Cerno Capital Journals2018-01-08T11:17:02+00:00

Cerno Capital Journals

Style Performance

The rally in equity markets has extended into June, having recovered substantially from the depth of the March sell-off: The global equity index is -6.3% from its peak [...]

By |June 14th, 2020|

Accenture added to Global Leaders portfolio

Accenture is the largest and most diversified independent technology consultant and outsourcing provider globally, serving customers in over 40 industries in more than 120 countries. Formally established in [...]

By |February 26th, 2020|

Gold – Foul Weather Friend

Sapiens rule the world because of stories. As the historian Yuval Harari convincingly sets out in his excellent series of books on the past, present, and future of [...]

By |September 9th, 2019|

Philips – Slimmer, lighter, healthier

In 2017, Royal Philips, the Dutch company known for its lightbulbs and electric shavers, was reclassified into the Healthcare sector from Industrials, having undertaken a multi-year corporate transition [...]

By |August 28th, 2019|

Microsoft – Azure Skies

“Whatever happened to Microsoft?” the Guardian[1] mused in August 2012. In some respects, this might have appeared an odd question. The company dominated the PC market via Office [...]

By |August 28th, 2019|

What is Japanification?

An ugly word - even if it is a word - but what is Japanification? The central idea behind the word is that an economy loses altitude in [...]

By |July 17th, 2019|

Renishaw Negotiates a Soft-Patch

Renishaw, a UK engineering company held in the Global Leaders portfolio, held its annual Capital Markets Day on the 14th May in their Gloucestershire Innovation Centre, showcasing a [...]

By |May 29th, 2019|

Nestlé – provenance and packaging

As the largest food and beverage company in the world, Nestlé leaves a significant footprint on the markets it touches. While Nestlé is not a primary producer, it [...]

By |May 21st, 2019|

ASML – pre-eminent in photolithography

ASML is the dominant supplier of photolithography tools for semiconductor manufacturers. Photolithography is the process of printing with light. In semiconductors it is the process whereby a light [...]

By |May 14th, 2019|

Global Healthcare – The New Ways

Nothing is certain but death and taxes. To this Benjamin Franklin might have reasonably addended ‘but people’s desire to avoid both should not be underestimated’. Putting aside the [...]

By |February 15th, 2019|

Equity Markets – Swords Drawn

The sudden break-down in headline indices is stimulating a great deal of considered comment and a tweet or three from President Trump. The Fed’s fault? Well, in part. [...]

By |October 12th, 2018|

The Custom Option

Conducting big business in the decades following the industrial revolution normally entailed the marshalling of labour and resources in a profitable sinecure. Fur trappers and tin miners, agriculture [...]

By |July 9th, 2018|

New Energy – The Way the Wind Blows

In his autobiography, “The Way the Wind Blows”, former prime minister Alec Douglas-Home recounted bucolic childhood memories of Scottish summer holidays with each day’s activities determined by the [...]

By |June 8th, 2018|

China Literature – Approved for Investment

Newly approved Pacific & Emerging strategy stock: China Literature operates China’s largest online reading platforms, comprising 48% of the total online & mobile reading market with 191mn monthly [...]

By |June 8th, 2018|

Chr. Hansen – Approved for Investment

Newly approved Global Leaders stock: Chr. Hansen is a leading global bioscience company engaged in the development of natural ingredient solutions for the food, nutritional, pharmaceutical and agricultural [...]

By |June 8th, 2018|

Going, Going, Gold

Our view on gold has changed recently and we have sold the positions in full across all portfolios. Gold has a few things going for it. It has [...]

By |May 3rd, 2018|

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|

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|

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|

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|