UK Fund in Five: TM Redwheel Equity Income Fund
The season of proxy discontent
Are asset managers engaging on ESG issues and willing to use their voting power to force change?
Those shiny Ørsted shares? I’d rather have Dong’s
What an incredible story Ørsted makes.
Troubled Compounding Machines: a closer look
Troubled Compounding Machines: a closer look … Here we take a dive into one of the RWC Global Equity Income Strategy’s five buckets … branded entities including RWC Partners Limited and RWC Asset Management LLP, …
A closer look at our three remaining buckets
The three requisite features of every investment we make are: a premium yield; dividend sustainability; and a valuation margin of safety. These are relatively easy to find individually but, in combination they are rare and typically only occur when a company is surrounded by some form of risk or controversy.
Understanding the Greeks
For our final discussion in this series, we hope to demystify the Greek letters that are key to understanding convertibles.
Converts and volatility – a perfect match
In our last discussion about convertible bonds, we covered the topic of valuation, and hope that we cleared up some of the complexity of the subject. We would like to perform a similar exercise for the notion of volatility and describe why it can be a good thing for convertible investors. After a brief refresher on definitions […]
Emerging markets: 2021 and beyond
There are many supportive tailwinds for emerging markets as we enter 2021 and beyond. Drs. Cem and Felipe (with quantitative support from Dr. Spies) published a white paper on the outlook for the US dollar…
Debunking the complexity of Converts
Convertible bonds are less complex than you might think. We understand why some believe the asset class to be the domain of specialists, but perhaps if we address three of the subjects that present a challenge for investors, convertible bonds will seem much more straightforward to understand. These three topics are: Convertible bond valuation Whether […]
A merry dance…
I wrote on the subject of profit margins last year in Margin Call and how we try to normalise them as part of our company evaluation. I referred to The Heinz-Kraft Company (KHC) and how under 3G Capital, a private equity firm, margins were significantly raised at KHC. A consequence of those expanding margins was […]