Is investment style quietly shifting?

September 2025

Might investment fashion be changing quietly in the background? Non-US value stocks, not long ago considered barely investible, have outperformed the world index over each of one, three and five years (as measured by MSCI).

Under the radar and propelled by these shifting market trends (not least the unexpected weakness of the US dollar), we are pleased to find Kennox’s returns are derived from sources far removed from the broader market and its obsession with US mega-cap tech companies.

You can read more about our latest thinking in the Quarterly Report.

The latest fund factsheet can be found here.