The Evenlode Podcast

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...

After an upbeat 2021 in equity markets, few could have foreseen what was to follow in 2022.  The invasion of Ukraine, rampant inflation, and rates controversy drove headlines and increased market volatility. In this investment view we look back at Evenlode Global Equity’s highlights and consider what lessons we can learn from the past year. Please note this article makes references to certain char...

In this month's investment view, as Evenlode Global Income reaches its five-year anniversary, we provide a critical assessment of the portfolio's performance and pick out some of the high- and low-lights. Please note this article makes references to certain charts and tables. To view these charts and tables please visit evenlodeinvestment.com/news --- Please note, these views represent the opinion...

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 2022. These texts are not obvious light-reading material for Boxing Day, but we hope you will find something engaging on the list! --- Please note, these views represent the opinions of the Evenlode team as of 16th December 2022 and do not constitute...

In this month's investment view we discuss four Evenlode Income holdings, all of which released full-year or interim results during November. --- Please note, these views represent the opinions of the Evenlode team as of 1st December 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...

As of the time of writing, 90% of the Global Income portfolio has reported in the latest round, and the average revenue growth has been 7% year-on-year. Results season gives us a snapshot of the global economy from the perspective of its engine, companies. --- Please note, these views represent the opinions of the Evenlode team as of November 2022 and do not constitute investment advice. Past perf...

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 i...

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...

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...

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 m...