It is rare for investment managers to write about investment management fees. Like the artist who struggles to describe his ceramic pot in monetary terms, high quality investment managers prefer to build portfolios that deliver client objectives while leaving fees to their business colleagues. Investment management services are typically charged for by one of two… Read more »
Fay Ren compiles a glossary of questions asked in recent investor meetings and the related answers.
On November 1st, Cerno Capital will launch a concentrated, low turnover, global equity fund, TM Cerno Global Leaders.
The sport of cycling has, since James Moore won a 1,200-meter race in 1868 at the Parc de Saint-Cloud, been dogged by the willingness of riders and their minders to administer stimulants or other medical products to gain an advantage.
While investment manager returns can be observed on an ex poste basis, the more important question is whether managers with a high probability of success can be observed on an ex ante basis.
We spend a lot of time thinking about how defendable the competitive advantage is of the companies we invest in.
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China’s technology sector, once a discretionary purchase within a regional portfolio, now deserves scrutiny.
The investment world can be split into many camps, but, in discussions of risk, owners and custodians of capital, their agents, academics, analysts and journeymen pitch their tents firmly in one of two camps.
Cerno Capital has received a Suggestus 3D Award for 2017 from Asset Risk Consultants (ARC).
When the owner of capital engages the services of professionals to manage that capital,
Luxottica is a new addition to the Global Leaders portfolio.
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.
Cerno Capital supports UK women athletes, explorers and adventurers.
The world is guessing as to what parts of Donald Trump’s electioneering agenda he will deliver on.
Financial markets will struggle to adjust to what was a very possible, however largely unexpected and definitely undesired result.
Cerno Global Leaders is a long term equity investment programme designed to identify and invest in high quality, defensible business franchises.
The growth of passive investment strategies has been supported by a narrative that active management should be shunned in favour of the passive approaches which have disrupted the investment management landscape.
For the past few months, I have been lucky enough to work with Downing Street’s GREAT Campaign as a GREAT Adventure ambassador.
In our recent article for Citywire magazine ‘Fundmanagers as Futurologists’, we analysed how technological developments
The potential to use investor sentiment as a gauge for future market trajectory is an appealing proposition.
In an endemically low growth world, prone to accelerating forces of disruption,
This article was first seen on The Mixed Zone – the women’s online sport magazine
The S&P 500 index peaked in late May 2015 at 2130, having enjoyed a seven year bull run.
The Women’s Sport Trust #BeAGameChanger Awards 2016 are now open for nominations.
We are pleased to announce our webpage for international clients is launched and now live.
Whilst the headline indices held up in 2015, the drivers behind the US equity market have been weakening for sometime.
The mission is simple on paper – a raw test of speed and power.
The hunt for income continued in 2015. Equity income investors who were drawn to the energy and materials sectors faced the headwind of commodity price declines.
The trade-weighted U.S. Dollar Index (DXY) is the de facto benchmark used to gauge the value of the US dollar devised by the ICE. The index is a weighted geometric mean of the dollar’s value relative to a basket of six currencies, where both the constituents and the weights have little changed since the series… Read more »
How many of you cycled today? A few but well below the national average.
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.
Share buybacks, or the repurchase of shares by listed companies is a popular use of listed companies’ cash.
In recent weeks, China has dominated the headlines; in particular the recent stock market and currency volatility have sparked fear across global markets.
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)
The change to China’s currency regime has potentially large consequences for global financial assets. It should prompt new thoughts.
Sometimes one comes across a written piece that so succinctly expresses a held point of view that the only job in hand is to circulate it.
The above chart, which is sourced from the Bank Credit Analyst, depicts the deviation from mean real yields since 1980 for the world’s major government bond markets.
Since mid-2014, the trade-weighted dollar index has surged 21%. If this is indeed a new bull market in the US dollar, it is not yet fully fledged.
“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.” – John D. Rockefeller
At Cerno Capital, we believe in a) the ability of some managers to outperform and b) our ability to identify them.
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.
When investors talk of long-term trends, they are often referring to the next three to five years.
We all know that the UK and US stock markets have risen over the past 50 years.
On the 10th of June Cerno Capital hosted a round table discussion with Douglas Brodie,
For the unconstrained global investor, Australia is a prospective hunting ground for profit.
Within global equity markets, April saw value style indices outperform growth style indices.
Comments surrounding the report of negative inflation for the UK are designed to insinuate that negative inflation does not equal deflation.
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
There is a sea change in corporate behaviour in Japan that is leading to a focus on capital efficiency,
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