Although the fund's net asset value per share remained flat over the year lagging the MSCI World Index, our portfolio companies continue to demonstrate robust fundamentals, such as strong earnings growth and resilient cash flows.

We believe these strengths will ultimately be recognised in share prices. As a result, we see the current environment as an attractive opportunity to invest in high-quality businesses at appealing valuations.

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Please note, these views represent the opinions of the Evenlode team as of 7th January 2026 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. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.

For more information visit evenlodeinvestment.com