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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Kernow Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.
"Kernow returned 8.3% in July, extending YTD gains to 27.7% through concentrated bets on exceptional UK management teams trading at low expectations. CMC Markets surged 46% as its fintech transformation accelerated."
Kernow Asset Management delivered an 8.3% return in July 2026, bringing year-to-date performance to 27.7% versus 11.6% for the UK market. The fund is up 140% cumulatively since inception in November 2019, compared to 82% for the market. The manager's core thesis centers on investing in exceptional people running UK companies where low expectations create opportunity. CMC Markets rose 46% during the month after its founder's stake exceeded one billion pounds, validating the manager's decade-long conviction in the business transformation. Clarkson, a shipbroking information network, exemplifies the strategy of finding businesses that compound through cycles while competitors disappear. The manager argues that optimism attached to competence, ownership, and endurance produces excess returns, as markets struggle to price people who can change the future they are being valued against. The portfolio maintains 145% gross exposure and 75% net exposure across 22 long and 18 short positions, concentrated in small-cap UK equities with a forward P/E of 13.5x.
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