The Evenlode Podcast

Despite recent turbulence, our portfolio remains focused on resilient market leaders; we see unusually attractive valuations, strong cash generation and selective opportunities tied to structural investment trends.This month, we will discuss several holdings that we have met with over the last month to give some flavour of what we are hearing on the ground.---Please note, these views represent the opinions of the Evenlode team as of 22nd April 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Despite recent turbulence, our portfolio remains focused on resilient market leaders; we see unusually attractive valuations, strong cash generation and selective opportunities tied to structural investment trends. This month, we will discuss several holdings that we have met with over the last month to give some flavour of what we are hearing on the ground.---Please note, these views represent the opinions of the Evenlode team as of 22nd April 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Despite the impact of recent wide-ranging geopolitical events on markets, we remain focused on what we can control: the quality of the businesses we own, the prices we pay for them, and the patience to let fundamentals, rather than sentiment, drive long-term returns.---Please note, these views represent the opinions of the Evenlode team as of 24th March 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Despite the impact of recent wide-ranging geopolitical events on markets, we remain focused on what we can control: the quality of the businesses we own, the prices we pay for them, and the patience to let fundamentals, rather than sentiment, drive long-term returns.---Please note, these views represent the opinions of the Evenlode team as of 24th March 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

A few articles have appeared over recent weeks in the financial press, entitled ‘is quality investing dead?Our view is that the market has pushed this narrative too far; the portfolio holdings are currently cheaper on aggregate than the UK market, and very substantially cheaper than the global stock-market which has created a valuation opportunity that is commensurately compelling.---Please note, these views represent the opinions of the Evenlode team as of 16th March 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

A few articles have appeared over recent weeks in the financial press, entitled ‘is quality investing dead? Our view is that the market has pushed this narrative too far; the portfolio holdings are currently cheaper on aggregate than the UK market, and very substantially cheaper than the global stock-market which has created a valuation opportunity that is commensurately compelling.---Please note, these views represent the opinions of the Evenlode team as of 16th March 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

This month we provide an analysis of the current unusual market conditions in the US and European stock markets, highlighting sector divergences as well as the investment opportunities we see within the IFSL Evenlode Global Income Fund portfolio.---Please note, these views represent the opinions of the Evenlode team as of 26th February 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

This month we provide an analysis of the current unusual market conditions in the US and European stock markets, highlighting sector divergences as well as the investment opportunities we see within the IFSL Evenlode Global Income Fund portfolio.---Please note, these views represent the opinions of the Evenlode team as of 26th February 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

We usually use this first investment view of the year to discuss the previous 12 months, but given the unusually polarised stock market conditions of the first few weeks of 2026, we will also briefly discuss our current thoughts, and the very attractive opportunity set that we see within the portfolio.---Please note, these views represent the opinions of the Evenlode team as of 10th February 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

We usually use this first investment view of the year to discuss the previous 12 months, but given the unusually polarised stock market conditions of the first few weeks of 2026, we will also briefly discuss our current thoughts, and the very attractive opportunity set that we see within the portfolio.---Please note, these views represent the opinions of the Evenlode team as of 10th February 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Although the fund's net asset value per share remained flat over the year lagging the MSCI World Index, our portfolio companies continue to demonstrate robust fundamentals, such as strong earnings growth and resilient cash flows.We believe these strengths will ultimately be recognised in share prices. As a result, we see the current environment as an attractive opportunity to invest in high-quality businesses at appealing valuations.---Please note, these views represent the opinions of the Evenlode team as of 7th January 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Although the fund's net asset value per share remained flat over the year lagging the MSCI World Index, our portfolio companies continue to demonstrate robust fundamentals, such as strong earnings growth and resilient cash flows. We believe these strengths will ultimately be recognised in share prices. As a result, we see the current environment as an attractive opportunity to invest in high-quality businesses at appealing valuations.---Please note, these views represent the opinions of the Evenlode team as of 7th January 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this first investment view of 2026 we take a detailed look at the IFSL Evenlode Global Income portfolio, the performance drivers over the last year, and the broader equity market situation. It’s a longer read than our usual monthly missives, but we hope you find the discussion interesting and useful.---Please note, these views represent the opinions of the Evenlode team as of 27th January 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this first investment view of 2026 we take a detailed look at the IFSL Evenlode Global Dividend portfolio, the performance drivers over the last year, and the broader equity market situation. It’s a longer read than our usual monthly missives, but we hope you find the discussion interesting and useful.---Please note, these views represent the opinions of the Evenlode team as of 27th January 2026 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

With the holiday season upon us, the Evenlode investment team have compiled a list of books that we have read over the second half of 2025. Some of these texts are not obvious light-reading for Boxing Day, but we hope you will find something engaging on the list!---Please note, these views represent the opinions of the Evenlode team as of 18th December 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

