The Evenlode Podcast

Though 2025 performance has been disappointing, the portfolio continues to contain a diversified list of market-leading quality businesses. This investment view includes a discussion on a range of portfolio companies, and what we are hearing on the ground.

---

Please note, these views represent the opinions of the Evenlode team as of 15th December 2025 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 discuss the market performance and valuation of quality companies including the recent underperformance of high-quality businesses despite their solid financials and dividend growth. We further explore the complexities of market indices and valuation metrics.

---

Please note, these views represent the opinions of the Evenlode team as of 28th November 2025 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 discuss the market performance and valuation of quality companies including the recent underperformance of high-quality businesses despite their solid financials and dividend growth. We further explore the complexities of market indices and valuation metrics.

---

Please note, these views represent the opinions of the Evenlode team as of 28th November 2025 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 third quarter financial reporting period is near complete, with over 90% of the Evenlode Global Opportunities portfolio companies having posted an update. The latest results have strengthened our conviction in the portfolio and provide us a welcome opportunity to update investors.

---

Please note, these views represent the opinions of the Evenlode team as of 24th November 2025 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 third quarter financial reporting period is near complete, with over 90% of the Evenlode Global Equity portfolio companies having posted an update. The latest results have strengthened our conviction in the portfolio and provide us a welcome opportunity to update investors.

---

Please note, these views represent the opinions of the Evenlode team as of 24th November 2025 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

Every stock market cycle is unique, but with generative-AI euphoria in full swing it is hard to ignore the parallels at play today with previous technology capital investment booms – not least the TMT boom of the late 1990s.

Here we discuss in detail how three of our current investments are harnessing AI technology for product development.

---

Please note, these views represent the opinions of the Evenlode team as of 17th November 2025 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

Every stock market cycle is unique, but with generative-AI euphoria in full swing it is hard to ignore the parallels at play today with previous technology capital investment booms – not least the TMT boom of the late 1990s.

Here we discuss in detail how three of our current investments are harnessing AI technology for product development.

---

Please note, these views represent the opinions of the Evenlode team as of 17th November 2025 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

A measure of corporate health is revenue growth. Though imperfect, for relatively stable businesses it is a reasonable indicator of progress.

In headline, revenue growth is looking good for the portfolio in absolute terms, compared to the broader market and in the context of the current mixed macroeconomic environment.

---

Please note, these views represent the opinions of the Evenlode team as of 28th October 2025 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

A measure of corporate health is revenue growth. Though imperfect, for relatively stable businesses it is a reasonable indicator of progress.

In headline, revenue growth is looking good for the portfolio in absolute terms, compared to the broader market and in the context of the current mixed macroeconomic environment.

---

Please note, these views represent the opinions of the Evenlode team as of 28th October 2025 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

Despite a challenging year for relative performance for the fund primarily due to the increasingly heated AI infrastructure sector, we think this a very interesting juncture for our approach.

This month we highlight several excellent, high-return, market-leading companies within the portfolio that are currently trading on unusually attractive free cash flow yields.

---

Please note, these views represent the opinions of the Evenlode team as of 10th October 2025 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