Today, the phrase one-trick pony refers to any one or thing with said limited repertoire. One could argue that the US stock market has been somewhat of a one-trick pony (albeit a very impressive one) thanks to the artificial intelligence (AI) boom.
AI is having an impact on both sides of the coin: companies within the AI supply chain – from the semiconductor makers to the data centre operators – have been anointed winners, while the formerly sexy software-as-a-service firms are now seen as AI losers. Everything else just seems a bit ‘meh’, as the kids might say.
By contrast, emerging markets have much more in their quivers than just AI. That’s not to downplay the importance of the AI supply chain to the EM story in the slightest. Countries such as Taiwan and Korea, which are home to some semiconductor powerhouses, are thriving.
This has helped the MSCI Emerging Markets Index return more than twice as much as the MSCI USA Index over the past 12 months – performance that has come on the back of surging share prices from the likes of TSMC, SK Hynix, Samsung Electronics and Delta Electronics.
The first point we’d make is that companies within the EM AI supply chain remain significantly cheaper than their US counterparts. SK Hynix, for instance, trades on a single-digit forward price/earnings ratio despite an 765% 12-month share price gain.
Secondly, there is a plethora of other tailwinds driving our positivity on emerging markets moving forward. Developing nations are expected by the International Monetary Fund to see real, annualised GDP growth of 4.1% between 2026 and 2030, twice as high as the US and c. three times as fast as the Euro area and the UK.
This is underpinned by healthy demographics and increasing life expectancy, while rising working-age populations are leading to a fast-growing middle class, presenting opportunities in the consumer space.
In addition, rising educational standards and embracing shareholder friendliness are reshaping the talent pool and leading to more entrepreneurial and technologically innovative business leaders.
China is already the world leader in renewable energy technology. China spends more than 2.6% of its GDP on research & development (R&D), a similar amount to the EU and just below the US’s 3.4%, while Chinese researchers publish more quantum-related research papers annually than any other country. Chinese AI companies issue more patents than any other country and in total, China accounted for over 50% of the total patent applications submitted.
Identifying and taking advantage of these myriad structural drivers is where active fund managers can really earn their stripes. While one can rely on a fire-and-forget low-cost index tracker to ride America’s mega-cap-AI-trade, it’s worth getting creative when it comes to EMs.
The scale and heterogeneity of the EM universe create a rich source of potential alpha for skilled active managers with a large, on-the-ground analyst team. This, we think, is what makes JPMorgan Emerging Markets Growth & Income (JMGI) such a compelling option.
Austin Forey has managed the trust for over 30 years, navigating multiple market cycles from the Asian crisis to the global financial crisis; co-manager John Citron adds a further decade of EM experience. Austin and John can draw on JPMorgan’s extensive global research network of more than a hundred professionals across nine countries.
The team conducts over 3,000 company meetings each year, building long-term relationships with management teams to identify the highest-quality opportunities.
JMGI’s bottom-up, quality-focused strategy favours well-run, profitable businesses capable of compounding growth. This leads to a long-standing tilt towards technology, including a decade-plus holding in TSMC, as well as industrial, consumer and financial names.
The managers think that higher savings rates across EMs and increasing penetration of life insurance should benefit the likes of AIA, a Hong Kong-listed life insurer.
Looking further off the beaten track, an overweight in Brazil is driven not by commodity producers, but by the likes of Nubank, the world’s largest digital bank, and Weg, an industrial powerhouse.
While growth is important to JMGI’s managers, so is valuation discipline, which is what has led to the trust being in the unusual position of being underweight India, having taken profits when valuations were looking stretched. That has benefitted relative performance as India has performed poorly and the managers now have a long list of Indian companies they would like to own again once the price is right.
Perhaps we’re being harsh on the US– it is the pre-eminent global stock market and a country where capitalism and innovation continues to thrive. However, we think at this juncture it’s time to consider branching out and backing the next wave of innovation, which may come out of an EM complex that is thriving.
JMGI aims to tap into this innovation with an approach focused on finding growth opportunities, yet has adopted an enhanced dividend policy, targeting annual dividends of 4% of the last financial year’s losing NAV, payable quarterly. This makes the trust an attractive vehicle for investors seeking exposure to high-quality companies across EMs with the added bonus of a regular income stream.
Buying into such a growth story at close to a 10% discount could also appeal to those who think these markets are due for more attention, and the addition of an EM fund could add valuable diversification to your portfolio, ensuring it’s not at risk of being a one-trick pony.
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]]>Between 1926 and February 2025, for instance, 31% of the overall returns from the S&P 500 came from dividends, according to S&P Global. In the 1940s and 1970s, half of the average monthly total return from the US index came from dividends.
In recent decades, dividends have seemingly become less important, as high-growth technology stocks that pay low or no dividends have soared. Indeed, just 14% and 15% of the average monthly total returns during the 1990s and 2010s respectively came from dividends. However, we think that dividends are likely to play a bigger role moving forward, potentially bringing back the glory days.
In the UK, we’re blessed with a plethora of companies happy to pay out a certain proportion of their profits each year in dividends, rewarding shareholders for their backing. Europe is another region that pays an above average dividend yield, as is Australia.
One collection of countries that is often overlooked when it comes to income, though, is emerging markets. Indeed, global emerging markets offer a higher dividend yield than both Japan, which is becoming a rising force in income-land thanks to its corporate governance reforms, as well as the US (which, admittedly, isn’t a difficult feat).
We are starting to see a growing emphasis on shareholder returns right across the emerging market universe, from Chinese firms that are increasingly distributing free cash flow via dividends and share buybacks, through to South Korean corporates that have shown improvements in their dividend culture. In fact, dividend payments from emerging market companies have grown at a compound annual rate of c. 3.2% between 2005 and 2025.
This is important because, buoyed by the artificial intelligence (AI) trade, emerging markets are making a comeback after a decade or more of disappointing relative returns. The MSCI Emerging Markets Index has returned more than the MSCI USA Index in pound sterling terms over both one and three year periods to 23/06/2026.
Many of the companies that make the semiconductors needed to power AI now constitute a large part of the EM universe, potentially giving the MSCI Emerging Markets Index a real chance of challenging America’s dominance of world markets.
Unlike the US, though, one can get meaningful exposure to the AI chip chain through emerging markets while also receiving a decent dividend yield. Indeed, as of 31/05/2026, the top five holdings within JPMorgan Emerging Markets Dividend Income (JEMI) were part of the AI chain, representing c. 32% of the overall portfolio. As one can imagine very few, if any, US equity income funds will give you exposure to the likes of Nvidia, Broadcom or Micron Technology.
