High conviction value investors, managing a concentrated portfolio of quality global equities for long term returns.

At Kennox, we believe that…..

Markets overshoot and great opportunities can arise in selectively taking positions against consensus
We aim to decrease risk by focussing on well-capitalised businesses with established track-records
As long term investors, our turnover is commensurate with 5-10 year holding periods

Are you keeping an eye on the long bond market?

The US 10-year bond has been weak, recently breaching the headline 5% yield threshold. This matters for two reasons. First, ...

Dislocation is an indicator of future potential

Our holdings are seeing a broadening dislocation between burgeoning operations and stagnant share prices ...

Talking Dividends

We’ve noticed lately that the dividend yield on the Fund has been creeping up and now sits at all-time high levels (3.8% for the Class A and 3.6% for the Class I, net of all fees and notably higher than the gross yield of 2.0% on the MSCI World).

Are government bonds a buy?

Should investors buy government bonds at present? Although outside our daily focus (the Kennox Fund only invests in global equities), we appreciate the importance of bonds.

Opportunities Abound

Opportunities abound for our style of investing. In the Q2 2023 Quarterly Report, we talk through three new stocks added to the Fund in 2023: Youngone Holdings, LG Corp and ODP Corp.

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Kennox Asset Management

Kennox is an independent global equities investment manager based in Edinburgh, Scotland. Our sole focus is our Kennox Strategic Value portfolio, launched by our investment team in 2007.

More about us

Fund Information

Investing In the Fund

Kennox Value

Our Kennox Value philosophy drives everything we do – from the structure of our business, through our processes to the highly differentiated portfolio we produce – and has remained unchanged since portfolio inception.

Our Approach

Quarterly reports

Reports contain our views on the market and the fund positioning, and cover a range of issues and topics varying over time.

Explore our Quarterly Reports

Thinking Aloud

When we believe that we have something of interest to say, we jot down posts that we hope might offer a different perspective on an issue or conventional wisdom. We call this Thinking Aloud.

Browse Thinking Aloud

Meet the Team

Charles Heenan

Investment Director

Geoff Legg

Investment Director