Cerno Capital Investor Update 2018

On Wednesday 24th May, we held our annual Investor Update at our offices on Sackville Street. Clients and friends of the firm joined us for an afternoon of presentations given by the Investment Team, before drinks and an exhibition of photographic works by Naomi Baker and Linnea Rheborg, the two Getty Images interns we have been supporting over the past year.

James Spence and Fergus Shaw led the presentations commenting on the world as we see it, updates to our investment strategies and global themes that we will be following in the coming year, before being joined by the full Investment Team for Q&A. In particular, James and Fergus were keen to mention the below points:

  • Uncertainty in investment should not of itself be feared. It is the locus of investment returns.
  • Valuations require attention, but the biggest risks reside in so called “safe” assets such as bonds.
  • Several changes in allocation in the past 12 months: notably the sale of gold and US inflation linked bonds.
  • The addition of a China small cap specialist to portfolios and a new investment in Funding Circle, which channels credit to smaller scale commercial enterprises.

Following the investment presentations, Naomi and Linnea joined us for drinks. On display, we had a series of their highlighted works taken at national and international sporting events since August 2017, including the ATP World Tour Finals, Blenheim International Horse Trials and The 2018 Winter Paralympics at PyeongChang, South Korea.

Please see below for a selection of the images included in the exhibition:

YORK, ENGLAND – APRIL 29: Emily James plays her third shot out of the bunker on the 2nd hole during the final round of the Girls’ U16 Open Championship at Fulford Golf Club on April 29, 2018 in York, England. (Photo by Naomi Baker/R&A/R&A via Getty Images)

PYEONGCHANG-GUN, SOUTH KOREA – MARCH 12: Bohdana Konashuk of the Ukraine competes during the Women’s 15km Free, Standing Cross-Country during day three of the PyeongChang 2018 Paralympic Games on March 12, 2018 in Pyeongchang-gun, South Korea. (Photo by Naomi Baker/Getty Images)

PYEONGCHANG-GUN, SOUTH KOREA – MARCH 07: Momoka Muraoka of Japan makes a run during Downhill training ahead of the PyeongChang 2018 Paralympic Games on March 7, 2018 in Pyeongchang-gun, South Korea. (Photo by Linnea Rheborg/Getty Images,)

LONDON, ENGLAND – JANUARY 17: John Higgins of Scotland in action during his first round match against Anthony McGill of Scotland on day four of The Dafabet Masters at Alexandra Palace on January 17, 2018 in London, England. (Photo by Linnea Rheborg/Getty Images)

LONDON, ENGLAND – JULY 12: Pascal Wehrlein of Germany and Sauber driving the Sauber C32 during F1 Live London at Trafalgar Square on July 12, 2017 in London, England. F1 Live London, the first time in Formula 1 history that all 10 teams come together outside of a race weekend to put on a show for the public in the heart of London. (Photo by Linnea Rheborg/Getty Images for Formula 1)

LONDON, ENGLAND – AUGUST 04: William Funnell of Great Britain riding Billy Mccain during Longines Global Champions Tour on August 4, 2017 in London, England. (Photo by Linnea Rheborg/Getty Images)

LONDON, ENGLAND – SEPTEMBER 13: David Florence of Great Britain trains in the Canoe Single (C1) at Lee Valley White Water Centre on September 13, 2017 in London, England. (Photo by Linnea Rheborg/Getty Images)

WOODSTOCK, ENGLAND – SEPTEMBER 15: Event rider Oliver Townend of Great Britain riding Cooley Master Class in the dressage discipline of Event Riders Masters during day two of Blenheim Palace International Horse Trials on September 15, 2017 in Woodstock, England. (Photo by Linnea Rheborg/Getty Images)

RYE, ENGLAND – JANUARY 04: Robin Sullivan of Exeter College Oxford places his tee during the Oxford and Cambridge Golfing Society President’s Putter at Rye Golf Club on January 4, 2018 in Rye, England. (Photo by Naomi Baker/Getty Images)

LONDON, ENGLAND – NOVEMBER 19: Grigor Dimitrov of Bulgaria lifts the trophy as he celebrates victory following the singles final against David Goffin of Belgium during day eight of the 2017 Nitto ATP World Tour Finals at O2 Arena on November 19, 2017 in London, England. (Photo by Linnea Rheborg/Getty Images)

LIMERICK, IRELAND – NOVEMBER 10: The Barbarians team huddle in the dressing room prior to Inaugural Representative Match between Barbarians Women’s RFC and Munster Women, on November 10, 2017 in Limerick, Ireland. (Photo by Naomi Baker/Getty Images)

LONDON, ENGLAND – OCTOBER 21: Jade Jones smiles to the crowd during the medal ceremony during the 2017 WTF World Taekwondo Grand-Prix Series at the Copper Box Arena on October 21, 2017 in London, England. (Photo by Naomi Baker/Getty Images)

BOREHAMWOOD, ENGLAND – OCTOBER 12: Louise Quinn of Arsenal scores her side’s seventh goal past Sophie Harris of London Bees during the FA WSL Continental Cup match between Arsenal and London Bees on October 12, 2017 in Borehamwood, United Kingdom. (Photo by Linnea Rheborg/Getty Images)

TAMPA, FL – OCTOBER 01: Wide receiver Mike Evans #13 of the Tampa Bay Bucaneers attempts a one handed catch in front of Janoris Jenkins #20 of the New York giants during the second quarter of an NFL football game at Raymond James Stadium on October 1, 2017 in Tampa, Florida. The Buccanners defeated the Giants 25 to 23. (Photo by Naomi Baker/Getty Images)

LONDON, ENGLAND – SEPTEMBER 08: A general view during sunset on day two of the 3rd Investec Test Match between England and the West Indies at Lord’s Cricket Ground on September 8, 2017 in London, England. (Photo by Naomi Baker/Getty Images)

CIRENCESTER, ENGLAND – AUGUST 20: Competitors during the 2017 Tough Mudder South West at Badminton Estate on August 20, 2017 in Cirencester, England. (Photo by Naomi Baker/Getty Images)

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By |2018-05-25T10:41:27+00:00May 25th, 2018|Events, Other Posts|

About the Author:

Katie is responsible for the firm’s marketing strategy. As part of this role she coordinates public relations and communications and is responsible for the firm’s visual identity and livery. She works alongside the front office on existing and prospective investor contact, including all aspects of the firm’s relationships with intermediaries. Katie manages the firm’s outreach programme which helps UK women athletes, explorers and adventurers and promotes participation and inclusion. Katie previously worked at Savills, and holds an MA in Art History from the University of St Andrews. Katie is a member of the Chartered Institute of Marketing.