Of course, the emerging market story is far from a one-trick pony. Emerging markets are real economic growth powerhouses, as you can see from our recent feature article.
While we’ll admit that GDP growth isn’t a pre-requisite for stock market growth, the fast growth of these emerging economies provides the region with some structural growth stories: demographics are a real tailwind, the middle class is growing as populations become richer, and entrepreneurship is thriving, as is technological innovation.
Throw in exposure to the commodity-rich plains of Latin America, and emerging markets provide exposure to myriad exciting growth trends in what is increasingly looking like a new investment frontier – as well as a tricky geopolitical backdrop.
JEMI’s outperformance over the past 12 months has largely stemmed not from its holdings in chipmakers but its exposure to banks, which have benefited from a higher interest rate environment. An underweight to India also contributed positively to relative performance.
Manager Omar Negyal has a bottom-up, quality-value approach, which means he has been reducing the trust’s exposure to the information technology sector, particularly AI-related names, given their now-elevated valuations, taking profits and recycling them into other areas.
Coming into the portfolio have been companies exposed to the Chinese consumer such as hotel management firm H World, as expectations are for improved consumption in the country, as well as those commodity-related companies, such as Brazil’s Petrobras.
JEMI uses the closed-end structure well, too, investing across the full market-cap spectrum, including companies offering lower yields as well as less-liquid names that open-ended peers often can’t access. This helps the trust to hit its dual mandate of providing a combination of income and capital growth.
JEMI currently barbells its portfolio, with c. 60% invested in companies yielding between 3% and 6%, including names such as South African gold miner Gold Fields; c. 20% in lower-yielding names with higher growth prospects hopefully leading to higher dividends over time, including AI plays such as Samsung Electronics and ASE Technology; and c. 20% high-yielding positions such as Thai investment bank Tisco.
JEMI’s dividends are paid naturally, i.e. from income received from portfolio companies, although it does retain the flexibility to draw on revenue reserves or capital profits to support dividends where needed. In JEMI’s previous financial year, dividends were more than covered by earnings, meaning the board could add to its revenue reserves buffer, which stood at £13.8 million as at 31/07/2025, giving the trust dividend cover of c. 0.9x.
Emerging markets have long been overlooked by income investors, denying them a large portion of the world’s GDP and population, as well as pockets of stock market growth. However, the changing dynamics we’re seeing means the cohort can no longer be ignored.
JEMI’s c. 2.9% yield might certainly reinforce the fortress that most income-focused readers will already have built around their holdings within the UK and potentially the European stock market, and with a steady hand at the tiller in manager Omar, who has almost three decades of experience in global equity investing.
Additionally, its exposure to the seemingly inevitable long-term value creation of companies within the AI value chain only adds to that protection, making JEMI a good way of allowing investors to gain exposure to this growth potential without compromising on their income requirements – and all at a c. 10% discount to boot.
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]]>Clearly Schroder European Real Estate’s (SERE) market cap, less than £100m, and the French Tax Authority’s notice of adjustment have made it difficult for many investors, or potential merger candidates, to take a view on SERE. There is a strong and well-documented desire for REITs and investment trusts to be much larger than this and M&A over the last few years has often been focused on achieving scale, rather than the short-term extraction of value. This situation is acknowledged by SERE’s chair in the results statement and comes despite, in our view, a backdrop in various European markets actually looking relatively constructive for some real estate sectors such as industrial and logistics, a key focus for SERE.
Given that, a managed wind-down looks like the most sensible option, as it comes against that constructive backdrop and gives time to complete asset management initiatives that could enhance asset sales, but also retains some optionality, as SERE will likely remain listed for some time. Since the announcement the share price rise of about 10% suggests that the market thinks this is a good outcome, though the manager believes that the discount may still be overly conservative, noting that the revised managed wind-down strategy, subject to investor approval, shifts the investment profile from an income focus to a total return approach and could lead to a further re-rating.
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]]>Today, one could argue that companies are becoming more like fine wine, rather than the stuff that’s made to be drunk. That is, they are peaking and becoming publicly listed later in life, rather than being built to IPO quickly.
For a long time, newly founded businesses were in a race to become publicly listed. There was a real cache in having your business listed on, say, the New York or London stock exchange. It was almost seen as the pinnacle landmark for a company.
Indeed, in 1999, the median company was young and immature, being just four years old and $493m in size at IPO. Apple had been founded four years before its 1980 IPO, as was Netflix when it floated in 2002. When Amazon became a listed company in 1997, it was not even three years old.
Fast forward to more recent times and private companies are going the other way: the older, the better. Spotify was 12 and Airbnb was 13 when they listed in 2018 and 2020 respectively; Palantir was a 17-year-old spotty teenager when it floated.
The median company that floated on the stock market between 2020 and 2024 was 12 years old and worth more than $2trn. These numbers are only going up. SpaceX was a full-on adult, at 24 years old, when it became the biggest IPO ever in June.
Still, the point stands: if you want to get exposure to some of the biggest and best companies in the world these days, you need to invest at least some of your cash in private equity (PE). This is a double-edged sword. PE is not an easy asset class to get access to, since the top funds require millions of pounds in initial investment that will get locked-up for long time periods.
Investment trusts democratise access to PE. The closed-end nature of trusts and their long-term investment horizon means they can provide access to an inherently less-liquid asset class while giving shareholders liquidity and a low-priced entry point.
Funds that combine exposure to private companies alongside a sleeve of publicly listed stocks appeal to those with a growth-oriented mindset, as do the pure listed PE trusts, which pair well with mainstream global equity exposure, but there are options for those preferring a less volatile ride, such as Hansa Investment Company.
Hansa’s exposure to private assets appeals to us, especially when paired with the rest of its portfolio. One could argue Hansa is now the ultimate one-stop-shop investment: a diversified, multi-asset portfolio with the goal of generating long-term capital growth from a mixture of investments spanning publicly listed equities, bonds, hedge funds and private assets.
It’s this private asset sleeve that we find so compelling and differentiating. Hansa has been investing in PE since 2023 and had already committed to 11 PE funds from nine different managers, but it was Hansa’s combination with Ocean Wilsons (Investments) Ltd (OWIL) that demonstrates the long history the investment company has in this area.
