Under the Bonnet

Alex and Tom provide a portfolio update in a month where equity markets retraced some of their previous month’s losses. 

  • Alex Savvides
  • Tom Matthews
12 May 2020
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View PDF   Download PDF  
  • Global equity markets retraced much of their previous month’s losses as news flow challenged investors’ bearish positioning.
  • Underperformance was attributable to the Fund not owning AstraZeneca, an unwind of the previous month’s share price gains versus the benchmark at QinetiQ (-9%), and a trading statement from Pearson (-21%).
  • With over 50% of the Fund’s capital in stocks trading below their book value, we believe there remains significant potential to create meaningful value for investors.


Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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