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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 Q1 | Apr 30, 2024 | Kernow Asset Management | 8.0% | 22.7% | FRAS.L, GFRD.L, HSX.L, IP, ITV.L, MNDI.L, MTRO.L, SAGA.L, SMDS.L | Buybacks, contrarian, Long/Short, Mid Caps, UK Equities, value, water | Multiple UK companies are engaging in substantial share buybacks, including ITV returning £235m (10% of market cap) and Hiscox announcing a new US$150m buyback program. This demonstrates intelligent capital allocation amid compelling company valuations. | MTRO.L MNDI.L HSX.L ITV.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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| 2023 Q3 | Sep 30, 2023 | Kernow Asset Management | 8.0% | 22.7% | CEY.L, FRAS.L, GFRD.L, HSX.L, MNDI.L, MTRO.L, VID.L | contrarian, Elections, Long/Short, takeovers, Uk, value | UK-listed companies continued to attract takeover interest with eight businesses receiving bids in November, including Hotel Chocolat which received an offer 170% above the previous day's closing price from Mars. This takeover activity demonstrates the value available in UK equities and provides opportunities for the portfolio. | VID.L |
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| 2025 Q1 | Apr 18, 2025 | Kernow Asset Management | -5.9% | -5.9% | BKG.L, BRBY.L, CARD.L, GFRD.L, HSX.L, HTG.L, MTRO.L, WISE.L | Buybacks, Capital Allocation, contrarian, Long/Short, United Kingdom, value | Manager focuses on businesses with asymmetric return characteristics trading below intrinsic value. Berkeley Group highlighted as undervalued with strong cash position and forward visibility. Hunting exited as value trap despite 100% returns due to poor capital allocation by management. | BKG.L GFRD.L BRBY.L HTG.L |
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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 | Hiscox Ltd | Financials | Property & Casualty Insurance | Bull | London Stock Exchange | high conviction, high ROE, Insurance, Record Profits, Share Buyback, specialty insurance | 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. | ||||||||