Under the Bonnet

Alex Savvides and Tom Matthews provide their latest portfolio and macro review for the month of May. 

  • Alex Savvides
  • Tom Matthews
12 Jun 2019
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View PDF   Download PDF  
  • UK political developments, the breakdown in US/China trade talks, a continued weakening in global macroeconomic indicators, a defensive market and the resulting market mix were all generally unfavourable headline developments for the Fund’s holdings.
  • The Fund performed in line with its benchmark, with positive developments at Urban & Civic and DMGT and share price weakness in Melrose and ITV.
  • We remain highly encouraged by the operational delivery from the current investments and are confident therefore in the obvious and hidden value within the portfolio.


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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