The US has become the world’s consensus trade

December 2024

The US has become the world’s consensus trade. For those nervous this trend is quickly becoming over-stretched, have a look at our quarterly commentary. In it, we discuss the US and also the gentle evolution of the portfolio, increasing exposure to high-quality, idiosyncratic and non-consensus opportunities around the globe. As a bonus, the net yield on the fund is at its highest in the last fifteen years (on the back of both dividend increases among existing holdings and high yields among new additions).

With markets having been led by momentum and consensus in the last two years, we think it’s time to revert to another old investing maxim: “the best opportunities lie where others aren’t looking.”

You can find the quarterly report here and the latest fund factsheet here.

May your 2025 be fulfilling and prosperous.