The Evenlode Podcast

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.

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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 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

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 transition was accelerated by COVID’s persistence.

In this investment view, we review the fund’s performance over the past year, recent portfolio changes, and the valuation environment for 2022.

Table and charts mentioned in this episode can be found here.

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Please note, these views represent the opinions of the Evenlode team as of January 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 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

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, and returns were strong.

Evenlode Income rose +17.7%, compared to a +18.3% rise for the FTSE All-Share Index and +17.3% for the IA UK All Companies Sector.

Table and charts mentioned in this episode can be found here.

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Please note, these views represent the opinions of the Evenlode team as of January 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 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

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 have compiled a list of books that we have read over the second half of 2021, most of which have been published in the last year or two. 

I’m not sure all these texts are obvious light-reading material for Boxing Day, but we hope you will find something engaging on the list!

I would like to thank all our co-investors for their interest and support this year, and wish you an enjoyable, peaceful Christmas on behalf of the Evenlode team.

A list of all the books mentioned can be be found at https://evenlodeinvestment.com/news/winter-reading

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Please note, these views represent the opinions of the Evenlode team as of December 2021 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

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%. 

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Please note, these views represent the opinions of the Evenlode team as of 26th November 2021 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 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.

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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 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

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 macro events that were to follow.

As the economic recovery from the pandemic continues, we would like to sincerely thank all those who have invested alongside us over a truly remarkable period and look forward to (hopefully) a smoother next four years!

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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 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

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 recent economic recovery and rising commodity prices.

The share prices of these companies have also lagged because investors have worried about the impact of rising input costs on near-term profitability.

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Please note, these views represent the opinions of the Evenlode team as of 26th October 2021 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

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 similar.

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Please note, these views represent the opinions of the Evenlode team as of 28th September 2021 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

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 tightening monetary policy over coming months; oil and gas prices have risen; and Covid-related supply chain disruptions continue.

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Please note, these views represent the opinions of the Evenlode team as of 28th September 2021 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