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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. In one field we have those for whom risk means the probability of a permanent loss of capital which would cancel… Read more »
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. We at Cerno remain ardent supporters of well-considered, properly implemented active approaches to investment. Our position is based on our own experience of investing… Read more »
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. Sentiment is often cited as a contrarian indicator; excessive bullishness signals market exuberance poised for a reversal, whilst extreme bearishness may be the precursor to a market recovery. Such indicators are most useful when they are at extremes,… Read more »
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. Recent dividend cuts from companies such as Anglo American highlight the risk of a singular focus on yield. The Cerno UK Equity Income Strategy had no direct exposure to… Read more »
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. Our approved list provides us with the necessary toolkit to alter allocations in response to changing drivers of the Japanese stock market. At present,… Read more »
Share buybacks, or the repurchase of shares by listed companies is a popular use of listed companies’ cash. Repurchased shares are initially held in treasury which means they do not qualify for dividends or voting rights. If treasury shares are subsequently retired, this provides a stronger signal on the intentions of management. From the long… Read more »
In recent weeks, China has dominated the headlines; in particular the recent stock market and currency volatility have sparked fear across global markets. Looking forward, we would highlight a less discussed market that has been concerning us in recent periods: – Turkey. Turkey is significant, due to the size of its economy (13th largest among… Read more »
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. A delayed and rainy start to proceedings saw Australia declare for 274-9 before Wallabies star Ellyse Perry took centre stage to see off several… Read more »
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. The reason why it surprised many was on account of the authorities’ insistence that they did not see the currency as a tool to promote growth, the relative stability and strength of the currency in the… Read more »
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. The picture it paints is stark: with a very few exceptions, the valuation of most bond markets stand at more than one standard deviation from long term norms…. Read more »
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. The previous two major US dollar bull markets during the open currency era traced rises of 88% and 47% between 1980-1985 and 1995-2002, respectively. Divergent monetary policies remain… Read more »
“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.” – John D. Rockefeller A discussion of dividends or income can lead to glazed eyes of some equity market participants. Hot-handed momentum traders care only for the greater fool who will pay a higher price for their slice… Read more »
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,
Written by Eleanore Kelly and added to by Natasha Mackinlay 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. So much so that when James asked Judy if she might come along and speak at an event organised by Cerno… Read more »
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. Any comprehensive analysis of the main trade and capital trends at work in the world find their conflux in Australia’s capital markets. Predicated on China’s fixed asset investment boom over the past quarter century, Australia’s economy has been substantially driven by demand… Read more »
Within global equity markets, April saw value style indices outperform growth style indices. The relative return of one style versus the other would not typically be a significant event and the relative outperformance was just 1% according to the Russell Global Style Indices. However, the prolonged period of underperformance of the value style versus growth… Read more »
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. We like to think of long term investment as being evidential, and are therefore seekers of proof for our beliefs…. Read more »
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,
The Cerno Global Leaders Programme seeks to identify and invest in a group of companies worldwide which possess leadership attributes with a view to holding them for the long term. What constitutes leadership capacity? There are a small group of enterprises within the global equity universe that persistently exhibit above average growth, profitability and investment… Read more »
Throughout 2014, institutional investors have become more concentrated in their positioning. The consensus became to be underweight the euro, long the US dollar, overweight US equities and short commodity currencies. We have recently backed away from this consensus. Last year, European equities underperformed US equities, the sixth of the last seven years in which they… Read more »
Through the first 8 years of the noughties, global healthcare stocks were notable underperformers.
One of our larger accounts rang me this week to ask what we thought of the geopolitical situation and how we were positioning for this. Where? I asked. Well, there’s the Ukraine, we really need to let them fight it out, he replied. What a desperate situation. And then there’s Greece: that’s an intractable one… Read more »
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