As the Christmas break is upon us, we have entered the customary sale season where unshifted stock gets marked down and bargain hunters are hopeful of buying quality goods at knock down prices. Whilst not making predictions about the coming year, we do see some companies trade at ever-better valuations, which bodes well for longer term returns.---Please note, these views represent the opinions of the Evenlode team as of 23rd December 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

As the Christmas break is upon us, we have entered the customary sale season where unshifted stock gets marked down and bargain hunters are hopeful of buying quality goods at knock down prices.Whilst not making predictions about the coming year, we do see some companies trade at ever-better valuations, which bodes well for longer term returns.---Please note, these views represent the opinions of the Evenlode team as of 23rd December 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Though 2025 performance has been disappointing, the portfolio continues to contain a diversified list of market-leading quality businesses. This investment view includes a discussion on a range of portfolio companies, and what we are hearing on the ground.---Please note, these views represent the opinions of the Evenlode team as of 15th December 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Though 2025 performance has been disappointing, the portfolio continues to contain a diversified list of market-leading quality businesses. This investment view includes a discussion on a range of portfolio companies, and what we are hearing on the ground.---Please note, these views represent the opinions of the Evenlode team as of 15th December 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

This month we discuss the market performance and valuation of quality companies including the recent underperformance of high-quality businesses despite their solid financials and dividend growth. We further explore the complexities of market indices and valuation metrics.---Please note, these views represent the opinions of the Evenlode team as of 28th November 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

This month we discuss the market performance and valuation of quality companies including the recent underperformance of high-quality businesses despite their solid financials and dividend growth. We further explore the complexities of market indices and valuation metrics.---Please note, these views represent the opinions of the Evenlode team as of 28th November 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

The third quarter financial reporting period is near complete, with over 90% of the Evenlode Global Opportunities portfolio companies having posted an update. The latest results have strengthened our conviction in the portfolio and provide us a welcome opportunity to update investors.---Please note, these views represent the opinions of the Evenlode team as of 24th November 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

The third quarter financial reporting period is near complete, with over 90% of the Evenlode Global Equity portfolio companies having posted an update. The latest results have strengthened our conviction in the portfolio and provide us a welcome opportunity to update investors.---Please note, these views represent the opinions of the Evenlode team as of 24th November 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Every stock market cycle is unique, but with generative-AI euphoria in full swing it is hard to ignore the parallels at play today with previous technology capital investment booms – not least the TMT boom of the late 1990s. Here we discuss in detail how three of our current investments are harnessing AI technology for product development.---Please note, these views represent the opinions of the Evenlode team as of 17th November 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Every stock market cycle is unique, but with generative-AI euphoria in full swing it is hard to ignore the parallels at play today with previous technology capital investment booms – not least the TMT boom of the late 1990s.Here we discuss in detail how three of our current investments are harnessing AI technology for product development.---Please note, these views represent the opinions of the Evenlode team as of 17th November 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

A measure of corporate health is revenue growth. Though imperfect, for relatively stable businesses it is a reasonable indicator of progress.In headline, revenue growth is looking good for the portfolio in absolute terms, compared to the broader market and in the context of the current mixed macroeconomic environment.---Please note, these views represent the opinions of the Evenlode team as of 28th October 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

A measure of corporate health is revenue growth. Though imperfect, for relatively stable businesses it is a reasonable indicator of progress. In headline, revenue growth is looking good for the portfolio in absolute terms, compared to the broader market and in the context of the current mixed macroeconomic environment.---Please note, these views represent the opinions of the Evenlode team as of 28th October 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Despite a challenging year for relative performance for the fund primarily due to the increasingly heated AI infrastructure sector, we think this a very interesting juncture for our approach.This month we highlight several excellent, high-return, market-leading companies within the portfolio that are currently trading on unusually attractive free cash flow yields.---Please note, these views represent the opinions of the Evenlode team as of 10th October 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Despite a challenging year for relative performance for the fund primarily due to the increasingly heated AI infrastructure sector, we think this a very interesting juncture for our approach. This month we highlight several excellent, high-return, market-leading companies within the portfolio that are currently trading on unusually attractive free cash flow yields.---Please note, these views represent the opinions of the Evenlode team as of 10th October 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Despite headlines highlighting booming AI data centre investments and record US stock market highs, the broader economy shows mixed signals with stagnant revenue growth and economic challenges outside tech sectors.This month’s investment view analyses the disconnect between market valuations and underlying economic realities.---Please note, these views represent the opinions of the Evenlode team as of 30th September 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Despite headlines highlighting booming AI data centre investments and record US stock market highs, the broader economy shows mixed signals with stagnant revenue growth and economic challenges outside tech sectors. This month’s investment view analyses the disconnect between market valuations and underlying economic realities.---Please note, these views represent the opinions of the Evenlode team as of 30th September 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month's investment view, as it is summer holiday season, members of the Evenlode investment team have compiled a selection of books that we have read and found interesting over the first half of 2025. Not all of these texts can be described as light reading, but we hope you find the list of interest!---Please note, these views represent the opinions of the Evenlode team as of 28th August 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month's investment view, we discuss how we constantly analyse detailed information to gain a balanced view of a business's prospects, acknowledging that market valuations are influenced by a range of opinions and motivations.---Please note, these views represent the opinions of the Evenlode team as of 15th August 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month's investment view, we discuss how we constantly analyse detailed information to gain a balanced view of a business's prospects, acknowledging that market valuations are influenced by a range of opinions and motivations.---Please note, these views represent the opinions of the Evenlode team as of 15th August 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month’s investment view, we will run through some key themes from results and discuss a variety of holdings. It’s a relatively long read – there’s a lot to discuss!---Please note, these views represent the opinions of the Evenlode team as of 13th August 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month’s investment view we examine the development of positions in the fund’s two largest holdings - L’Oréal and Experian - as exemplars of current market trends. We also consider the market-level view of the portfolio and its recent performance.---Please note, these views represent the opinions of the Evenlode team as of 24th July 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month’s investment view we examine the development of positions in the fund’s two largest holdings - L’Oréal and Experian - as exemplars of current market trends. We also consider the market-level view of the portfolio and its recent performance.---Please note, these views represent the opinions of the Evenlode team as of 24th July 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month's investment view, following on from recent results, we provide more detail of the ongoing growth expectations for a number of the portfolio's holdings.---Please note, these views represent the opinions of the Evenlode team as of 14th July 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Last month we asked the question ‘is this time different’ for markets as the Trump administration attempts to reshape the global economic order.Looking at financial market developments, one of the few signs that there might be something going on is in the dollar, which has weakened by about 10% against sterling since March and a similar level against the major global currencies.Otherwise the indications are that not much has changed despite all of the news.---Please note, these views represent the opinions of the Evenlode team as of 27th June 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

