First‑order fears, second‑order thinking: Why we own Compass Group
New, disruptive technologies tend to provoke the same investor response: a rush to simple narratives and indiscriminate selling across anything perceived to be in the firing line. We saw this in software earlier this year , and more recently in staffing and adjacent sectors, where fears of AI-driven disruption have driven share prices well beyond […]
Are we losing the AGM, and does it matter?
Across Europe, annual general meetings are becoming less accessible. In Italy, 67% of AGMs in 2025 are being held behind closed doors, with no in-person or virtual access for shareholders. [1] In Germany, 65% of DAX 40 companies held virtual-only AGMs in 2024, removing the option to attend in person. [2] In the UK, the […]
The other bull market: Frontier markets continue to climb
While most of the investing world has been preoccupied with AI, the MSCI Frontier Markets Index has been quietly pushing through new highs. Reform-driven return potential combined with low valuations and strong diversification benefits – particularly against a backdrop of heightened energy volatility – suggests these markets may deserve a larger role in global equity […]
Don’t be dumb
As the famous saying goes, necessity is the mother of invention, and no period creates so fertile a ground for invention as war. The Second World War is a prime example, with a wave of technological innovation that birthed the world’s first electronic computer at Bletchley Park, the atomic bomb at Los Alamos, jet engines […]
Harnessing reform in Uzbekistan: Why Redwheel has backed UzNIF
The Redwheel Emerging and Frontier Markets team is proud to have been selected as one of the cornerstone investors in the recent listing of the Uzbekistan National Investment Fund (UzNIF). Our participation in this listing has been the culmination of visits to the country and engagement with policymakers and companies over a period of several […]
Redwheel and Investment Trusts: A differentiated proposition for Boards
Since entering the sector in 2020, Redwheel has built a differentiated, Board-first model for Investment Trusts, treating each Trust as a standalone and truly independent entity and offering the sharper alignment and focus that Boards should expect from their Investment Manager. Redwheel acts as Investment Manager for Temple Bar Investment Trust (TMPL), Ecofin Global Utilities […]
A world of pure imagination
Like many classic stories, Roald Dahl’s Charlie and the Chocolate Factory illustrates simple rules that map surprisingly well onto markets. Investors and the children in Dahl’s book are essentially chasing the same thing: chocolate in one case, returns in the other. The goal is the same but what separates winners from losers is the path […]
I am the master of my fate
This article was originally published in FT Adviser and can be accessed here. Suck it up One dark autumn evening in October 1978, a man drove home from work and proceeded to stick together some empty cereal boxes on his kitchen table. With ferocious intention, he constructed his paper prototype, tested that it worked, and […]
Is Hormuz the new Fukushima?
Key takeaways The Hormuz blockade is exposing oil and LNG as structural security liabilities just as electrification and renewables have become economically competitive. Fossil‑fuel price shocks are accelerating the shift from direct fuel use to electricity, particularly in power generation and road transport. Countries with strong domestic renewable resources and robust grids are already demonstrating […]
Finding hidden GEMs beyond Wall Street
There is an old Warren Buffett quote that is often used: “Price is what you pay, value is what you get”. Most investors nod along and then go back to buying whatever US large-cap growth stock everyone else is buying. Large mispricings are more likely to be found in areas where few are looking, however, […]