OWIL started investing in PE over 20 years ago and the combination between the two entities brought its mature PE portfolio into Hansa. Hansa Capital Partners (HCP) was the investment advisor to OWIL and investment manager to Hansa throughout the entire life of their PE programmes. HCP CIO Alec Letchfield launched the current core/satellite approach in 2014, and commitments made by OWIL since that time have returned 259.7%, versus 198.1% for the MSCI All Country World Index (including FM). These assets are now held in Hansa’s portfolio.
All the PE funds and managers Hansa invested in were also in OWIL and both entities followed Alec’s core/satellite approach. As HCP is now the investment advisor to Hansa, nothing fundamental changes post-combination.
What it does do is give Hansa more scale, while also automatically increasing Hansa’s exposure to private assets. Prior to the combination, private assets accounted for 0.6% of Hansa’s assets. Following the combination, private assets amount for c. 10%, and over time the plan is to grow it to c. 20%.
Hansa invests in general partner (GP) structures as management believes their fixed-term structures create a greater incentive for the GP to invest in, grow, then sell assets. It does not invest in semi-liquid structures, where there’s a mismatch between investor redemptions and underlying asset liquidity; avoids investing in evergreen, closed-end structures given their exposure to public market volatility; and does not do direct private company investment, which is hard and requires a specialist team and can be a graveyard for investors.
The core of Hansa’s PE approach consists predominantly of developed market buyout funds run by some of the best managers. These include KKR North America, which operates an upper-middle-to-large-cap buyout strategy, and TA Associates, a growth manager. TA invests globally with a focus on the US and targeting the technology, healthcare, financial services and business services sectors. Top investments the TA team has participated in include Aldevron, which provides tools to the life sciences sector and was acquired by Danaher for c. $10bn in 2021; and insightsoftware, which provides analytics and performance management solutions for a range of corporates.
The satellite sleeve is focused on more specialist areas that have higher potential returns. HCP first invested with Kholsa Ventures, founded by Vinod Khosla, the co-founder of Sun MicroSystems, in 2021. Khosla is one of the world’s leading venture capital investors, investing in areas such as AI, medtech and robotics. Notably Khosla was in at the ground floor of some of the most exciting growth stories of recent years such as OpenAI, Impossible Foods and Stripe.
This all plays into Hansa’s unique strategy that clearly differentiates it from peers. Alongside the private equity sleeve sits a portfolio largely made up of specialist active managers that are often unavailable to most investors as well as lower-cost broad market exposure, a direct equities sleeve and some more all-weather, diversifying funds.
In addition, Hansa exhibits strong alignment of interests with shareholders, with management seeking to grow intergenerational wealth over the long term; a new share buyback policy aimed at tackling a wide discount that is yet to recognise Hansa’s new, more simplified structure.
Like a fine wine, Hansa seems to be maturing well and stands out to us as an interesting proposition for investors wishing to look beyond traditional multi-asset funds, particularly on a c. 41% discount that we suspect is going to narrow in the coming months and years, making future long-term returns look potentially significant.
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]]>Whilst these results only cover one year in Hansa Investment Company’s (Hansa) storied history, they are arguably some of the most significant, with the corporate activity that has completed creating a considerably different investment proposition than what was on offer at the same point last year. We have covered these in more detail in our recent note, although the key takeaway is that Hansa is now a much more straightforward offering for investors, and is now a diversified, multi-asset portfolio with the goal of generating long-term capital growth.
We think this profile should appeal to a wide range of investors, with the mixture of different asset, selected by an experienced and specialist team providing a “one-stop shop” solution. This looks particularly attractive at this juncture in our view due to the wide discount the shares currently trade at. The discount widened as the NAV jumped on the completion of combination, demonstrating investors have arguably been slow to react to the positive changes. Whilst the discount has narrowed slightly since the results were published, the current level is still excessive, in our view, and still reflects backward-looking hesitancy, rather than a more optimistic take on the future potential following the changes.
On a technical level, the current elevated cash levels make the effective discount even wider. Alec is allocating some of this cash towards the private assets, albeit the timing of this could prove very astute, with the manager capitalising on the volatility present in private assets in recent years. Opportunistic purchasing such as this could provide considerable long-term gains for Hansa, especially in private assets which have generally outperformed over the longer time horizons that Alec takes when making investment decisions.
One potential catalyst for the discount to narrow could be the recent promotion to the FTSE 250 Index. Historically, this has shown to be a positive contributor to liquidity as it attracts passive money, which we would expect to happen again. Furthermore, with discounts narrowing across the investment trust sector more generally, Hansa’s current rating looks particularly anomalous, and we believe it is just a matter of time before this is recognised by investors. As a result, both the near- and longer-term investment cases for Hansa look particularly compelling in our view.
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]]>It is potentially, one of the best nicknames ever invented and goes to show the genius of a group of people who are mainly depicted (unfairly, in this football fans’ humble opinion) as vulgar hooligans. Not only was it an excellent play on words, it was a fairly accurate description of a defender who could pretty much play anywhere across the back line.
Investing oneself is often a time-consuming pastime and we sympathise with people who’d rather fill their downtime with other things, be that gardening (which is my new hobby), watching sports, travelling – or all the above.
One can, of course, opt for the path of least resistance and simply buy a fund tracking global equities, but with a heavy tilt to a rather expensively valued US market one might prefer some diversification in case the worst happens. Bonds, gold, real assets and currencies can all play a role here, but often it’s difficult for ordinary investors to understand those roles and the correct weightings each should be given in a portfolio.
Fortunately, there are plenty of one-size-fits-all options for hands-off investors in the investment trust realm. Crucially, they provide a broad spread of risk profiles with a similar mandate: to provide real, long-term investment growth.
While a low-cost global passive fund still fits the bill for many growth-oriented investors, we worry that they’re nowhere near as diversified as they were, say, 10 years ago, given the relentless outperformance of US stocks in that time.
For those keen to chase the growth that stock markets can generate but spread their bets a bit further, we think that CT Global Managed Portfolio Growth (CMPG) is a good option. CMPG focuses unashamedly on maximising capital growth and managers Adam Norris and Paul Green continues to increase its equity exposure, most significantly in Asia and emerging markets, given tailwinds such as attractive valuations, strong earnings growth potential, and a weakening US dollar.
Adam and Paul have done similar on CT Global Managed Portfolio Income (CMPI), the trust’s income share class which offers an attractive c. 6% dividend yield and thus plays an equally important role for investors looking for a regular income while retaining a hefty and diversified exposure to equities.