Last month we asked the question ‘is this time different’ for markets as the Trump administration attempts to reshape the global economic order. Looking at financial market developments, one of the few signs that there might be something going on is in the dollar, which has weakened by about 10% against sterling since March and a similar level against the major global currencies. Otherwise the indications are that not much has changed despite all of the news. ---Please note, these views represent the opinions of the Evenlode team as of 27th June 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

We are now at or close to all-time highs again in world equity markets less than three months after the drama of the 2 April tariff announcements.The rally from the 8 April lows has been historically fast and furious, and focused on the US tech names which had been lagging into the 2 April announcement. The explanation for all of this is fairly simple. ---Please note, these views represent the opinions of the Evenlode team as of 27th June 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

We are now at or close to all-time highs again in world equity markets less than three months after the drama of the 2 April tariff announcements. The rally from the 8 April lows has been historically fast and furious, and focused on the US tech names which had been lagging into the 2 April announcement. The explanation for all of this is fairly simple.  ---Please note, these views represent the opinions of the Evenlode team as of 27th June 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month's investment view, as market volatility continues and geopolitical uncertainty remains high, we provide an overview of a few existing and new stocks that we believe offer long-term embedded value for the portfolio.---Please note, these views represent the opinions of the Evenlode team as of 12th June 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month's investment view, we provide a further update on the Q1 reporting season in light of recent political headlines, and how this has influenced our analysis of investment opportunities.---Please note, these views represent the opinions of the Evenlode team as of 27th May 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month's investment view, we provide a further update on the Q1 reporting season in light of recent political headlines, and how this has influenced our analysis of investment opportunities.---Please note, these views represent the opinions of the Evenlode team as of 27th May 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

We are now in the final stages of the reporting season for the first quarter of 2025 for companies with 31 December year ends. We usually find the regular rhythm of corporate earnings a useful cue for stock-taking. ---Please note, these views represent the opinions of the Evenlode team as of 21st May 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

We are now in the final stages of the reporting season for the first quarter of 2025 for companies with 31 December year ends. We usually find the regular rhythm of corporate earnings a useful cue for stock-taking. ---Please note, these views represent the opinions of the Evenlode team as of 21st May 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

In this month's investment view, following the aftermath of the changes in US tariff policies, we provide a brief overview of recent company results and portfolio performance, together with a detailed overview of a new holding that was previously held by the portfolio.---Please note, these views represent the opinions of the Evenlode team as of 9th May 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

An overview of the performance of the Evenlode Global Opportunities Fund for Q1 2025.---Please note, these views represent the opinions of the Evenlode team as of 14th April 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com

The Evenlode Global Equity fund returned -0.7% in the first quarter of 2025, ahead of its comparator benchmark, the MSCI World Index, which returned -4.7%. The fund benefited from a general rotation away from the islands of relative strength in 2024 towards a broader palette of ex-US and ex-tech companies. Fundamental results for our companies remained superior to that of the index in Q4 2024.---Please note, these views represent the opinions of the Evenlode team as of 14th April 2025 and do not constitute investment advice.Past performance is not a reliable indicator of future results. The value of investments can go down as well as up, and investors may not get back the money they invested. Current forecasts are provided for transparency purposes, are subject to change and are not guaranteed.For more information visit evenlodeinvestment.com