Europe has recently seen an acceleration in the number of companies buying in their free floats and taking the decision to “go private”.
The trend to delisting may be bad for stockmarkets in the long term, but will benefit small cap investors in the short term.
Over the last three years, we have faced growing regulation in the sustainable investment industry. More recently, this regulation has shifted from an emphasis on disclosure to more specific definitions and thresholds. We also see investors and sustainability certifications, such as the ISR Label, taking similar steps.
The fund manager of our Japanese equity fund Taiko Japan, Rupert Kimber, recently came back from a trip to Japan. Here are his notes.Read more
On a global level, macro-financial conditions in the second half of the year will be dominated by the continuation of global monetary easing.
The underperformance of Swiss small caps compared with large caps over the last 2 years has been particularly marked (see chart below).
With a jump of +151.5% in 2024, leading graphics card manufacturer Nvidia has clearly been the winning bet of the year, given that the company seems unavoidable if one is to capitalise on the AI craze.
The infrastructure sector (defined by the S&P Global Infrastructure TR USD) has had a reasonable first half of the year with a performance of +4.3% YTD. The two key sources of performance for the index were the power generation and the midstream energy sectors.Read more
The capitulation point in small caps may have passed… and the tide seems to be turning.
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To compensate for the growing inaccuracy of the Julian calendar, which had governed Western society since Julius Caesar, Pope Gregory XIII decreed in 1582 that 4 October would be followed by 15 October that year. The pontiff’s decision sparked a revolt among the servants, who demanded payment of their wages for the whole month, which the masters refused.