One beneficial quirk of these trusts are that once a year, shareholders have the option to switch between share classes at net asset value without incurring UK capital gains tax, enabling those not investing through a tax-exempt account to adjust their investments over time in line with their needs without triggering a tax liability.
We see Hansa Investment Company as offering a rare opportunity to invest in a diversified, multi-asset portfolio with the goal of generating long-term capital growth with the potential added bonus of a special situation that could enhance future returns.
Unlike CMPG/CMPI, Hansa has built the bulk of its portfolio from specialist and unique active managers that are often unavailable to most investors, including private asset funds, alongside lower-cost, broad market exposure and more all-weather, diversifying funds.
The trust headed up by Alec Letchfield, CIO of Hansa Capital Partners, takes an intergenerational approach, and following a recent combination with former holding Ocean Wilsons Limited has become a greatly simplified proposition.
More immediately, there is also the attraction of the current discount which, at c. 40%, is exceptionally wide in its own right (albeit narrower than the c. 47% it had been in May) but even more so when considering the elevated level of cash currently on the balance sheet and the liquidity of the underlying assets. We believe this discount reflects an outdated view of Hansa and its previous complexity and any further narrowing could juice returns.
Managers Dr Sandy Nairn, Alan Bartlett and James Sym take a highly flexible approach for Global Opportunities Trust (GOT), with the goal of generating attractive real returns, low correlation to global markets and downside protection across a market cycle.
GOT’s managers have a “go-anywhere” approach and combine a portfolio of individual equities such as Sanofi, Unilever and Dassault Aviation cash-like products such as government bonds and money market funds. The cash-like part of the portfolio can be as much as 50% and is c. 40% today, reflecting high equity valuations and the managers finding a lack of opportunities in stock markets.
In addition to the fact that GOT has no correlation to global equity markets over a five- to eight-year period, like Hansa the current discount of c. 17% is statistically noteworthy, but when accounting for the c. 40% cash level, it becomes even more interesting and is statistically noteworthy, as the effective discount on the equities is c. 28%.
In our view, the diminished diversification inherent within market-cap weighted global stock indices means they no longer provide investors with a one-size-fits-all exposure they might hope they would. With valuations at elevated levels, too, any bad news when it comes to the power and trajectory of the artificial intelligence story has the potential to have an outsize impact on future returns.
By contrast, many investment trusts have been carefully curated to be one-size-fits-all to help defend investors’ savings against any disruption we see within equity markets. We think investors should no longer overlook these options.
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]]>But perception can bear little resemblance to reality. True, NVIDIA has served up a stellar 900% five-year total return but I suspect most investors wouldn't have pointed to the even more stellar 2,300%-plus return from UK small-cap Filtronic. Neither is the UK a one-trick pony, with almost 50 listed companies eclipsing Alphabet's 200% return (the second-highest Magnificent Seven performer).
We Brits, it must be said, have a complicated relationship with self-deprecation. While our flag-waving cousins across the Atlantic wear their national pride on their sleeves, we tend towards a more complex emotional register. Which is to say, we're rather good at talking ourselves into a cycle of perpetual pessimism: the weather, the economy, our prime ministers and, so it would seem, our own stock market.
Patriotic sentiment aside, the numbers suggest investors may well be missing a trick.
That said, the most powerful argument for UK small caps isn't about the last few years but their outperformance over a much longer time horizon.
Over the last seventy years, UK small caps have delivered an annualised real return of 9% (after stripping out the flattering effects of inflation). By comparison, the all-singing, all-dancing US equity market delivered 7%, followed by 6% for global equities, while house prices (that most cherished of British conversation topics) managed less than 3%.
And the returns become even more striking further down the market cap spectrum: investing £1,000 in the Deutsche Numis UK Large Cap Index in 1955 would have grown to £1.9 million by the end of 2025 (on a nominal total return basis). Possibly even enough to buy a garage in Chelsea.
But that same £1,000 invested in the very smallest UK companies, the DNSC 1000 index covering the bottom 2% of the listed market, would have delivered a remarkable £29 million. Provided you have the patience to let it work its magic, the power of long-term compounding is difficult to argue with.
So why have UK small caps outperformed their large cap peers?
Well, it starts with a simple arithmetic advantage: doubling revenue is significantly easier from a £50 million base than the lofty perch of a FTSE 100 giant already commanding a substantial market share.
But it's also about culture. Smaller companies tend to have flatter management structures, faster decision-making and greater agility to capture market opportunities without the drag of corporate bureaucracy.
At this point, we should probably address the elephant in the room: it’s fair to say that the UK economy isn’t in the rudest of health. But it’s still the fifth-largest economy in the world and it's important not to conflate buying British stocks with buying the British economy. Many UK small caps have carved out highly successful niches in high-growth markets, with a growing number generating the majority of their revenues from overseas.
Meanwhile, UK small caps are still trading at a discount to long-term averages and international peers. Despite its superior long-term track record, the MSCI UK Small Cap Index currently trades 25% below the World Small Cap Index. Should investor sentiment towards UK equities continue to build, the potential for a meaningful re-rating could be significant.
With hundreds of listed businesses to choose from, the UK small-cap sector offers a fertile universe for active stock-pickers.
However, not all small caps are created equal: the higher prevalence of low-quality, speculative companies means active stock-picking tends to pay off in a way that passive index-tracking does not. The relative scarcity of analyst research, while an obstacle for retail investors, also provides a genuine alpha opportunity for active managers willing to do their own due diligence.
The best-performing UK small-cap fund over five years - across both the Investment Association and the AIC sectors - is Rockwood Strategic (RKW), with a share price total return of almost 130% over this period.
Manager Richard Staveley runs a concentrated portfolio, with the top ten holdings accounting for just over 60% of assets, enabling private equity-style engagement with management teams.
The strategy is deliberately value-focused: Richard looks for businesses trading at a significant discount to their underlying value, whether due to operational challenges, management issues or external events that have weighed on sentiment and share price. The target is companies capable of doubling in value over five years, with Richard seeking out a clear catalyst to drive each recovery story.
Which brings us back to Filtronic - a twenty-bagger for Rockwood, having first invested at 12 pence a share (the share price has risen by 85% over the last year and is now trading around 280 pence). Based in County Durham, Filtronic makes specialist hardware components for satellite communications networks, signing a strategic partnership with SpaceX to supply Starlink in 2024, followed by a record £47 million contract last year.
