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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 31, 2024 | Kernow Asset Management | - | 16.2% | CMCX.L, FRAS.L, GFRD.L, HSX.L, JET2.L, MTRO.L, RMV.L | contrarian, Long/Short, tax policy, United Kingdom, value, volatility | Global markets experienced extreme volatility in August with the VIX spiking from 12 to 65, its highest level since COVID-19. Japan dropped 12% in a single session, yet markets recovered within a week. The manager views this volatility as opportunity, increasing their CMC Markets position during the panic. | RMV.L JET2.L CMCX.L |
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| 2024 Q3 | Oct 30, 2024 | Kernow Asset Management | - | 16.0% | CARD.L, CMCX.L, FRAS.L, GFRD.L, HOL.L, HSX.L, HTG.L, MTRO.L, SAGA.L, VID.L, WISE.L | contrarian, infrastructure, Long/Short, small caps, Uk, value | Manager identifies significant value opportunities in UK equities, particularly noting Metro Bank and other holdings trading at attractive valuations. Emphasizes asymmetric return characteristics where investment thesis differs from consensus. | View | |
| 2024 Q4 | Jan 8, 2025 | Kernow Asset Management | 8.0% | 23.0% | CARD.L, CMCX.L, GFRD.L, HSX.L, MS, MTRO.L, PNN.L, SAGA.L, STAN.L, WISE.L | contrarian, Fintech, Long/Short, UK Equities, value, water | Wise continues to exceed expectations by adding wholesale clients like Morgan Stanley and Standard Chartered to its traditionally retail-focused FX business. This expansion is three years ahead of expectations and represents a significant competitive advantage through low-cost infrastructure that peers cannot match on price. | WISE.L |
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| 2025 Q4 | Jan 12, 2026 | Kernow Asset Management | 0.0% | 16.4% | CARD.L, CMCX.L, KIST.L, MTRO.L, SAGA.L, SMWH.L, STB.L, WISE.L | Banking, contrarian, Data centers, Long/Short, oil, Uk, value | The fund demonstrates classic value investing principles, buying companies trading below book value. Secure Trust Bank trades at half its book value, effectively allowing investors to buy £1 for 50p. The contrarian approach of buying when oil dropped 20% and others are selling exemplifies value discipline. Significant exposure to UK banking sector with Secure Trust Bank, Metro Bank Holdings, and CMC Markets representing major positions. Secure Trust Bank's division sale at premium to book value and new lending strategy announcement expected at Capital Markets Day are key catalysts. Despite oil dropping 20% in 2025 and Trafigura expecting further declines amid supply glut, the fund maintains contrarian positioning. Kistos doubled oil and gas production through Middle East acquisition, creating what the manager views as the most mispriced stock in the portfolio. Shorted Fermi, a £12bn AI data centre IPO, betting against the peak of AI data centre euphoria. The thesis relied on political shifts and tech breakthroughs reshaping the landscape. The stock dropped 70% within three months, validating the short position. | MICC LN FRMI LN CARD LN KIST LN STB LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Kernow Asset Management | CMC Markets PLC | Financials | Investment Banking & Brokerage | Bull | London Stock Exchange | Brokerage, CFD, contrarian, financial services, market volatility, Online Trading, UK | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||