The Evenlode Podcast

This month, 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 2022. Most, but not all, are recent. I’m not sure all of these texts are obvious light-reading material for the beach, but we hope you will find something of interest! --- Please note, these views represent the opinion...

After months of mounting Zoom fatigue and Teams torment, the Evenlode team was delighted to (finally) be able to hit the road again at the end of May. Six of our analysts and fund managers met with management and investor relations teams from 48 companies on the East Coast of the US, traversing nine states in ten days. --- Please note, these views represent the opinions of the Evenlode team as of...

In this month’s investment view we summarise second quarter/first half results and provide an overview of the four new holdings we added in June. --- Please note, these views represent the opinions of the Evenlode team as of July 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 inve...

In this month's investment view we discuss how, despite the ongoing issues in global political and financial environments, we are seeing a significant broadening out of the investment opportunity set. Please note this article mentions certain charts. To view these charts please visit - evenlodeinvestment.com/news/a-broadening-opportunity-set --- Please note, these views represent the opinions of t...

The Evenlode team have recently been on a research trip to the US, and we will be sharing an investment view on some of the findings in the near future. Analysing companies is where we are most comfortable, and the trip provided an update and insight across a range of industries. Given market activity in June we thought we would write a short summary of the situation and our view, before sharing s...

In this month's investment view we discuss the ongoing challenges the market is facing, but provide a positive perspective for longer-term investors. --- Please note, these views represent the opinions of the Evenlode team as of 31st May 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,...

Last month we discussed the challenges that global companies are seeing in managing their cost bases in the face of input cost inflation. These and other worries have hit equity markets, with stocks declining in part due to diminished expectations of profitability. US retailers have been a particular focus, with the share prices of Target and Walmart falling sharply as they reported weaker than ex...

In this month's investment view we discuss the current macro-economic and geopolitical factors and how they have impacted the first quarter's results. --- Please note, these views represent the opinions of the Evenlode team as of 30th April 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 u...

As market volatility continues in global equity markets, this month we summarise how Q1 2022 results have fared for the consumer goods and healthcare sectors. --- Please note, these views represent the opinions of the Evenlode team as of April 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 a...

In this month’s investment view we discuss recent input cost inflation dynamics, and several fundamental factors that are helpful for companies in a more inflationary environment. --- Please note, these views represent the opinions of the Evenlode team as of March 2022 and do not constitute investment advice. Past performance is not a reliable indicator of future results. The value of investments...

The war in Ukraine continues to dominate the news agenda and has driven volatility in commodity and equity markets. Large intraday price swings have become routine as traders digest the latest developments in the conflict, the impact of sanctions in Russia, and the effects of reduced supply of energy, industrial and soft commodities. Table and charts mentioned in this episode can be found here . -...

The outbreak of war in Ukraine is unwelcome and shocking. We hope for a rapid end to hostilities. In this investment view we also examine corporate performance. Table and charts mentioned in this episode can be found here . --- Please note, these views represent the opinions of the Evenlode team as of February 2022 and do not constitute investment advice. Past performance is not a reliable indicat...

In this month’s investment view we consider the impact of the fast-moving Russia-Ukraine situation, and discuss some key themes from recent company results. --- Please note, these views represent the opinions of the Evenlode team as of February 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...

Since launching the Evenlode Global Equity fund in July 2020, we have operated in remarkable economic conditions. The global pandemic increased financial market volatility, with recurrent bouts of uncertainty sparked by new virus variants and potential public health responses. In the equity markets, 2021 will be remembered for a market resurgence led by technology stocks as the global digital tran...

We will, as usual, use this January investment view to discuss the year just passed and share some thoughts on the outlook for the year ahead. During 2021, trends within the UK stock market were quite choppy but, when all was said and done, vaccination programmes progressed at a rapid rate, the world started to live with the pandemic, the global economy recovered, investor sentiment was positive,...

In my November investment view, I discussed recent developments within the Evenlode Income portfolio and our optimism on long-term prospects given the combination of quality and future return potential that we see in the fund’s underlying holdings.  In January, I will review 2021 in full and discuss the outlook for 2022. This month, with the holiday season approaching, the Evenlode investment team...

Up until the last week of November, Mr Market’s mood was quite positive thanks to the continuing global economic recovery. However, sentiment in global stock markets took a turn for the worse at the end of November, as the new Omicron Covid variant emerged in South Africa. As I write, the FTSE All-Share has returned +12.9% so far in 2021 and the Evenlode Income fund has returned +13.8%.  --- Pleas...

As the nights are drawing in and a turbulent 2021 approaches a close, we naturally consider what has come to pass, and what the future might hold. The latter is difficult at the best of times, but we at least can reflect on recent history. --- Please note, these views represent the opinions of the Evenlode team as of November 2021 and do not constitute investment advice. Past performance is not a...

Last month we found ourselves balancing short-term news-flow with long-term reflections. The third quarter reporting season has begun in earnest, giving investors a window into companies’ post-pandemic plans and ambitions. At the same time, we are rapidly approaching the fourth anniversary of Evenlode Global Income. When we launched the fund in late November 2017, we could not have imagined the ma...

This month we would like to briefly discuss Evenlode Income’s consumer branded goods holdings, and why we feel they are good investments for the long term. These companies have seen their share prices lag the broader market in 2021: partly because they have been deemed too boring for Mr Market so far this year, with investors more interested in other sectors with a higher gearing to both the recen...

Back in May we wrote about the valuation environment in global equities, with markets having risen significantly from pre-pandemic levels. As we sit four months on the MSCI World index has risen further by 8.4% in sterling terms, and 4.6% in dollar terms, the pound having weakened a little over that time. So the question of equity valuations has not gone away, and the shape of the question is simi...

Global stock markets have weakened a little in September. The Covid situation is improving on the whole, with case rates stabilising or falling in many regions. A few clouds have gathered though, complicating the economic picture: China’s slowdown and property market woes continue; global fiscal policy is tightening as furlough schemes begin to tail off; central banks are beginning to hint at tigh...

As it is the 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 2021. Many of the books included are business biographies, or cover technology or history of some kind. Most (but not all) are recent. And I’m not sure all of these texts are obvious light-reading material for the beach! But w...

Last month in our investment view we examined the move towards plant-based diets and how consumer goods companies are responding to the growing market opportunity. In this investment view we examine how consumer and societal attitudes are evolving to the most ubiquitous social lubricant, alcohol. --- Please note, these views represent the opinions of the Evenlode team as of July 2021 and do not co...

During July, the UK stock market has been range-bound with investors contemplating a mixed backdrop. The coronavirus situation continues to improve in many regions, with vaccination programmes progressing well. Disruption from the virus, however, has by no means ended: global case rates are high and rising in certain regions (the US, South East Asia etc.) and some restrictions have been re-imposed...