Funding Circle has been another notable success. Rockwood initiated a position in early 2024 at 34 pence per share. Subsequent catalysts, including a share buyback programme, a cost-cutting drive and the disposal of its loss-making US division, have driven the share price to almost 150 pence.
And these are not isolated cases, with Vanquis Banking Group and Capital Limited rising over 90% in Rockwood’s annual results to 31/03/2026.
This concentrated, best ideas strategy means that strong performers like these can drive returns in a way that a hundred-plus holding fund will struggle to replicate.
The AI trade has been spectacular - until it isn't. With priced-for-perfection valuations at eye-watering levels and doubts growing over the AI spending boom that underpins them, investors chasing yesterday's winners may find themselves disappointed.
UK small caps remain cheap, under-researched and largely ignored, which, as any contrarian will tell you, is usually a rather good place to start.
Numbers as at 01/07/2026 unless stated otherwise.
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]]>Although the normal focus for investors looking at performance is on total return, the chart below shows Picton Property Income’s (PCTN) NAV per share over the long-term without dividends reinvested. This is a reminder that whereas PCTN and others remain at significant discounts to NAV in 2026, property capital values actually troughed in 2024 and, arguably, have returned to the longer-term trend.
This return to trend is a reminder that one of the conundrums of the 2022-2024 downturn was that, even as capital values fell, rental growth continued in some key areas, notably in industrial and logistics but also retail warehouses, which arguably share many of the same characteristics. So, although capital values have adjusted to a higher interest rate environment, rentals have continued to tick higher. Further, it continues to have significant reversionary upside from a combination of under-renting and vacancies.
The main headwind remains the macro factor out of the control of PCTN’s management: UK gilt rates remain stubbornly high and, as recent events show, are more susceptible to market nervousness than other major economies. But PCTN’s portfolio is well positioned for one of the good news stories in the UK, which is the continued demand for those industrial, logistics and retail warehouse assets, which, combined, form about three quarters of the portfolio.
The fact that PCTN’s board is holding a strategic review, and that an initial proposal, yet to evolve into a firm offer, has been put forward by two other REITs are both a matter of public record and while we can’t know the details, it’s reasonable to say that both are indicators that PCTN’s discount is seen as a value opportunity both by the company itself and by other specialist investors. Whatever the outcome, though, the portfolio is well-positioned for growth of income and, ultimately that’s what will drive the share price higher over the long-term.
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]]>UK mid-caps faced a challenging backdrop during the six-month period to the end of March 2026, particularly in the wake of the outbreak of the Iran war and its knock-on effects, including higher oil prices and concerns about potentially higher inflation and interest rates. The trust was further impacted by its use of gearing, as well as by positions in companies that have faced operational and/or execution-related issues, although managers Jean Roche and Andy Brough remain constructive on the long-term outlook for most of these businesses. In addition, the managers highlight that they saw more earnings upgrades than downgrades among their holdings during the period. As a result, they believe that the fundamentals of their investee companies remain strong, saying that the sell-off in UK mid-caps has been driven primarily by investor sentiment.
Currently, UK mid-caps are trading at multi-decade valuation lows compared with their own history, UK large-caps, and most other developed markets. Combined with strong company fundamentals, the managers believe that the asset class offers plenty of scope for a potential re-rating. In fact, they think that the undervaluation of UK mid-caps is already being recognised, notably by trade buyers and private equity firms, which continue to acquire UK-listed businesses at significant premia, and by the companies themselves, which have been repurchasing their own shares at an elevated pace.
With the US and Iran undergoing peace talks and oil prices having fallen back to pre-war levels, we believe the market environment could improve for UK mid-caps going forward. For example, lower inflationary risk could enable central banks to resume their interest rate-cutting cycle, resulting in lower discount rates for equities, reduced borrowing costs, and potentially increased risk appetite from investors. In addition, the managers believe that their emphasis on well-managed, cash-generative businesses with strong balance sheets could provide resilience if the market environment remains subdued. They also highlight that many UK mid-cap companies generate revenue internationally and have negligible exposure to the UK, meaning that Jean and Andy have the flexibility to adjust the portfolio’s exposure to the domestic economy, depending on where they see the strongest outlook. In addition, we think Schroder UK Mid Cap (SCP) should be able to adapt to different market environments, as it holds different categories of stocks: ‘unique’ stocks, which are companies with quality characteristics, and ‘flex’ stocks, which are more cyclical businesses.
Finally, we view the exit of Saba Capital from the shareholder register as well as the agreement of a three-year standstill period as important developments. This means that the trust should be free from further disruptions from the activist investor going forward. Given these developments, as well as the appealing valuations of UK mid-caps, we believe now could be an attractive entry point into a strategy that has a track record of outperforming the market over full market cycles. For instance, since its launch in 2003, the trust has outperformed its benchmark in nearly 90% of annual rolling five-year periods, as the chart below shows. To us, this suggests a degree of repeatability in SCP’s investment process and its ability to deliver outperformance.
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]]>Whereas Cordiant Digital Infrastructure’s (CORD) discount has narrowed over the year to 15% (as at 24/06/2026), the CORD team notes that, if one looks at the valuation in terms of EBITDA to market cap, which is less than 10x, this is much lower than comparables in the wider market for similar assets, which are typically mid- to high-teens. And, given that many comparable assets are likely managed in structures with fees closer to private equity rates, the management fee, which because it is calculated on market cap comes out at less than 0.7%, looks like incredibly good value. Further, management and board have significant ‘skin in the game’ through their share ownership, so there is a strong alignment with shareholders.
One consistent theme that emerges from the equity fund managers in Kepler’s network, whether they manage global, European, US, Emerging Market or UK portfolios, and regardless of whether they are large or small cap specialists, is the growth opportunities available to businesses involved in digital infrastructure. Given how much this theme is woven into the thinking of so many investors, it’s a conundrum to us that CORD, having built and grown a specialist portfolio of assets in this field and delivered consistently good results since its 2021 IPO, continues to trade at a discount, particularly when one considers the EBITDA multiple noted above.
