Cerno Capital Journals 2018-01-08T11:17:02+00:00

Cerno Capital Journals

2017 Performance Summary

2017 Performance Summary Performance summaries for the main investment strategies, all numbers after fees. Note past performance is not a guide to future performance. [...]

By | January 8th, 2018|

The Price Paid

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 [...]

By | October 10th, 2017|

Ham & Eggs – our view of the proposed merger of Luxottica and Essilor

Luxottica is a new addition to the Global Leaders portfolio. Italian sunglasses & frames maker Luxottica and French optical lens maker Essilor have announced a €46bn “merger of [...]

By | January 26th, 2017|

Cerno Capital and the Getty Images Sport Photographer Internship 2017

Cerno Capital supports UK women athletes, explorers and adventurers. It is part of our ongoing mission to promote participation and inclusion through various outreach programmes. In a new [...]

By | December 7th, 2016|

Project Speedbird at the International Festival for Business 2016

For the past few months, I have been lucky enough to work with Downing Street’s GREAT Campaign as a GREAT Adventure ambassador. When the team at No.10 invited [...]

By | July 18th, 2016|

The Robotic Chauffeur: ethics and the adoption of driverless cars

In our recent article for Citywire magazine ‘Fundmanagers as Futurologists’, we analysed how technological developments in the automobile, payments and energy industries influence our investment choices. In this [...]

By | March 30th, 2016|

Health Care Stocks – Accessing the Demographic Dividend

In an endemically low growth world, prone to accelerating forces of disruption, it has become progressively harder to identify stocks to hold for the very long run. There [...]

By | February 26th, 2016|

Fran Millar at the Rapha Cycle Club – Introductory Remarks by James Spence

How many of you cycled today? A few but well below the national average. As usual I cycled to work today with all the Rapha clad commuters whizzing [...]

By | November 26th, 2015|

The Mixed Zone – A New Place to Track Our Favourite Sports Women

As a growing business in a competitive market place, we are naturally supportive of dedicated, hardworking individuals looking to gain competitive edge in their chosen areas. Women in [...]

By | November 17th, 2015|

Japan – Restating the Bullish Case with Hugh Sloane, Sloane Robinson

Hugh Sloane of Sloane Robinson (SR), one of Cerno Capital’s Investment Advisory Board Members, has recently published a comprehensive note, summarising his bullish view on Japan. The note [...]

By | June 26th, 2015|

Demand Shift – Japan Has a New Marginal Buyer

Last year, the Japanese Government Pension Investment Fund (GPIF) announced its intention to cut allocations to low yielding government bonds and to double its exposure to domestic equities. [...]

By | April 13th, 2015|

Passive Aggressive

I recently met Colin. He has the longest unbroken track record in the UK Equity Income sector. We did not talk about his Income fund; instead, we talked [...]

By | February 5th, 2015|

The Elephant Stands on its Head – What the CAPE ratio can tell us about future US equity returns

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 [...]

By | November 18th, 2014|

The curious tale of Factor based investment (a cynical take on Smart Beta)

Typing “Smart Beta” into Google yields sixty-four million hits. Close to the top of the list is the headline “Smart Beta – The Investing Buzzword that Won’t – [...]

By | November 13th, 2014|

Normalisation should not be delayed further – Cerno Capital

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 [...]

By | September 29th, 2014|

Falling correlations increases the opportunity set for micro investors

Cross asset correlations have been rising for a number of years as the commodification of finance proceeds apace. In tandem with this, cross regional international equity market correlations [...]

By | October 1st, 2013|