The Evenlode Podcast

September was marked by lighter company news flow and greater focus on oil prices, bond yields, and artificial intelligence data-centre investment.

The Evenlode Income portfolio continued to seek high-quality, cash-generative UK companies with attractive valuations and resilient funding characteristics.

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Please note, these views represent the opinions of the Evenlode team as of 15th October 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

September was marked by lighter company news flow and greater focus on oil prices, bond yields, and artificial intelligence data-centre investment.

The Evenlode Income portfolio continued to seek high-quality, cash-generative UK companies with attractive valuations and resilient funding characteristics.

---

Please note, these views represent the opinions of the Evenlode team as of 15th October 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

The last three calendar months have seen a repeat of a familiar pattern in the market. Some questions arise on AI spending, the market drops and the portfolio rises.

Then within a few days an exciting piece of AI news emerges, the moves reverse and normal service is resumed.

It is not just us who have noticed this.

Recently the unusual structure of the equity market has been highlighted by, amongst others, Goldman Sachs, who note that a record number of stocks in the S&P 500 index are exhibiting something known as ‘negative beta’.

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Please note, these views represent the opinions of the Evenlode team as of 25th September 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

The last three calendar months have seen a repeat of a familiar pattern in the market. Some questions arise on AI spending, the market drops and the portfolio rises.

Then within a few days an exciting piece of AI news emerges, the moves reverse and normal service is resumed.

It is not just us who have noticed this.

Recently the unusual structure of the equity market has been highlighted by, amongst others, Goldman Sachs, who note that a record number of stocks in the S&P 500 index are exhibiting something known as ‘negative beta’.

---

Please note, these views represent the opinions of the Evenlode team as of 25th September 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

Interim results left IFSL Evenlode Income with robust portfolio fundamentals but a modest year-to-date return, as earnings progress was offset by valuation de-rating.

However, cash generation, shareholder distributions, quality compounders, and new holdings continue to provide an attractive long-term compounding opportunity.

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Please note, these views represent the opinions of the Evenlode team as of 16th September 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

Interim results left IFSL Evenlode Income with robust portfolio fundamentals but a modest year-to-date return, as earnings progress was offset by valuation de-rating.

However, cash generation, shareholder distributions, quality compounders, and new holdings continue to provide an attractive long-term compounding opportunity.

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Please note, these views represent the opinions of the Evenlode team as of 16th September 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

As of writing, 94% of the portfolio (by position weight) has reported for the second calendar quarter. This has been a highly encouraging reporting season both in terms of the company fundamentals and the improving narrative from the portfolio businesses.

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Please note, these views represent the opinions of the Evenlode team as of 7th August 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

As of writing, 94% of the portfolio (by position weight) has reported for the second calendar quarter. This has been a highly encouraging reporting season both in terms of the company fundamentals and the improving narrative from the portfolio businesses.

---

Please note, these views represent the opinions of the Evenlode team as of 7th August 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

The mid-year earnings season has concluded, leading to a quieter market phase despite an overall upward trend driven by the US market. Structural speculative factors, particularly leveraged financial instruments, currently dominate market movements, overshadowing traditional long-term investing approaches.

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Please note, these views represent the opinions of the Evenlode team as of 13th August 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

The mid-year earnings season has concluded, leading to a quieter market phase despite an overall upward trend driven by the US market. Structural speculative factors, particularly leveraged financial instruments, currently dominate market movements, overshadowing traditional long-term investing approaches.

---

Please note, these views represent the opinions of the Evenlode team as of 13th August 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