This has begun to change and at time of writing, CORD is transitioning from the specialist funds segment of the London Stock Exchange to a premium listing. If that sounds a bit technical and dull, it really isn’t as it means that the company also makes the cut to be included in the FTSE 250 index. The immediate impact of that should be buying from passive ETFs and funds, which can be significant enough to move the share price. But the longer-term impact should be that the trust moves onto the radar of many other active equity funds. This must be balanced by the fact that equity fund managers can be resistant to buying investment trusts, but we think CORD is really as close to an operating company as an investment trust can be, and its combination of revenue visibility and growth potential make it an obvious holding for, say, equity income funds. CORD’s current yield may be a little lower than average for a UK equity income fund, but its dividend growth rate, 10%, would more than justify a place in a balanced equity income portfolio.
And even if some professional investors remain stubborn, as we see elsewhere in the Infrastructure sector, which is steadily regaining its poise through narrowing discounts, smaller investors are a growing force on share registers. Yes, one of the draws of the sector are the high yields on offer but, in an era where interest rates are, at best, on a very slow path down, higher capital and dividend growth prospects are becoming much more attractive to income investors. We expanded upon this in a recent article, including a look at CORD itself, and you can read that here. In our view CORD should be considered by investors looking to capture the growth from digital infrastructure, by value investors seeking under-appreciated but growing assets, or good old income investors looking to balance up some higher yield holdings with some real income growth for the future. Until the discount disappears, it will remain a conundrum to us.
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]]>The managers of JPMorgan European Growth & Income (JEGI) pursue an approach with this philosophy at its centre. Rather than starting from the big picture, taking a macro view of Europe and working down, forming a confident view on what is going to happen and building a portfolio based on that, the team start with the basics and focus on picking the right players to handle multiple situations. The strategy is to apply JPM’s deep resources to uncovering the best opportunities across the vast continent of Europe, focusing on the companies and letting the macro look after itself.
JEGI has delivered a blistering performance, but the trust is in the headlines at the moment for winning the competition to be the rollover option for European Opportunities Trust (EOT). EOT is winding up, with its investors offered the choice of rolling their investment over into JEGI, or into an open-ended fund run by its current manager, Alexander Darwall, or taking their cash back out. There are a number of reasons rolling an investment over into JEGI is an attractive option.
Let’s start with the numbers. JEGI has beaten its benchmark and outperformed the AIC Europe sector average over one, three and five year periods. It’s important to recognise that past performance doesn’t guarantee future success. However, a track record of winning can be evidence of having got some things right when it comes to tactics and strategy.
What we think is at least as important as winning is how victory was achieved. Fund managers often focus on very specific characteristics in their stock picks, be that high growth, undervalued assets or momentum in earnings and sentiment. JPM’s analysts look at all of these factors, looking for companies which appeal when taking everything into account, which should make returns more stable in different environments. The portfolio managers, Alexander Fitzalan Howard, Zenah Shuhaiber, and Timothy Lewis have an abundance of resources to hand when it comes to research. A team of over 80 analysts in the global equity team along with data scientists, trading and analytics specialists, outnumbers England’s support staff, even if we include the WAGS.
The result of their work is a portfolio that is balanced across important characteristics which should have the potential to outperform in different market environments, and far less likely to suffer big losses if the market goes against it. A hint of this can be seen in the calendar year performance, with JEGI outperforming in years like 2022 and 2024, when the market and peer group were flat to negative, but also in 2021 and 2025, in strongly rising markets.
Not placing all your eggs in one basket also means that you are more likely to be invested in forgotten parts of the market when they unexpectedly take off, which is one element behind 2025’s exceptional returns. The managers had a significant exposure to European banks, which rallied as a combination of government spending plans on infrastructure and defence, falling interest rates and easing regulatory restrictions led to exceptional returns. The FTSE World Europe Banks Index was up 86.2% in 2025, in sterling terms, well ahead of the 24.6% gain to Nvidia shareholders. We’re pretty sure that more analysts were picking Nvidia for 2025 than European banks, and we think this highlights the importance of a disciplined process that blocks out the top-down noise and looks for the opportunities in companies that are attractively valued as well as fast growing.
The outperformance potential and the expected steady return cycle are the heart of the case for rolling over into JEGI, but there are other things to consider too. JEGI already has a market cap of £604m, while EOT’s is £420m (both as of 12/06/2026). While some investors may opt for cash or the open-ended option, there is still the potential for JEGI to make a significant step towards £1bn in market cap. The larger the trust, the more liquidity we would hope to see in the shares, lowering trading costs. A larger trust will also bring down the charges, particularly meaningfully for EOT’s shareholders. EOT’s latest ongoing charges figure is 0.98% and JEGI’s 0.66%. JEGI’s tiered management fee structure means that the overall OCF will fall if it takes in new money. For example, if one third of shareholders roll over into JEGI, the trust’s OCF management fee would fall to 0.48% from 0.5%, so all other things being equal the OCF would fall further than the current 0.64%.
Dividends have never been a major part of the investment case for EOT. JEGI, on the other hand, has adopted a best of both worlds dividend policy which means the board pays a dividend of 1% of NAV each quarter, paid from capital if necessary. In other words, the managers don’t look for dividend paying stocks, but for the best total return opportunities, but the board can nonetheless pay a regular, significant dividend. Shareholders can either elect to reinvest the dividend, and roll up all their gains, or take the income out if they wish, while getting exposure to the same portfolio of best total return ideas. Some investors may wish to switch from one strategy to the other over time as their circumstances and requirements change.
The USA’s stock market has stormed away from the pack in recent years, reflecting some strong domestic factors like cheap energy and clusters of innovation, as well as the success of some businesses with global end-markets. But Europe is not just coffee shops and museums. Within JEGI’s portfolio sit companies like French mid-cap engineering business Spie, a leader in energy transition and building efficiency projects. JEGI also owns ASML, the leading producer of lithography machines necessary to produce cutting-edge chips – essential for the AI industry and all sorts of other technological uses. While the US has had its moment in the limelight, European stock markets are deep in innovative, fast-growing companies, many of which are trading on cheap valuations as the other continent steals the headlines. Europe outperformed the S&P 500 in 2025, and so investors who wrote it off missed out.
We think JEGI is well set up to serve investors who want to make a long-term investment in this global powerhouse. Betting against the innovation and creativity of Europe could be unwise, particularly as the trends which have pushed the US to outperform may be petering out. For both existing investors and EOT investors wanting to retain exposure to the region, we think the rollover option brings clear advantages and strengthens the case for the trust. When it comes to investing, like football, Europe offers plenty of world class potential.
