as of 28th February 2023 and do not constitute investment advice. Past performance is not a reliable indic...

In this month's investment view we provide an overview of the latest company updates and hear where businesses are putting their investment focus. --- Please note, these views represent the opinions of the Evenlode team as of 22nd February 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...

In this month's investment view, we give careful consideration to the economic factors of the global equity market downturn of last year and the real-world concerns of inflation, economic growth and business model sustainability. --- Please note, these views represent the opinions of the Evenlode team as of 19th January 2023 and do not constitute investment advice. Past performance is not a reliab...

In this month's investment view we will discuss the year just passed, and share some thoughts on the outlook for the year ahead. --- Please note, these views represent the opinions of the Evenlode team as of 17th January 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...