We spend a lot of time thinking about how defendable the competitive advantage is of the companies we invest in.
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Cerno Capital has received a Suggestus 3D Award for 2017 from Asset Risk Consultants (ARC).
On Wednesday 18th January 2016, Cerno Capital hosted a dinner with Hannah White, one of the female adventurers the firm has been supporting.
Boutique wealth management firm Cerno Capital is participating in the litigation seeking damages from Volkswagen.
For the past few months, I have been lucky enough to work with Downing Street’s GREAT Campaign as a GREAT Adventure ambassador.
This article was first seen on The Mixed Zone – the women’s online sport magazine
The Women’s Sport Trust #BeAGameChanger Awards 2016 are now open for nominations.
The mission is simple on paper – a raw test of speed and power.
As a growing business in a competitive market place, we are naturally supportive of dedicated, hardworking individuals
Japanese equity, which has been a consistent allocation within our client portfolios since 2011, now stands at a twenty percent weight. Within this allocation, the precise expression has changed over time.
Although it was a disappointing Ashes Test for England Women at Canterbury last week, Cerno Capital hosted an event to remember on the second day of play at the Spitfire Ground.
In an ideal world, an investment portfolio would deliver a total return in excess of that of the risk-free rate (e.g. Gilts)
Hugh Sloane of Sloane Robinson (SR), one of Cerno Capital’s Investment Advisory Board Members,
When Cerno Capital’s James Spence met Judy Murray at the BTSport Action Woman of the Year Awards last December they instantly hit it off.
Those who have seen our opinions on Japan will know that our arguments on expanding equity returns in the country are predicated on the condition that Japanese corporates implement reforms, aimed at increasing shareholder value.
Last year, the Japanese Government Pension Investment Fund (GPIF) announced its intention
Throughout 2014, institutional investors have become more concentrated in their positioning.
“You were the guys that came into the room and said yes, we’re going to do this” was how Clare Balding welcomed us at the BT Sport Action Woman of the Year Awards in December 2014. Our involvement with Action Woman represents a new era for Cerno Capital. The referral-based nature of our growth trajectory… Read more »
We live in a world where a teenager can discount future cash flows with the aid of a financial calculator. A little screen tells him the price/value of a financial instrument to as many decimal places as takes his fancy. This great leap forward for mankind has, however, not made the valuation of financial instruments… Read more »
After decades of subdued growth, Japanese equity markets rallied in 2013 following Abe’s election and announcement of his triumvirate of measures. The three arrows, as his policy approach is called, consist of monetary measures, fiscal measures as well as growth oriented structural measures. The first two of these have been implemented early on and were… Read more »
This aritcle was written by Will Grahame-Clarke and first appeared in thewealthnet on 29th September 2014 Cerno Capital’s James Spence believes interest rate normalisation should start in the US sooner than markets expect. Mr Spence, lead manager of the Cerno Capital’s flagship multi asset portfolio TM Cerno Select, argues the progress of returning to normal… Read more »
It has long been observed by eminent practitioners that the market really represents nothing more than a pendulum that swings back and forth through the median line of rationality spending little time at the point of rationality and most of the time on one side or the other. In August last year we wrote that… Read more »
A variety of factors have held back returns from event driven strategies since the 2008 financial crisis. We believe that the underlying forces which determine corporate merger and arbitrage (M&A) activity are beginning to align very well and the consequences of a return of enthusiasm will boost the performance of such strategies. Cerno Capital is… Read more »
Recent analysis conducted at Cerno Capital reveals a positive correlation between the event driven hedge fund universe and the excess returns of smaller companies over larger companies. At the time of writing, we have observed meaningful outperformance of smaller capitalisation shares globally and some suggestions of an uplift in the fundamentals for event driven managers…. Read more »
If it takes a theory to beat a theory, then there may finally be an alternative to the Efficient Market Hypothesis (EMH) first proposed by Eugene Fama in the 1960s. Paul Woolley, formerly of GMO and the founder of The Paul Woolley Centre for the Study of Capital Market Dysfunctionality at the LSE has offered… Read more »
Returns from government bonds have matched that of equities in the past thirty years. Their risk adjusted returns are therefore superior. Bonds have been the stand out asset class during the Age of Disinflation that lasted from 1982 to 2012. We do not know whether we are arriving at an age of inflation but the… Read more »
Infrastructure can be defined as the essential services, facilities and structures which societies and economies depend upon. A rising middle class throughout the world and the shift towards urban living has made infrastructure spending a priority for many emerging and developed market economies. For investors it offers the opportunity for long term, inflation protected cash… Read more »
When investors fail to secure sufficient compensation for bearing illiquidity, they almost always come to regret it. The summer reaction of certain asset classes to the Fed’s suggestion that it was considering reducing the pace of its bond purchases exposed vulnerabilities for the future. list of domains . The US-centred bond market sell-off in June… Read more »
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