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]]>Rockwood Strategic (RKW) has delivered exceptional long-term returns for investors, with a NAV total return of almost 100% over the past five-years. We think this record is a clear demonstration of Richard Staveley’s approach in action, hunting from the bottom-up for idiosyncratic, overlooked and undervalued companies with genuine potential to grow their intrinsic value meaningfully.
The key lies not only in identifying catalysts capable of unlocking that value, but for many of the trust's largest holdings, the influence Richard and team can assert to affect change, shaping board and management decisions directly. A great example of the positive impact this influence can have is via the investment in Galliford Try. Having purchased it in May 2022, at a point when its market capitalisation was below net cash, Richard and the team regularly engaged with management around capital allocation, including their approach to buybacks and dividend policy. Over time the position re-rated strongly, prompting Richard to sell the position in its 2026 financial year, realising a 48% IRR and 2.4× money-multiple.
However, set against this record, the latest full year results running through to March 2026 may look somewhat out of step, with RKW delivering a NAV total return of 7.1%. On closer inspection, however, we would argue that this is not an entirely accurate reflection of the portfolio’s progress over the year. Over its financial year, to February-end, the trust had delivered a NAV total return of 19.4%, but following the conflict in the Middle East, both wider equity markets and the portfolio's valuation were hit hard.
The weakness in March, the last month of its annual reporting period, was a big driver in RKW’s drop to a high single digit return. It masked a lot the portfolio’s progress over the year, including two strong performances from Capital Limited and Vanquis, as well as the realisation of proceeds from the takeover of National World, which achieved a 70.5% IRR. That said, there were several detractors over the period, notably the full write down on Argentex, the FX firm that collapsed after high-risk client trades were caught out by sharp dollar moves.
Since the period end to 16/06/2026, performance has rebounded sharply, with a NAV total return of 18.8%. One of the drivers of performance has been a pick-up in acquisition activity and public-to-private transactions, an area Richard expects to remain a feature of the market for years to come. Following year-end, Van Elle, for example, a geotechnical and ground engineering contractor, received a takeover approach at a 58.5% premium. This is far from a new phenomenon for RKW’s portfolio, but one we think reflects a persistent valuation gap between how the public market prices UK small and micro caps and what private buyers, both overseas corporates and private equity, are willing to pay.
Despite the broader uncertainties surrounding the UK over the past year, Richard has found no shortage of ideas in this buyers’ market, initiating a few new positions with the potential for meaningful upside, including Eagle Eye Solution a leading loyalty and promotions software provider for consumer facing retail and leisure customers. Additionally, he’s utilised fund issuance to invest further in existing holdings at favourable prices, including Flowtech Fluidpower who have built a strong reputation of identifying value accretive bolt-on acquisitions, and have now acquired a larger business based in Europe enhancing scale and reach.
Looking ahead, we believe the broader backdrop for UK small and micro caps remains constructive and developments in artificial intelligence, could also be a net positive for many of the portfolio’s holdings, including its current largest position, RM, supporting its market position within education, notably through its outsourced technology services to schools and its digital platform, Ava. Richard is alert to the risks too, including the weaponisation of AI for cybercrime, but expects most portfolio companies to benefit over time, with several already seeing improved operational productivity.
On a policy level, we think the reduction in the cash ISA allowance from April 2027 has some merit, nudging savers towards investing in the market, a tacit acknowledgement from the government that the UK market remains under-owned by its own population. That said, we share Richard and team’s frustration at the scale of opportunity still being missed. With the UK market having now outperformed the S&P 500 for a second consecutive year, and UK equities remaining at comparatively attractive valuations, broader policy support continues to lag that opportunity. For investors willing to look past short-term noise, we think the Richard's approach holds potential to unlock meaningful, differentiated value in the UK market, and it is precisely this disconnect between fundamentals and flows where managers like Richard continue to demonstrate their stock-picking edge.
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]]>Molten Ventures (GROW) experienced a year of recovery over 2025. A surging share price has been accompanied by an increase in exits in line with or above carrying value, validating the NAV. In the second half of the year, a major revaluation to Revolut was followed by big contract wins to ICEYE. In the new financial year, this has been followed up with a huge uplift to the value of the latter company thanks to a new funding round. However, even after such strong operational performance, the shares still trade on a 29% discount to NAV, which we think makes them look particularly attractive.
The 17 core companies in GROW’s portfolio are achieving revenue growth of 41% with average gross margins of 70%. Seven are already profitable, with 88% of the core fully funded for at least 12 months. The year saw Modo Energy and Manna both elevated to the core following Series B funding rounds. While deal volumes in the venture space are below 2021’s peak, Molten’s portfolio companies raised $3.75bn between them during the year, with $520m extra since raised by ICEYE.
ICEYE is a manufacturer and operator of satellites, and is the owner of the world’s most extensive satellite aperture radar network. It has had significant contract wins from European armed forces, while the commercial uses of its advanced technology are another vector for future growth. ICEYE has achieved profitability on an EBITDA basis and has plans to double its satellite manufacturing and launches by 2028. Aerospace as a theme (9% of portfolio value) is in favour given rising geopolitical tensions, and Isar Aerospace, which launches satellites into space on rockets, is another holding playing this theme. GROW has made an additional investment in the company post period end. Meanwhile, other themes continue to provide winners for the portfolio, most notably fintech (25% of the portfolio) with Revolut, which has announced outstanding results for FY 2025. GROW continues to generate liquidity from the position, while retaining a significant stake.
We think it is clear that activity at the more mature end of the VC market has picked up, and globally interest in late-stage private companies has risen too, with the US likely to see a number of blockbusting IPOs. Total capital raised in the sector in Europe was at its highest in 2025 since 2022, thanks to an increase in deals in the larger end of the market. This top-heavy nature has been reflected in the core of Molten’s portfolio delivering its double digit NAV return for 2025, following on 4% for 2024 and -1% for 2023. The upwards trajectory has continued with ICEYE’s funding round leading to an implied 16% increase in GROW’s NAV alone this year. Molten’s core delivered 26% fair value growth, while the emerging portfolio was written down by 21% and funds were up 17%. The core 17 companies make up 64% of the portfolio, so continued strength here will have the most impact on overall returns.
We think GROW continues to stand out for its exposure to new technology themes at what continues to be a cheap price, i.e. on a wide discount to NAV. With interest in space, defence sovereignty and new tech powered by AI only growing, and with risk appetite returning selectively to these themes, we think there is the potential for a revaluation which would be additive to the potential in the NAV.
