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 Peter Hollis, Russell Napier and Angus Tulloch, together with the Kennox investment team.

 

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.

December 2019

The Advisory Panel met amidst elevated levels of global equity markets, with agreement amongst participants that returns from the equity asset class are expected to be muted compared to recently, especially in the US where stocks look most expensive. Should one readjust one’s investment style for this?

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 imply that investors are feeling relaxed, but should they be?

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 there were any “safe havens” remaining.

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.

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 successful career. Here are a few ...

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) [...]

November 2016

The panel met in the aftermath of Mr Trump’s US election victory, and to a degree we managed to keep conversation away from politics… Banks – opportunity or threat? The panel had a wide-ranging discussion on investing in banks. In summary: emerging markets are different to developed markets. In emerging, a great time to buy […]

June 2016

It should be noted that we met before the EU referendum, but are writing up these notes after the UK voted to leave. We can’t claim to have predicted the outcome of that vote, but the comments remain pertinent, and the subsequent performance of some of the sectors mentioned has been interesting. The discussion (unusually) […]

November 2015

The discussion began with the panel acknowledging that disruption continues to be the key issue. Everyone agreed that there are two key sources of excess competition on which analysts focus research, regardless of the specific stock opportunity: the internet and China. This has divided the market to a certain extent – into stocks considered at […]