Response to the offer for IDS from EP Group
Ian Lance, Co-Head of the Redwheel Value & Income Team, Co-Portfolio Manager, Temple Bar Investment Trust. We note the statement from the Board of IDS confirming that on 9 April 2024 it received a preliminary and conditional non-binding proposal from EP Group regarding a possible cash offer for the entire issued and to be issued […]
When the Jimmy Choos don’t fit
Mr Market’s reaction to news can oscillate wildly, which is why it is important to remember to follow a process and not let emotions drive decision making. A case in point is Tapestry, the parent company of the Coach and Kate Spade fashion brands. When we invested in Tapestry our investment thesis centred around the […]
The return of the total return kings
Similar to the 2000s, we believe many investors are focusing on the prospects of high-growth US tech stocks and overlooking the potential relatively undervalued UK market. This is causing UK companies to turn to corporate takeovers, or to take matters into their own hands through share buybacks. In this paper, Ian Lance, Co-Head and Portfolio […]
Opportunities in small caps could be most attractive in 20 Years
In this paper, we draw asset allocators’ attention to what we believe to be a rare opportunity to capitalise on an unusual set of circumstances leading to a material mis-valuation of European small caps. Our intention is twofold: firstly, to attempt to explain why this opportunity exists; and secondly, to outline why we think the […]
Is there a gap between perceptions and reality for EM investors in China?
Investors are potentially being served a misleading picture of China – one that differs materially from the reality observable on the ground. This is the view of The Redwheel Emerging Markets Team, following a recent trip to the country. PMI results for manufacturing, consumer goods, and high-tech all exceeded market expectations at the end of […]
Spring in Japan – a return to (something like) normality
As we approach the vernal equinox, two related developments have piqued the interest of both the dedicated Japan-watcher and the more detached global asset allocator. In a speech in Nara on February 8th, the Bank of Japan’s (BOJ’s) Deputy Governor, Shinichi Uchida, discussed the possible re-emergence of a desirable wage-price spiral and suggested that the […]
When private equity would be laughed out of the boardroom
In recent decades, fuelled by lower and lower interest rates, we observe many large investors across the world have been re-allocating funds away from public markets, and into private assets – be those private equity or private credit vehicles. The theory behind this approach is that there is an ‘illiquidity premium’ to be earned by […]
Investing in a sustainable future
On the road in Vietnam
Play Video Key Information No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment. Past performance is not a guide to future results. The prices of investments and income from them may fall as well as rise and an investor’s investment is subject to potential loss, in whole […]
Just eat the marshmallow: Why wait when value is already on the table?
Ah, January. Just the word sends shivers of excitement down the spines of gym proprietors across the world, salivating at the prospect of new year’s resolutioners confidently paying for a full year’s membership, only to slink away sometime in March. Yes, it is the season for attempting to better oneself, and crucial to that effort […]