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]]>We decided that while the Gozney was £100 more expensive, we preferred the look, so had agreed that we’d buy it as soon as we got back from our holiday in Italy. While there (where we, surprisingly, ate no pizza at all), I noticed that Ooni was having a sale and suddenly the Gozney had become £300 more expensive. We pivoted and bought the Ooni. The bottom line was that getting 30% off the RRP was too good to pass up.
When shopping, I’d argue that most of us would walk past a shop offering wares at full price when the outlet next door was offering a 30% sale on similar products. Yet, when it comes to the stock market, animal spirits often lure us to the overpriced stock markets and those companies that are on sale are shunned.
On the surface, it makes sense. Take our own domestic, mid-cap stock market as an example. In the five years to 11/06/2026, the Vanguard FTSE 250 UCITS ETF (VMIG) has returned a paltry 17.8%, trailing the US, Japan, Germany and global emerging markets.
It’s only just outperformed the Vanguard LifeStrategy 40% Equity fund, which has returned 16.1% despite having both a structural overweight to the UK as well as 60% of its assets in bonds at a time when that particular asset class performed historically poorly. In fact, given the FTSE 250’s five-year price return has been just over 1%, most of VMIG’s returns have come from dividends.
When set against its large-cap counterpart, the Vanguard FTSE 100 ETF (VUKG), performance of the UK mid-cap index is uninspiring, with five-year returns from the blue-chip bourse at c. 72.7% - underperformance of c. 55 percentage points.
This isn’t all that surprising, of course. The FTSE 250 is more geared into the UK economy than the FTSE 100 and, as we mentioned in a recent article, the outlook for the UK economy is cloudy.
The UK will, for instance, be one of the hardest hit from the closure of the Strait of Hormuz, which has shut off c. 20% of global oil supply. Renewed political instability has seen gilt yields rise, while the roaring artificial intelligence trade has stymied returns thanks to our lack of chipmaking capabilities.
Despite all this, there is undoubtedly good news out there that would suggest to us that UK mid-caps should bounce back before too long (how long is anyone’s guess, of course). The economy isn’t in as bad nick as many suspect. The UK’s GDP growth of 0.6% in the first quarter of 2026 was higher than all other G7 nations. Overall growth in 2026 of 0.8% isn’t great, but it remains on par with other major economies such as France, Germany and Japan.
Don’t forget, despite the FTSE 250 being more domestically oriented than the FTSE 100, UK mid-caps still derive more than half of their revenues from abroad, so the UK economy remains only part of the story when it comes to the stock market.
Interestingly, while public market investors seem to have given up on UK plc, private buyers have not. Quite the opposite, in fact. Indeed, even though UK investors have pulled a net c. £74bn out of UK equity funds, according to the Investment Association, UK firms are being snapped up at an alarming rate.
Should they all complete as planned, the total value of UK takeovers so far in 2026 is £39.3bn. That’s 33% more than the total value of deals for the whole of 2025, which clocked in at £29bn, according to the investment platform AJ Bell. Considering we’re not yet even halfway through the year, that’s impressive. There have been 28 announced deals so far, which is a run-rate of more than one per week.
That shows up, too, in deals for all UK companies – not just those listed on the stock market. Between 1986 and 2017, the average number of inward acquisitions (foreign companies acquiring UK companies) was 180 per year; since 2018, that number has risen to 693, according to the Office for National Statistics (ONS). The post-pandemic average is 769.
We think that there are two reasons why foreigners are interested in snapping up UK firms: because we are still the home to world-class, market leading companies, and because they are trading at extremely cheap valuations.
It is the final point that I want to hammer home today. According to Vanguard’s website, on 30/04/2026, the companies held within VMIG (which, don’t forget, includes some investment companies) had an average price-to-earnings (PE) ratio of 10.4x and a price-to-book (PB) ratio of 1.2x. On a PB basis, the FTSE 100 (2.2x PB) was almost twice as expensive as the FTSE 250, while the S&P 500 was almost four and a half times more expensive.
AJ Bell’s analysis of the 22 deals to take UK public stocks private where the terms have been announced publicly, the average premium offered relative to the undisturbed share price is 45%. In simplistic terms, this suggests that there are many UK companies that are, essentially, on a 50% discount.
Normally, when we see a half-price sale, we throw ourselves into the bargain bin and look for the best deals on items we don’t even need. When it comes to the stock market, we seem to be fleeing an area with said 50% off and running flocking to the areas that are most expensive.
Yet, for the reasons discussed, we think this is the worst possible time to be abandoning UK mid (and small) caps. Indeed, it’s possible that we are in the middle of what could be a generational opportunity to build wealth and help turn the tide for UK capital markets.
We would certainly urge shareholders in Schroder UK Mid Cap (SCP), which recently agreed to propose a tender offer to try to draw a line under a campaign by Saba Capital, to stay the course. It makes complete sense for Saba to tender its shares, but, in our view, for ordinary investors tempted to participate, it would be akin to throwing the baby out with the bathwater.
SCP is well placed to capture what we see as an inevitable re-rating of UK mid-caps. Managers Jean Roche and Andy Brough have constructed a portfolio of c. 50 names focused purely on the FTSE 250, which they believe offers a mixture of leaders from niche or growing industries.
So, too, is Mercantile (MRC), where managers Guy Anderson and Anthony Lynch invest predominantly in mid-caps, with historically around three quarters of the portfolio in FTSE 250 companies. Guy and Anthony’s bottom-up process focuses on company fundamentals to identify high-quality businesses, generating positive momentum and that are available at attractive valuations.
One option that scours the whole of the market is Fidelity Special Values (FSV). Managers Alex Wright and Jonathan Winton take an unashamedly contrarian and value-focused approach. Recently, that has seen them take profits from the big tobacco brands, gold miners and defence-related names and recycled into GDP-sensitive stocks such as industrials names, recruitment firms and building materials suppliers, playing into the mid-cap theme somewhat.
Sure, just as the first three pizzas we tried to make with our new Ooni ended up on fire, a calzone and disintegrated in the middle respectively, there are risks to investing in UK mid-caps. Yet, the failure of our pizzas were user error and nothing to do with the oven. Likewise, the cheapness of the FTSE 250 is not the fault of UK plc, but because it’s been shunned by public market investors.
The Ooni was a bargain and as soon as we get used to cooking with it, we’ll be churning out delicious pizzas on a weekly basis. It’s surely only a matter of time, too, before investors see it was a mistake to sell down their UK stocks and start to pivot.
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