Bargain hunt: Finding quality without the premium price tag
When we look at companies, we look for three key features: premium yield to the market, durable cash flow generation, and margin of safety. In isolation these are common to find, but much rarer all together. The final element – margin of safety – is perhaps most tricky for investors in the current climate. Many […]
How investors can think about the value of nature
Nature matters – our individual human experience of nature is precious. Its value is immeasurable. Framing nature as the basis for Natural Ecosystem Services concentrates our focus on the more tangible contributions nature provides the economy and society. Ecosystem Services In 2019, the OECD estimated that Natural Ecosystem Services contributed $125-140 trillion of value each […]
The patient-focused investor: Weight loss drugs
Not many drugs have their own theme song, but then not many are Ozempic, a key player in this new wave of weight loss and diabetes drugs, known as GLP-1 receptor agonists, that have become a global phenomenon. Traditional and social media is packed full of familiar stories of patients who have had lifelong struggles […]
Balancing act: Convertibles look primed for a comeback
Exposure to balanced convertible strategies have historically offered a useful tool in strategic asset allocations; however, recent performance has been disappointing in relation to both investor expectations and the historical observations experienced in more normalised rate environments. We believe that the current environment, driven significantly by higher rates and macroeconomic uncertainty, heralds a new era […]
Q&A: Tackling the end of easy money with Nick Clay
You have been investing through a lot of market volatility since starting your career at the dawn of the ‘90s, what still surprises you about markets? Repetition of the same mistakes. As James Grant famously said: “Progress is cumulative in science and engineering, but cyclical in finance”. What is different about this field compared to […]
What’s the deal with Exxon and Chevron doubling down on fossil fuels?
Are oil majors surprisingly betting that fossil fuels are here to stay? Commentators in major news sources certainly seemed to think so following Exxon’s takeover of Pioneer Natural Resources and Chevron’s takeover of Hess Corporation – deals worth a combined $130 billion. The Guardian suggested Exxon’s move showed confidence that fossil fuel output will not […]
What can lettuce and a ’90s sitcom tell us about markets?
In a classic episode of 1990’s sitcom Seinfeld, one of the main characters, George Constanza, finds himself in a quandary: the fantastic new woman he has started dating gets diagnosed with mono, and is thus temporarily unable to take their romantic relationship to the next level. Somehow, as a result of this personal frustration, George […]
Watch: James Johnstone at PA Autumn Congress
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Watch: Opportunities in Next Generation Emerging Markets with Victor Erch
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Watch: Three key investable themes in life-changing treatments
Peter Hughes, Portfolio Manager, discusses the multi-decade growth opportunity in the global health market, focusing on driving meaningful opportunities for investors and putting patients first. Identifying three key investable themes in life-changing treatments and global health priorities within those, Peter highlights being patient focused first and foremost and delves deeper into: Life-changing drugs Health system […]