Fly on the Wall

The Kennox Advisory Panel meets every 6 months for a lively discussion on current topics impacting the investment landscape. The Advisory Panel is made up of Glen Finegan, Peter Hollis, Alasdair McKinnon, Russell Napier and Angus Tulloch together with the Kennox investment team.

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May 2023

Notable news on the day the panel met was the Labour party announcing that they are backing a £50bn defined contribution incubator “growth fund”. This is financial repression front and centre – if it goes through, it is an example of the government mandating investment according to their whims and wishes, distinctly overriding investment managers. […]

August 1, 2023

June 2022

The Panel met up once again following a fascinating but equally precarious six months in the financial markets. Since the regime change that began during the pandemic, the Panel had been in agreement about inflation being on the horizon and not being ‘transitory’. Now that it has arrived, there was disagreement over whether we are […]

June 6, 2022

December 2021

For the first time in two years we are pleased to report the Panel was able to meet in person, and we hope that this will continue to be the case going forward. Over the course of those virtual meetings the spectre of a return of inflation had dominated most of the discussions. We now […]

December 7, 2021

June 2021

For the third successive meeting the Panel met virtually, in of itself an example of the restrictions that society still faces. The debate focussed on what covid-related impacts will be temporary and which will be longer lasting. The largest topic for discussion was the possible return of inflation and how best to prepare portfolios if […]

June 15, 2021

December 2020

Fuelled rather than deterred by the disruption and uncertainty of Covid-19, the Advisory Panel conducted its second remote meeting in December. The disruption caused by the pandemic has produced plenty of talking points and diverse opinions as to where the best opportunities might be. Central to this was a discussion as to which radical changes […]

December 3, 2020

May 2020

Due to the lock down, the Advisory Panel met for the first time not in person but over video link, to discuss a changed and turbulent world. Energy and the fossil fuel economy, the future of global transport, the likely comprehensive change in the world’s perception and understanding of debt, the resilience and/or susceptibility of […]

May 1, 2020

December 2019

Given elevated levels of global equity markets, the panel expects returns from the equity asset class to be muted compared to recently, and especially in the US where stocks look most expensive. Should one readjust one’s investment style for this? Good growth managers should still look for good growth companies, and value investing will still work where […]

December 3, 2019

May 2019

The Advisory Panel met with the backdrop of markets that have risen 14% in the first 4 months of the year, and a clear return to “risk on”. Information technology once again tops the sector charts (up 25%) and the more “defensive” sectors of Utilities and Health Care are up 7% and 3%. Rising markets […]

May 1, 2019

November 2018

Max Ward (former head of UK equities at Baillie Gifford and current manager of the Independent Investment Trust – the best performing Investment Trust in the UK in 2017) joined the Advisory Panel for our November meeting. As a self-confessed perma-bull (“because it’s just more fun”), even Max was interested to explore whether or not […]

November 27, 2018

April 2018

In a break from our usual format, Alastair MacLeod joined the Advisory Panel to bring a fresh perspective and keep the usual faces on their toes. Alastair has spent over twenty years in investment and hedge fund management, in London, Edinburgh and North America. We outline a couple of the topics discussed during the meeting below. […]

April 19, 2018

November 2017

An early and ongoing supporter of the Kennox Strategic Value Fund, Angus Tulloch has served on our Advisory Panel since its inception. Angus confirmed his recent retirement from First State, where he headed the Asia ex-Japan Fund and the panel took the opportunity to ask Angus for his thoughts and lessons learned over his highly […]

November 7, 2017

May 2017

The Advisory Panel met against the backdrop of yet another looming election. As well as touching on a few of the usual questions (such as central bank actions and inflation versus deflation), topics of conversation included, but certainly weren’t limited to: the incredible growth rates of the technology majors; levels of consumer credit (high) and the […]

May 3, 2017

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Kennox Asset Management

33 Melville Street, Edinburgh, EH3 7JF, UK

Email: enquiries@kennox.co.uk Telephone: +44 (0) 131 563 5440

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Authorised and regulated by the Financial Conduct Authority (FRN: 475658)
The Company is based in Scotland, UK with the above registered address (Registered Number: SC302037).